FIEMU: 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.
FIEMU
Largest movements
- Stocks and contracts +€23,414
up €23,414 (+15.3%), from €152,580 to €175,993
- Cash -€6,756
down €6,756 (-10.8%), from €62,286 to €55,529
mainly Debts after one year (-€60,809) and Stocks and contracts (-€23,414)
- Tangible fixed assets -€2,859
down €2,859 (-23.6%), from €12,140 to €9,280
- Debts after one year -€60,809
down €60,809 (-42.3%), from €143,858 to €83,049
of which Other amounts payable: -€45,000
- Reserves +€44,680
up €44,680 (+401.9%), from €11,118 to €55,798
- Other debts +€22,655
up €22,655 (+105.1%), from €21,557 to €44,212
- Trade debts +€13,414
up €13,414 (+186.5%), from €7,194 to €20,608
- Short-term financial debts -€7,636
down €7,636 (-50.1%), from €15,247 to €7,611
- Gross operating margin +€45,161
up €45,161 (+176.2%), from €25,638 to €70,798
- Taxes +€8,456
up €8,456 (+274.1%), from €3,086 to €11,542
- Financial charges +€3,419
up €3,419 (+48.7%), from €7,027 to €10,446
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 | €237,427 | €250,355 | +€12,929 | +5.4% |
| Fixed assets | 21/28 | €18,065 | €14,565 | -€3,500 | -19.4% |
| Intangible fixed assets | 21 | €5,925 | €5,285 | -€641 | -10.8% |
| Tangible fixed assets | 22/27 | €12,140 | €9,280 | -€2,859 | -23.6% |
| Plant, machinery and equipment | 23 | €12,140 | €9,280 | -€2,859 | -23.6% |
| Current assets | 29/58 | €219,362 | €235,790 | +€16,429 | +7.5% |
| Stocks and contracts in progress | 3 | €152,580 | €175,993 | +€23,414 | +15.3% |
| Stocks | 30/36 | €152,580 | €175,993 | +€23,414 | +15.3% |
| Amounts receivable within one year | 40/41 | €2,273 | €298 | -€1,975 | -86.9% |
| Trade receivables | 40 | €2,273 | €298 | -€1,975 | -86.9% |
| Cash at bank and in hand | 54/58 | €62,286 | €55,529 | -€6,756 | -10.8% |
| Deferred charges and accrued income | 490/1 | €2,223 | €3,969 | +€1,747 | +78.6% |
| Total equity and liabilities | 10/49 | €237,427 | €250,355 | +€12,929 | +5.4% |
| Equity | 10/15 | €16,118 | €60,798 | +€44,680 | +277.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,118 | €55,798 | +€44,680 | +401.9% |
| Distributable reserves | 133 | €11,118 | €55,798 | +€44,680 | +401.9% |
| Amounts payable | 17/49 | €221,308 | €189,557 | -€31,751 | -14.3% |
| Amounts payable after more than one year | 17 | €143,858 | €83,049 | -€60,809 | -42.3% |
| Financial debts | 170/4 | €53,858 | €38,049 | -€15,809 | -29.4% |
| Other amounts payable | 178/9 | €90,000 | €45,000 | -€45,000 | -50.0% |
| Amounts payable within one year | 42/48 | €77,123 | €106,255 | +€29,132 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €15,169 | €15,809 | +€640 | +4.2% |
| Financial debts | 43 | €15,247 | €7,611 | -€7,636 | -50.1% |
| Credit institutions | 430/8 | €15,247 | €7,611 | -€7,636 | -50.1% |
| Trade debts | 44 | €7,194 | €20,608 | +€13,414 | +186.5% |
| Suppliers | 440/4 | €7,194 | €20,608 | +€13,414 | +186.5% |
| Advances received on contracts in progress | 46 | €450 | - | -€450 | |
| Taxes, remuneration and social security | 45 | €17,506 | €18,015 | +€509 | +2.9% |
| Taxes | 450/3 | €17,506 | €18,015 | +€509 | +2.9% |
| Other amounts payable | 47/48 | €21,557 | €44,212 | +€22,655 | +105.1% |
| Accrued charges and deferred income | 492/3 | €327 | €253 | -€74 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,444 | €3,500 | +€56 | +1.6% |
| Other operating charges | 640/8 | €1,393 | €1,303 | -€90 | -6.5% |
| Gross operating margin | 9900 | €25,638 | €70,798 | +€45,161 | +176.2% |
| Operating profit (loss) | 9901 | €20,800 | €65,996 | +€45,195 | +217.3% |
| Financial income | 75/76B | €430 | €672 | +€242 | +56.3% |
| Recurring financial income | 75 | €430 | €672 | +€242 | +56.3% |
| Financial charges | 65/66B | €7,027 | €10,446 | +€3,419 | +48.7% |
| Recurring financial charges | 65 | €7,027 | €10,446 | +€3,419 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €14,204 | €56,222 | +€42,018 | +295.8% |
| Income taxes | 67/77 | €3,086 | €11,542 | +€8,456 | +274.1% |
| Profit (loss) for the period | 9904 | €11,118 | €44,680 | +€33,561 | +301.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,118 | €44,680 | +€33,561 | +301.9% |
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 5 October 2026 via checked.be.