FM&A: 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.
FM&A
Largest movements
- Tangible fixed assets +€71,730
up €71,730 (+531.3%), from €13,500 to €85,230
of which Plant, machinery and equipment: +€37,310
- Receivables within one year -€22,022
down €22,022 (-54.8%), from €40,151 to €18,129
of which Trade receivables: -€11,351
- Stocks and contracts +€4,328
new in 2025: €4,328
- Cash +€1,632
up €1,632 (+3.4%), from €48,164 to €49,796
mainly Debts after one year (+€53,806) and Net result for the year (+€28,865)
- Debts after one year +€53,806
up €53,806 (+171.9%), from €31,306 to €85,112
- Trade debts -€42,297
down €42,297 (-100.0%), from €42,297 to €0
- Reserves +€25,620
new in 2025: €25,620
- Current portion of long-term debt +€12,582
up €12,582 (+171.0%), from €7,359 to €19,940
- Profit (loss) carried forward +€3,245
no longer reported in 2025 (was -€3,245)
- Gross operating margin +€214,408
up €214,408 (+369.7%), from €57,992 to €272,400
- Staff costs +€154,829
up €154,829 (+269.3%), from €57,493 to €212,322
- Depreciation +€17,252
up €17,252 (+690.9%), from €2,497 to €19,749
- Taxes +€7,284
new in 2025: €7,284
- Financial charges +€2,929
up €2,929 (+311.2%), from €941 to €3,870
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 | €101,867 | €157,482 | +€55,615 | +54.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €13,552 | €85,230 | +€71,678 | +528.9% |
| Tangible fixed assets | 22/27 | €13,500 | €85,230 | +€71,730 | +531.3% |
| Land and buildings | 22 | - | €1,928 | +€1,928 | |
| Plant, machinery and equipment | 23 | €13,500 | €50,810 | +€37,310 | +276.4% |
| Furniture and vehicles | 24 | - | €32,493 | +€32,493 | |
| Financial fixed assets | 28 | €52 | - | -€52 | |
| Current assets | 29/58 | €88,315 | €72,252 | -€16,063 | -18.2% |
| Stocks and contracts in progress | 3 | - | €4,328 | +€4,328 | |
| Stocks | 30/36 | - | €4,328 | +€4,328 | |
| Amounts receivable within one year | 40/41 | €40,151 | €18,129 | -€22,022 | -54.8% |
| Trade receivables | 40 | €28,511 | €17,160 | -€11,351 | -39.8% |
| Other amounts receivable | 41 | €11,640 | €969 | -€10,672 | -91.7% |
| Cash at bank and in hand | 54/58 | €48,164 | €49,796 | +€1,632 | +3.4% |
| Total equity and liabilities | 10/49 | €101,867 | €157,482 | +€55,615 | +54.6% |
| Equity | 10/15 | -€245 | €28,620 | +€28,865 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €25,620 | +€25,620 | |
| Distributable reserves | 133 | - | €25,620 | +€25,620 | |
| Profit (loss) carried forward | 14 | -€3,245 | - | +€3,245 | |
| Amounts payable | 17/49 | €102,112 | €128,862 | +€26,750 | +26.2% |
| Amounts payable after more than one year | 17 | €31,306 | €85,112 | +€53,806 | +171.9% |
| Financial debts | 170/4 | €31,306 | €85,112 | +€53,806 | +171.9% |
| Amounts payable within one year | 42/48 | €70,806 | €43,750 | -€27,056 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €7,359 | €19,940 | +€12,582 | +171.0% |
| Trade debts | 44 | €42,297 | €0 | -€42,297 | -100.0% |
| Suppliers | 440/4 | €42,297 | €0 | -€42,297 | -100.0% |
| Taxes, remuneration and social security | 45 | €19,389 | €21,595 | +€2,205 | +11.4% |
| Taxes | 450/3 | - | €7,284 | +€7,284 | |
| Remuneration and social security | 454/9 | €19,389 | €14,311 | -€5,079 | -26.2% |
| Other amounts payable | 47/48 | €1,761 | €2,214 | +€454 | +25.8% |
| Remuneration, social security and pensions | 62 | €57,493 | €212,322 | +€154,829 | +269.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,497 | €19,749 | +€17,252 | +690.9% |
| Other operating charges | 640/8 | €306 | €309 | +€4 | +1.3% |
| Gross operating margin | 9900 | €57,992 | €272,400 | +€214,408 | +369.7% |
| Operating profit (loss) | 9901 | -€2,304 | €40,019 | +€42,323 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €941 | €3,870 | +€2,929 | +311.2% |
| Recurring financial charges | 65 | €941 | €3,870 | +€2,929 | +311.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,245 | €36,149 | +€39,394 | |
| Income taxes | 67/77 | - | €7,284 | +€7,284 | |
| Profit (loss) for the period | 9904 | -€3,245 | €28,865 | +€32,109 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,245 | €28,865 | +€32,109 |
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 12 October 2026 via checked.be.