FIBEL: 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.
FIBEL
Largest movements
- Cash -€72,777
down €72,777 (-57.0%), from €127,602 to €54,826
mainly Investment in fixed assets (net) (-€57,010) and Other debts (-€37,933)
- Tangible fixed assets +€29,605
up €29,605 (+4.1%), from €717,944 to €747,549
of which Plant, machinery and equipment: +€18,859
- Other debts -€37,933
down €37,933 (-57.2%), from €66,306 to €28,373
- Reserves +€31,964
up €31,964 (+7.2%), from €443,082 to €475,046
of which Distributable reserves: +€31,964
- Debts after one year -€23,562
down €23,562 (-8.7%), from €271,964 to €248,402
- Trade debts -€8,736
down €8,736 (-88.2%), from €9,908 to €1,172
- Gross operating margin -€6,437
down €6,437 (-6.3%), from €102,371 to €95,934
- Depreciation +€6,047
up €6,047 (+27.5%), from €22,022 to €28,069
- Taxes -€2,345
down €2,345 (-12.3%), from €19,101 to €16,756
- Other operating charges -€1,694
down €1,694 (-18.8%), from €9,021 to €7,326
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 | €862,680 | €824,084 | -€38,596 | -4.5% |
| Fixed assets | 21/28 | €718,675 | €747,617 | +€28,942 | +4.0% |
| Tangible fixed assets | 22/27 | €717,944 | €747,549 | +€29,605 | +4.1% |
| Land and buildings | 22 | €688,317 | €670,244 | -€18,073 | -2.6% |
| Plant, machinery and equipment | 23 | €24,357 | €43,216 | +€18,859 | +77.4% |
| Furniture and vehicles | 24 | €3,470 | €19,993 | +€16,523 | +476% |
| Other tangible fixed assets | 26 | €1,800 | €14,096 | +€12,296 | +683% |
| Financial fixed assets | 28 | €731 | €69 | -€663 | -90.6% |
| Current assets | 29/58 | €144,005 | €76,467 | -€67,538 | -46.9% |
| Amounts receivable within one year | 40/41 | €15,942 | €19,576 | +€3,633 | +22.8% |
| Trade receivables | 40 | €15,942 | €19,576 | +€3,633 | +22.8% |
| Cash at bank and in hand | 54/58 | €127,602 | €54,826 | -€72,777 | -57.0% |
| Deferred charges and accrued income | 490/1 | €460 | €2,066 | +€1,606 | +349% |
| Total equity and liabilities | 10/49 | €862,680 | €824,084 | -€38,596 | -4.5% |
| Equity | 10/15 | €467,874 | €499,838 | +€31,964 | +6.8% |
| Contributions | 10/11 | €24,792 | €24,792 | = | 0.0% |
| Reserves | 13 | €443,082 | €475,046 | +€31,964 | +7.2% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €439,364 | €471,327 | +€31,964 | +7.3% |
| Amounts payable | 17/49 | €394,806 | €324,246 | -€70,560 | -17.9% |
| Amounts payable after more than one year | 17 | €271,964 | €248,402 | -€23,562 | -8.7% |
| Financial debts | 170/4 | €271,964 | €248,402 | -€23,562 | -8.7% |
| Amounts payable within one year | 42/48 | €122,842 | €75,844 | -€46,997 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €22,598 | €23,562 | +€965 | +4.3% |
| Trade debts | 44 | €9,908 | €1,172 | -€8,736 | -88.2% |
| Suppliers | 440/4 | €9,908 | €1,172 | -€8,736 | -88.2% |
| Taxes, remuneration and social security | 45 | €24,030 | €22,738 | -€1,293 | -5.4% |
| Taxes | 450/3 | €24,030 | €22,738 | -€1,293 | -5.4% |
| Other amounts payable | 47/48 | €66,306 | €28,373 | -€37,933 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,022 | €28,069 | +€6,047 | +27.5% |
| Other operating charges | 640/8 | €9,021 | €7,326 | -€1,694 | -18.8% |
| Gross operating margin | 9900 | €102,371 | €95,934 | -€6,437 | -6.3% |
| Operating profit (loss) | 9901 | €71,329 | €60,539 | -€10,790 | -15.1% |
| Financial income | 75/76B | €1,964 | €1,041 | -€923 | -47.0% |
| Recurring financial income | 75 | €1,964 | €1,041 | -€923 | -47.0% |
| Financial charges | 65/66B | €13,872 | €12,860 | -€1,012 | -7.3% |
| Recurring financial charges | 65 | €13,872 | €12,860 | -€1,012 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €59,420 | €48,719 | -€10,701 | -18.0% |
| Income taxes | 67/77 | €19,101 | €16,756 | -€2,345 | -12.3% |
| Profit (loss) for the period | 9904 | €40,319 | €31,964 | -€8,355 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,319 | €31,964 | -€8,355 | -20.7% |
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 17 October 2026 via checked.be.