FISSE: 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.
What changed
FISSE
NACE 43.120, Site preparation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€110,729
2024 · €242,184-€131,455
Equity
€1.9m
2024 · €1.8m+€104,815
Cash
€222,459
2024 · €606,011-€383,552
Balance sheet total
€10.3m
2024 · €11.6m-€1.4m
Largest movements
Assets
- Receivables within one year -€750,450
down €750,450 (-13.4%), from €5.6m to €4.8m
of which Trade receivables: -€629,047
- Cash -€383,552
down €383,552 (-63.3%), from €606,011 to €222,459
mainly Trade debts (-€1.1m) and Investment in fixed assets (net) (-€943,732)
- Tangible fixed assets -€242,083
down €242,083 (-4.7%), from €5.2m to €4.9m
of which Plant, machinery and equipment: -€166,145
Equity and liabilities
- Trade debts -€1.1m
down €1.1m (-32.5%), from €3.3m to €2.3m
- Debts after one year -€260,613
down €260,613 (-6.9%), from €3.8m to €3.5m
- Reserves +€246,155
up €246,155 (+20.4%), from €1.2m to €1.5m
of which Tax-exempt reserves: +€128,155
- Short-term financial debts -€143,412
down €143,412 (-9.6%), from €1.5m to €1.4m
- Revaluation surpluses -€118,000
down €118,000 (-57.3%), from €205,934 to €87,934
Income statement
- Gross operating margin +€567,924
up €567,924 (+14.5%), from €3.9m to €4.5m
- Write-downs +€318,532
up €318,532 (+9109.0%), from €3,497 to €322,028
- Staff costs +€309,792
up €309,792 (+14.3%), from €2.2m to €2.5m
- Depreciation +€125,604
up €125,604 (+11.9%), from €1.1m to €1.2m
- Taxes -€45,763
down €45,763 (-31.2%), from €146,842 to €101,079
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.
Result 2024
€242,184
Gross operating margin
+€567,924
Staff costs
-€309,792
Depreciation
-€125,604
Write-downs
-€318,532
Other operating charges
-€11,975
Other operating items
+€51,177
Financial income
-€33,246
Financial charges
+€16,203
Taxes
+€45,763
Deferred taxes and other
-€13,374
Result 2025
€110,729
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.
From operations
+€963,101
Investment
-€943,732
Financing
-€402,921
Cash 2024
€606,011
From operations (derived)
+€963,101
Net result for the year
+€110,729
Depreciation
+€1.2m
Stocks and contracts
+€1,472
Receivables within one year
+€750,450
Deferred charges and accrued income
+€10,305
Provisions
-€15,678
Trade debts
-€1.1m
Tax, wage and social debts
+€12,723
Other debts
-€5,000
Investment (derived)
-€943,732
Investment in fixed assets (net)
-€943,732
Financing
-€402,921
Debts after one year
-€260,613
Current portion of long-term debt
+€7,018
Short-term financial debts
-€143,412
Contributions, distributions and other
-€5,914
Cash 2025
€222,459
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,638,112 | €10,256,522 | -€1.4m | -11.9% |
| Fixed assets | 21/28 | €5,376,828 | €5,141,017 | -€235,812 | -4.4% |
| Intangible fixed assets | 21 | €423 | - | -€423 | |
| Tangible fixed assets | 22/27 | €5,155,288 | €4,913,205 | -€242,083 | -4.7% |
| Land and buildings | 22 | €2,604,414 | €2,499,858 | -€104,557 | -4.0% |
| Plant, machinery and equipment | 23 | €597,969 | €431,824 | -€166,145 | -27.8% |
| Furniture and vehicles | 24 | €108,626 | €93,469 | -€15,157 | -14.0% |
| Leasing and similar rights | 25 | €1,770,172 | €1,888,054 | +€117,882 | +6.7% |
| Assets under construction and advance payments | 27 | €74,107 | - | -€74,107 | |
| Financial fixed assets | 28 | €221,118 | €227,812 | +€6,694 | +3.0% |
| Current assets | 29/58 | €6,261,283 | €5,115,506 | -€1.1m | -18.3% |
| Stocks and contracts in progress | 3 | €50,495 | €49,023 | -€1,472 | -2.9% |
| Stocks | 30/36 | €50,495 | €49,023 | -€1,472 | -2.9% |
| Amounts receivable within one year | 40/41 | €5,594,473 | €4,844,023 | -€750,450 | -13.4% |
| Trade receivables | 40 | €4,957,525 | €4,328,478 | -€629,047 | -12.7% |
| Other amounts receivable | 41 | €636,948 | €515,545 | -€121,403 | -19.1% |
| Cash at bank and in hand | 54/58 | €606,011 | €222,459 | -€383,552 | -63.3% |
| Deferred charges and accrued income | 490/1 | €10,305 | - | -€10,305 | |
| Total equity and liabilities | 10/49 | €11,638,112 | €10,256,522 | -€1.4m | -11.9% |
| Equity | 10/15 | €1,830,571 | €1,935,386 | +€104,815 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €205,934 | €87,934 | -€118,000 | -57.3% |
| Reserves | 13 | €1,204,883 | €1,451,037 | +€246,155 | +20.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €618,817 | €746,972 | +€128,155 | +20.7% |
| Distributable reserves | 133 | €584,066 | €702,066 | +€118,000 | +20.2% |
| Profit (loss) carried forward | 14 | €337,360 | €319,934 | -€17,426 | -5.2% |
| Investment grants | 15 | €62,394 | €56,480 | -€5,914 | -9.5% |
| Provisions and deferred taxes | 16 | €59,159 | €43,482 | -€15,678 | -26.5% |
| Deferred taxes | 168 | €59,159 | €43,482 | -€15,678 | -26.5% |
| Amounts payable | 17/49 | €9,748,382 | €8,277,655 | -€1.5m | -15.1% |
| Amounts payable after more than one year | 17 | €3,790,678 | €3,530,065 | -€260,613 | -6.9% |
| Financial debts | 170/4 | €3,790,678 | €3,530,065 | -€260,613 | -6.9% |
| Amounts payable within one year | 42/48 | €5,957,703 | €4,747,589 | -€1.2m | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €985,659 | €992,676 | +€7,018 | +0.7% |
| Financial debts | 43 | €1,500,000 | €1,356,588 | -€143,412 | -9.6% |
| Credit institutions | 430/8 | €1,500,000 | €1,356,588 | -€143,412 | -9.6% |
| Trade debts | 44 | €3,331,562 | €2,250,119 | -€1.1m | -32.5% |
| Suppliers | 440/4 | €3,331,562 | €2,250,119 | -€1.1m | -32.5% |
| Taxes, remuneration and social security | 45 | €95,483 | €108,206 | +€12,723 | +13.3% |
| Taxes | 450/3 | €19,778 | €25,732 | +€5,954 | +30.1% |
| Remuneration and social security | 454/9 | €75,705 | €82,473 | +€6,769 | +8.9% |
| Other amounts payable | 47/48 | €45,000 | €40,000 | -€5,000 | -11.1% |
| Non-recurring operating income | 76A | - | €1,322 | +€1,322 | |
| Remuneration, social security and pensions | 62 | €2,166,911 | €2,476,703 | +€309,792 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,053,941 | €1,179,544 | +€125,604 | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,497 | €322,028 | +€318,532 | +9109.0% |
| Other operating charges | 640/8 | €27,156 | €39,131 | +€11,975 | +44.1% |
| Non-recurring operating charges | 66A | €97,677 | €46,500 | -€51,177 | -52.4% |
| Gross operating margin | 9900 | €3,914,181 | €4,482,104 | +€567,924 | +14.5% |
| Operating profit (loss) | 9901 | €564,998 | €418,197 | -€146,801 | -26.0% |
| Financial income | 75/76B | €50,066 | €16,820 | -€33,246 | -66.4% |
| Recurring financial income | 75 | €49,324 | €16,820 | -€32,504 | -65.9% |
| Non-recurring financial income | 76B | €742 | - | -€742 | |
| Financial charges | 65/66B | €252,827 | €236,624 | -€16,203 | -6.4% |
| Recurring financial charges | 65 | €252,827 | €236,624 | -€16,203 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €362,238 | €198,393 | -€163,844 | -45.2% |
| Transfer from deferred taxes | 780 | €26,788 | €13,415 | -€13,374 | -49.9% |
| Income taxes | 67/77 | €146,842 | €101,079 | -€45,763 | -31.2% |
| Profit (loss) for the period | 9904 | €242,184 | €110,729 | -€131,455 | -54.3% |
| Transfer from tax-exempt reserves | 789 | €57,585 | €40,245 | -€17,340 | -30.1% |
| Transfer to tax-exempt reserves | 689 | €201,797 | €168,400 | -€33,397 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,972 | -€17,426 | -€115,398 |
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 5 October 2026 via checked.be.