FNM: 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.
FNM
Largest movements
- Receivables within one year +€69,391
up €69,391 (+70.0%), from €99,120 to €168,511
of which Other amounts receivable: +€101,381
- Cash -€19,240
down €19,240 (-23.0%), from €83,679 to €64,439
mainly Receivables within one year (-€69,391) and Trade debts (-€49,663)
- Tangible fixed assets -€14,131
down €14,131 (-56.3%), from €25,090 to €10,959
of which Furniture and vehicles: -€12,404
- Trade debts -€49,663
down €49,663 (-91.4%), from €54,338 to €4,674
- Profit (loss) carried forward +€47,231
up €47,231 (+2,153%), from €2,194 to €49,425
- Accrued charges and deferred income +€25,448
new in 2025: €25,448
- Tax, wage and social debts +€11,914
up €11,914 (+84.4%), from €14,108 to €26,022
- Gross operating margin +€53,924
up €53,924 (+172%), from €31,306 to €85,230
- Taxes +€12,386
up €12,386 (+182%), from €6,818 to €19,204
- Financial income +€3,346
up €3,346 (+129%), from €2,598 to €5,943
- Other operating charges -€2,060
down €2,060 (-50.2%), from €4,104 to €2,044
- Financial charges +€1,567
up €1,567 (+29.8%), from €5,268 to €6,835
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 | €209,160 | €244,089 | +€34,929 | +16.7% |
| Fixed assets | 21/28 | €25,090 | €10,959 | -€14,131 | -56.3% |
| Tangible fixed assets | 22/27 | €25,090 | €10,959 | -€14,131 | -56.3% |
| Plant, machinery and equipment | 23 | €6,782 | €5,055 | -€1,727 | -25.5% |
| Furniture and vehicles | 24 | €16,208 | €3,804 | -€12,404 | -76.5% |
| Other tangible fixed assets | 26 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €184,070 | €233,130 | +€49,060 | +26.7% |
| Amounts receivable within one year | 40/41 | €99,120 | €168,511 | +€69,391 | +70.0% |
| Trade receivables | 40 | €31,990 | - | -€31,990 | |
| Other amounts receivable | 41 | €67,130 | €168,511 | +€101,381 | +151% |
| Cash at bank and in hand | 54/58 | €83,679 | €64,439 | -€19,240 | -23.0% |
| Deferred charges and accrued income | 490/1 | €1,270 | €180 | -€1,090 | -85.8% |
| Total equity and liabilities | 10/49 | €209,160 | €244,089 | +€34,929 | +16.7% |
| Equity | 10/15 | €140,434 | €187,666 | +€47,231 | +33.6% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €131,241 | €131,241 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €129,381 | €129,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,194 | €49,425 | +€47,231 | +2,153% |
| Amounts payable | 17/49 | €68,725 | €56,424 | -€12,302 | -17.9% |
| Amounts payable within one year | 42/48 | €68,725 | €30,976 | -€37,750 | -54.9% |
| Trade debts | 44 | €54,338 | €4,674 | -€49,663 | -91.4% |
| Suppliers | 440/4 | €54,338 | €4,674 | -€49,663 | -91.4% |
| Taxes, remuneration and social security | 45 | €14,108 | €26,022 | +€11,914 | +84.4% |
| Taxes | 450/3 | €14,108 | €26,022 | +€11,914 | +84.4% |
| Other amounts payable | 47/48 | €279 | €279 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €25,448 | +€25,448 | |
| Non-recurring operating income | 76A | €16,529 | - | -€16,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,419 | €15,859 | -€560 | -3.4% |
| Other operating charges | 640/8 | €4,104 | €2,044 | -€2,060 | -50.2% |
| Gross operating margin | 9900 | €31,306 | €85,230 | +€53,924 | +172% |
| Operating profit (loss) | 9901 | €10,784 | €67,327 | +€56,543 | +524% |
| Financial income | 75/76B | €2,598 | €5,943 | +€3,346 | +129% |
| Recurring financial income | 75 | €2,598 | €5,943 | +€3,346 | +129% |
| Financial charges | 65/66B | €5,268 | €6,835 | +€1,567 | +29.8% |
| Recurring financial charges | 65 | €5,268 | €6,835 | +€1,567 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €8,114 | €66,435 | +€58,321 | +719% |
| Income taxes | 67/77 | €6,818 | €19,204 | +€12,386 | +182% |
| Profit (loss) for the period | 9904 | €1,296 | €47,231 | +€45,935 | +3,544% |
| Profit (loss) for the period to be appropriated | 9905 | €1,296 | €47,231 | +€45,935 | +3,544% |
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.