FIERCE MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€49,152
up €49,152 (+172%), from €28,551 to €77,704
of which Trade receivables: +€33,969
- Cash -€45,083
down €45,083 (-60.8%), from €74,112 to €29,030
mainly Receivables within one year (-€49,152) and Deferred charges and accrued income (-€18,193)
- Deferred charges and accrued income +€18,193
new in 2025: €18,193
- Tangible fixed assets -€7,751
down €7,751 (-12.0%), from €64,463 to €56,712
of which Furniture and vehicles: -€12,343
- Advances received +€18,138
up €18,138 (+188%), from €9,654 to €27,791
- Debts after one year -€12,338
down €12,338 (-49.3%), from €25,033 to €12,695
- Profit (loss) carried forward +€7,761
new in 2025: €7,761
- Tax, wage and social debts -€6,338
down €6,338 (-18.7%), from €33,854 to €27,517
of which Taxes: -€12,838
- Trade debts +€6,005
up €6,005 (+221%), from €2,723 to €8,728
- Gross operating margin -€47,982
down €47,982 (-59.9%), from €80,044 to €32,061
- Taxes -€15,105
down €15,105 (-84.2%), from €17,940 to €2,835
- Depreciation +€4,685
up €4,685 (+31.1%), from €15,073 to €19,758
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 | €167,127 | €181,638 | +€14,511 | +8.7% |
| Fixed assets | 21/28 | €64,463 | €56,712 | -€7,751 | -12.0% |
| Tangible fixed assets | 22/27 | €64,463 | €56,712 | -€7,751 | -12.0% |
| Land and buildings | 22 | €5,396 | €9,988 | +€4,592 | +85.1% |
| Furniture and vehicles | 24 | €59,067 | €46,724 | -€12,343 | -20.9% |
| Current assets | 29/58 | €102,664 | €124,926 | +€22,262 | +21.7% |
| Amounts receivable within one year | 40/41 | €28,551 | €77,704 | +€49,152 | +172% |
| Trade receivables | 40 | €8,020 | €41,989 | +€33,969 | +424% |
| Other amounts receivable | 41 | €20,531 | €35,715 | +€15,183 | +74.0% |
| Cash at bank and in hand | 54/58 | €74,112 | €29,030 | -€45,083 | -60.8% |
| Deferred charges and accrued income | 490/1 | - | €18,193 | +€18,193 | |
| Total equity and liabilities | 10/49 | €167,127 | €181,638 | +€14,511 | +8.7% |
| Equity | 10/15 | €83,821 | €91,582 | +€7,761 | +9.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €81,821 | €81,821 | = | 0.0% |
| Distributable reserves | 133 | €81,821 | €81,821 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €7,761 | +€7,761 | |
| Amounts payable | 17/49 | €83,306 | €90,057 | +€6,751 | +8.1% |
| Amounts payable after more than one year | 17 | €25,033 | €12,695 | -€12,338 | -49.3% |
| Financial debts | 170/4 | €25,033 | €12,695 | -€12,338 | -49.3% |
| Amounts payable within one year | 42/48 | €58,221 | €76,374 | +€18,153 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €11,990 | €12,338 | +€348 | +2.9% |
| Trade debts | 44 | €2,723 | €8,728 | +€6,005 | +221% |
| Suppliers | 440/4 | €2,723 | €8,728 | +€6,005 | +221% |
| Advances received on contracts in progress | 46 | €9,654 | €27,791 | +€18,138 | +188% |
| Taxes, remuneration and social security | 45 | €33,854 | €27,517 | -€6,338 | -18.7% |
| Taxes | 450/3 | €33,854 | €21,017 | -€12,838 | -37.9% |
| Remuneration and social security | 454/9 | - | €6,500 | +€6,500 | |
| Accrued charges and deferred income | 492/3 | €52 | €988 | +€936 | +1,814% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,073 | €19,758 | +€4,685 | +31.1% |
| Other operating charges | 640/8 | €1,111 | €860 | -€252 | -22.6% |
| Gross operating margin | 9900 | €80,044 | €32,061 | -€47,982 | -59.9% |
| Operating profit (loss) | 9901 | €63,860 | €11,444 | -€52,416 | -82.1% |
| Financial income | 75/76B | €217 | €6 | -€211 | -97.2% |
| Recurring financial income | 75 | €217 | €6 | -€211 | -97.2% |
| Financial charges | 65/66B | €1,329 | €854 | -€475 | -35.7% |
| Recurring financial charges | 65 | €1,329 | €854 | -€475 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €62,748 | €10,596 | -€52,152 | -83.1% |
| Income taxes | 67/77 | €17,940 | €2,835 | -€15,105 | -84.2% |
| Profit (loss) for the period | 9904 | €44,808 | €7,761 | -€37,047 | -82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,808 | €7,761 | -€37,047 | -82.7% |
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 13 October 2026 via checked.be.