FKM: 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.
FKM
Largest movements
- Financial fixed assets +€4.4m
up €4.4m (+193.1%), from €2.3m to €6.7m
- Debts after one year +€4.2m
up €4.2m (+658.2%), from €638,285 to €4.8m
of which Other amounts payable: +€4.4m
- Other debts +€132,675
up €132,675 (+1582.3%), from €8,385 to €141,060
- Reserves +€80,376
up €80,376 (+7.0%), from €1.2m to €1.2m
of which Distributable reserves: +€81,324
- Trade debts +€75,542
up €75,542 (+133.1%), from €56,772 to €132,314
- Financial income -€59,984
down €59,984 (-55.2%), from €108,751 to €48,767
- Financial charges -€49,076
down €49,076 (-68.9%), from €71,213 to €22,137
- Gross operating margin +€31,876
up €31,876 (+46.6%), from €68,444 to €100,320
- Taxes +€17,123
up €17,123 (+184.4%), from €9,284 to €26,407
- Depreciation +€11,160
up €11,160 (+141.4%), from €7,892 to €19,052
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,570,576 | €6,988,207 | +€4.4m | +171.9% |
| Fixed assets | 21/28 | €2,356,692 | €6,772,040 | +€4.4m | +187.4% |
| Tangible fixed assets | 22/27 | €60,691 | €41,639 | -€19,052 | -31.4% |
| Furniture and vehicles | 24 | €27,148 | €13,266 | -€13,883 | -51.1% |
| Other tangible fixed assets | 26 | €33,542 | €28,373 | -€5,169 | -15.4% |
| Financial fixed assets | 28 | €2,296,001 | €6,730,401 | +€4.4m | +193.1% |
| Current assets | 29/58 | €213,885 | €216,168 | +€2,283 | +1.1% |
| Amounts receivable within one year | 40/41 | €210,983 | €205,857 | -€5,127 | -2.4% |
| Trade receivables | 40 | €49,619 | €47,998 | -€1,621 | -3.3% |
| Other amounts receivable | 41 | €161,364 | €157,858 | -€3,505 | -2.2% |
| Cash at bank and in hand | 54/58 | €1,163 | €10,311 | +€9,148 | +786.5% |
| Deferred charges and accrued income | 490/1 | €1,738 | €0 | -€1,738 | -100.0% |
| Total equity and liabilities | 10/49 | €2,570,576 | €6,988,207 | +€4.4m | +171.9% |
| Equity | 10/15 | €1,630,387 | €1,710,763 | +€80,376 | +4.9% |
| Contributions | 10/11 | €478,263 | €478,263 | = | 0.0% |
| Reserves | 13 | €1,152,124 | €1,232,500 | +€80,376 | +7.0% |
| Tax-exempt reserves | 132 | €3,606 | €2,658 | -€948 | -26.3% |
| Distributable reserves | 133 | €1,148,518 | €1,229,842 | +€81,324 | +7.1% |
| Provisions and deferred taxes | 16 | €1,202 | €886 | -€316 | -26.3% |
| Deferred taxes | 168 | €1,202 | €886 | -€316 | -26.3% |
| Amounts payable | 17/49 | €938,987 | €5,276,558 | +€4.3m | +461.9% |
| Amounts payable after more than one year | 17 | €638,285 | €4,839,283 | +€4.2m | +658.2% |
| Financial debts | 170/4 | €638,285 | €407,283 | -€231,002 | -36.2% |
| Other amounts payable | 178/9 | - | €4,432,000 | +€4.4m | |
| Amounts payable within one year | 42/48 | €278,821 | €436,575 | +€157,754 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €137,383 | €137,802 | +€419 | +0.3% |
| Financial debts | 43 | €60,970 | €0 | -€60,970 | -100.0% |
| Credit institutions | 430/8 | €60,970 | €0 | -€60,970 | -100.0% |
| Trade debts | 44 | €56,772 | €132,314 | +€75,542 | +133.1% |
| Suppliers | 440/4 | €56,772 | €132,314 | +€75,542 | +133.1% |
| Taxes, remuneration and social security | 45 | €15,311 | €25,399 | +€10,087 | +65.9% |
| Taxes | 450/3 | €14,531 | €25,399 | +€10,867 | +74.8% |
| Remuneration and social security | 454/9 | €780 | €0 | -€780 | -100.0% |
| Other amounts payable | 47/48 | €8,385 | €141,060 | +€132,675 | +1582.3% |
| Accrued charges and deferred income | 492/3 | €21,881 | €700 | -€21,181 | -96.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,892 | €19,052 | +€11,160 | +141.4% |
| Other operating charges | 640/8 | €2,053 | €1,431 | -€621 | -30.3% |
| Gross operating margin | 9900 | €68,444 | €100,320 | +€31,876 | +46.6% |
| Operating profit (loss) | 9901 | €58,499 | €79,837 | +€21,337 | +36.5% |
| Financial income | 75/76B | €108,751 | €48,767 | -€59,984 | -55.2% |
| Recurring financial income | 75 | €108,751 | €48,767 | -€59,984 | -55.2% |
| Financial charges | 65/66B | €71,213 | €22,137 | -€49,076 | -68.9% |
| Recurring financial charges | 65 | €71,213 | €22,137 | -€49,076 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €96,037 | €106,467 | +€10,430 | +10.9% |
| Transfer from deferred taxes | 780 | €333 | €316 | -€17 | -5.2% |
| Income taxes | 67/77 | €9,284 | €26,407 | +€17,123 | +184.4% |
| Profit (loss) for the period | 9904 | €87,087 | €80,376 | -€6,711 | -7.7% |
| Transfer from tax-exempt reserves | 789 | €1,000 | €948 | -€52 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,087 | €81,324 | -€6,763 | -7.7% |
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 3 October 2026 via checked.be.