Fierce Enterprise: 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.
Fierce Enterprise
Largest movements
- Cash -€80,324
down €80,324 (-26.5%), from €303,013 to €222,689
mainly Investment in fixed assets (net) (-€214,618) and Short-term financial debts (-€163,025)
- Tangible fixed assets +€39,061
up €39,061 (+1.1%), from €3.5m to €3.5m
of which Land and buildings: +€21,934
- Reserves +€163,668
up €163,668 (+26.2%), from €625,071 to €788,740
of which Distributable reserves: +€163,668
- Short-term financial debts -€163,025
down €163,025 (-97.7%), from €166,912 to €3,887
- Trade debts -€151,087
down €151,087 (-36.7%), from €411,973 to €260,886
of which Suppliers: -€98,078
- Current portion of long-term debt +€60,754
up €60,754 (+38.3%), from €158,491 to €219,245
- Debts after one year +€42,859
up €42,859 (+2.0%), from €2.2m to €2.2m
- Gross operating margin +€383,904
up €383,904 (+72.8%), from €527,349 to €911,253
- Staff costs +€88,764
up €88,764 (+34.0%), from €261,332 to €350,096
- Depreciation +€51,135
up €51,135 (+41.1%), from €124,421 to €175,557
- Other operating charges +€20,288
up €20,288 (+44.4%), from €45,660 to €65,948
- Financial charges +€18,236
up €18,236 (+13.3%), from €137,599 to €155,835
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 | €3,868,559 | €3,837,927 | -€30,632 | -0.8% |
| Fixed assets | 21/28 | €3,506,733 | €3,545,794 | +€39,061 | +1.1% |
| Tangible fixed assets | 22/27 | €3,506,733 | €3,545,794 | +€39,061 | +1.1% |
| Land and buildings | 22 | €3,193,576 | €3,215,510 | +€21,934 | +0.7% |
| Plant, machinery and equipment | 23 | €15,414 | €30,910 | +€15,496 | +101% |
| Furniture and vehicles | 24 | €297,742 | €299,373 | +€1,631 | +0.5% |
| Current assets | 29/58 | €361,826 | €292,133 | -€69,693 | -19.3% |
| Stocks and contracts in progress | 3 | €5,800 | €6,500 | +€700 | +12.1% |
| Stocks | 30/36 | €5,800 | €6,500 | +€700 | +12.1% |
| Amounts receivable within one year | 40/41 | €25,448 | €53,697 | +€28,249 | +111% |
| Trade receivables | 40 | €948 | €0 | -€948 | -100% |
| Other amounts receivable | 41 | €24,499 | €53,697 | +€29,197 | +119% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €303,013 | €222,689 | -€80,324 | -26.5% |
| Deferred charges and accrued income | 490/1 | €27,565 | €9,247 | -€18,318 | -66.5% |
| Total equity and liabilities | 10/49 | €3,868,559 | €3,837,927 | -€30,632 | -0.8% |
| Equity | 10/15 | €825,071 | €988,740 | +€163,668 | +19.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €625,071 | €788,740 | +€163,668 | +26.2% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €605,071 | €768,740 | +€163,668 | +27.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €3,043,488 | €2,849,187 | -€194,300 | -6.4% |
| Amounts payable after more than one year | 17 | €2,155,741 | €2,198,600 | +€42,859 | +2.0% |
| Financial debts | 170/4 | €2,155,741 | €2,198,600 | +€42,859 | +2.0% |
| Amounts payable within one year | 42/48 | €854,546 | €612,336 | -€242,210 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €158,491 | €219,245 | +€60,754 | +38.3% |
| Financial debts | 43 | €166,912 | €3,887 | -€163,025 | -97.7% |
| Credit institutions | 430/8 | €166,912 | €3,887 | -€163,025 | -97.7% |
| Trade debts | 44 | €411,973 | €260,886 | -€151,087 | -36.7% |
| Suppliers | 440/4 | €358,964 | €260,886 | -€98,078 | -27.3% |
| Bills of exchange payable | 441 | €53,009 | €0 | -€53,009 | -100% |
| Taxes, remuneration and social security | 45 | €39,489 | €52,341 | +€12,852 | +32.5% |
| Taxes | 450/3 | €806 | €1,869 | +€1,063 | +132% |
| Remuneration and social security | 454/9 | €38,684 | €50,472 | +€11,789 | +30.5% |
| Other amounts payable | 47/48 | €77,680 | €75,977 | -€1,704 | -2.2% |
| Accrued charges and deferred income | 492/3 | €33,200 | €38,251 | +€5,051 | +15.2% |
| Remuneration, social security and pensions | 62 | €261,332 | €350,096 | +€88,764 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,421 | €175,557 | +€51,135 | +41.1% |
| Other operating charges | 640/8 | €45,660 | €65,948 | +€20,288 | +44.4% |
| Gross operating margin | 9900 | €527,349 | €911,253 | +€383,904 | +72.8% |
| Operating profit (loss) | 9901 | €95,937 | €319,653 | +€223,717 | +233% |
| Financial income | 75/76B | €18,222 | €597 | -€17,625 | -96.7% |
| Recurring financial income | 75 | €18,222 | €597 | -€17,625 | -96.7% |
| Financial charges | 65/66B | €137,599 | €155,835 | +€18,236 | +13.3% |
| Recurring financial charges | 65 | €137,599 | €155,835 | +€18,236 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,440 | €164,416 | +€187,856 | |
| Transfer from deferred taxes | 780 | €4,958 | €0 | -€4,958 | -100% |
| Income taxes | 67/77 | €711 | €748 | +€37 | +5.2% |
| Profit (loss) for the period | 9904 | -€19,192 | €163,668 | +€182,861 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,192 | €163,668 | +€182,861 |
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 17 October 2026 via checked.be.