FOGACO: 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.
What changed
FOGACO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€24,702
2024 · -€51,845+€27,143
Equity
€851,265
2024 · €875,967-€24,702
Cash
€17,111
2024 · €12,458+€4,653
Balance sheet total
€2.7m
2024 · €2.7m-€91,893
Largest movements
Assets
- Tangible fixed assets -€92,860
down €92,860 (-3.4%), from €2.7m to €2.6m
of which Land and buildings: -€79,862
Equity and liabilities
- Debts after one year -€74,684
down €74,684 (-4.6%), from €1.6m to €1.6m
of which Financial debts: -€73,684
Income statement
- Staff costs -€26,055
no longer reported in 2025 (was €26,055)
- Gross operating margin -€20,932
down €20,932 (-10.9%), from €192,309 to €171,377
- Financial charges -€19,651
down €19,651 (-29.6%), from €66,446 to €46,795
- Depreciation -€3,723
down €3,723 (-3.2%), from €116,759 to €113,036
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.
Result 2024
-€51,845
Gross operating margin
-€20,932
Staff costs
+€26,055
Depreciation
+€3,723
Other operating charges
-€1,357
Financial income
+€1
Financial charges
+€19,651
Deferred taxes and other
+€2
Result 2025
-€24,702
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€91,371
Investment
-€20,176
Financing
-€66,542
Cash 2024
€12,458
From operations (derived)
+€91,371
Net result for the year
-€24,702
Depreciation
+€113,036
Receivables after one year
+€2,762
Receivables within one year
+€1,324
Deferred charges and accrued income
-€400
Provisions
-€4,465
Trade debts
+€5,355
Tax, wage and social debts
-€3,555
Other debts
+€3,013
Accrued charges and deferred income
-€997
Investment (derived)
-€20,176
Investment in fixed assets (net)
-€20,176
Financing
-€66,542
Debts after one year
-€74,684
Current portion of long-term debt
+€8,142
Cash 2025
€17,111
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,745,087 | €2,653,194 | -€91,893 | -3.3% |
| Fixed assets | 21/28 | €2,695,999 | €2,603,139 | -€92,860 | -3.4% |
| Tangible fixed assets | 22/27 | €2,695,726 | €2,602,866 | -€92,860 | -3.4% |
| Land and buildings | 22 | €2,656,052 | €2,576,190 | -€79,862 | -3.0% |
| Plant, machinery and equipment | 23 | €239 | €126 | -€113 | -47.3% |
| Furniture and vehicles | 24 | €21,124 | €11,580 | -€9,544 | -45.2% |
| Other tangible fixed assets | 26 | €18,311 | €14,970 | -€3,341 | -18.2% |
| Financial fixed assets | 28 | €273 | €273 | = | 0.0% |
| Current assets | 29/58 | €49,088 | €50,055 | +€967 | +2.0% |
| Amounts receivable after more than one year | 29 | €2,762 | - | -€2,762 | |
| Other amounts receivable | 291 | €2,762 | - | -€2,762 | |
| Amounts receivable within one year | 40/41 | €23,247 | €21,923 | -€1,324 | -5.7% |
| Trade receivables | 40 | €10,668 | €21,843 | +€11,175 | +105% |
| Other amounts receivable | 41 | €12,579 | €80 | -€12,499 | -99.4% |
| Cash at bank and in hand | 54/58 | €12,458 | €17,111 | +€4,653 | +37.3% |
| Deferred charges and accrued income | 490/1 | €10,621 | €11,021 | +€400 | +3.8% |
| Total equity and liabilities | 10/49 | €2,745,087 | €2,653,194 | -€91,893 | -3.3% |
| Equity | 10/15 | €875,967 | €851,265 | -€24,702 | -2.8% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €805,967 | €781,265 | -€24,702 | -3.1% |
| Non-distributable reserves | 130/1 | €7,369 | €7,369 | = | 0.0% |
| Legal reserve | 130 | €7,369 | €7,369 | = | 0.0% |
| Tax-exempt reserves | 132 | €332,763 | €320,801 | -€11,962 | -3.6% |
| Distributable reserves | 133 | €465,835 | €453,095 | -€12,740 | -2.7% |
| Provisions and deferred taxes | 16 | €119,653 | €115,188 | -€4,465 | -3.7% |
| Deferred taxes | 168 | €119,653 | €115,188 | -€4,465 | -3.7% |
| Amounts payable | 17/49 | €1,749,467 | €1,686,741 | -€62,726 | -3.6% |
| Amounts payable after more than one year | 17 | €1,630,460 | €1,555,776 | -€74,684 | -4.6% |
| Financial debts | 170/4 | €1,234,210 | €1,160,526 | -€73,684 | -6.0% |
| Other amounts payable | 178/9 | €396,250 | €395,250 | -€1,000 | -0.3% |
| Amounts payable within one year | 42/48 | €106,308 | €119,263 | +€12,955 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €87,455 | €95,597 | +€8,142 | +9.3% |
| Trade debts | 44 | €9,367 | €14,722 | +€5,355 | +57.2% |
| Suppliers | 440/4 | €9,367 | €14,722 | +€5,355 | +57.2% |
| Taxes, remuneration and social security | 45 | €3,964 | €409 | -€3,555 | -89.7% |
| Taxes | 450/3 | €2,478 | €409 | -€2,069 | -83.5% |
| Remuneration and social security | 454/9 | €1,486 | - | -€1,486 | |
| Other amounts payable | 47/48 | €5,522 | €8,535 | +€3,013 | +54.6% |
| Accrued charges and deferred income | 492/3 | €12,699 | €11,702 | -€997 | -7.9% |
| Remuneration, social security and pensions | 62 | €26,055 | - | -€26,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,759 | €113,036 | -€3,723 | -3.2% |
| Other operating charges | 640/8 | €39,357 | €40,714 | +€1,357 | +3.4% |
| Gross operating margin | 9900 | €192,309 | €171,377 | -€20,932 | -10.9% |
| Operating profit (loss) | 9901 | €10,138 | €17,627 | +€7,489 | +73.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €66,446 | €46,795 | -€19,651 | -29.6% |
| Recurring financial charges | 65 | €66,446 | €46,795 | -€19,651 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€56,308 | -€29,167 | +€27,141 | +48.2% |
| Transfer from deferred taxes | 780 | €4,463 | €4,465 | +€2 | 0.0% |
| Profit (loss) for the period | 9904 | -€51,845 | -€24,702 | +€27,143 | +52.4% |
| Transfer from tax-exempt reserves | 789 | €11,961 | €11,962 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,884 | -€12,740 | +€27,144 | +68.1% |
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 14 October 2026 via checked.be.