FNAD: 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.
FNAD
Largest movements
- Tangible fixed assets -€29,122
down €29,122 (-4.1%), from €708,100 to €678,978
- Receivables within one year -€16,577
down €16,577 (-44.7%), from €37,047 to €20,471
of which Other amounts receivable: -€15,595
- Cash -€9,653
down €9,653 (-47.3%), from €20,402 to €10,749
mainly Other debts (-€61,077) and Debts after one year (-€23,011)
- Other debts -€61,077
down €61,077 (-16.9%), from €361,872 to €300,795
- Profit (loss) carried forward +€30,559
up €30,559 (+6.7%), from -€455,209 to -€424,650
- Debts after one year -€23,011
down €23,011 (-18.5%), from €124,248 to €101,237
- Gross operating margin -€20,984
down €20,984 (-22.2%), from €94,533 to €73,549
- Financial charges -€2,651
down €2,651 (-34.6%), from €7,656 to €5,005
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 | €765,937 | €711,699 | -€54,238 | -7.1% |
| Fixed assets | 21/28 | €708,488 | €679,366 | -€29,122 | -4.1% |
| Tangible fixed assets | 22/27 | €708,100 | €678,978 | -€29,122 | -4.1% |
| Land and buildings | 22 | €708,100 | €678,978 | -€29,122 | -4.1% |
| Financial fixed assets | 28 | €387 | €387 | = | 0.0% |
| Current assets | 29/58 | €57,450 | €32,334 | -€25,116 | -43.7% |
| Amounts receivable within one year | 40/41 | €37,047 | €20,471 | -€16,577 | -44.7% |
| Trade receivables | 40 | €982 | - | -€982 | |
| Other amounts receivable | 41 | €36,066 | €20,471 | -€15,595 | -43.2% |
| Cash at bank and in hand | 54/58 | €20,402 | €10,749 | -€9,653 | -47.3% |
| Deferred charges and accrued income | 490/1 | €0 | €1,114 | +€1,114 | |
| Total equity and liabilities | 10/49 | €765,937 | €711,699 | -€54,238 | -7.1% |
| Equity | 10/15 | €254,087 | €284,646 | +€30,559 | +12.0% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €9,296 | €9,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Legal reserve | 130 | €9,296 | €9,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€455,209 | -€424,650 | +€30,559 | +6.7% |
| Amounts payable | 17/49 | €511,851 | €427,053 | -€84,797 | -16.6% |
| Amounts payable after more than one year | 17 | €124,248 | €101,237 | -€23,011 | -18.5% |
| Financial debts | 170/4 | €124,248 | €101,237 | -€23,011 | -18.5% |
| Amounts payable within one year | 42/48 | €383,436 | €325,816 | -€57,620 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €20,766 | €22,308 | +€1,542 | +7.4% |
| Trade debts | 44 | - | €1,900 | +€1,900 | |
| Suppliers | 440/4 | - | €1,900 | +€1,900 | |
| Taxes, remuneration and social security | 45 | €798 | €813 | +€15 | +1.9% |
| Taxes | 450/3 | €798 | €813 | +€15 | +1.9% |
| Other amounts payable | 47/48 | €361,872 | €300,795 | -€61,077 | -16.9% |
| Accrued charges and deferred income | 492/3 | €4,167 | - | -€4,167 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,122 | €29,122 | = | 0.0% |
| Other operating charges | 640/8 | €8,212 | €8,473 | +€260 | +3.2% |
| Gross operating margin | 9900 | €94,533 | €73,549 | -€20,984 | -22.2% |
| Operating profit (loss) | 9901 | €57,199 | €35,954 | -€21,245 | -37.1% |
| Financial income | 75/76B | €39 | €34 | -€5 | -12.9% |
| Recurring financial income | 75 | €39 | €34 | -€5 | -12.9% |
| Financial charges | 65/66B | €7,656 | €5,005 | -€2,651 | -34.6% |
| Recurring financial charges | 65 | €7,656 | €5,005 | -€2,651 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €49,581 | €30,983 | -€18,598 | -37.5% |
| Income taxes | 67/77 | €410 | €423 | +€14 | +3.4% |
| Profit (loss) for the period | 9904 | €49,171 | €30,559 | -€18,612 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,171 | €30,559 | -€18,612 | -37.9% |
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.