Fidelis: 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.
Fidelis
Largest movements
- Cash -€460,990
down €460,990 (-87.0%), from €530,029 to €69,040
mainly Investment in fixed assets (net) (-€508,723) and Receivables within one year (-€311,119)
- Receivables within one year +€311,119
up €311,119 (+305%), from €102,073 to €413,192
of which Other amounts receivable: +€311,224
- Intangible fixed assets +€300,665
up €300,665 (+422,104%), from €71 to €300,736
- Tangible fixed assets +€122,031
up €122,031 (+2,398%), from €5,089 to €127,120
of which Furniture and vehicles: +€78,801
- Contributions +€117,861
up €117,861 (+190%), from €62,000 to €179,861
- Trade debts +€59,223
up €59,223 (+414%), from €14,291 to €73,514
- Other debts +€46,420
up €46,420 (+35.4%), from €131,041 to €177,462
- Tax, wage and social debts +€30,554
up €30,554 (+88.0%), from €34,733 to €65,287
of which Taxes: +€17,586
- Reserves +€25,492
up €25,492 (+6.4%), from €400,285 to €425,777
of which Distributable reserves: +€24,218
- Staff costs +€194,983
up €194,983 (+66.4%), from €293,862 to €488,846
- Gross operating margin +€177,408
up €177,408 (+40.3%), from €439,978 to €617,386
- Depreciation +€69,933
up €69,933 (+434%), from €16,095 to €86,028
- Taxes +€8,748
up €8,748 (+131%), from €6,654 to €15,402
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 | €642,383 | €921,900 | +€279,518 | +43.5% |
| Fixed assets | 21/28 | €8,161 | €430,856 | +€422,695 | +5,180% |
| Intangible fixed assets | 21 | €71 | €300,736 | +€300,665 | +422,104% |
| Tangible fixed assets | 22/27 | €5,089 | €127,120 | +€122,031 | +2,398% |
| Land and buildings | 22 | €2,433 | €2,148 | -€284 | -11.7% |
| Furniture and vehicles | 24 | €2,657 | €81,458 | +€78,801 | +2,966% |
| Other tangible fixed assets | 26 | - | €43,514 | +€43,514 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €634,222 | €491,045 | -€143,178 | -22.6% |
| Amounts receivable within one year | 40/41 | €102,073 | €413,192 | +€311,119 | +305% |
| Trade receivables | 40 | €11,606 | €11,501 | -€105 | -0.9% |
| Other amounts receivable | 41 | €90,468 | €401,691 | +€311,224 | +344% |
| Cash at bank and in hand | 54/58 | €530,029 | €69,040 | -€460,990 | -87.0% |
| Deferred charges and accrued income | 490/1 | €2,120 | €8,813 | +€6,693 | +316% |
| Total equity and liabilities | 10/49 | €642,383 | €921,900 | +€279,518 | +43.5% |
| Equity | 10/15 | €462,285 | €605,638 | +€143,353 | +31.0% |
| Contributions | 10/11 | €62,000 | €179,861 | +€117,861 | +190% |
| Capital | 10 | €62,000 | €179,861 | +€117,861 | +190% |
| Issued capital | 100 | €62,000 | €533,444 | +€471,444 | +760% |
| Uncalled capital | 101 | - | €353,583 | +€353,583 | |
| Reserves | 13 | €400,285 | €425,777 | +€25,492 | +6.4% |
| Non-distributable reserves | 130/1 | €6,200 | €7,475 | +€1,275 | +20.6% |
| Legal reserve | 130 | €6,200 | €7,475 | +€1,275 | +20.6% |
| Distributable reserves | 133 | €394,085 | €418,302 | +€24,218 | +6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €180,098 | €316,262 | +€136,164 | +75.6% |
| Amounts payable within one year | 42/48 | €180,065 | €316,262 | +€136,197 | +75.6% |
| Trade debts | 44 | €14,291 | €73,514 | +€59,223 | +414% |
| Suppliers | 440/4 | €14,291 | €73,514 | +€59,223 | +414% |
| Taxes, remuneration and social security | 45 | €34,733 | €65,287 | +€30,554 | +88.0% |
| Taxes | 450/3 | €1,648 | €19,233 | +€17,586 | +1,067% |
| Remuneration and social security | 454/9 | €33,085 | €46,054 | +€12,968 | +39.2% |
| Other amounts payable | 47/48 | €131,041 | €177,462 | +€46,420 | +35.4% |
| Accrued charges and deferred income | 492/3 | €33 | €0 | -€33 | -100% |
| Remuneration, social security and pensions | 62 | €293,862 | €488,846 | +€194,983 | +66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,095 | €86,028 | +€69,933 | +434% |
| Other operating charges | 640/8 | €1,760 | €1,805 | +€45 | +2.6% |
| Non-recurring operating charges | 66A | €500 | €1,148 | +€649 | +130% |
| Gross operating margin | 9900 | €439,978 | €617,386 | +€177,408 | +40.3% |
| Operating profit (loss) | 9901 | €127,761 | €39,559 | -€88,202 | -69.0% |
| Financial income | 75/76B | €8,596 | €3,247 | -€5,349 | -62.2% |
| Recurring financial income | 75 | €8,596 | €3,247 | -€5,349 | -62.2% |
| Financial charges | 65/66B | €2,882 | €1,912 | -€970 | -33.7% |
| Recurring financial charges | 65 | €2,882 | €1,912 | -€970 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €133,475 | €40,894 | -€92,581 | -69.4% |
| Income taxes | 67/77 | €6,654 | €15,402 | +€8,748 | +131% |
| Profit (loss) for the period | 9904 | €126,820 | €25,492 | -€101,328 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €126,820 | €25,492 | -€101,328 | -79.9% |
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 20 October 2026 via checked.be.