FIDEMAX: 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.
FIDEMAX
Largest movements
- Cash +€169,566
up €169,566 (+161%), from €105,009 to €274,576
mainly Net result for the year (+€155,084) and Investment in fixed assets (net) (+€142,651)
- Tangible fixed assets -€152,952
down €152,952 (-80.6%), from €189,754 to €36,802
of which Land and buildings: -€133,683
- Current investments +€50,000
up €50,000 (+24.4%), from €204,548 to €254,548
- Receivables within one year -€12,790
down €12,790 (-26.2%), from €48,878 to €36,088
of which Other amounts receivable: -€17,763
- Reserves +€72,865
up €72,865 (+15.3%), from €476,092 to €548,957
of which Distributable reserves: +€74,720
- Debts after one year -€27,650
no longer reported in 2025 (was €27,650)
- Tax, wage and social debts +€18,803
up €18,803 (+75.2%), from €24,995 to €43,798
of which Taxes: +€16,010
- Current portion of long-term debt -€14,199
no longer reported in 2025 (was €14,199)
- Gross operating margin +€137,550
up €137,550 (+97.0%), from €141,768 to €279,319
- Taxes +€55,065
up €55,065 (+241%), from €22,895 to €77,960
- Other operating charges -€19,679
down €19,679 (-91.8%), from €21,448 to €1,769
- Staff costs +€6,302
up €6,302 (+18.4%), from €34,244 to €40,546
- Depreciation -€4,207
down €4,207 (-29.0%), from €14,508 to €10,301
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 | €552,402 | €602,014 | +€49,612 | +9.0% |
| Fixed assets | 21/28 | €189,754 | €36,802 | -€152,952 | -80.6% |
| Tangible fixed assets | 22/27 | €189,754 | €36,802 | -€152,952 | -80.6% |
| Land and buildings | 22 | €133,683 | - | -€133,683 | |
| Plant, machinery and equipment | 23 | €1,247 | €1,075 | -€172 | -13.8% |
| Furniture and vehicles | 24 | €54,824 | €35,727 | -€19,097 | -34.8% |
| Current assets | 29/58 | €362,647 | €565,212 | +€202,565 | +55.9% |
| Amounts receivable within one year | 40/41 | €48,878 | €36,088 | -€12,790 | -26.2% |
| Trade receivables | 40 | €17,188 | €22,161 | +€4,973 | +28.9% |
| Other amounts receivable | 41 | €31,690 | €13,927 | -€17,763 | -56.1% |
| Current investments | 50/53 | €204,548 | €254,548 | +€50,000 | +24.4% |
| Cash at bank and in hand | 54/58 | €105,009 | €274,576 | +€169,566 | +161% |
| Deferred charges and accrued income | 490/1 | €4,212 | - | -€4,212 | |
| Total equity and liabilities | 10/49 | €552,402 | €602,014 | +€49,612 | +9.0% |
| Equity | 10/15 | €482,292 | €555,157 | +€72,865 | +15.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €476,092 | €548,957 | +€72,865 | +15.3% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €455,487 | €530,207 | +€74,720 | +16.4% |
| Amounts payable | 17/49 | €70,110 | €46,857 | -€23,253 | -33.2% |
| Amounts payable after more than one year | 17 | €27,650 | - | -€27,650 | |
| Financial debts | 170/4 | €27,650 | - | -€27,650 | |
| Amounts payable within one year | 42/48 | €41,610 | €46,836 | +€5,226 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €14,199 | - | -€14,199 | |
| Trade debts | 44 | €2,416 | €3,038 | +€622 | +25.8% |
| Suppliers | 440/4 | €2,416 | €3,038 | +€622 | +25.8% |
| Taxes, remuneration and social security | 45 | €24,995 | €43,798 | +€18,803 | +75.2% |
| Taxes | 450/3 | €22,647 | €38,657 | +€16,010 | +70.7% |
| Remuneration and social security | 454/9 | €2,348 | €5,141 | +€2,793 | +119% |
| Accrued charges and deferred income | 492/3 | €850 | €22 | -€829 | -97.5% |
| Remuneration, social security and pensions | 62 | €34,244 | €40,546 | +€6,302 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,508 | €10,301 | -€4,207 | -29.0% |
| Other operating charges | 640/8 | €21,448 | €1,769 | -€19,679 | -91.8% |
| Gross operating margin | 9900 | €141,768 | €279,319 | +€137,550 | +97.0% |
| Operating profit (loss) | 9901 | €71,568 | €226,703 | +€155,135 | +217% |
| Financial income | 75/76B | €9,250 | €8,022 | -€1,229 | -13.3% |
| Recurring financial income | 75 | €9,250 | €8,022 | -€1,229 | -13.3% |
| Financial charges | 65/66B | €2,457 | €1,681 | -€776 | -31.6% |
| Recurring financial charges | 65 | €2,457 | €1,681 | -€776 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €78,361 | €233,044 | +€154,683 | +197% |
| Income taxes | 67/77 | €22,895 | €77,960 | +€55,065 | +241% |
| Profit (loss) for the period | 9904 | €55,466 | €155,084 | +€99,618 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €55,466 | €155,084 | +€99,618 | +180% |
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 24 October 2026 via checked.be.