FFW Express: what changed
Two financial 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.
FFW Express
Largest movements
- Receivables within one year +€60,036
up €60,036 (+62.1%), from €96,710 to €156,746
of which Trade receivables: +€59,454
- Tangible fixed assets -€4,536
down €4,536 (-34.9%), from €13,003 to €8,468
of which Furniture and vehicles: -€4,115
- Receivables after one year -€3,990
down €3,990 (-21.1%), from €18,880 to €14,890
- Cash +€3,727
up €3,727 (+235%), from €1,583 to €5,310
mainly Trade debts (+€23,379) and Other debts (+€21,752)
- Trade debts +€23,379
up €23,379 (+165%), from €14,159 to €37,538
- Other debts +€21,752
up €21,752 (+514%), from €4,232 to €25,984
- Reserves +€11,902
up €11,902 (+109%), from €10,870 to €22,772
- Short-term financial debts +€6,850
up €6,850 (+10.2%), from €67,139 to €73,989
of which Credit institutions: +€6,850
- Current portion of long-term debt -€5,928
no longer reported in 2025 (was €5,928)
- Gross operating margin +€19,817
up €19,817 (+46.9%), from €42,242 to €62,059
- Staff costs +€6,918
up €6,918 (+24.4%), from €28,320 to €35,238
- Other operating charges -€6,066
down €6,066 (-68.7%), from €8,834 to €2,768
- Financial charges -€2,873
down €2,873 (-28.3%), from €10,158 to €7,285
- Taxes +€1,822
up €1,822 (+754%), from €242 to €2,063
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.
Derived cash bridge
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 | €183,625 | €237,816 | +€54,190 | +29.5% |
| Fixed assets | 21/28 | €63,003 | €58,468 | -€4,536 | -7.2% |
| Tangible fixed assets | 22/27 | €13,003 | €8,468 | -€4,536 | -34.9% |
| Furniture and vehicles | 24 | €10,166 | €6,051 | -€4,115 | -40.5% |
| Other tangible fixed assets | 26 | €2,837 | €2,416 | -€421 | -14.8% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €120,622 | €179,348 | +€58,726 | +48.7% |
| Amounts receivable after more than one year | 29 | €18,880 | €14,890 | -€3,990 | -21.1% |
| Other amounts receivable | 291 | €18,880 | €14,890 | -€3,990 | -21.1% |
| Amounts receivable within one year | 40/41 | €96,710 | €156,746 | +€60,036 | +62.1% |
| Trade receivables | 40 | €72,666 | €132,120 | +€59,454 | +81.8% |
| Other amounts receivable | 41 | €24,044 | €24,626 | +€582 | +2.4% |
| Cash at bank and in hand | 54/58 | €1,583 | €5,310 | +€3,727 | +235% |
| Deferred charges and accrued income | 490/1 | €3,449 | €2,403 | -€1,046 | -30.3% |
| Total equity and liabilities | 10/49 | €183,625 | €237,816 | +€54,190 | +29.5% |
| Equity | 10/15 | €51,610 | €63,512 | +€11,902 | +23.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €10,870 | €22,772 | +€11,902 | +109% |
| Distributable reserves | 133 | €10,870 | €22,772 | +€11,902 | +109% |
| Profit (loss) carried forward | 14 | €22,148 | €22,148 | = | 0.0% |
| Amounts payable | 17/49 | €132,015 | €174,304 | +€42,288 | +32.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €130,433 | €173,053 | +€42,620 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €5,928 | - | -€5,928 | |
| Financial debts | 43 | €67,139 | €73,989 | +€6,850 | +10.2% |
| Credit institutions | 430/8 | €67,139 | €73,989 | +€6,850 | +10.2% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €14,159 | €37,538 | +€23,379 | +165% |
| Suppliers | 440/4 | €14,159 | €37,538 | +€23,379 | +165% |
| Taxes, remuneration and social security | 45 | €38,975 | €35,542 | -€3,433 | -8.8% |
| Taxes | 450/3 | €30,063 | €27,135 | -€2,928 | -9.7% |
| Remuneration and social security | 454/9 | €8,912 | €8,407 | -€505 | -5.7% |
| Other amounts payable | 47/48 | €4,232 | €25,984 | +€21,752 | +514% |
| Accrued charges and deferred income | 492/3 | €1,582 | €1,251 | -€332 | -21.0% |
| Remuneration, social security and pensions | 62 | €28,320 | €35,238 | +€6,918 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,075 | €4,536 | -€1,540 | -25.3% |
| Other operating charges | 640/8 | €8,834 | €2,768 | -€6,066 | -68.7% |
| Non-recurring operating charges | 66A | €4,696 | - | -€4,696 | |
| Gross operating margin | 9900 | €42,242 | €62,059 | +€19,817 | +46.9% |
| Operating profit (loss) | 9901 | -€5,683 | €19,518 | +€25,201 | |
| Financial income | 75/76B | €698 | €1,732 | +€1,034 | +148% |
| Recurring financial income | 75 | €698 | €1,732 | +€1,034 | +148% |
| Financial charges | 65/66B | €10,158 | €7,285 | -€2,873 | -28.3% |
| Recurring financial charges | 65 | €10,158 | €7,285 | -€2,873 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,143 | €13,965 | +€29,108 | |
| Income taxes | 67/77 | €242 | €2,063 | +€1,822 | +754% |
| Profit (loss) for the period | 9904 | -€15,385 | €11,902 | +€27,286 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,385 | €11,902 | +€27,286 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.