FIETSEN MAST: 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.
FIETSEN MAST
Largest movements
- Stocks and contracts -€40,551
down €40,551 (-5.2%), from €781,422 to €740,871
- Receivables within one year +€24,358
up €24,358 (+96.7%), from €25,199 to €49,557
- Tangible fixed assets -€20,101
down €20,101 (-2.8%), from €726,036 to €705,935
of which Land and buildings: -€50,558
- Current portion of long-term debt -€92,820
down €92,820 (-74.2%), from €125,121 to €32,301
- Trade debts +€53,563
up €53,563 (+360%), from €14,878 to €68,440
- Reserves +€28,223
up €28,223 (+24.7%), from €114,180 to €142,403
- Staff costs -€12,348
down €12,348 (-8.1%), from €152,637 to €140,289
- Gross operating margin -€4,941
down €4,941 (-1.9%), from €256,006 to €251,065
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 | €1,749,292 | €1,727,366 | -€21,926 | -1.3% |
| Fixed assets | 21/28 | €733,145 | €713,399 | -€19,745 | -2.7% |
| Intangible fixed assets | 21 | €7,109 | €7,465 | +€356 | +5.0% |
| Tangible fixed assets | 22/27 | €726,036 | €705,935 | -€20,101 | -2.8% |
| Land and buildings | 22 | €726,036 | €675,478 | -€50,558 | -7.0% |
| Furniture and vehicles | 24 | - | €30,457 | +€30,457 | |
| Current assets | 29/58 | €1,016,148 | €1,013,967 | -€2,181 | -0.2% |
| Stocks and contracts in progress | 3 | €781,422 | €740,871 | -€40,551 | -5.2% |
| Stocks | 30/36 | €781,422 | €740,871 | -€40,551 | -5.2% |
| Amounts receivable within one year | 40/41 | €25,199 | €49,557 | +€24,358 | +96.7% |
| Trade receivables | 40 | €25,199 | €49,557 | +€24,358 | +96.7% |
| Cash at bank and in hand | 54/58 | €209,527 | €223,539 | +€14,012 | +6.7% |
| Total equity and liabilities | 10/49 | €1,749,292 | €1,727,366 | -€21,926 | -1.3% |
| Equity | 10/15 | €1,016,240 | €1,044,463 | +€28,223 | +2.8% |
| Contributions | 10/11 | €518,600 | €518,600 | = | 0.0% |
| Reserves | 13 | €114,180 | €142,403 | +€28,223 | +24.7% |
| Distributable reserves | 133 | €114,180 | €142,403 | +€28,223 | +24.7% |
| Profit (loss) carried forward | 14 | €383,460 | €383,460 | = | 0.0% |
| Amounts payable | 17/49 | €733,052 | €682,903 | -€50,149 | -6.8% |
| Amounts payable after more than one year | 17 | €543,571 | €538,863 | -€4,708 | -0.9% |
| Financial debts | 170/4 | €543,571 | €538,863 | -€4,708 | -0.9% |
| Amounts payable within one year | 42/48 | €189,482 | €144,040 | -€45,441 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €125,121 | €32,301 | -€92,820 | -74.2% |
| Trade debts | 44 | €14,878 | €68,440 | +€53,563 | +360% |
| Suppliers | 440/4 | €14,878 | €68,440 | +€53,563 | +360% |
| Taxes, remuneration and social security | 45 | €49,483 | €43,299 | -€6,184 | -12.5% |
| Taxes | 450/3 | €45,289 | €43,299 | -€1,990 | -4.4% |
| Remuneration and social security | 454/9 | €4,195 | - | -€4,195 | |
| Remuneration, social security and pensions | 62 | €152,637 | €140,289 | -€12,348 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,935 | €53,463 | +€2,529 | +5.0% |
| Other operating charges | 640/8 | €6,442 | €5,900 | -€541 | -8.4% |
| Gross operating margin | 9900 | €256,006 | €251,065 | -€4,941 | -1.9% |
| Operating profit (loss) | 9901 | €45,993 | €51,412 | +€5,419 | +11.8% |
| Financial income | 75/76B | €8,963 | €9,143 | +€180 | +2.0% |
| Recurring financial income | 75 | €8,963 | €9,143 | +€180 | +2.0% |
| Financial charges | 65/66B | €18,416 | €17,615 | -€801 | -4.4% |
| Recurring financial charges | 65 | €18,416 | €17,615 | -€801 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €36,540 | €42,941 | +€6,400 | +17.5% |
| Income taxes | 67/77 | €12,570 | €14,718 | +€2,147 | +17.1% |
| Profit (loss) for the period | 9904 | €23,970 | €28,223 | +€4,253 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,970 | €28,223 | +€4,253 | +17.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.