FM44: 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.
FM44
Largest movements
- Receivables within one year -€48,296
down €48,296 (-58.5%), from €82,573 to €34,277
of which Trade receivables: -€51,348
- Cash -€7,958
down €7,958 (-41.0%), from €19,429 to €11,471
mainly Net result for the year (-€62,773) and Investment in fixed assets (net) (-€806)
- Tangible fixed assets -€1,576
down €1,576 (-22.3%), from €7,062 to €5,486
of which Plant, machinery and equipment: -€1,627
- Deferred charges and accrued income -€1,170
down €1,170 (-34.5%), from €3,392 to €2,222
- Profit (loss) carried forward -€62,773
down €62,773 (-74.5%), from €84,244 to €21,471
- Tax, wage and social debts +€2,100
up €2,100 (+9.7%), from €21,650 to €23,750
of which Remuneration and social security: +€2,000
- Trade debts +€1,673
up €1,673 (+47.0%), from €3,562 to €5,235
- Gross operating margin -€141,153
down €141,153, from €111,247 to -€29,906
- Write-downs +€26,349
new in 2025: €26,349
- Taxes -€21,609
down €21,609 (-99.8%), from €21,650 to €41
- Depreciation +€1,336
up €1,336 (+127.7%), from €1,046 to €2,382
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 | €112,456 | €53,456 | -€59,000 | -52.5% |
| Fixed assets | 21/28 | €7,062 | €5,486 | -€1,576 | -22.3% |
| Tangible fixed assets | 22/27 | €7,062 | €5,486 | -€1,576 | -22.3% |
| Plant, machinery and equipment | 23 | €6,635 | €5,008 | -€1,627 | -24.5% |
| Furniture and vehicles | 24 | €427 | €478 | +€51 | +11.9% |
| Current assets | 29/58 | €105,394 | €47,970 | -€57,424 | -54.5% |
| Amounts receivable within one year | 40/41 | €82,573 | €34,277 | -€48,296 | -58.5% |
| Trade receivables | 40 | €78,841 | €27,493 | -€51,348 | -65.1% |
| Other amounts receivable | 41 | €3,732 | €6,784 | +€3,052 | +81.8% |
| Cash at bank and in hand | 54/58 | €19,429 | €11,471 | -€7,958 | -41.0% |
| Deferred charges and accrued income | 490/1 | €3,392 | €2,222 | -€1,170 | -34.5% |
| Total equity and liabilities | 10/49 | €112,456 | €53,456 | -€59,000 | -52.5% |
| Equity | 10/15 | €87,244 | €24,471 | -€62,773 | -72.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,244 | €21,471 | -€62,773 | -74.5% |
| Amounts payable | 17/49 | €25,212 | €28,985 | +€3,773 | +15.0% |
| Amounts payable within one year | 42/48 | €25,212 | €28,985 | +€3,773 | +15.0% |
| Trade debts | 44 | €3,562 | €5,235 | +€1,673 | +47.0% |
| Suppliers | 440/4 | €3,562 | €5,235 | +€1,673 | +47.0% |
| Taxes, remuneration and social security | 45 | €21,650 | €23,750 | +€2,100 | +9.7% |
| Taxes | 450/3 | €21,650 | €21,750 | +€100 | +0.5% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €3,123 | €2,941 | -€182 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,046 | €2,382 | +€1,336 | +127.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,349 | +€26,349 | |
| Other operating charges | 640/8 | €1,088 | €1,111 | +€23 | +2.1% |
| Gross operating margin | 9900 | €111,247 | -€29,906 | -€141,153 | |
| Operating profit (loss) | 9901 | €105,990 | -€62,689 | -€168,679 | |
| Financial income | 75/76B | - | €144 | +€144 | |
| Recurring financial income | 75 | - | €144 | +€144 | |
| Financial charges | 65/66B | €96 | €187 | +€91 | +94.8% |
| Recurring financial charges | 65 | €96 | €187 | +€91 | +94.8% |
| Profit (loss) for the period before taxes | 9903 | €105,894 | -€62,732 | -€168,626 | |
| Income taxes | 67/77 | €21,650 | €41 | -€21,609 | -99.8% |
| Profit (loss) for the period | 9904 | €84,244 | -€62,773 | -€147,017 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,244 | -€62,773 | -€147,017 |
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 10 October 2026 via checked.be.