FLEURBAEY: 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.
FLEURBAEY
Largest movements
- Tangible fixed assets -€9,580
down €9,580 (-13.8%), from €69,532 to €59,952
of which Other tangible fixed assets: -€11,136
- Receivables within one year -€3,031
down €3,031 (-5.2%), from €58,382 to €55,351
of which Other amounts receivable: -€3,031
- Profit (loss) carried forward -€91,551
down €91,551 (-45.2%), from -€202,516 to -€294,067
- Other debts +€76,337
up €76,337 (+18.7%), from €407,158 to €483,495
- Trade debts +€7,034
up €7,034 (+42.0%), from €16,746 to €23,780
- Gross operating margin -€16,834
down €16,834 (-27.8%), from -€60,495 to -€77,329
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 | €242,788 | €234,564 | -€8,224 | -3.4% |
| Fixed assets | 21/28 | €69,622 | €60,042 | -€9,580 | -13.8% |
| Tangible fixed assets | 22/27 | €69,532 | €59,952 | -€9,580 | -13.8% |
| Plant, machinery and equipment | 23 | €3,608 | €5,528 | +€1,920 | +53.2% |
| Furniture and vehicles | 24 | €697 | €333 | -€364 | -52.2% |
| Other tangible fixed assets | 26 | €65,227 | €54,091 | -€11,136 | -17.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €173,166 | €174,521 | +€1,356 | +0.8% |
| Stocks and contracts in progress | 3 | €113,929 | €115,407 | +€1,479 | +1.3% |
| Stocks | 30/36 | €113,929 | €115,407 | +€1,479 | +1.3% |
| Amounts receivable within one year | 40/41 | €58,382 | €55,351 | -€3,031 | -5.2% |
| Trade receivables | 40 | €12,562 | €12,562 | = | 0.0% |
| Other amounts receivable | 41 | €45,820 | €42,789 | -€3,031 | -6.6% |
| Cash at bank and in hand | 54/58 | €856 | €1,893 | +€1,037 | +121% |
| Deferred charges and accrued income | 490/1 | - | €1,871 | +€1,871 | |
| Total equity and liabilities | 10/49 | €242,788 | €234,564 | -€8,224 | -3.4% |
| Equity | 10/15 | -€181,820 | -€273,371 | -€91,551 | -50.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €14,499 | €14,499 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,640 | €12,640 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,516 | -€294,067 | -€91,551 | -45.2% |
| Amounts payable | 17/49 | €424,608 | €507,935 | +€83,327 | +19.6% |
| Amounts payable within one year | 42/48 | €424,608 | €507,935 | +€83,327 | +19.6% |
| Trade debts | 44 | €16,746 | €23,780 | +€7,034 | +42.0% |
| Suppliers | 440/4 | €16,746 | €23,780 | +€7,034 | +42.0% |
| Taxes, remuneration and social security | 45 | €704 | €660 | -€45 | -6.4% |
| Taxes | 450/3 | €704 | €660 | -€45 | -6.4% |
| Other amounts payable | 47/48 | €407,158 | €483,495 | +€76,337 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,641 | €13,474 | -€168 | -1.2% |
| Other operating charges | 640/8 | €673 | €421 | -€252 | -37.4% |
| Gross operating margin | 9900 | -€60,495 | -€77,329 | -€16,834 | -27.8% |
| Operating profit (loss) | 9901 | -€74,809 | -€91,223 | -€16,414 | -21.9% |
| Financial income | 75/76B | €74 | - | -€74 | |
| Recurring financial income | 75 | €74 | - | -€74 | |
| Financial charges | 65/66B | €121 | €6 | -€115 | -95.4% |
| Recurring financial charges | 65 | €121 | €6 | -€115 | -95.4% |
| Profit (loss) for the period before taxes | 9903 | -€74,856 | -€91,229 | -€16,372 | -21.9% |
| Income taxes | 67/77 | €338 | €322 | -€16 | -4.6% |
| Profit (loss) for the period | 9904 | -€75,194 | -€91,551 | -€16,357 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,194 | -€91,551 | -€16,357 | -21.8% |
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 22 October 2026 via checked.be.