FN: 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.
FN
Largest movements
- Tangible fixed assets +€36,352
up €36,352 (+356%), from €10,213 to €46,565
of which Furniture and vehicles: +€35,757
- Stocks and contracts +€32,999
up €32,999 (+42.8%), from €77,160 to €110,159
- Receivables within one year -€22,769
down €22,769 (-83.4%), from €27,293 to €4,524
of which Other amounts receivable: -€21,669
- Cash +€7,663
up €7,663 (+23.6%), from €32,527 to €40,190
mainly Trade debts (+€40,005) and Debts after one year (+€22,846)
- Trade debts +€40,005
new in 2025: €40,005
- Debts after one year +€22,846
new in 2025: €22,846
- Current portion of long-term debt +€15,422
new in 2025: €15,422
- Tax, wage and social debts -€14,031
down €14,031 (-54.0%), from €25,976 to €11,945
of which Taxes: -€10,264
- Other debts -€13,153
down €13,153 (-24.1%), from €54,584 to €41,431
- Gross operating margin +€14,218
up €14,218 (+9.0%), from €158,826 to €173,043
- Staff costs +€10,237
up €10,237 (+7.6%), from €134,687 to €144,923
- Depreciation +€3,929
up €3,929 (+81.3%), from €4,835 to €8,764
- Taxes -€2,309
down €2,309 (-27.3%), from €8,473 to €6,164
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 | €149,683 | €202,043 | +€52,360 | +35.0% |
| Fixed assets | 21/28 | €10,213 | €46,565 | +€36,352 | +356% |
| Tangible fixed assets | 22/27 | €10,213 | €46,565 | +€36,352 | +356% |
| Plant, machinery and equipment | 23 | €4,192 | €4,787 | +€595 | +14.2% |
| Furniture and vehicles | 24 | €6,022 | €41,779 | +€35,757 | +594% |
| Current assets | 29/58 | €139,469 | €155,478 | +€16,008 | +11.5% |
| Stocks and contracts in progress | 3 | €77,160 | €110,159 | +€32,999 | +42.8% |
| Stocks | 30/36 | €77,160 | €110,159 | +€32,999 | +42.8% |
| Amounts receivable within one year | 40/41 | €27,293 | €4,524 | -€22,769 | -83.4% |
| Trade receivables | 40 | €1,100 | - | -€1,100 | |
| Other amounts receivable | 41 | €26,193 | €4,524 | -€21,669 | -82.7% |
| Cash at bank and in hand | 54/58 | €32,527 | €40,190 | +€7,663 | +23.6% |
| Deferred charges and accrued income | 490/1 | €2,490 | €605 | -€1,884 | -75.7% |
| Total equity and liabilities | 10/49 | €149,683 | €202,043 | +€52,360 | +35.0% |
| Equity | 10/15 | €65,080 | €70,394 | +€5,314 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,480 | €46,480 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €44,620 | €44,620 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,314 | +€5,314 | |
| Amounts payable | 17/49 | €84,603 | €131,650 | +€47,047 | +55.6% |
| Amounts payable after more than one year | 17 | - | €22,846 | +€22,846 | |
| Financial debts | 170/4 | - | €22,846 | +€22,846 | |
| Amounts payable within one year | 42/48 | €80,560 | €108,804 | +€28,243 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | - | €15,422 | +€15,422 | |
| Trade debts | 44 | - | €40,005 | +€40,005 | |
| Suppliers | 440/4 | - | €40,005 | +€40,005 | |
| Taxes, remuneration and social security | 45 | €25,976 | €11,945 | -€14,031 | -54.0% |
| Taxes | 450/3 | €22,209 | €11,945 | -€10,264 | -46.2% |
| Remuneration and social security | 454/9 | €3,767 | - | -€3,767 | |
| Other amounts payable | 47/48 | €54,584 | €41,431 | -€13,153 | -24.1% |
| Accrued charges and deferred income | 492/3 | €4,043 | - | -€4,043 | |
| Remuneration, social security and pensions | 62 | €134,687 | €144,923 | +€10,237 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,835 | €8,764 | +€3,929 | +81.3% |
| Other operating charges | 640/8 | €3,592 | €3,655 | +€64 | +1.8% |
| Non-recurring operating charges | 66A | - | €1,454 | +€1,454 | |
| Gross operating margin | 9900 | €158,826 | €173,043 | +€14,218 | +9.0% |
| Operating profit (loss) | 9901 | €15,712 | €14,247 | -€1,465 | -9.3% |
| Financial charges | 65/66B | €2,078 | €2,769 | +€692 | +33.3% |
| Recurring financial charges | 65 | €2,078 | €2,769 | +€692 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €13,635 | €11,478 | -€2,157 | -15.8% |
| Income taxes | 67/77 | €8,473 | €6,164 | -€2,309 | -27.3% |
| Profit (loss) for the period | 9904 | €5,162 | €5,314 | +€152 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,162 | €5,314 | +€152 | +2.9% |
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 28 October 2026 via checked.be.