FISEC: 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.
FISEC
Largest movements
- Cash +€35,954
up €35,954 (+17.2%), from €208,847 to €244,801
mainly Depreciation (+€25,921) and Net result for the year (+€25,006)
- Tangible fixed assets -€25,921
down €25,921 (-28.9%), from €89,780 to €63,859
of which Furniture and vehicles: -€15,742
- Profit (loss) carried forward +€25,006
up €25,006 (+26.7%), from €93,748 to €118,754
- Debts after one year -€12,407
no longer reported in 2025 (was €12,407)
- Other debts -€11,943
down €11,943 (-46.1%), from €25,883 to €13,940
- Trade debts +€7,641
up €7,641 (+95.8%), from €7,972 to €15,613
- Taxes +€17,800
up €17,800, from -€3,763 to €14,037
- Turnover -€16,264
down €16,264 (-8.5%), from €190,872 to €174,608
- Gross operating margin -€10,160
down €10,160 (-13.1%), from €77,372 to €67,212
- Depreciation -€9,613
down €9,613 (-27.1%), from €35,534 to €25,921
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 | €318,971 | €328,061 | +€9,090 | +2.8% |
| Fixed assets | 21/28 | €89,780 | €63,859 | -€25,921 | -28.9% |
| Tangible fixed assets | 22/27 | €89,780 | €63,859 | -€25,921 | -28.9% |
| Land and buildings | 22 | €33,543 | €25,157 | -€8,386 | -25.0% |
| Plant, machinery and equipment | 23 | €21,766 | €19,973 | -€1,793 | -8.2% |
| Furniture and vehicles | 24 | €34,471 | €18,729 | -€15,742 | -45.7% |
| Current assets | 29/58 | €229,191 | €264,202 | +€35,011 | +15.3% |
| Amounts receivable within one year | 40/41 | €20,344 | €19,401 | -€943 | -4.6% |
| Trade receivables | 40 | €19,894 | €19,401 | -€493 | -2.5% |
| Other amounts receivable | 41 | €450 | - | -€450 | |
| Cash at bank and in hand | 54/58 | €208,847 | €244,801 | +€35,954 | +17.2% |
| Total equity and liabilities | 10/49 | €318,971 | €328,061 | +€9,090 | +2.8% |
| Equity | 10/15 | €255,182 | €280,188 | +€25,006 | +9.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €61,434 | €61,434 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €51,434 | €51,434 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,748 | €118,754 | +€25,006 | +26.7% |
| Amounts payable | 17/49 | €63,789 | €47,873 | -€15,916 | -25.0% |
| Amounts payable after more than one year | 17 | €12,407 | - | -€12,407 | |
| Financial debts | 170/4 | €12,407 | - | -€12,407 | |
| Amounts payable within one year | 42/48 | €51,382 | €47,873 | -€3,509 | -6.8% |
| Financial debts | 43 | €12,503 | €12,677 | +€174 | +1.4% |
| Credit institutions | 430/8 | €12,503 | €12,677 | +€174 | +1.4% |
| Trade debts | 44 | €7,972 | €15,613 | +€7,641 | +95.8% |
| Suppliers | 440/4 | €7,972 | €15,613 | +€7,641 | +95.8% |
| Taxes, remuneration and social security | 45 | €5,024 | €5,643 | +€619 | +12.3% |
| Taxes | 450/3 | €5,024 | €5,643 | +€619 | +12.3% |
| Other amounts payable | 47/48 | €25,883 | €13,940 | -€11,943 | -46.1% |
| Turnover | 70 | €190,872 | €174,608 | -€16,264 | -8.5% |
| Non-recurring operating income | 76A | €82 | €139 | +€57 | +69.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €105,974 | €107,535 | +€1,561 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,534 | €25,921 | -€9,613 | -27.1% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €77,372 | €67,212 | -€10,160 | -13.1% |
| Operating profit (loss) | 9901 | €41,451 | €40,891 | -€560 | -1.4% |
| Financial charges | 65/66B | €3,673 | €1,848 | -€1,825 | -49.7% |
| Recurring financial charges | 65 | €3,673 | €1,848 | -€1,825 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €37,778 | €39,043 | +€1,265 | +3.3% |
| Income taxes | 67/77 | -€3,763 | €14,037 | +€17,800 | |
| Profit (loss) for the period | 9904 | €41,541 | €25,006 | -€16,535 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,541 | €25,006 | -€16,535 | -39.8% |
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 16 October 2026 via checked.be.