FO Management: 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.
FO Management
Largest movements
- Stocks and contracts -€1.7m
down €1.7m (-45.0%), from €3.8m to €2.1m
- Receivables within one year +€869,376
up €869,376 (+337.6%), from €257,512 to €1.1m
of which Trade receivables: +€960,082
- Cash -€233,611
down €233,611 (-76.0%), from €307,411 to €73,801
mainly Net result for the year (-€1.7m) and Receivables within one year (-€869,376)
- Tangible fixed assets -€164,607
down €164,607 (-17.5%), from €942,841 to €778,234
of which Furniture and vehicles: -€134,176
- Deferred charges and accrued income +€124,006
up €124,006 (+785.3%), from €15,791 to €139,797
- Profit (loss) carried forward -€1.7m
down €1.7m (-30.7%), from -€5.5m to -€7.2m
- Other debts +€1.1m
up €1.1m (+11.4%), from €9.3m to €10.3m
- Accrued charges and deferred income -€654,316
no longer reported in 2025 (was €654,316)
- Trade debts +€181,212
up €181,212 (+60.1%), from €301,484 to €482,696
- Advances received -€75,000
no longer reported in 2025 (was €75,000)
- Gross operating margin -€273,961
down €273,961 (-70.9%), from -€386,402 to -€660,363
- Staff costs +€166,276
up €166,276 (+33.8%), from €492,442 to €658,718
- Write-downs +€29,025
up €29,025 (+702.4%), from €4,132 to €33,157
- Financial charges -€11,520
down €11,520, from €8,867 to -€2,653
- Depreciation -€10,378
down €10,378 (-3.0%), from €347,513 to €337,135
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 | €5,548,712 | €4,344,917 | -€1.2m | -21.7% |
| Fixed assets | 21/28 | €1,142,211 | €899,035 | -€243,175 | -21.3% |
| Intangible fixed assets | 21 | €199,370 | €120,201 | -€79,169 | -39.7% |
| Tangible fixed assets | 22/27 | €942,841 | €778,234 | -€164,607 | -17.5% |
| Plant, machinery and equipment | 23 | €69,836 | €121,460 | +€51,623 | +73.9% |
| Furniture and vehicles | 24 | €267,432 | €133,256 | -€134,176 | -50.2% |
| Other tangible fixed assets | 26 | €605,573 | €523,519 | -€82,055 | -13.5% |
| Financial fixed assets | 28 | - | €600 | +€600 | |
| Current assets | 29/58 | €4,406,501 | €3,445,882 | -€960,620 | -21.8% |
| Stocks and contracts in progress | 3 | €3,825,787 | €2,105,396 | -€1.7m | -45.0% |
| Stocks | 30/36 | €3,825,787 | €2,105,396 | -€1.7m | -45.0% |
| Amounts receivable within one year | 40/41 | €257,512 | €1,126,888 | +€869,376 | +337.6% |
| Trade receivables | 40 | €145,175 | €1,105,256 | +€960,082 | +661.3% |
| Other amounts receivable | 41 | €112,337 | €21,632 | -€90,705 | -80.7% |
| Cash at bank and in hand | 54/58 | €307,411 | €73,801 | -€233,611 | -76.0% |
| Deferred charges and accrued income | 490/1 | €15,791 | €139,797 | +€124,006 | +785.3% |
| Total equity and liabilities | 10/49 | €5,548,712 | €4,344,917 | -€1.2m | -21.7% |
| Equity | 10/15 | -€4,874,330 | -€6,563,508 | -€1.7m | -34.7% |
| Contributions | 10/11 | €626,000 | €626,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,500,330 | -€7,189,508 | -€1.7m | -30.7% |
| Amounts payable | 17/49 | €10,423,042 | €10,908,425 | +€485,383 | +4.7% |
| Amounts payable within one year | 42/48 | €9,768,726 | €10,908,425 | +€1.1m | +11.7% |
| Financial debts | 43 | €12,319 | - | -€12,319 | |
| Other loans | 439 | €12,319 | - | -€12,319 | |
| Trade debts | 44 | €301,484 | €482,696 | +€181,212 | +60.1% |
| Suppliers | 440/4 | €301,484 | €482,696 | +€181,212 | +60.1% |
| Advances received on contracts in progress | 46 | €75,000 | - | -€75,000 | |
| Taxes, remuneration and social security | 45 | €94,867 | €80,873 | -€13,994 | -14.8% |
| Taxes | 450/3 | €12,588 | €777 | -€11,810 | -93.8% |
| Remuneration and social security | 454/9 | €82,279 | €80,096 | -€2,184 | -2.7% |
| Other amounts payable | 47/48 | €9,285,056 | €10,344,856 | +€1.1m | +11.4% |
| Accrued charges and deferred income | 492/3 | €654,316 | - | -€654,316 | |
| Remuneration, social security and pensions | 62 | €492,442 | €658,718 | +€166,276 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347,513 | €337,135 | -€10,378 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,132 | €33,157 | +€29,025 | +702.4% |
| Other operating charges | 640/8 | €7,517 | €2,362 | -€5,155 | -68.6% |
| Gross operating margin | 9900 | -€386,402 | -€660,363 | -€273,961 | -70.9% |
| Operating profit (loss) | 9901 | -€1,238,005 | -€1,691,734 | -€453,729 | -36.6% |
| Financial income | 75/76B | €1,089 | €370 | -€718 | -66.0% |
| Recurring financial income | 75 | €1,089 | €370 | -€718 | -66.0% |
| Financial charges | 65/66B | €8,867 | -€2,653 | -€11,520 | |
| Recurring financial charges | 65 | €8,867 | -€2,653 | -€11,520 | |
| Profit (loss) for the period before taxes | 9903 | -€1,245,784 | -€1,688,711 | -€442,927 | -35.6% |
| Income taxes | 67/77 | €364 | €468 | +€104 | +28.6% |
| Profit (loss) for the period | 9904 | -€1,246,147 | -€1,689,178 | -€443,031 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,246,147 | -€1,689,178 | -€443,031 | -35.6% |
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 3 October 2026 via checked.be.