FLEURBAEY & PARTNERS: 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 & PARTNERS
Largest movements
- Financial fixed assets -€2.2m
down €2.2m (-100.0%), from €2.2m to €1
- Receivables within one year +€239,837
up €239,837 (+170%), from €141,234 to €381,071
of which Other amounts receivable: +€145,105
- Receivables after one year -€100,162
down €100,162 (-23.4%), from €427,340 to €327,179
- Tangible fixed assets -€41,075
down €41,075 (-18.1%), from €226,554 to €185,479
of which Other tangible fixed assets: -€22,937
- Reserves -€1.2m
down €1.2m (-91.8%), from €1.3m to €110,018
- Profit (loss) carried forward -€860,857
new in 2025: -€860,857
- Other debts +€37,803
up €37,803 (+9.9%), from €380,139 to €417,942
- Accrued charges and deferred income -€35,834
down €35,834 (-100%), from €35,834 to €0
- Financial charges +€2.1m
up €2.1m (+2,270%), from €93,021 to €2.2m
of which Non-recurring financial charges: +€2.2m
- Gross operating margin +€25,466
up €25,466 (+23.9%), from €106,512 to €131,978
- Taxes +€16,092
up €16,092 (+235%), from €6,849 to €22,942
- Financial income +€4,365
up €4,365 (+8.6%), from €50,688 to €55,053
- Depreciation -€1,831
down €1,831 (-4.3%), from €42,906 to €41,075
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 | €2,965,455 | €897,350 | -€2.1m | -69.7% |
| Fixed assets | 21/28 | €2,391,960 | €185,480 | -€2.2m | -92.2% |
| Tangible fixed assets | 22/27 | €226,554 | €185,479 | -€41,075 | -18.1% |
| Land and buildings | 22 | €171,945 | €157,453 | -€14,492 | -8.4% |
| Furniture and vehicles | 24 | €11,219 | €7,573 | -€3,646 | -32.5% |
| Other tangible fixed assets | 26 | €43,390 | €20,453 | -€22,937 | -52.9% |
| Financial fixed assets | 28 | €2,165,406 | €1 | -€2.2m | -100.0% |
| Current assets | 29/58 | €573,495 | €711,870 | +€138,375 | +24.1% |
| Amounts receivable after more than one year | 29 | €427,340 | €327,179 | -€100,162 | -23.4% |
| Other amounts receivable | 291 | €427,340 | €327,179 | -€100,162 | -23.4% |
| Amounts receivable within one year | 40/41 | €141,234 | €381,071 | +€239,837 | +170% |
| Trade receivables | 40 | €14,566 | €109,298 | +€94,732 | +650% |
| Other amounts receivable | 41 | €126,668 | €271,773 | +€145,105 | +115% |
| Cash at bank and in hand | 54/58 | €4,440 | €7 | -€4,433 | -99.8% |
| Deferred charges and accrued income | 490/1 | €481 | €3,614 | +€3,133 | +651% |
| Total equity and liabilities | 10/49 | €2,965,455 | €897,350 | -€2.1m | -69.7% |
| Equity | 10/15 | €1,353,441 | -€732,248 | -€2.1m | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,334,849 | €110,018 | -€1.2m | -91.8% |
| Distributable reserves | 133 | €1,334,849 | €110,018 | -€1.2m | -91.8% |
| Profit (loss) carried forward | 14 | - | -€860,857 | -€860,857 | |
| Amounts payable | 17/49 | €1,612,014 | €1,629,597 | +€17,583 | +1.1% |
| Amounts payable after more than one year | 17 | €256,841 | €231,470 | -€25,371 | -9.9% |
| Financial debts | 170/4 | €256,841 | €231,470 | -€25,371 | -9.9% |
| Amounts payable within one year | 42/48 | €1,319,339 | €1,398,128 | +€78,789 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €28,659 | €25,371 | -€3,288 | -11.5% |
| Financial debts | 43 | €872,300 | €898,808 | +€26,508 | +3.0% |
| Credit institutions | 430/8 | €872,300 | €898,808 | +€26,508 | +3.0% |
| Trade debts | 44 | €1,116 | €10,990 | +€9,875 | +885% |
| Suppliers | 440/4 | €1,116 | €10,990 | +€9,875 | +885% |
| Taxes, remuneration and social security | 45 | €37,126 | €45,016 | +€7,890 | +21.3% |
| Taxes | 450/3 | €37,126 | €45,016 | +€7,890 | +21.3% |
| Other amounts payable | 47/48 | €380,139 | €417,942 | +€37,803 | +9.9% |
| Accrued charges and deferred income | 492/3 | €35,834 | €0 | -€35,834 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,906 | €41,075 | -€1,831 | -4.3% |
| Other operating charges | 640/8 | €3,795 | €4,107 | +€312 | +8.2% |
| Gross operating margin | 9900 | €106,512 | €131,978 | +€25,466 | +23.9% |
| Operating profit (loss) | 9901 | €59,810 | €86,796 | +€26,985 | +45.1% |
| Financial income | 75/76B | €50,688 | €55,053 | +€4,365 | +8.6% |
| Recurring financial income | 75 | €50,688 | €55,053 | +€4,365 | +8.6% |
| Financial charges | 65/66B | €93,021 | €2,204,596 | +€2.1m | +2,270% |
| Recurring financial charges | 65 | €93,021 | €39,191 | -€53,830 | -57.9% |
| Non-recurring financial charges | 66B | - | €2,165,405 | +€2.2m | |
| Profit (loss) for the period before taxes | 9903 | €17,478 | -€2,062,747 | -€2.1m | |
| Income taxes | 67/77 | €6,849 | €22,942 | +€16,092 | +235% |
| Profit (loss) for the period | 9904 | €10,628 | -€2,085,689 | -€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €10,628 | -€2,085,689 | -€2.1m |
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 27 October 2026 via checked.be.