FISCO: 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.
FISCO
Largest movements
- Tangible fixed assets +€109,446
up €109,446 (+34.4%), from €318,043 to €427,489
of which Land and buildings: +€111,541
- Cash -€73,443
down €73,443 (-24.1%), from €304,422 to €230,979
mainly Investment in fixed assets (net) (-€127,598) and Other debts (-€112,472)
- Debts after one year +€150,000
new in 2025: €150,000
- Other debts -€112,472
down €112,472 (-81.7%), from €137,726 to €25,254
- Trade debts +€22,263
up €22,263 (+1,145%), from €1,945 to €24,208
- Accrued charges and deferred income -€9,685
down €9,685 (-99.3%), from €9,750 to €65
- Gross operating margin -€30,748
down €30,748 (-31.5%), from €97,752 to €67,004
- Depreciation -€26,799
down €26,799 (-65.0%), from €41,201 to €14,402
- Turnover -€25,126
down €25,126 (-38.6%), from €65,091 to €39,965
- Financial charges -€9,865
down €9,865 (-97.0%), from €10,173 to €308
- Financial income -€4,217
down €4,217 (-46.7%), from €9,022 to €4,805
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 | €686,781 | €724,873 | +€38,092 | +5.5% |
| Fixed assets | 21/28 | €318,043 | €431,239 | +€113,196 | +35.6% |
| Tangible fixed assets | 22/27 | €318,043 | €427,489 | +€109,446 | +34.4% |
| Land and buildings | 22 | €303,787 | €415,328 | +€111,541 | +36.7% |
| Plant, machinery and equipment | 23 | €11,488 | €10,132 | -€1,356 | -11.8% |
| Furniture and vehicles | 24 | €2,768 | €2,029 | -€739 | -26.7% |
| Financial fixed assets | 28 | - | €3,750 | +€3,750 | |
| Current assets | 29/58 | €368,738 | €293,634 | -€75,104 | -20.4% |
| Amounts receivable within one year | 40/41 | €13,936 | €12,183 | -€1,753 | -12.6% |
| Trade receivables | 40 | €12,790 | €11,964 | -€826 | -6.5% |
| Other amounts receivable | 41 | €1,146 | €219 | -€927 | -80.9% |
| Current investments | 50/53 | €49,019 | €49,019 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €304,422 | €230,979 | -€73,443 | -24.1% |
| Deferred charges and accrued income | 490/1 | €1,361 | €1,453 | +€92 | +6.8% |
| Total equity and liabilities | 10/49 | €686,781 | €724,873 | +€38,092 | +5.5% |
| Equity | 10/15 | €524,153 | €517,266 | -€6,887 | -1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €503,169 | €497,715 | -€5,454 | -1.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,582 | €15,582 | = | 0.0% |
| Distributable reserves | 133 | €485,727 | €480,273 | -€5,454 | -1.1% |
| Profit (loss) carried forward | 14 | €2,384 | €951 | -€1,433 | -60.1% |
| Amounts payable | 17/49 | €162,628 | €207,607 | +€44,979 | +27.7% |
| Amounts payable after more than one year | 17 | - | €150,000 | +€150,000 | |
| Financial debts | 170/4 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €152,878 | €57,542 | -€95,336 | -62.4% |
| Trade debts | 44 | €1,945 | €24,208 | +€22,263 | +1,145% |
| Suppliers | 440/4 | €1,945 | €24,208 | +€22,263 | +1,145% |
| Taxes, remuneration and social security | 45 | €13,207 | €8,080 | -€5,127 | -38.8% |
| Taxes | 450/3 | €12,251 | €8,080 | -€4,171 | -34.0% |
| Remuneration and social security | 454/9 | €956 | - | -€956 | |
| Other amounts payable | 47/48 | €137,726 | €25,254 | -€112,472 | -81.7% |
| Accrued charges and deferred income | 492/3 | €9,750 | €65 | -€9,685 | -99.3% |
| Turnover | 70 | €65,091 | €39,965 | -€25,126 | -38.6% |
| Non-recurring operating income | 76A | €8,958 | - | -€8,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,201 | €14,402 | -€26,799 | -65.0% |
| Other operating charges | 640/8 | €4,673 | €4,626 | -€47 | -1.0% |
| Gross operating margin | 9900 | €97,752 | €67,004 | -€30,748 | -31.5% |
| Operating profit (loss) | 9901 | €51,878 | €47,976 | -€3,902 | -7.5% |
| Financial income | 75/76B | €9,022 | €4,805 | -€4,217 | -46.7% |
| Recurring financial income | 75 | €9,022 | €4,805 | -€4,217 | -46.7% |
| Financial charges | 65/66B | €10,173 | €308 | -€9,865 | -97.0% |
| Recurring financial charges | 65 | €10,173 | €308 | -€9,865 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €50,727 | €52,473 | +€1,746 | +3.4% |
| Income taxes | 67/77 | €11,532 | €13,906 | +€2,374 | +20.6% |
| Profit (loss) for the period | 9904 | €39,195 | €38,567 | -€628 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,195 | €38,567 | -€628 | -1.6% |
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 13 October 2026 via checked.be.