FMGL: what changed
Two fiscal 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.
FMGL
Largest movements
- Cash +€394,360
up €394,360 (+797.6%), from €49,443 to €443,803
mainly Net result for the year (+€229,119) and Stocks and contracts (+€189,844)
- Stocks and contracts -€189,844
down €189,844 (-100.0%), from €189,844 to €0
- Receivables within one year -€24,495
down €24,495 (-94.2%), from €25,991 to €1,496
- Tangible fixed assets -€21,407
down €21,407 (-2.5%), from €853,738 to €832,330
of which Land and buildings: -€18,987
- Reserves +€229,119
up €229,119 (+42.3%), from €541,035 to €770,155
- Debts after one year -€57,573
down €57,573 (-30.2%), from €190,499 to €132,927
- Accrued charges and deferred income -€28,850
down €28,850 (-95.1%), from €30,350 to €1,500
- Tax, wage and social debts +€23,018
up €23,018 (+143.5%), from €16,044 to €39,062
- Gross operating margin +€375,273
up €375,273, from -€10,993 to €364,281
- Financial income -€249,540
down €249,540 (-99.2%), from €251,637 to €2,097
- Taxes +€83,575
up €83,575 (+520.9%), from €16,044 to €99,618
- Other operating charges -€29,803
down €29,803 (-87.1%), from €34,218 to €4,415
- Depreciation +€21,407
new in 2025: €21,407
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 | €1,238,172 | €1,398,970 | +€160,798 | +13.0% |
| Fixed assets | 21/28 | €872,894 | €851,486 | -€21,407 | -2.5% |
| Tangible fixed assets | 22/27 | €853,738 | €832,330 | -€21,407 | -2.5% |
| Land and buildings | 22 | €833,851 | €814,864 | -€18,987 | -2.3% |
| Furniture and vehicles | 24 | €19,887 | €17,466 | -€2,421 | -12.2% |
| Financial fixed assets | 28 | €19,156 | €19,156 | = | 0.0% |
| Current assets | 29/58 | €365,278 | €547,483 | +€182,206 | +49.9% |
| Stocks and contracts in progress | 3 | €189,844 | €0 | -€189,844 | -100.0% |
| Stocks | 30/36 | €189,844 | €0 | -€189,844 | -100.0% |
| Amounts receivable within one year | 40/41 | €25,991 | €1,496 | -€24,495 | -94.2% |
| Other amounts receivable | 41 | €25,991 | €1,496 | -€24,495 | -94.2% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,443 | €443,803 | +€394,360 | +797.6% |
| Deferred charges and accrued income | 490/1 | - | €2,184 | +€2,184 | |
| Total equity and liabilities | 10/49 | €1,238,172 | €1,398,970 | +€160,798 | +13.0% |
| Equity | 10/15 | €575,740 | €804,860 | +€229,119 | +39.8% |
| Contributions | 10/11 | €34,705 | €34,705 | = | 0.0% |
| Reserves | 13 | €541,035 | €770,155 | +€229,119 | +42.3% |
| Distributable reserves | 133 | €541,035 | €770,155 | +€229,119 | +42.3% |
| Amounts payable | 17/49 | €662,431 | €594,110 | -€68,321 | -10.3% |
| Amounts payable after more than one year | 17 | €190,499 | €132,927 | -€57,573 | -30.2% |
| Financial debts | 170/4 | €190,499 | €132,927 | -€57,573 | -30.2% |
| Amounts payable within one year | 42/48 | €441,582 | €459,684 | +€18,102 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €65,461 | €62,706 | -€2,755 | -4.2% |
| Trade debts | 44 | €9,798 | €7,916 | -€1,882 | -19.2% |
| Suppliers | 440/4 | €9,798 | €7,916 | -€1,882 | -19.2% |
| Taxes, remuneration and social security | 45 | €16,044 | €39,062 | +€23,018 | +143.5% |
| Taxes | 450/3 | €16,044 | €39,062 | +€23,018 | +143.5% |
| Other amounts payable | 47/48 | €350,279 | €350,000 | -€279 | -0.1% |
| Accrued charges and deferred income | 492/3 | €30,350 | €1,500 | -€28,850 | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €21,407 | +€21,407 | |
| Other operating charges | 640/8 | €34,218 | €4,415 | -€29,803 | -87.1% |
| Gross operating margin | 9900 | -€10,993 | €364,281 | +€375,273 | |
| Operating profit (loss) | 9901 | -€45,210 | €338,458 | +€383,669 | |
| Financial income | 75/76B | €251,637 | €2,097 | -€249,540 | -99.2% |
| Recurring financial income | 75 | €251,637 | €2,097 | -€249,540 | -99.2% |
| Financial charges | 65/66B | €29,945 | €11,817 | -€18,128 | -60.5% |
| Recurring financial charges | 65 | €29,945 | €11,817 | -€18,128 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €176,481 | €328,738 | +€152,257 | +86.3% |
| Income taxes | 67/77 | €16,044 | €99,618 | +€83,575 | +520.9% |
| Profit (loss) for the period | 9904 | €160,437 | €229,119 | +€68,682 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €160,437 | €229,119 | +€68,682 | +42.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.