FOGES: 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.
FOGES
Largest movements
- Receivables within one year +€523,243
up €523,243 (+170.1%), from €307,589 to €830,831
of which Trade receivables: +€485,070
- Cash -€168,388
down €168,388 (-13.8%), from €1.2m to €1.0m
mainly Receivables within one year (-€523,243) and Contributions, distributions and other (-€175,000)
- Deferred charges and accrued income +€31,759
up €31,759 (+16.0%), from €198,635 to €230,394
- Other debts +€175,378
up €175,378 (+4610.4%), from €3,804 to €179,182
- Trade debts +€134,064
up €134,064 (+52.9%), from €253,577 to €387,641
- Accrued charges and deferred income -€120,182
down €120,182 (-10.7%), from €1.1m to €1.0m
- Tax, wage and social debts +€85,042
up €85,042 (+125.6%), from €67,682 to €152,723
of which Remuneration and social security: +€43,825
- Reserves +€66,791
up €66,791 (+33.2%), from €201,102 to €267,893
of which Distributable reserves: +€66,791
- Gross operating margin +€716,633
up €716,633 (+234.4%), from €305,782 to €1.0m
- Staff costs +€609,368
up €609,368 (+1270.0%), from €47,982 to €657,350
- Financial income -€25,680
down €25,680 (-87.4%), from €29,375 to €3,695
- Taxes +€21,233
up €21,233 (+31.3%), from €67,739 to €88,972
- Depreciation +€15,692
up €15,692 (+372.2%), from €4,216 to €19,908
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 | €1,791,583 | €2,174,438 | +€382,855 | +21.4% |
| Fixed assets | 21/28 | €69,471 | €65,712 | -€3,759 | -5.4% |
| Tangible fixed assets | 22/27 | €69,471 | €65,712 | -€3,759 | -5.4% |
| Plant, machinery and equipment | 23 | €8,563 | €6,850 | -€1,713 | -20.0% |
| Furniture and vehicles | 24 | €60,907 | €55,314 | -€5,593 | -9.2% |
| Other tangible fixed assets | 26 | - | €3,548 | +€3,548 | |
| Current assets | 29/58 | €1,722,112 | €2,108,726 | +€386,614 | +22.4% |
| Amounts receivable within one year | 40/41 | €307,589 | €830,831 | +€523,243 | +170.1% |
| Trade receivables | 40 | €239,607 | €724,677 | +€485,070 | +202.4% |
| Other amounts receivable | 41 | €67,982 | €106,154 | +€38,172 | +56.2% |
| Cash at bank and in hand | 54/58 | €1,215,889 | €1,047,501 | -€168,388 | -13.8% |
| Deferred charges and accrued income | 490/1 | €198,635 | €230,394 | +€31,759 | +16.0% |
| Total equity and liabilities | 10/49 | €1,791,583 | €2,174,438 | +€382,855 | +21.4% |
| Equity | 10/15 | €301,102 | €367,893 | +€66,791 | +22.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €201,102 | €267,893 | +€66,791 | +33.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €191,102 | €257,893 | +€66,791 | +35.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,490,481 | €1,806,545 | +€316,064 | +21.2% |
| Amounts payable after more than one year | 17 | €22,202 | €14,585 | -€7,617 | -34.3% |
| Financial debts | 170/4 | €22,202 | €14,585 | -€7,617 | -34.3% |
| Amounts payable within one year | 42/48 | €344,057 | €787,920 | +€443,863 | +129.0% |
| Current portion of amounts payable after more than one year | 42 | €7,388 | €7,617 | +€229 | +3.1% |
| Financial debts | 43 | €10,019 | €60,757 | +€50,738 | +506.4% |
| Credit institutions | 430/8 | €10,019 | €60,757 | +€50,738 | +506.4% |
| Trade debts | 44 | €253,577 | €387,641 | +€134,064 | +52.9% |
| Suppliers | 440/4 | €253,577 | €387,641 | +€134,064 | +52.9% |
| Advances received on contracts in progress | 46 | €1,587 | €0 | -€1,587 | -100.0% |
| Taxes, remuneration and social security | 45 | €67,682 | €152,723 | +€85,042 | +125.6% |
| Taxes | 450/3 | €67,682 | €108,898 | +€41,217 | +60.9% |
| Remuneration and social security | 454/9 | - | €43,825 | +€43,825 | |
| Other amounts payable | 47/48 | €3,804 | €179,182 | +€175,378 | +4610.4% |
| Accrued charges and deferred income | 492/3 | €1,124,222 | €1,004,040 | -€120,182 | -10.7% |
| Remuneration, social security and pensions | 62 | €47,982 | €657,350 | +€609,368 | +1270.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,216 | €19,908 | +€15,692 | +372.2% |
| Other operating charges | 640/8 | €1,533 | €1,692 | +€158 | +10.3% |
| Non-recurring operating charges | 66A | €1,454 | €0 | -€1,454 | -100.0% |
| Gross operating margin | 9900 | €305,782 | €1,022,414 | +€716,633 | +234.4% |
| Operating profit (loss) | 9901 | €250,597 | €343,465 | +€92,868 | +37.1% |
| Financial income | 75/76B | €29,375 | €3,695 | -€25,680 | -87.4% |
| Recurring financial income | 75 | €29,375 | €3,695 | -€25,680 | -87.4% |
| Financial charges | 65/66B | €11,131 | €16,396 | +€5,265 | +47.3% |
| Recurring financial charges | 65 | €11,131 | €16,396 | +€5,265 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €268,841 | €330,763 | +€61,923 | +23.0% |
| Income taxes | 67/77 | €67,739 | €88,972 | +€21,233 | +31.3% |
| Profit (loss) for the period | 9904 | €201,102 | €241,791 | +€40,690 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €201,102 | €241,791 | +€40,690 | +20.2% |
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 8 October 2026 via checked.be.