Fidelio: what changed
Two fiscal 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.
Fidelio
Largest movements
- Cash -€156,052
down €156,052 (-59.5%), from €262,210 to €106,158
mainly Contributions, distributions and other (-€266,000) and Investment in fixed assets (net) (-€21,277)
- Tangible fixed assets +€18,944
up €18,944 (+652.0%), from €2,906 to €21,850
of which Furniture and vehicles: +€9,949
- Reserves -€166,040
down €166,040 (-80.5%), from €206,327 to €40,287
- Other debts +€41,764
up €41,764 (+135.8%), from €30,755 to €72,519
- Tax, wage and social debts -€9,833
down €9,833 (-39.1%), from €25,141 to €15,308
- Gross operating margin +€16,428
up €16,428 (+13.7%), from €120,183 to €136,611
- Taxes +€2,831
up €2,831 (+11.4%), from €24,850 to €27,681
- Financial charges +€2,679
up €2,679 (+739.8%), from €362 to €3,041
- Depreciation +€1,501
up €1,501 (+180.4%), from €832 to €2,333
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 | €265,303 | €130,201 | -€135,101 | -50.9% |
| Fixed assets | 21/28 | €2,906 | €21,850 | +€18,944 | +652.0% |
| Tangible fixed assets | 22/27 | €2,906 | €21,850 | +€18,944 | +652.0% |
| Plant, machinery and equipment | 23 | €2,140 | €1,246 | -€894 | -41.8% |
| Furniture and vehicles | 24 | €766 | €10,715 | +€9,949 | +1299.0% |
| Other tangible fixed assets | 26 | - | €9,889 | +€9,889 | |
| Current assets | 29/58 | €262,397 | €108,352 | -€154,045 | -58.7% |
| Amounts receivable within one year | 40/41 | €8 | €93 | +€85 | +1124.3% |
| Trade receivables | 40 | - | €70 | +€70 | |
| Other amounts receivable | 41 | €8 | €23 | +€15 | +200.0% |
| Cash at bank and in hand | 54/58 | €262,210 | €106,158 | -€156,052 | -59.5% |
| Deferred charges and accrued income | 490/1 | €180 | €2,101 | +€1,922 | +1069.2% |
| Total equity and liabilities | 10/49 | €265,303 | €130,201 | -€135,101 | -50.9% |
| Equity | 10/15 | €207,327 | €41,287 | -€166,040 | -80.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €206,327 | €40,287 | -€166,040 | -80.5% |
| Distributable reserves | 133 | €206,327 | €40,287 | -€166,040 | -80.5% |
| Amounts payable | 17/49 | €57,975 | €88,914 | +€30,939 | +53.4% |
| Amounts payable within one year | 42/48 | €57,975 | €88,914 | +€30,939 | +53.4% |
| Trade debts | 44 | €1,533 | €1,087 | -€446 | -29.1% |
| Suppliers | 440/4 | €1,533 | €1,087 | -€446 | -29.1% |
| Advances received on contracts in progress | 46 | €546 | - | -€546 | |
| Taxes, remuneration and social security | 45 | €25,141 | €15,308 | -€9,833 | -39.1% |
| Taxes | 450/3 | €25,141 | €15,308 | -€9,833 | -39.1% |
| Other amounts payable | 47/48 | €30,755 | €72,519 | +€41,764 | +135.8% |
| Remuneration, social security and pensions | 62 | - | €131 | +€131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €832 | €2,333 | +€1,501 | +180.4% |
| Other operating charges | 640/8 | €3,451 | €3,465 | +€14 | +0.4% |
| Gross operating margin | 9900 | €120,183 | €136,611 | +€16,428 | +13.7% |
| Operating profit (loss) | 9901 | €115,900 | €130,681 | +€14,782 | +12.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €362 | €3,041 | +€2,679 | +739.8% |
| Recurring financial charges | 65 | €362 | €3,041 | +€2,679 | +739.8% |
| Profit (loss) for the period before taxes | 9903 | €115,537 | €127,640 | +€12,103 | +10.5% |
| Income taxes | 67/77 | €24,850 | €27,681 | +€2,831 | +11.4% |
| Profit (loss) for the period | 9904 | €90,688 | €99,960 | +€9,272 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,688 | €99,960 | +€9,272 | +10.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.