FIDUCAE: 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.
FIDUCAE
Largest movements
- Cash -€84,417
down €84,417 (-63.4%), from €133,084 to €48,668
mainly Debts after one year (-€187,742) and Receivables within one year (-€62,865)
- Receivables within one year +€62,865
up €62,865 (+43.4%), from €144,726 to €207,591
of which Trade receivables: +€68,456
- Tangible fixed assets -€35,525
down €35,525 (-14.3%), from €248,755 to €213,229
of which Leasing and similar rights: -€27,470
- Debts after one year -€187,742
down €187,742 (-34.3%), from €547,472 to €359,730
of which Financial debts: -€96,449
- Reserves +€173,430
up €173,430 (+66.6%), from €260,534 to €433,963
of which Distributable reserves: +€173,430
- Trade debts -€58,834
down €58,834 (-16.3%), from €361,888 to €303,054
- Tax, wage and social debts +€54,799
up €54,799 (+754.2%), from €7,266 to €62,064
of which Taxes: +€52,407
- Other debts -€18,538
down €18,538 (-67.3%), from €27,546 to €9,008
- Gross operating margin +€183,959
up €183,959 (+78.0%), from €235,845 to €419,804
- Staff costs +€59,723
up €59,723 (+98.4%), from €60,669 to €120,392
- Taxes +€34,116
up €34,116 (+134.3%), from €25,401 to €59,517
- Depreciation -€4,933
down €4,933 (-12.1%), from €40,612 to €35,679
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 | €1,329,622 | €1,282,868 | -€46,754 | -3.5% |
| Fixed assets | 21/28 | €1,038,073 | €1,009,394 | -€28,679 | -2.8% |
| Intangible fixed assets | 21 | €788,876 | €795,722 | +€6,846 | +0.9% |
| Tangible fixed assets | 22/27 | €248,755 | €213,229 | -€35,525 | -14.3% |
| Furniture and vehicles | 24 | €14,360 | €6,305 | -€8,055 | -56.1% |
| Leasing and similar rights | 25 | €234,395 | €206,924 | -€27,470 | -11.7% |
| Financial fixed assets | 28 | €443 | €443 | = | 0.0% |
| Current assets | 29/58 | €291,549 | €273,474 | -€18,075 | -6.2% |
| Amounts receivable within one year | 40/41 | €144,726 | €207,591 | +€62,865 | +43.4% |
| Trade receivables | 40 | €139,113 | €207,569 | +€68,456 | +49.2% |
| Other amounts receivable | 41 | €5,613 | €22 | -€5,590 | -99.6% |
| Cash at bank and in hand | 54/58 | €133,084 | €48,668 | -€84,417 | -63.4% |
| Deferred charges and accrued income | 490/1 | €13,739 | €17,215 | +€3,476 | +25.3% |
| Total equity and liabilities | 10/49 | €1,329,622 | €1,282,868 | -€46,754 | -3.5% |
| Equity | 10/15 | €279,134 | €452,563 | +€173,430 | +62.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €260,534 | €433,963 | +€173,430 | +66.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €239,924 | €413,353 | +€173,430 | +72.3% |
| Amounts payable | 17/49 | €1,050,488 | €830,305 | -€220,184 | -21.0% |
| Amounts payable after more than one year | 17 | €547,472 | €359,730 | -€187,742 | -34.3% |
| Financial debts | 170/4 | €456,178 | €359,730 | -€96,449 | -21.1% |
| Other amounts payable | 178/9 | €91,294 | - | -€91,294 | |
| Amounts payable within one year | 42/48 | €503,017 | €470,575 | -€32,442 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €106,317 | €96,449 | -€9,868 | -9.3% |
| Trade debts | 44 | €361,888 | €303,054 | -€58,834 | -16.3% |
| Suppliers | 440/4 | €361,888 | €303,054 | -€58,834 | -16.3% |
| Taxes, remuneration and social security | 45 | €7,266 | €62,064 | +€54,799 | +754.2% |
| Taxes | 450/3 | €417 | €52,824 | +€52,407 | +12576.1% |
| Remuneration and social security | 454/9 | €6,849 | €9,241 | +€2,392 | +34.9% |
| Other amounts payable | 47/48 | €27,546 | €9,008 | -€18,538 | -67.3% |
| Remuneration, social security and pensions | 62 | €60,669 | €120,392 | +€59,723 | +98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,612 | €35,679 | -€4,933 | -12.1% |
| Other operating charges | 640/8 | €1,823 | €2,928 | +€1,105 | +60.6% |
| Gross operating margin | 9900 | €235,845 | €419,804 | +€183,959 | +78.0% |
| Operating profit (loss) | 9901 | €132,742 | €260,806 | +€128,064 | +96.5% |
| Financial income | 75/76B | €3,299 | €756 | -€2,542 | -77.1% |
| Recurring financial income | 75 | €3,299 | €756 | -€2,542 | -77.1% |
| Financial charges | 65/66B | €20,939 | €17,366 | -€3,573 | -17.1% |
| Recurring financial charges | 65 | €20,939 | €17,366 | -€3,573 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €115,102 | €244,196 | +€129,095 | +112.2% |
| Income taxes | 67/77 | €25,401 | €59,517 | +€34,116 | +134.3% |
| Profit (loss) for the period | 9904 | €89,701 | €184,680 | +€94,979 | +105.9% |
| Profit (loss) for the period to be appropriated | 9905 | €89,701 | €184,680 | +€94,979 | +105.9% |
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.