FODA: 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.
FODA
Largest movements
- Receivables within one year -€31,805
down €31,805 (-8.7%), from €367,181 to €335,376
of which Trade receivables: -€30,089
- Stocks and contracts -€20,795
down €20,795 (-5.6%), from €374,200 to €353,405
- Tangible fixed assets -€14,102
down €14,102 (-39.4%), from €35,770 to €21,668
of which Furniture and vehicles: -€13,046
- Trade debts -€45,072
down €45,072 (-24.1%), from €187,088 to €142,016
- Other debts -€11,206
down €11,206 (-1.0%), from €1.2m to €1.2m
- Advances received -€8,594
down €8,594 (-100.0%), from €8,594 to €0
- Tax, wage and social debts -€7,978
down €7,978 (-60.2%), from €13,257 to €5,279
of which Taxes: -€4,770
- Gross operating margin +€18,917
up €18,917 (+46.6%), from €40,576 to €59,493
- Depreciation +€11,121
up €11,121 (+504.2%), from €2,206 to €13,326
- Staff costs -€3,066
down €3,066 (-9.3%), from €33,088 to €30,022
- Other operating charges +€3,049
up €3,049 (+54.5%), from €5,599 to €8,648
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 | €781,932 | €713,688 | -€68,244 | -8.7% |
| Fixed assets | 21/28 | €38,240 | €24,138 | -€14,102 | -36.9% |
| Tangible fixed assets | 22/27 | €35,770 | €21,668 | -€14,102 | -39.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €161 | €0 | -€161 | -100.0% |
| Furniture and vehicles | 24 | €34,593 | €21,548 | -€13,046 | -37.7% |
| Other tangible fixed assets | 26 | €1,016 | €120 | -€896 | -88.2% |
| Financial fixed assets | 28 | €2,470 | €2,470 | = | 0.0% |
| Current assets | 29/58 | €743,692 | €689,550 | -€54,142 | -7.3% |
| Stocks and contracts in progress | 3 | €374,200 | €353,405 | -€20,795 | -5.6% |
| Stocks | 30/36 | €374,200 | €353,405 | -€20,795 | -5.6% |
| Amounts receivable within one year | 40/41 | €367,181 | €335,376 | -€31,805 | -8.7% |
| Trade receivables | 40 | €359,729 | €329,641 | -€30,089 | -8.4% |
| Other amounts receivable | 41 | €7,451 | €5,736 | -€1,716 | -23.0% |
| Cash at bank and in hand | 54/58 | €999 | €769 | -€230 | -23.0% |
| Deferred charges and accrued income | 490/1 | €1,312 | €0 | -€1,312 | -100.0% |
| Total equity and liabilities | 10/49 | €781,932 | €713,688 | -€68,244 | -8.7% |
| Equity | 10/15 | -€611,372 | -€609,338 | +€2,034 | +0.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€633,372 | -€631,338 | +€2,034 | +0.3% |
| Amounts payable | 17/49 | €1,393,304 | €1,323,026 | -€70,279 | -5.0% |
| Amounts payable within one year | 42/48 | €1,391,316 | €1,323,026 | -€68,290 | -4.9% |
| Financial debts | 43 | €10,107 | €14,667 | +€4,559 | +45.1% |
| Credit institutions | 430/8 | €10,107 | €14,667 | +€4,559 | +45.1% |
| Trade debts | 44 | €187,088 | €142,016 | -€45,072 | -24.1% |
| Suppliers | 440/4 | €187,088 | €142,016 | -€45,072 | -24.1% |
| Advances received on contracts in progress | 46 | €8,594 | €0 | -€8,594 | -100.0% |
| Taxes, remuneration and social security | 45 | €13,257 | €5,279 | -€7,978 | -60.2% |
| Taxes | 450/3 | €7,972 | €3,201 | -€4,770 | -59.8% |
| Remuneration and social security | 454/9 | €5,286 | €2,078 | -€3,208 | -60.7% |
| Other amounts payable | 47/48 | €1,172,269 | €1,161,064 | -€11,206 | -1.0% |
| Accrued charges and deferred income | 492/3 | €1,988 | €0 | -€1,988 | -100.0% |
| Remuneration, social security and pensions | 62 | €33,088 | €30,022 | -€3,066 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,206 | €13,326 | +€11,121 | +504.2% |
| Other operating charges | 640/8 | €5,599 | €8,648 | +€3,049 | +54.5% |
| Non-recurring operating charges | 66A | - | €776 | +€776 | |
| Gross operating margin | 9900 | €40,576 | €59,493 | +€18,917 | +46.6% |
| Operating profit (loss) | 9901 | -€317 | €6,720 | +€7,036 | |
| Financial income | 75/76B | €422 | €325 | -€97 | -23.1% |
| Recurring financial income | 75 | €422 | €325 | -€97 | -23.1% |
| Financial charges | 65/66B | €4,982 | €4,416 | -€566 | -11.4% |
| Recurring financial charges | 65 | €4,982 | €4,416 | -€566 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,876 | €2,628 | +€7,505 | |
| Income taxes | 67/77 | €621 | €594 | -€27 | -4.4% |
| Profit (loss) for the period | 9904 | -€5,498 | €2,034 | +€7,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,498 | €2,034 | +€7,532 |
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 4 October 2026 via checked.be.