FGO ADVISORY: 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.
FGO ADVISORY
Largest movements
- Financial fixed assets +€892,800
up €892,800 (+99.2%), from €900,000 to €1.8m
- Receivables within one year -€64,740
down €64,740 (-24.5%), from €263,940 to €199,200
of which Trade receivables: -€64,740
- Debts after one year +€667,620
up €667,620 (+96.8%), from €690,019 to €1.4m
of which Other amounts payable: +€868,800
- Profit (loss) carried forward +€135,189
up €135,189 (+30.4%), from €445,318 to €580,506
- Financial income -€139,440
down €139,440 (-58.3%), from €239,040 to €99,600
- Gross operating margin +€37,019
up €37,019 (+76.0%), from €48,700 to €85,719
- Financial charges -€15,691
down €15,691 (-40.3%), from €38,974 to €23,283
- Taxes +€12,992
up €12,992 (+5606.7%), from €232 to €13,224
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 | €1,243,107 | €2,059,727 | +€816,620 | +65.7% |
| Fixed assets | 21/28 | €940,354 | €1,821,624 | +€881,270 | +93.7% |
| Tangible fixed assets | 22/27 | €40,354 | €28,824 | -€11,530 | -28.6% |
| Furniture and vehicles | 24 | €40,354 | €28,370 | -€11,985 | -29.7% |
| Other tangible fixed assets | 26 | - | €455 | +€455 | |
| Financial fixed assets | 28 | €900,000 | €1,792,800 | +€892,800 | +99.2% |
| Current assets | 29/58 | €302,753 | €238,102 | -€64,651 | -21.4% |
| Amounts receivable within one year | 40/41 | €263,940 | €199,200 | -€64,740 | -24.5% |
| Trade receivables | 40 | €164,340 | €99,600 | -€64,740 | -39.4% |
| Other amounts receivable | 41 | €99,600 | €99,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,571 | €38,408 | +€837 | +2.2% |
| Deferred charges and accrued income | 490/1 | €1,242 | €494 | -€748 | -60.2% |
| Total equity and liabilities | 10/49 | €1,243,107 | €2,059,727 | +€816,620 | +65.7% |
| Equity | 10/15 | €450,318 | €585,506 | +€135,189 | +30.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €445,318 | €580,506 | +€135,189 | +30.4% |
| Amounts payable | 17/49 | €792,789 | €1,474,220 | +€681,431 | +86.0% |
| Amounts payable after more than one year | 17 | €690,019 | €1,357,640 | +€667,620 | +96.8% |
| Financial debts | 170/4 | €690,019 | €488,840 | -€201,180 | -29.2% |
| Other amounts payable | 178/9 | - | €868,800 | +€868,800 | |
| Amounts payable within one year | 42/48 | €102,770 | €116,581 | +€13,810 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €100,674 | €101,180 | +€506 | +0.5% |
| Trade debts | 44 | €494 | €118 | -€377 | -76.2% |
| Suppliers | 440/4 | €494 | €118 | -€377 | -76.2% |
| Taxes, remuneration and social security | 45 | €241 | €13,224 | +€12,984 | +5395.9% |
| Taxes | 450/3 | €232 | €13,224 | +€12,992 | +5606.7% |
| Remuneration and social security | 454/9 | €9 | €0 | -€9 | -100.0% |
| Other amounts payable | 47/48 | €1,361 | €2,059 | +€698 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,985 | €12,002 | +€17 | +0.1% |
| Other operating charges | 640/8 | €1,233 | €1,620 | +€387 | +31.4% |
| Gross operating margin | 9900 | €48,700 | €85,719 | +€37,019 | +76.0% |
| Operating profit (loss) | 9901 | €35,482 | €72,096 | +€36,615 | +103.2% |
| Financial income | 75/76B | €239,040 | €99,600 | -€139,440 | -58.3% |
| Recurring financial income | 75 | €239,040 | €99,600 | -€139,440 | -58.3% |
| Financial charges | 65/66B | €38,974 | €23,283 | -€15,691 | -40.3% |
| Recurring financial charges | 65 | €38,974 | €23,283 | -€15,691 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €235,547 | €148,413 | -€87,134 | -37.0% |
| Income taxes | 67/77 | €232 | €13,224 | +€12,992 | +5606.7% |
| Profit (loss) for the period | 9904 | €235,315 | €135,189 | -€100,127 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €235,315 | €135,189 | -€100,127 | -42.5% |
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 9 October 2026 via checked.be.