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
- Receivables within one year +€111,724
up €111,724 (+95.5%), from €117,005 to €228,728
of which Trade receivables: +€104,143
- Cash +€99,707
up €99,707 (+138%), from €72,404 to €172,111
mainly Net result for the year (+€120,896) and Tax, wage and social debts (+€70,482)
- Tangible fixed assets +€88,645
up €88,645 (+61.9%), from €143,101 to €231,747
of which Furniture and vehicles: +€94,476
- Reserves +€120,896
up €120,896 (+87.1%), from €138,725 to €259,621
- Tax, wage and social debts +€70,482
up €70,482 (+182%), from €38,629 to €109,111
of which Taxes: +€38,621
- Trade debts +€51,568
up €51,568 (+139%), from €37,136 to €88,704
- Accrued charges and deferred income +€32,128
up €32,128 (+22,792%), from €141 to €32,269
- Current portion of long-term debt +€21,965
up €21,965 (+77.8%), from €28,240 to €50,205
- Gross operating margin +€190,835
up €190,835 (+77.2%), from €247,132 to €437,967
- Staff costs +€116,740
up €116,740 (+119%), from €98,034 to €214,774
- Depreciation +€19,520
up €19,520 (+63.8%), from €30,571 to €50,091
- Taxes +€15,753
up €15,753 (+74.2%), from €21,220 to €36,972
- Financial charges +€4,647
up €4,647 (+69.3%), from €6,710 to €11,357
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 | €336,766 | €645,112 | +€308,347 | +91.6% |
| Fixed assets | 21/28 | €143,101 | €231,747 | +€88,645 | +61.9% |
| Tangible fixed assets | 22/27 | €143,101 | €231,747 | +€88,645 | +61.9% |
| Plant, machinery and equipment | 23 | €16,727 | €42,261 | +€25,534 | +153% |
| Furniture and vehicles | 24 | €3,748 | €98,224 | +€94,476 | +2,521% |
| Leasing and similar rights | 25 | €122,627 | €91,261 | -€31,365 | -25.6% |
| Current assets | 29/58 | €193,665 | €413,366 | +€219,701 | +113% |
| Amounts receivable after more than one year | 29 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 291 | - | €3,000 | +€3,000 | |
| Amounts receivable within one year | 40/41 | €117,005 | €228,728 | +€111,724 | +95.5% |
| Trade receivables | 40 | €100,067 | €204,210 | +€104,143 | +104% |
| Other amounts receivable | 41 | €16,937 | €24,518 | +€7,581 | +44.8% |
| Cash at bank and in hand | 54/58 | €72,404 | €172,111 | +€99,707 | +138% |
| Deferred charges and accrued income | 490/1 | €4,256 | €9,527 | +€5,270 | +124% |
| Total equity and liabilities | 10/49 | €336,766 | €645,112 | +€308,347 | +91.6% |
| Equity | 10/15 | €140,725 | €261,621 | +€120,896 | +85.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €138,725 | €259,621 | +€120,896 | +87.1% |
| Distributable reserves | 133 | €138,725 | €259,621 | +€120,896 | +87.1% |
| Amounts payable | 17/49 | €196,041 | €383,491 | +€187,451 | +95.6% |
| Amounts payable after more than one year | 17 | €91,895 | €97,548 | +€5,653 | +6.2% |
| Financial debts | 170/4 | €91,895 | €97,548 | +€5,653 | +6.2% |
| Amounts payable within one year | 42/48 | €104,005 | €253,675 | +€149,670 | +144% |
| Current portion of amounts payable after more than one year | 42 | €28,240 | €50,205 | +€21,965 | +77.8% |
| Trade debts | 44 | €37,136 | €88,704 | +€51,568 | +139% |
| Suppliers | 440/4 | €37,136 | €88,704 | +€51,568 | +139% |
| Taxes, remuneration and social security | 45 | €38,629 | €109,111 | +€70,482 | +182% |
| Taxes | 450/3 | €23,231 | €61,852 | +€38,621 | +166% |
| Remuneration and social security | 454/9 | €15,399 | €47,259 | +€31,860 | +207% |
| Other amounts payable | 47/48 | - | €5,656 | +€5,656 | |
| Accrued charges and deferred income | 492/3 | €141 | €32,269 | +€32,128 | +22,792% |
| Remuneration, social security and pensions | 62 | €98,034 | €214,774 | +€116,740 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,571 | €50,091 | +€19,520 | +63.8% |
| Other operating charges | 640/8 | €1,194 | €3,877 | +€2,683 | +225% |
| Gross operating margin | 9900 | €247,132 | €437,967 | +€190,835 | +77.2% |
| Operating profit (loss) | 9901 | €117,333 | €169,225 | +€51,892 | +44.2% |
| Financial income | 75/76B | €178 | €0 | -€178 | -100.0% |
| Recurring financial income | 75 | €178 | €0 | -€178 | -100.0% |
| Financial charges | 65/66B | €6,710 | €11,357 | +€4,647 | +69.3% |
| Recurring financial charges | 65 | €6,710 | €11,357 | +€4,647 | +69.3% |
| Profit (loss) for the period before taxes | 9903 | €110,801 | €157,868 | +€47,067 | +42.5% |
| Income taxes | 67/77 | €21,220 | €36,972 | +€15,753 | +74.2% |
| Profit (loss) for the period | 9904 | €89,581 | €120,896 | +€31,315 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,581 | €120,896 | +€31,315 | +35.0% |
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 28 October 2026 via checked.be.