FIPASON: 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.
FIPASON
Largest movements
- Cash -€255,474
down €255,474 (-58.7%), from €435,544 to €180,071
mainly Investment in fixed assets (net) (-€305,453) and Debts after one year (-€70,010)
- Tangible fixed assets +€219,101
up €219,101 (+3.7%), from €6.0m to €6.2m
of which Land and buildings: +€219,101
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€98,367
down €98,367 (-34.4%), from €286,025 to €187,657
- Financial charges -€28,283
down €28,283 (-36.2%), from €78,142 to €49,859
- Other operating charges -€8,145
down €8,145 (-9.8%), from €83,111 to €74,966
- Depreciation +€3,747
up €3,747 (+4.5%), from €82,605 to €86,351
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 | €9,621,126 | €9,589,272 | -€31,854 | -0.3% |
| Fixed assets | 21/28 | €7,812,786 | €8,031,888 | +€219,101 | +2.8% |
| Intangible fixed assets | 21 | €1,760,000 | €1,760,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €5,967,667 | €6,186,768 | +€219,101 | +3.7% |
| Land and buildings | 22 | €4,300,666 | €4,519,768 | +€219,101 | +5.1% |
| Plant, machinery and equipment | 23 | €1,667,001 | €1,667,001 | = | 0.0% |
| Financial fixed assets | 28 | €85,119 | €85,119 | = | 0.0% |
| Current assets | 29/58 | €1,808,340 | €1,557,385 | -€250,955 | -13.9% |
| Stocks and contracts in progress | 3 | €1,297,792 | €1,297,792 | = | 0.0% |
| Stocks | 30/36 | €1,297,792 | €1,297,792 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €74,624 | €79,522 | +€4,898 | +6.6% |
| Trade receivables | 40 | €12,124 | €16,591 | +€4,467 | +36.8% |
| Other amounts receivable | 41 | €62,500 | €62,931 | +€431 | +0.7% |
| Cash at bank and in hand | 54/58 | €435,544 | €180,071 | -€255,474 | -58.7% |
| Deferred charges and accrued income | 490/1 | €379 | - | -€379 | |
| Total equity and liabilities | 10/49 | €9,621,126 | €9,589,272 | -€31,854 | -0.3% |
| Equity | 10/15 | €3,334,914 | €3,335,155 | +€240 | 0.0% |
| Contributions | 10/11 | €3,250,000 | €3,250,000 | = | 0.0% |
| Reserves | 13 | €48,697 | €48,864 | +€166 | +0.3% |
| Non-distributable reserves | 130/1 | €16,947 | €16,947 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,947 | €16,947 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €26,751 | €26,917 | +€166 | +0.6% |
| Profit (loss) carried forward | 14 | €36,217 | €36,291 | +€74 | +0.2% |
| Provisions and deferred taxes | 16 | €103,324 | €103,324 | = | 0.0% |
| Deferred taxes | 168 | €103,324 | €103,324 | = | 0.0% |
| Amounts payable | 17/49 | €6,182,887 | €6,150,793 | -€32,094 | -0.5% |
| Amounts payable after more than one year | 17 | €6,020,018 | €5,950,008 | -€70,010 | -1.2% |
| Financial debts | 170/4 | €6,006,518 | €5,936,508 | -€70,010 | -1.2% |
| Other amounts payable | 178/9 | €13,500 | €13,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,490 | €200,785 | +€38,295 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €105,007 | €107,627 | +€2,620 | +2.5% |
| Trade debts | 44 | - | €6,235 | +€6,235 | |
| Suppliers | 440/4 | - | €6,235 | +€6,235 | |
| Taxes, remuneration and social security | 45 | €2,099 | - | -€2,099 | |
| Taxes | 450/3 | €2,099 | - | -€2,099 | |
| Other amounts payable | 47/48 | €55,385 | €86,923 | +€31,538 | +56.9% |
| Accrued charges and deferred income | 492/3 | €379 | - | -€379 | |
| Non-recurring operating income | 76A | €6,321 | - | -€6,321 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,605 | €86,351 | +€3,747 | +4.5% |
| Other operating charges | 640/8 | €83,111 | €74,966 | -€8,145 | -9.8% |
| Non-recurring operating charges | 66A | €45,210 | - | -€45,210 | |
| Gross operating margin | 9900 | €286,025 | €187,657 | -€98,367 | -34.4% |
| Operating profit (loss) | 9901 | €75,099 | €26,340 | -€48,759 | -64.9% |
| Financial income | 75/76B | €21,477 | €23,685 | +€2,208 | +10.3% |
| Recurring financial income | 75 | €21,477 | €23,685 | +€2,208 | +10.3% |
| Financial charges | 65/66B | €78,142 | €49,859 | -€28,283 | -36.2% |
| Recurring financial charges | 65 | €78,142 | €49,859 | -€28,283 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €18,434 | €166 | -€18,268 | -99.1% |
| Profit (loss) for the period | 9904 | €18,434 | €166 | -€18,268 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,434 | €166 | -€18,268 | -99.1% |
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.