FM40: 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.
FM40
Largest movements
- Cash +€46,673
up €46,673 (+336%), from €13,902 to €60,575
mainly Net result for the year (+€39,674) and Tax, wage and social debts (+€20,388)
- Tangible fixed assets -€10,921
down €10,921 (-9.0%), from €121,012 to €110,092
of which Plant, machinery and equipment: -€9,187
- Receivables within one year +€4,956
up €4,956 (+21.7%), from €22,838 to €27,793
of which Other amounts receivable: +€3,254
- Reserves +€39,674
up €39,674 (+102%), from €39,015 to €78,689
- Tax, wage and social debts +€20,388
up €20,388 (+205%), from €9,967 to €30,356
- Debts after one year -€11,816
down €11,816 (-14.7%), from €80,645 to €68,829
- Trade debts -€6,563
down €6,563 (-28.7%), from €22,890 to €16,326
- Gross operating margin +€60,829
up €60,829 (+152%), from €40,088 to €100,917
- Taxes +€26,676
up €26,676 (+665%), from €4,013 to €30,689
- Financial charges +€2,109
up €2,109 (+26.2%), from €8,036 to €10,144
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 | €167,517 | €209,201 | +€41,684 | +24.9% |
| Fixed assets | 21/28 | €124,912 | €113,992 | -€10,921 | -8.7% |
| Tangible fixed assets | 22/27 | €121,012 | €110,092 | -€10,921 | -9.0% |
| Plant, machinery and equipment | 23 | €116,335 | €107,148 | -€9,187 | -7.9% |
| Furniture and vehicles | 24 | €4,678 | €2,944 | -€1,734 | -37.1% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €42,605 | €95,209 | +€52,604 | +123% |
| Stocks and contracts in progress | 3 | €5,865 | €6,840 | +€975 | +16.6% |
| Stocks | 30/36 | €5,865 | €6,840 | +€975 | +16.6% |
| Amounts receivable within one year | 40/41 | €22,838 | €27,793 | +€4,956 | +21.7% |
| Trade receivables | 40 | €780 | €2,482 | +€1,702 | +218% |
| Other amounts receivable | 41 | €22,057 | €25,311 | +€3,254 | +14.8% |
| Cash at bank and in hand | 54/58 | €13,902 | €60,575 | +€46,673 | +336% |
| Total equity and liabilities | 10/49 | €167,517 | €209,201 | +€41,684 | +24.9% |
| Equity | 10/15 | €54,015 | €93,689 | +€39,674 | +73.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €39,015 | €78,689 | +€39,674 | +102% |
| Distributable reserves | 133 | €39,015 | €78,689 | +€39,674 | +102% |
| Amounts payable | 17/49 | €113,502 | €115,511 | +€2,009 | +1.8% |
| Amounts payable after more than one year | 17 | €80,645 | €68,829 | -€11,816 | -14.7% |
| Financial debts | 170/4 | €80,645 | €68,829 | -€11,816 | -14.7% |
| Amounts payable within one year | 42/48 | €32,857 | €46,682 | +€13,825 | +42.1% |
| Trade debts | 44 | €22,890 | €16,326 | -€6,563 | -28.7% |
| Suppliers | 440/4 | €22,890 | €16,326 | -€6,563 | -28.7% |
| Taxes, remuneration and social security | 45 | €9,967 | €30,356 | +€20,388 | +205% |
| Taxes | 450/3 | €9,967 | €30,356 | +€20,388 | +205% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,983 | €17,121 | +€138 | +0.8% |
| Other operating charges | 640/8 | €4,050 | €3,289 | -€761 | -18.8% |
| Gross operating margin | 9900 | €40,088 | €100,917 | +€60,829 | +152% |
| Operating profit (loss) | 9901 | €19,055 | €80,508 | +€61,453 | +323% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €8,036 | €10,144 | +€2,109 | +26.2% |
| Recurring financial charges | 65 | €8,036 | €10,144 | +€2,109 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €11,019 | €70,364 | +€59,344 | +539% |
| Income taxes | 67/77 | €4,013 | €30,689 | +€26,676 | +665% |
| Profit (loss) for the period | 9904 | €7,006 | €39,674 | +€32,668 | +466% |
| Profit (loss) for the period to be appropriated | 9905 | €7,006 | €39,674 | +€32,668 | +466% |
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.