FIGEDAC: 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.
FIGEDAC
Largest movements
- Financial fixed assets +€3.0m
up €3.0m (+33.8%), from €8.9m to €11.9m
- Receivables within one year +€2.4m
up €2.4m (+161%), from €1.5m to €3.9m
of which Trade receivables: +€2.9m
- Cash -€1.5m
down €1.5m (-93.0%), from €1.6m to €112,123
mainly Investment in fixed assets (net) (-€3.1m) and Receivables within one year (-€2.4m)
- Receivables after one year -€440,686
down €440,686 (-100%), from €440,686 to €0
- Debts after one year +€2.0m
new in 2025: €2.0m
- Reserves +€1.6m
up €1.6m (+26.5%), from €6.1m to €7.7m
of which Distributable reserves: +€1.6m
- Other debts -€1.2m
down €1.2m (-67.2%), from €1.8m to €583,435
- Current portion of long-term debt +€743,082
new in 2025: €743,082
- Tax, wage and social debts +€215,125
up €215,125 (+16,244%), from €1,324 to €216,450
- Financial income +€2.8m
up €2.8m (+1,366%), from €203,664 to €3.0m
of which Financial income: +€2.8m
- Other operating charges +€442,136
up €442,136 (+3,214%), from €13,755 to €455,891
- Depreciation +€34,512
up €34,512 (+132%), from €26,240 to €60,751
- Financial charges -€7,428
down €7,428 (-83.3%), from €8,915 to €1,487
- Gross operating margin -€5,133
down €5,133 (-15.2%), from -€33,818 to -€38,950
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 | €12,959,941 | €16,468,699 | +€3.5m | +27.1% |
| Fixed assets | 21/28 | €9,127,127 | €12,135,742 | +€3.0m | +33.0% |
| Tangible fixed assets | 22/27 | €253,251 | €261,866 | +€8,615 | +3.4% |
| Furniture and vehicles | 24 | €251,001 | €242,511 | -€8,490 | -3.4% |
| Other tangible fixed assets | 26 | €2,250 | €19,355 | +€17,105 | +760% |
| Financial fixed assets | 28 | €8,873,876 | €11,873,876 | +€3.0m | +33.8% |
| Current assets | 29/58 | €3,832,814 | €4,332,957 | +€500,143 | +13.0% |
| Amounts receivable after more than one year | 29 | €440,686 | €0 | -€440,686 | -100% |
| Other amounts receivable | 291 | €440,686 | €0 | -€440,686 | -100% |
| Amounts receivable within one year | 40/41 | €1,513,134 | €3,944,606 | +€2.4m | +161% |
| Trade receivables | 40 | €6,649 | €2,886,428 | +€2.9m | +43,310% |
| Other amounts receivable | 41 | €1,506,485 | €1,058,178 | -€448,307 | -29.8% |
| Current investments | 50/53 | €267,041 | €267,041 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,607,612 | €112,123 | -€1.5m | -93.0% |
| Deferred charges and accrued income | 490/1 | €4,341 | €9,187 | +€4,846 | +112% |
| Total equity and liabilities | 10/49 | €12,959,941 | €16,468,699 | +€3.5m | +27.1% |
| Equity | 10/15 | €11,175,048 | €12,776,858 | +€1.6m | +14.3% |
| Contributions | 10/11 | €1,640,000 | €1,640,000 | = | 0.0% |
| Capital | 10 | €1,640,000 | €1,640,000 | = | 0.0% |
| Issued capital | 100 | €1,640,000 | €1,640,000 | = | 0.0% |
| Reserves | 13 | €6,052,668 | €7,654,478 | +€1.6m | +26.5% |
| Non-distributable reserves | 130/1 | €164,000 | €164,000 | = | 0.0% |
| Legal reserve | 130 | €164,000 | €164,000 | = | 0.0% |
| Distributable reserves | 133 | €5,888,668 | €7,490,478 | +€1.6m | +27.2% |
| Profit (loss) carried forward | 14 | €3,482,380 | €3,482,380 | = | 0.0% |
| Amounts payable | 17/49 | €1,784,893 | €3,691,841 | +€1.9m | +107% |
| Amounts payable after more than one year | 17 | - | €2,013,782 | +€2.0m | |
| Financial debts | 170/4 | - | €2,013,782 | +€2.0m | |
| Amounts payable within one year | 42/48 | €1,784,893 | €1,678,059 | -€106,834 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | - | €743,082 | +€743,082 | |
| Trade debts | 44 | €4,034 | €2,092 | -€1,942 | -48.1% |
| Suppliers | 440/4 | €4,034 | €2,092 | -€1,942 | -48.1% |
| Advances received on contracts in progress | 46 | - | €133,000 | +€133,000 | |
| Taxes, remuneration and social security | 45 | €1,324 | €216,450 | +€215,125 | +16,244% |
| Taxes | 450/3 | €1,324 | €216,450 | +€215,125 | +16,244% |
| Other amounts payable | 47/48 | €1,779,535 | €583,435 | -€1.2m | -67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,240 | €60,751 | +€34,512 | +132% |
| Other operating charges | 640/8 | €13,755 | €455,891 | +€442,136 | +3,214% |
| Non-recurring operating charges | 66A | - | €110,000 | +€110,000 | |
| Gross operating margin | 9900 | -€33,818 | -€38,950 | -€5,133 | -15.2% |
| Operating profit (loss) | 9901 | -€73,812 | -€665,592 | -€591,780 | -802% |
| Financial income | 75/76B | €203,664 | €2,985,719 | +€2.8m | +1,366% |
| Recurring financial income | 75 | €203,664 | €2,985,719 | +€2.8m | +1,366% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,915 | €1,487 | -€7,428 | -83.3% |
| Recurring financial charges | 65 | €8,915 | €1,487 | -€7,428 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €120,937 | €2,318,640 | +€2.2m | +1,817% |
| Income taxes | 67/77 | €1,389 | €1,830 | +€441 | +31.7% |
| Profit (loss) for the period | 9904 | €119,547 | €2,316,810 | +€2.2m | +1,838% |
| Profit (loss) for the period to be appropriated | 9905 | €119,547 | €2,316,810 | +€2.2m | +1,838% |
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 18 October 2026 via checked.be.