FGMW: 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.
FGMW
Largest movements
- Tangible fixed assets +€110,258
up €110,258 (+46.7%), from €236,092 to €346,350
of which Land and buildings: +€109,613
- Cash -€56,859
down €56,859 (-68.8%), from €82,640 to €25,781
mainly Investment in fixed assets (net) (-€120,823) and Trade debts (-€18,215)
- Receivables within one year +€11,212
up €11,212 (+658%), from €1,703 to €12,915
of which Trade receivables: +€10,500
- Profit (loss) carried forward +€54,172
up €54,172 (+49.5%), from €109,531 to €163,703
- Debts after one year +€23,617
up €23,617 (+14.0%), from €168,227 to €191,845
- Trade debts -€18,215
down €18,215 (-94.7%), from €19,227 to €1,012
- Current portion of long-term debt +€8,315
up €8,315 (+201%), from €4,136 to €12,451
- Tax, wage and social debts -€5,482
down €5,482 (-30.5%), from €17,947 to €12,465
of which Remuneration and social security: -€4,350
- Gross operating margin +€65,335
up €65,335 (+264%), from €24,749 to €90,084
- Taxes +€13,012
up €13,012 (+778%), from €1,673 to €14,685
- Financial charges +€4,526
up €4,526 (+93.6%), from €4,833 to €9,359
- Depreciation -€1,538
down €1,538 (-12.3%), from €12,526 to €10,988
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 | €325,840 | €390,113 | +€64,273 | +19.7% |
| Fixed assets | 21/28 | €236,515 | €346,350 | +€109,835 | +46.4% |
| Tangible fixed assets | 22/27 | €236,092 | €346,350 | +€110,258 | +46.7% |
| Land and buildings | 22 | €227,084 | €336,697 | +€109,613 | +48.3% |
| Plant, machinery and equipment | 23 | €1,461 | €807 | -€654 | -44.8% |
| Furniture and vehicles | 24 | €7,547 | €8,846 | +€1,299 | +17.2% |
| Financial fixed assets | 28 | €424 | €0 | -€424 | -100% |
| Current assets | 29/58 | €89,325 | €43,763 | -€45,562 | -51.0% |
| Amounts receivable within one year | 40/41 | €1,703 | €12,915 | +€11,212 | +658% |
| Trade receivables | 40 | €1,600 | €12,100 | +€10,500 | +656% |
| Other amounts receivable | 41 | €103 | €815 | +€712 | +690% |
| Cash at bank and in hand | 54/58 | €82,640 | €25,781 | -€56,859 | -68.8% |
| Deferred charges and accrued income | 490/1 | €4,982 | €5,067 | +€85 | +1.7% |
| Total equity and liabilities | 10/49 | €325,840 | €390,113 | +€64,273 | +19.7% |
| Equity | 10/15 | €114,531 | €168,703 | +€54,172 | +47.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,531 | €163,703 | +€54,172 | +49.5% |
| Amounts payable | 17/49 | €211,309 | €221,410 | +€10,101 | +4.8% |
| Amounts payable after more than one year | 17 | €168,227 | €191,845 | +€23,617 | +14.0% |
| Financial debts | 170/4 | €168,227 | €191,845 | +€23,617 | +14.0% |
| Amounts payable within one year | 42/48 | €43,082 | €29,565 | -€13,517 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €4,136 | €12,451 | +€8,315 | +201% |
| Trade debts | 44 | €19,227 | €1,012 | -€18,215 | -94.7% |
| Suppliers | 440/4 | €19,227 | €1,012 | -€18,215 | -94.7% |
| Taxes, remuneration and social security | 45 | €17,947 | €12,465 | -€5,482 | -30.5% |
| Taxes | 450/3 | €13,597 | €12,465 | -€1,132 | -8.3% |
| Remuneration and social security | 454/9 | €4,350 | €0 | -€4,350 | -100% |
| Other amounts payable | 47/48 | €1,772 | €3,637 | +€1,865 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,526 | €10,988 | -€1,538 | -12.3% |
| Other operating charges | 640/8 | €856 | €883 | +€27 | +3.2% |
| Gross operating margin | 9900 | €24,749 | €90,084 | +€65,335 | +264% |
| Operating profit (loss) | 9901 | €11,367 | €78,213 | +€66,846 | +588% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €4,833 | €9,359 | +€4,526 | +93.6% |
| Recurring financial charges | 65 | €4,833 | €9,359 | +€4,526 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €6,534 | €68,857 | +€62,324 | +954% |
| Income taxes | 67/77 | €1,673 | €14,685 | +€13,012 | +778% |
| Profit (loss) for the period | 9904 | €4,861 | €54,172 | +€49,312 | +1,015% |
| Profit (loss) for the period to be appropriated | 9905 | €4,861 | €54,172 | +€49,312 | +1,015% |
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 25 October 2026 via checked.be.