FIDUBEL: 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.
What changed
FIDUBEL
NACE 69.209, Other tax advisory services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€25,546
2024 · -€103,453+€128,999
Equity
€3.1m
2024 · €3.1m+€25,546
Cash
€277,399
2024 · €354,465-€77,066
Balance sheet total
€5.7m
2024 · €4.6m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+28.8%), from €4.0m to €5.1m
- Cash -€77,066
down €77,066 (-21.7%), from €354,465 to €277,399
mainly Investment in fixed assets (net) (-€1.5m) and Provisions (-€13,744)
Equity and liabilities
- Debts after one year +€847,391
up €847,391 (+156.6%), from €541,117 to €1.4m
of which Financial debts: +€1.3m
- Other debts +€187,707
new in 2025: €187,707
Income statement
- Gross operating margin +€77,584
up €77,584 (+22.6%), from €342,610 to €420,194
- Financial income +€56,973
up €56,973 (+1915.2%), from €2,975 to €59,948
- Write-downs -€31,149
no longer reported in 2025 (was €31,149)
- Depreciation +€25,712
up €25,712 (+7.6%), from €337,880 to €363,593
- Financial charges +€16,583
up €16,583 (+72.3%), from €22,923 to €39,506
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.
Result 2024
-€103,453
Gross operating margin
+€77,584
Depreciation
-€25,712
Write-downs
+€31,149
Other operating charges
+€3,663
Financial income
+€56,973
Financial charges
-€16,583
Taxes
-€6,825
Deferred taxes and other
+€8,751
Result 2025
€25,546
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.
From operations
+€566,521
Investment
-€1.5m
Financing
+€867,246
Cash 2024
€354,465
From operations (derived)
+€566,521
Net result for the year
+€25,546
Depreciation
+€363,593
Receivables within one year
-€6,345
Smaller working-capital items
+€3,633
Provisions
-€13,744
Other debts
+€187,707
Accrued charges and deferred income
+€6,131
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€867,246
Debts after one year
+€847,391
Current portion of long-term debt
+€19,855
Cash 2025
€277,399
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,576,093 | €5,653,954 | +€1.1m | +23.6% |
| Fixed assets | 21/28 | €4,008,787 | €5,156,026 | +€1.1m | +28.6% |
| Tangible fixed assets | 22/27 | €3,984,285 | €5,131,524 | +€1.1m | +28.8% |
| Land and buildings | 22 | €3,984,285 | €5,131,524 | +€1.1m | +28.8% |
| Financial fixed assets | 28 | €24,502 | €24,502 | = | 0.0% |
| Current assets | 29/58 | €567,306 | €497,928 | -€69,378 | -12.2% |
| Amounts receivable within one year | 40/41 | €190,345 | €196,690 | +€6,345 | +3.3% |
| Trade receivables | 40 | €162,605 | €144,085 | -€18,520 | -11.4% |
| Other amounts receivable | 41 | €27,740 | €52,605 | +€24,865 | +89.6% |
| Cash at bank and in hand | 54/58 | €354,465 | €277,399 | -€77,066 | -21.7% |
| Deferred charges and accrued income | 490/1 | €22,497 | €23,839 | +€1,343 | +6.0% |
| Total equity and liabilities | 10/49 | €4,576,093 | €5,653,954 | +€1.1m | +23.6% |
| Equity | 10/15 | €3,066,396 | €3,091,942 | +€25,546 | +0.8% |
| Contributions | 10/11 | €1,543,145 | €1,543,145 | = | 0.0% |
| Reserves | 13 | €2,854,199 | €2,879,745 | +€25,546 | +0.9% |
| Non-distributable reserves | 130/1 | €24,535 | €24,535 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,535 | €24,535 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,616,840 | €1,575,608 | -€41,233 | -2.6% |
| Distributable reserves | 133 | €1,212,824 | €1,279,602 | +€66,778 | +5.5% |
| Profit (loss) carried forward | 14 | -€1,330,948 | -€1,330,948 | = | 0.0% |
| Provisions and deferred taxes | 16 | €568,316 | €554,571 | -€13,744 | -2.4% |
| Deferred taxes | 168 | €568,316 | €554,571 | -€13,744 | -2.4% |
| Amounts payable | 17/49 | €941,381 | €2,007,441 | +€1.1m | +113.2% |
| Amounts payable after more than one year | 17 | €541,117 | €1,388,508 | +€847,391 | +156.6% |
| Financial debts | 170/4 | - | €1,282,723 | +€1.3m | |
| Trade debts | 175 | €474,993 | - | -€474,993 | |
| Other amounts payable | 178/9 | €66,124 | €105,785 | +€39,661 | +60.0% |
| Amounts payable within one year | 42/48 | €162,229 | €374,767 | +€212,538 | +131.0% |
| Current portion of amounts payable after more than one year | 42 | €115,865 | €135,720 | +€19,855 | +17.1% |
| Trade debts | 44 | €38,469 | €42,083 | +€3,614 | +9.4% |
| Suppliers | 440/4 | €38,469 | €42,083 | +€3,614 | +9.4% |
| Taxes, remuneration and social security | 45 | €7,895 | €9,257 | +€1,362 | +17.3% |
| Taxes | 450/3 | €7,895 | €9,257 | +€1,362 | +17.3% |
| Other amounts payable | 47/48 | - | €187,707 | +€187,707 | |
| Accrued charges and deferred income | 492/3 | €238,035 | €244,165 | +€6,131 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,880 | €363,593 | +€25,712 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,149 | - | -€31,149 | |
| Other operating charges | 640/8 | €62,062 | €58,400 | -€3,663 | -5.9% |
| Gross operating margin | 9900 | €342,610 | €420,194 | +€77,584 | +22.6% |
| Operating profit (loss) | 9901 | -€88,481 | -€1,798 | +€86,683 | +98.0% |
| Financial income | 75/76B | €2,975 | €59,948 | +€56,973 | +1915.2% |
| Recurring financial income | 75 | €2,975 | €59,948 | +€56,973 | +1915.2% |
| Financial charges | 65/66B | €22,923 | €39,506 | +€16,583 | +72.3% |
| Recurring financial charges | 65 | €22,923 | €39,506 | +€16,583 | +72.3% |
| Profit (loss) for the period before taxes | 9903 | -€108,429 | €18,644 | +€127,073 | |
| Transfer from deferred taxes | 780 | €4,993 | €13,744 | +€8,751 | +175.3% |
| Income taxes | 67/77 | €17 | €6,842 | +€6,825 | +39914.2% |
| Profit (loss) for the period | 9904 | -€103,453 | €25,546 | +€128,999 | |
| Transfer from tax-exempt reserves | 789 | €12,266 | €41,233 | +€28,966 | +236.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,187 | €66,778 | +€157,966 |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.