FDW: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FDW
Largest movements
- Receivables after one year -€85,000
down €85,000 (-54.8%), from €155,000 to €70,000
- Current investments +€61,908
up €61,908 (+31.1%), from €198,831 to €260,739
- Cash +€43,889
up €43,889 (+88.8%), from €49,438 to €93,327
mainly Net result for the year (+€166,332) and Receivables after one year (+€85,000)
- Receivables within one year -€29,575
no longer reported in 2025 (was €29,575)
of which Trade receivables: -€20,000
- Other debts -€182,500
no longer reported in 2025 (was €182,500)
- Profit (loss) carried forward +€166,332
up €166,332 (+75.0%), from €221,670 to €388,002
- Tax, wage and social debts +€19,771
up €19,771 (+108.6%), from €18,200 to €37,971
- Debts after one year -€10,965
down €10,965 (-27.2%), from €40,326 to €29,361
- Gross operating margin +€20,211
up €20,211 (+9.6%), from €210,507 to €230,718
- Depreciation +€8,666
up €8,666 (+129.5%), from €6,694 to €15,360
- Financial income +€5,005
up €5,005 (+134.9%), from €3,710 to €8,715
- Taxes +€3,072
up €3,072 (+6.2%), from €49,313 to €52,385
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €492,785 | €486,805 | -€5,980 | -1.2% |
| Fixed assets | 21/28 | €58,767 | €62,430 | +€3,663 | +6.2% |
| Tangible fixed assets | 22/27 | €54,063 | €57,725 | +€3,662 | +6.8% |
| Furniture and vehicles | 24 | €54,063 | €57,725 | +€3,662 | +6.8% |
| Financial fixed assets | 28 | €4,704 | €4,705 | +€1 | 0.0% |
| Current assets | 29/58 | €434,018 | €424,375 | -€9,643 | -2.2% |
| Amounts receivable after more than one year | 29 | €155,000 | €70,000 | -€85,000 | -54.8% |
| Other amounts receivable | 291 | €155,000 | €70,000 | -€85,000 | -54.8% |
| Amounts receivable within one year | 40/41 | €29,575 | - | -€29,575 | |
| Trade receivables | 40 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 41 | €9,575 | - | -€9,575 | |
| Current investments | 50/53 | €198,831 | €260,739 | +€61,908 | +31.1% |
| Cash at bank and in hand | 54/58 | €49,438 | €93,327 | +€43,889 | +88.8% |
| Deferred charges and accrued income | 490/1 | €1,174 | €309 | -€865 | -73.7% |
| Total equity and liabilities | 10/49 | €492,785 | €486,805 | -€5,980 | -1.2% |
| Equity | 10/15 | €240,220 | €406,552 | +€166,332 | +69.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,670 | €388,002 | +€166,332 | +75.0% |
| Amounts payable | 17/49 | €252,565 | €80,253 | -€172,312 | -68.2% |
| Amounts payable after more than one year | 17 | €40,326 | €29,361 | -€10,965 | -27.2% |
| Financial debts | 170/4 | €40,326 | €29,361 | -€10,965 | -27.2% |
| Amounts payable within one year | 42/48 | €212,239 | €50,892 | -€161,347 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €10,544 | €10,965 | +€421 | +4.0% |
| Trade debts | 44 | €995 | €1,956 | +€961 | +96.6% |
| Suppliers | 440/4 | €995 | €1,956 | +€961 | +96.6% |
| Taxes, remuneration and social security | 45 | €18,200 | €37,971 | +€19,771 | +108.6% |
| Taxes | 450/3 | €18,200 | €37,971 | +€19,771 | +108.6% |
| Other amounts payable | 47/48 | €182,500 | - | -€182,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,694 | €15,360 | +€8,666 | +129.5% |
| Other operating charges | 640/8 | €851 | €636 | -€215 | -25.3% |
| Gross operating margin | 9900 | €210,507 | €230,718 | +€20,211 | +9.6% |
| Operating profit (loss) | 9901 | €202,962 | €214,722 | +€11,760 | +5.8% |
| Financial income | 75/76B | €3,710 | €8,715 | +€5,005 | +134.9% |
| Recurring financial income | 75 | €3,710 | €8,715 | +€5,005 | +134.9% |
| Financial charges | 65/66B | €2,876 | €4,720 | +€1,844 | +64.1% |
| Recurring financial charges | 65 | €2,876 | €4,720 | +€1,844 | +64.1% |
| Profit (loss) for the period before taxes | 9903 | €203,796 | €218,717 | +€14,921 | +7.3% |
| Income taxes | 67/77 | €49,313 | €52,385 | +€3,072 | +6.2% |
| Profit (loss) for the period | 9904 | €154,483 | €166,332 | +€11,849 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €154,483 | €166,332 | +€11,849 | +7.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.