FIGARO: 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.
FIGARO
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,029 to €29
- Deferred charges and accrued income -€95,825
down €95,825 (-99.2%), from €96,571 to €746
- Cash -€84,067
down €84,067 (-69.6%), from €120,767 to €36,700
mainly Contributions, distributions and other (-€400,000) and Debts after one year (-€28,404)
- Intangible fixed assets -€37,855
down €37,855 (-50.0%), from €75,710 to €37,855
- Stocks and contracts -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Contributions -€292,546
down €292,546 (-48.8%), from €600,000 to €307,454
- Reserves -€107,454
down €107,454 (-48.8%), from €220,384 to €112,930
of which Distributable reserves: -€89,170
- Profit (loss) carried forward +€44,635
up €44,635 (+26.7%), from -€167,255 to -€122,620
- Debts after one year -€28,404
down €28,404 (-8.0%), from €356,041 to €327,637
- Financial income +€52,268
up €52,268 (+1034.1%), from €5,054 to €57,322
- Write-downs +€25,000
new in 2025: €25,000
- Gross operating margin -€12,710
down €12,710 (-9.0%), from €140,542 to €127,833
- Other operating charges +€1,826
up €1,826 (+15.5%), from €11,762 to €13,588
- Depreciation +€1,588
up €1,588 (+2.2%), from €71,218 to €72,806
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 | €1,045,084 | €665,794 | -€379,290 | -36.3% |
| Fixed assets | 21/28 | €521,524 | €470,764 | -€50,760 | -9.7% |
| Intangible fixed assets | 21 | €75,710 | €37,855 | -€37,855 | -50.0% |
| Tangible fixed assets | 22/27 | €445,740 | €432,835 | -€12,906 | -2.9% |
| Land and buildings | 22 | €444,486 | €432,835 | -€11,651 | -2.6% |
| Plant, machinery and equipment | 23 | €1,254 | €0 | -€1,254 | -100.0% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €523,560 | €195,030 | -€328,530 | -62.7% |
| Stocks and contracts in progress | 3 | €25,000 | €0 | -€25,000 | -100.0% |
| Stocks | 30/36 | €25,000 | €0 | -€25,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €181,192 | €157,554 | -€23,638 | -13.0% |
| Trade receivables | 40 | €37,954 | €8,119 | -€29,835 | -78.6% |
| Other amounts receivable | 41 | €143,239 | €149,436 | +€6,197 | +4.3% |
| Current investments | 50/53 | €100,029 | €29 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €120,767 | €36,700 | -€84,067 | -69.6% |
| Deferred charges and accrued income | 490/1 | €96,571 | €746 | -€95,825 | -99.2% |
| Total equity and liabilities | 10/49 | €1,045,084 | €665,794 | -€379,290 | -36.3% |
| Equity | 10/15 | €653,129 | €297,764 | -€355,365 | -54.4% |
| Contributions | 10/11 | €600,000 | €307,454 | -€292,546 | -48.8% |
| Reserves | 13 | €220,384 | €112,930 | -€107,454 | -48.8% |
| Tax-exempt reserves | 132 | €37,500 | €19,216 | -€18,284 | -48.8% |
| Distributable reserves | 133 | €182,884 | €93,714 | -€89,170 | -48.8% |
| Profit (loss) carried forward | 14 | -€167,255 | -€122,620 | +€44,635 | +26.7% |
| Amounts payable | 17/49 | €391,955 | €368,030 | -€23,926 | -6.1% |
| Amounts payable after more than one year | 17 | €356,041 | €327,637 | -€28,404 | -8.0% |
| Financial debts | 170/4 | €356,041 | €327,637 | -€28,404 | -8.0% |
| Amounts payable within one year | 42/48 | €35,332 | €39,939 | +€4,607 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €30,304 | €30,753 | +€448 | +1.5% |
| Trade debts | 44 | €5,028 | €3,384 | -€1,644 | -32.7% |
| Suppliers | 440/4 | €5,028 | €3,384 | -€1,644 | -32.7% |
| Taxes, remuneration and social security | 45 | €0 | €5,803 | +€5,803 | |
| Taxes | 450/3 | €0 | €5,803 | +€5,803 | |
| Accrued charges and deferred income | 492/3 | €582 | €454 | -€128 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,218 | €72,806 | +€1,588 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,000 | +€25,000 | |
| Other operating charges | 640/8 | €11,762 | €13,588 | +€1,826 | +15.5% |
| Gross operating margin | 9900 | €140,542 | €127,833 | -€12,710 | -9.0% |
| Operating profit (loss) | 9901 | €57,563 | €16,438 | -€41,125 | -71.4% |
| Financial income | 75/76B | €5,054 | €57,322 | +€52,268 | +1034.1% |
| Recurring financial income | 75 | €5,054 | €57,322 | +€52,268 | +1034.1% |
| Financial charges | 65/66B | €6,143 | €5,726 | -€416 | -6.8% |
| Recurring financial charges | 65 | €6,143 | €5,726 | -€416 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €56,475 | €68,034 | +€11,559 | +20.5% |
| Income taxes | 67/77 | €22,787 | €23,399 | +€612 | +2.7% |
| Profit (loss) for the period | 9904 | €33,688 | €44,635 | +€10,948 | +32.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €33,688 | €44,635 | +€10,948 | +32.5% |
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 30 September 2026 via checked.be.