FISCO TRUST: 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 TRUST
Largest movements
- Current investments +€60,000
up €60,000 (+30.0%), from €200,000 to €260,000
- Tangible fixed assets -€28,086
down €28,086 (-26.1%), from €107,670 to €79,584
- Receivables within one year -€14,457
down €14,457 (-13.2%), from €109,497 to €95,040
of which Trade receivables: -€54,574
- Cash +€11,533
up €11,533 (+71.8%), from €16,070 to €27,603
mainly Net result for the year (+€131,260) and Depreciation (+€35,576)
- Reserves +€92,690
up €92,690 (+28.0%), from €331,259 to €423,949
of which Distributable reserves: +€92,690
- Tax, wage and social debts -€39,746
down €39,746 (-62.7%), from €63,391 to €23,645
- Debts after one year -€23,053
down €23,053 (-68.3%), from €33,752 to €10,699
- Taxes -€32,826
no longer reported in 2025 (was €32,826)
- Other operating charges -€15,707
down €15,707 (-95.9%), from €16,375 to €668
- Gross operating margin +€14,290
up €14,290 (+9.2%), from €155,045 to €169,335
- Depreciation +€5,675
up €5,675 (+19.0%), from €29,901 to €35,576
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 | €578,236 | €607,227 | +€28,991 | +5.0% |
| Fixed assets | 21/28 | €107,670 | €79,584 | -€28,086 | -26.1% |
| Tangible fixed assets | 22/27 | €107,670 | €79,584 | -€28,086 | -26.1% |
| Land and buildings | 22 | €13,710 | €6,855 | -€6,855 | -50.0% |
| Plant, machinery and equipment | 23 | €9,055 | €14,733 | +€5,678 | +62.7% |
| Furniture and vehicles | 24 | €58,306 | €44,697 | -€13,609 | -23.3% |
| Other tangible fixed assets | 26 | €26,599 | €13,299 | -€13,300 | -50.0% |
| Current assets | 29/58 | €470,566 | €527,643 | +€57,077 | +12.1% |
| Amounts receivable after more than one year | 29 | €145,000 | €145,000 | = | 0.0% |
| Other amounts receivable | 291 | €145,000 | €145,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €109,497 | €95,040 | -€14,457 | -13.2% |
| Trade receivables | 40 | €77,783 | €23,209 | -€54,574 | -70.2% |
| Other amounts receivable | 41 | €31,714 | €71,831 | +€40,117 | +126% |
| Current investments | 50/53 | €200,000 | €260,000 | +€60,000 | +30.0% |
| Cash at bank and in hand | 54/58 | €16,070 | €27,603 | +€11,533 | +71.8% |
| Total equity and liabilities | 10/49 | €578,236 | €607,227 | +€28,991 | +5.0% |
| Equity | 10/15 | €453,140 | €545,830 | +€92,690 | +20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €331,259 | €423,949 | +€92,690 | +28.0% |
| Tax-exempt reserves | 132 | €4,291 | €4,291 | +€0 | 0.0% |
| Distributable reserves | 133 | €326,968 | €419,658 | +€92,690 | +28.3% |
| Profit (loss) carried forward | 14 | €103,282 | €103,281 | -€1 | 0.0% |
| Amounts payable | 17/49 | €125,096 | €61,397 | -€63,699 | -50.9% |
| Amounts payable after more than one year | 17 | €33,752 | €10,699 | -€23,053 | -68.3% |
| Financial debts | 170/4 | €33,752 | €10,699 | -€23,053 | -68.3% |
| Amounts payable within one year | 42/48 | €91,344 | €50,698 | -€40,646 | -44.5% |
| Current portion of amounts payable after more than one year | 42 | €27,053 | €27,053 | +€0 | 0.0% |
| Trade debts | 44 | €888 | - | -€888 | |
| Suppliers | 440/4 | €888 | - | -€888 | |
| Taxes, remuneration and social security | 45 | €63,391 | €23,645 | -€39,746 | -62.7% |
| Taxes | 450/3 | €63,391 | €23,645 | -€39,746 | -62.7% |
| Other amounts payable | 47/48 | €12 | - | -€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,901 | €35,576 | +€5,675 | +19.0% |
| Other operating charges | 640/8 | €16,375 | €668 | -€15,707 | -95.9% |
| Gross operating margin | 9900 | €155,045 | €169,335 | +€14,290 | +9.2% |
| Operating profit (loss) | 9901 | €108,769 | €133,091 | +€24,322 | +22.4% |
| Financial income | 75/76B | €436 | €601 | +€165 | +37.7% |
| Recurring financial income | 75 | €436 | €601 | +€165 | +37.7% |
| Financial charges | 65/66B | €1,270 | €2,432 | +€1,162 | +91.6% |
| Recurring financial charges | 65 | €1,270 | €2,432 | +€1,162 | +91.6% |
| Profit (loss) for the period before taxes | 9903 | €107,936 | €131,260 | +€23,324 | +21.6% |
| Income taxes | 67/77 | €32,826 | - | -€32,826 | |
| Profit (loss) for the period | 9904 | €75,110 | €131,260 | +€56,150 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,110 | €131,260 | +€56,150 | +74.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.