FOLEY: 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.
FOLEY
Largest movements
- Tangible fixed assets +€633,911
up €633,911 (+50.0%), from €1.3m to €1.9m
of which Other tangible fixed assets: +€651,171
- Receivables within one year +€109,057
up €109,057 (+56.4%), from €193,223 to €302,280
of which Trade receivables: +€93,242
- Receivables after one year +€24,320
up €24,320 (+80.8%), from €30,100 to €54,420
- Trade debts +€580,305
up €580,305 (+136.8%), from €424,058 to €1.0m
- Debts after one year +€202,142
up €202,142 (+26.2%), from €770,754 to €972,896
of which Financial debts: +€204,078
- Reserves +€76,506
up €76,506 (+124.1%), from €61,633 to €138,139
of which Distributable reserves: +€78,365
- Current portion of long-term debt -€63,304
down €63,304 (-48.1%), from €131,574 to €68,271
- Gross operating margin +€60,811
up €60,811 (+7.9%), from €769,359 to €830,170
- Staff costs +€39,791
up €39,791 (+10.0%), from €396,160 to €435,951
- Financial charges +€36,660
up €36,660 (+85.3%), from €42,965 to €79,625
- Other operating charges -€33,198
down €33,198 (-39.2%), from €84,725 to €51,527
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 | €1,532,422 | €2,301,352 | +€768,930 | +50.2% |
| Fixed assets | 21/28 | €1,270,398 | €1,904,058 | +€633,659 | +49.9% |
| Intangible fixed assets | 21 | €1,761 | €1,510 | -€252 | -14.3% |
| Tangible fixed assets | 22/27 | €1,268,637 | €1,902,548 | +€633,911 | +50.0% |
| Plant, machinery and equipment | 23 | €5,350 | €4,155 | -€1,195 | -22.3% |
| Furniture and vehicles | 24 | €57,402 | €53,139 | -€4,264 | -7.4% |
| Leasing and similar rights | 25 | €41,257 | €29,456 | -€11,802 | -28.6% |
| Other tangible fixed assets | 26 | €1,164,627 | €1,815,799 | +€651,171 | +55.9% |
| Current assets | 29/58 | €262,024 | €397,294 | +€135,270 | +51.6% |
| Amounts receivable after more than one year | 29 | €30,100 | €54,420 | +€24,320 | +80.8% |
| Trade receivables | 290 | €30,100 | €54,420 | +€24,320 | +80.8% |
| Stocks and contracts in progress | 3 | €3,462 | €3,544 | +€82 | +2.4% |
| Stocks | 30/36 | €3,462 | €3,544 | +€82 | +2.4% |
| Amounts receivable within one year | 40/41 | €193,223 | €302,280 | +€109,057 | +56.4% |
| Trade receivables | 40 | €99,852 | €193,094 | +€93,242 | +93.4% |
| Other amounts receivable | 41 | €93,371 | €109,186 | +€15,815 | +16.9% |
| Cash at bank and in hand | 54/58 | €23,975 | €26,003 | +€2,027 | +8.5% |
| Deferred charges and accrued income | 490/1 | €11,264 | €11,047 | -€216 | -1.9% |
| Total equity and liabilities | 10/49 | €1,532,422 | €2,301,352 | +€768,930 | +50.2% |
| Equity | 10/15 | €80,225 | €156,731 | +€76,506 | +95.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €61,633 | €138,139 | +€76,506 | +124.1% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €59,774 | €138,139 | +€78,365 | +131.1% |
| Amounts payable | 17/49 | €1,452,197 | €2,144,621 | +€692,424 | +47.7% |
| Amounts payable after more than one year | 17 | €770,754 | €972,896 | +€202,142 | +26.2% |
| Financial debts | 170/4 | €768,818 | €972,896 | +€204,078 | +26.5% |
| Other amounts payable | 178/9 | €1,936 | - | -€1,936 | |
| Amounts payable within one year | 42/48 | €658,440 | €1,163,725 | +€505,285 | +76.7% |
| Current portion of amounts payable after more than one year | 42 | €131,574 | €68,271 | -€63,304 | -48.1% |
| Financial debts | 43 | €8,011 | €9,534 | +€1,524 | +19.0% |
| Credit institutions | 430/8 | €8,011 | €9,534 | +€1,524 | +19.0% |
| Trade debts | 44 | €424,058 | €1,004,363 | +€580,305 | +136.8% |
| Suppliers | 440/4 | €424,058 | €1,004,363 | +€580,305 | +136.8% |
| Taxes, remuneration and social security | 45 | €73,797 | €80,557 | +€6,760 | +9.2% |
| Taxes | 450/3 | €14,217 | €14,798 | +€581 | +4.1% |
| Remuneration and social security | 454/9 | €59,580 | €65,759 | +€6,180 | +10.4% |
| Other amounts payable | 47/48 | €21,000 | €1,000 | -€20,000 | -95.2% |
| Accrued charges and deferred income | 492/3 | €23,003 | €8,000 | -€15,003 | -65.2% |
| Non-recurring operating income | 76A | - | €4,906 | +€4,906 | |
| Remuneration, social security and pensions | 62 | €396,160 | €435,951 | +€39,791 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,881 | €178,714 | +€5,832 | +3.4% |
| Other operating charges | 640/8 | €84,725 | €51,527 | -€33,198 | -39.2% |
| Gross operating margin | 9900 | €769,359 | €830,170 | +€60,811 | +7.9% |
| Operating profit (loss) | 9901 | €115,593 | €163,978 | +€48,385 | +41.9% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €42,965 | €79,625 | +€36,660 | +85.3% |
| Recurring financial charges | 65 | €42,965 | €79,625 | +€36,660 | +85.3% |
| Profit (loss) for the period before taxes | 9903 | €72,643 | €84,353 | +€11,711 | +16.1% |
| Income taxes | 67/77 | €6,193 | €7,847 | +€1,654 | +26.7% |
| Profit (loss) for the period | 9904 | €66,449 | €76,506 | +€10,056 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,449 | €76,506 | +€10,056 | +15.1% |
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 12 October 2026 via checked.be.