FLEECE: 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.
FLEECE
Largest movements
- Tangible fixed assets -€50,502
down €50,502 (-24.9%), from €202,691 to €152,189
of which Furniture and vehicles: -€28,570
- Cash +€33,010
up €33,010 (+46.5%), from €71,061 to €104,071
mainly Depreciation (+€50,503) and Net result for the year (+€23,930)
- Current investments +€12,288
up €12,288 (+18.8%), from €65,302 to €77,590
- Receivables within one year +€6,377
up €6,377 (+23.3%), from €27,317 to €33,694
of which Trade receivables: +€4,034
- Short-term financial debts -€29,980
no longer reported in 2025 (was €29,980)
- Profit (loss) carried forward +€23,930
up €23,930 (+8.7%), from €275,649 to €299,579
- Current portion of long-term debt +€19,663
new in 2025: €19,663
- Debts after one year -€19,662
down €19,662 (-66.1%), from €29,742 to €10,080
- Tax, wage and social debts +€11,747
up €11,747 (+71.4%), from €16,452 to €28,199
of which Taxes: +€12,304
- Gross operating margin +€26,429
up €26,429 (+33.6%), from €78,561 to €104,990
- Taxes +€9,108
up €9,108 (+301%), from €3,028 to €12,136
- Depreciation -€2,392
down €2,392 (-4.5%), from €52,895 to €50,503
- Financial charges -€1,134
down €1,134 (-39.3%), from €2,883 to €1,749
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 | €381,588 | €386,609 | +€5,021 | +1.3% |
| Fixed assets | 21/28 | €202,748 | €152,245 | -€50,503 | -24.9% |
| Tangible fixed assets | 22/27 | €202,691 | €152,189 | -€50,502 | -24.9% |
| Plant, machinery and equipment | 23 | €114,025 | €101,750 | -€12,275 | -10.8% |
| Furniture and vehicles | 24 | €78,627 | €50,057 | -€28,570 | -36.3% |
| Other tangible fixed assets | 26 | €10,039 | €381 | -€9,658 | -96.2% |
| Financial fixed assets | 28 | €57 | €57 | -€0 | -0.4% |
| Current assets | 29/58 | €178,840 | €234,364 | +€55,524 | +31.0% |
| Stocks and contracts in progress | 3 | €15,160 | €18,210 | +€3,050 | +20.1% |
| Stocks | 30/36 | €15,160 | €18,210 | +€3,050 | +20.1% |
| Amounts receivable within one year | 40/41 | €27,317 | €33,694 | +€6,377 | +23.3% |
| Trade receivables | 40 | €17,797 | €21,831 | +€4,034 | +22.7% |
| Other amounts receivable | 41 | €9,520 | €11,864 | +€2,344 | +24.6% |
| Current investments | 50/53 | €65,302 | €77,590 | +€12,288 | +18.8% |
| Cash at bank and in hand | 54/58 | €71,061 | €104,071 | +€33,010 | +46.5% |
| Deferred charges and accrued income | 490/1 | - | €798 | +€798 | |
| Total equity and liabilities | 10/49 | €381,588 | €386,609 | +€5,021 | +1.3% |
| Equity | 10/15 | €304,682 | €328,612 | +€23,930 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €22,833 | €22,833 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €12,811 | €12,811 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €12,811 | €12,811 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €9,686 | €9,686 | -€0 | 0.0% |
| Distributable reserves | 133 | €336 | €336 | +€0 | +0.1% |
| Profit (loss) carried forward | 14 | €275,649 | €299,579 | +€23,930 | +8.7% |
| Amounts payable | 17/49 | €76,906 | €57,996 | -€18,910 | -24.6% |
| Amounts payable after more than one year | 17 | €29,742 | €10,080 | -€19,662 | -66.1% |
| Financial debts | 170/4 | €29,742 | €10,080 | -€19,662 | -66.1% |
| Amounts payable within one year | 42/48 | €47,164 | €47,917 | +€753 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | - | €19,663 | +€19,663 | |
| Financial debts | 43 | €29,980 | - | -€29,980 | |
| Credit institutions | 430/8 | €29,980 | - | -€29,980 | |
| Trade debts | 44 | €732 | €55 | -€677 | -92.5% |
| Suppliers | 440/4 | €732 | €55 | -€677 | -92.5% |
| Taxes, remuneration and social security | 45 | €16,452 | €28,199 | +€11,747 | +71.4% |
| Taxes | 450/3 | €15,895 | €28,199 | +€12,304 | +77.4% |
| Remuneration and social security | 454/9 | €557 | - | -€557 | |
| Non-recurring operating income | 76A | €6,787 | €290 | -€6,497 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,895 | €50,503 | -€2,392 | -4.5% |
| Other operating charges | 640/8 | €17,469 | €16,960 | -€509 | -2.9% |
| Gross operating margin | 9900 | €78,561 | €104,990 | +€26,429 | +33.6% |
| Operating profit (loss) | 9901 | €8,197 | €37,527 | +€29,330 | +358% |
| Financial income | 75/76B | €99 | €288 | +€189 | +191% |
| Recurring financial income | 75 | €99 | €288 | +€189 | +191% |
| Financial charges | 65/66B | €2,883 | €1,749 | -€1,134 | -39.3% |
| Recurring financial charges | 65 | €2,883 | €1,749 | -€1,134 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €5,413 | €36,066 | +€30,653 | +566% |
| Income taxes | 67/77 | €3,028 | €12,136 | +€9,108 | +301% |
| Profit (loss) for the period | 9904 | €2,385 | €23,930 | +€21,545 | +903% |
| Profit (loss) for the period to be appropriated | 9905 | €2,385 | €23,930 | +€21,545 | +903% |
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 15 October 2026 via checked.be.