Fidelmax: 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.
Fidelmax
Largest movements
- Current investments -€94,499
down €94,499 (-53.8%), from €175,539 to €81,039
- Cash -€31,600
down €31,600 (-42.0%), from €75,163 to €43,563
mainly Contributions, distributions and other (-€113,609) and Other debts (-€104,796)
- Tangible fixed assets +€19,249
up €19,249 (+81.2%), from €23,706 to €42,955
of which Assets under construction and advance payments: +€22,499
- Receivables after one year +€3,500
new in 2025: €3,500
- Other debts -€104,796
down €104,796 (-84.1%), from €124,587 to €19,791
- Gross operating margin +€30,824
up €30,824 (+25.7%), from €119,823 to €150,647
- Taxes +€7,635
up €7,635 (+30.2%), from €25,320 to €32,955
- Financial income -€2,666
down €2,666 (-50.2%), from €5,309 to €2,643
- Depreciation -€2,591
down €2,591 (-33.3%), from €7,780 to €5,189
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 | €305,972 | €202,423 | -€103,549 | -33.8% |
| Fixed assets | 21/28 | €23,731 | €42,980 | +€19,249 | +81.1% |
| Tangible fixed assets | 22/27 | €23,706 | €42,955 | +€19,249 | +81.2% |
| Land and buildings | 22 | €11,200 | €11,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €315 | €364 | +€49 | +15.5% |
| Furniture and vehicles | 24 | €3,584 | €2,567 | -€1,018 | -28.4% |
| Other tangible fixed assets | 26 | €3,599 | €1,317 | -€2,282 | -63.4% |
| Assets under construction and advance payments | 27 | €5,008 | €27,507 | +€22,499 | +449% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €282,240 | €159,443 | -€122,797 | -43.5% |
| Amounts receivable after more than one year | 29 | - | €3,500 | +€3,500 | |
| Other amounts receivable | 291 | - | €3,500 | +€3,500 | |
| Amounts receivable within one year | 40/41 | €27,710 | €27,470 | -€240 | -0.9% |
| Trade receivables | 40 | €20,306 | €16,365 | -€3,940 | -19.4% |
| Other amounts receivable | 41 | €7,404 | €11,105 | +€3,700 | +50.0% |
| Current investments | 50/53 | €175,539 | €81,039 | -€94,499 | -53.8% |
| Cash at bank and in hand | 54/58 | €75,163 | €43,563 | -€31,600 | -42.0% |
| Deferred charges and accrued income | 490/1 | €3,828 | €3,870 | +€42 | +1.1% |
| Total equity and liabilities | 10/49 | €305,972 | €202,423 | -€103,549 | -33.8% |
| Equity | 10/15 | €171,188 | €171,188 | = | 0.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €152,188 | €152,188 | = | 0.0% |
| Distributable reserves | 133 | €152,188 | €152,188 | = | 0.0% |
| Amounts payable | 17/49 | €134,783 | €31,235 | -€103,549 | -76.8% |
| Amounts payable within one year | 42/48 | €134,221 | €30,629 | -€103,591 | -77.2% |
| Trade debts | 44 | €1,996 | €168 | -€1,828 | -91.6% |
| Suppliers | 440/4 | €1,996 | €168 | -€1,828 | -91.6% |
| Taxes, remuneration and social security | 45 | €7,637 | €10,670 | +€3,033 | +39.7% |
| Taxes | 450/3 | €7,637 | €10,670 | +€3,033 | +39.7% |
| Other amounts payable | 47/48 | €124,587 | €19,791 | -€104,796 | -84.1% |
| Accrued charges and deferred income | 492/3 | €563 | €605 | +€43 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,780 | €5,189 | -€2,591 | -33.3% |
| Other operating charges | 640/8 | €1,104 | €1,394 | +€290 | +26.3% |
| Gross operating margin | 9900 | €119,823 | €150,647 | +€30,824 | +25.7% |
| Operating profit (loss) | 9901 | €110,939 | €144,063 | +€33,124 | +29.9% |
| Financial income | 75/76B | €5,309 | €2,643 | -€2,666 | -50.2% |
| Recurring financial income | 75 | €5,309 | €2,643 | -€2,666 | -50.2% |
| Financial charges | 65/66B | €196 | €143 | -€53 | -27.2% |
| Recurring financial charges | 65 | €196 | €143 | -€53 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €116,052 | €146,564 | +€30,511 | +26.3% |
| Income taxes | 67/77 | €25,320 | €32,955 | +€7,635 | +30.2% |
| Profit (loss) for the period | 9904 | €90,732 | €113,609 | +€22,877 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,732 | €113,609 | +€22,877 | +25.2% |
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 14 October 2026 via checked.be.