FiveF Advisory: what changed
FiveF Advisory
Largest movements
- Cash +€336,323
up €336,323 (+122%), from €275,883 to €612,206
mainly Investment in fixed assets (net) (+€214,017) and Net result for the year (+€186,958)
- Financial fixed assets -€214,017
down €214,017 (-7.2%), from €3.0m to €2.8m
- Receivables within one year -€128,941
down €128,941 (-42.1%), from €306,576 to €177,635
of which Other amounts receivable: -€122,885
- Receivables after one year -€73,900
down €73,900 (-26.3%), from €280,500 to €206,600
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Reserves -€415,340
down €415,340 (-11.6%), from €3.6m to €3.2m
of which Tax-exempt reserves: -€392,320
- Profit (loss) carried forward +€179,278
up €179,278 (+466%), from €38,464 to €217,742
- Tax, wage and social debts +€125,181
up €125,181 (+243%), from €51,474 to €176,656
of which Taxes: +€124,933
- Short-term financial debts +€59,588
up €59,588 (+119%), from €50,159 to €109,746
- Trade debts -€56,418
down €56,418 (-70.2%), from €80,364 to €23,945
- Taxes +€146,704
up €146,704 (+127%), from €115,778 to €262,482
- Financial income +€90,748
up €90,748 (+528%), from €17,190 to €107,937
of which Non-recurring financial income: +€91,792
- Gross operating margin +€31,253
up €31,253 (+8.3%), from €375,403 to €406,656
- Write-downs +€4,629
no longer reported in 2025 (was -€4,629)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,006,641 | €3,853,356 | -€153,285 | -3.8% |
| Fixed assets | 21/28 | €3,068,850 | €2,851,988 | -€216,862 | -7.1% |
| Tangible fixed assets | 22/27 | €80,966 | €78,121 | -€2,845 | -3.5% |
| Furniture and vehicles | 24 | €80,966 | €78,121 | -€2,845 | -3.5% |
| Financial fixed assets | 28 | €2,987,884 | €2,773,867 | -€214,017 | -7.2% |
| Current assets | 29/58 | €937,791 | €1,001,368 | +€63,577 | +6.8% |
| Amounts receivable after more than one year | 29 | €280,500 | €206,600 | -€73,900 | -26.3% |
| Other amounts receivable | 291 | €280,500 | €206,600 | -€73,900 | -26.3% |
| Amounts receivable within one year | 40/41 | €306,576 | €177,635 | -€128,941 | -42.1% |
| Trade receivables | 40 | €17,143 | €11,088 | -€6,055 | -35.3% |
| Other amounts receivable | 41 | €289,433 | €166,548 | -€122,885 | -42.5% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €275,883 | €612,206 | +€336,323 | +122% |
| Deferred charges and accrued income | 490/1 | €14,832 | €4,926 | -€9,906 | -66.8% |
| Total equity and liabilities | 10/49 | €4,006,641 | €3,853,356 | -€153,285 | -3.8% |
| Equity | 10/15 | €3,641,364 | €3,405,302 | -€236,062 | -6.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €3,590,400 | €3,175,060 | -€415,340 | -11.6% |
| Tax-exempt reserves | 132 | €2,607,936 | €2,215,616 | -€392,320 | -15.0% |
| Distributable reserves | 133 | €982,464 | €959,444 | -€23,020 | -2.3% |
| Profit (loss) carried forward | 14 | €38,464 | €217,742 | +€179,278 | +466% |
| Amounts payable | 17/49 | €365,277 | €448,053 | +€82,776 | +22.7% |
| Amounts payable after more than one year | 17 | €137,706 | €111,718 | -€25,988 | -18.9% |
| Financial debts | 170/4 | €137,706 | €111,718 | -€25,988 | -18.9% |
| Amounts payable within one year | 42/48 | €226,922 | €336,335 | +€109,414 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €44,925 | €25,988 | -€18,937 | -42.2% |
| Financial debts | 43 | €50,159 | €109,746 | +€59,588 | +119% |
| Credit institutions | 430/8 | €50,159 | €109,746 | +€59,588 | +119% |
| Trade debts | 44 | €80,364 | €23,945 | -€56,418 | -70.2% |
| Suppliers | 440/4 | €80,364 | €23,945 | -€56,418 | -70.2% |
| Taxes, remuneration and social security | 45 | €51,474 | €176,656 | +€125,181 | +243% |
| Taxes | 450/3 | €43,400 | €168,333 | +€124,933 | +288% |
| Remuneration and social security | 454/9 | €8,074 | €8,323 | +€248 | +3.1% |
| Accrued charges and deferred income | 492/3 | €649 | - | -€649 | |
| Remuneration, social security and pensions | 62 | €34,709 | €36,101 | +€1,392 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,689 | €2,845 | +€156 | +5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,629 | - | +€4,629 | |
| Other operating charges | 640/8 | €4,023 | €6,528 | +€2,504 | +62.2% |
| Gross operating margin | 9900 | €375,403 | €406,656 | +€31,253 | +8.3% |
| Operating profit (loss) | 9901 | €338,611 | €361,183 | +€22,572 | +6.7% |
| Financial income | 75/76B | €17,190 | €107,937 | +€90,748 | +528% |
| Recurring financial income | 75 | €17,190 | €16,145 | -€1,044 | -6.1% |
| Non-recurring financial income | 76B | - | €91,792 | +€91,792 | |
| Financial charges | 65/66B | €20,371 | €19,680 | -€691 | -3.4% |
| Recurring financial charges | 65 | €20,371 | €19,680 | -€691 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €335,429 | €449,440 | +€114,011 | +34.0% |
| Income taxes | 67/77 | €115,778 | €262,482 | +€146,704 | +127% |
| Profit (loss) for the period | 9904 | €219,652 | €186,958 | -€32,693 | -14.9% |
| Transfer from tax-exempt reserves | 789 | - | €392,320 | +€392,320 | |
| Profit (loss) for the period to be appropriated | 9905 | €219,652 | €579,278 | +€359,626 | +164% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.