Firmo: 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.
Firmo
Largest movements
- Tangible fixed assets -€176,367
down €176,367 (-5.9%), from €3.0m to €2.8m
of which Land and buildings: -€175,667
- Debts after one year -€273,141
down €273,141 (-11.0%), from €2.5m to €2.2m
- Reserves +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Taxes +€23,923
up €23,923 (+103%), from €23,146 to €47,068
- Gross operating margin +€12,820
up €12,820 (+3.6%), from €358,139 to €370,958
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 | €3,029,709 | €2,866,056 | -€163,653 | -5.4% |
| Fixed assets | 21/28 | €3,000,274 | €2,823,907 | -€176,367 | -5.9% |
| Tangible fixed assets | 22/27 | €3,000,274 | €2,823,907 | -€176,367 | -5.9% |
| Land and buildings | 22 | €2,995,950 | €2,820,283 | -€175,667 | -5.9% |
| Plant, machinery and equipment | 23 | €4,324 | €3,624 | -€700 | -16.2% |
| Current assets | 29/58 | €29,435 | €42,149 | +€12,714 | +43.2% |
| Amounts receivable within one year | 40/41 | - | €269 | +€269 | |
| Trade receivables | 40 | - | €269 | +€269 | |
| Cash at bank and in hand | 54/58 | €29,435 | €41,880 | +€12,446 | +42.3% |
| Total equity and liabilities | 10/49 | €3,029,709 | €2,866,056 | -€163,653 | -5.4% |
| Equity | 10/15 | €249,670 | €349,797 | +€100,128 | +40.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Distributable reserves | 133 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Profit (loss) carried forward | 14 | €19,670 | €19,797 | +€128 | +0.6% |
| Amounts payable | 17/49 | €2,780,039 | €2,516,258 | -€263,781 | -9.5% |
| Amounts payable after more than one year | 17 | €2,480,353 | €2,207,213 | -€273,141 | -11.0% |
| Financial debts | 170/4 | €2,480,353 | €2,207,213 | -€273,141 | -11.0% |
| Amounts payable within one year | 42/48 | €299,686 | €309,046 | +€9,360 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €270,606 | €273,141 | +€2,535 | +0.9% |
| Trade debts | 44 | - | €1,278 | +€1,278 | |
| Suppliers | 440/4 | - | €1,278 | +€1,278 | |
| Taxes, remuneration and social security | 45 | €29,080 | €34,627 | +€5,547 | +19.1% |
| Taxes | 450/3 | €29,080 | €34,627 | +€5,547 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,367 | €176,367 | = | 0.0% |
| Other operating charges | 640/8 | €20,943 | €21,661 | +€718 | +3.4% |
| Gross operating margin | 9900 | €358,139 | €370,958 | +€12,820 | +3.6% |
| Operating profit (loss) | 9901 | €160,829 | €172,931 | +€12,102 | +7.5% |
| Financial charges | 65/66B | €29,199 | €25,734 | -€3,465 | -11.9% |
| Recurring financial charges | 65 | €29,199 | €25,734 | -€3,465 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €131,630 | €147,196 | +€15,567 | +11.8% |
| Income taxes | 67/77 | €23,146 | €47,068 | +€23,923 | +103% |
| Profit (loss) for the period | 9904 | €108,484 | €100,128 | -€8,356 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €108,484 | €100,128 | -€8,356 | -7.7% |
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 20 October 2026 via checked.be.