FONAND: 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.
What changed
FONAND
NACE 47.241, Retail sale of bread and pastry (bakery outlets)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€143,966
2024 · €152,966-€9,000
Equity
€113,675
2024 · €89,709+€23,966
Cash
€8,803
2024 · €8,850-€47
Balance sheet total
€693,233
2024 · €808,633-€115,400
Largest movements
Assets
- Tangible fixed assets -€73,104
down €73,104 (-11.8%), from €622,084 to €548,979
of which Plant, machinery and equipment: -€39,781
- Receivables within one year -€37,619
down €37,619 (-29.9%), from €125,717 to €88,098
of which Other amounts receivable: -€77,784
- Formation expenses -€8,247
down €8,247 (-43.6%), from €18,903 to €10,655
Equity and liabilities
- Debts after one year -€83,285
down €83,285 (-29.7%), from €280,195 to €196,910
- Trade debts -€55,240
down €55,240 (-47.2%), from €117,128 to €61,888
- Profit (loss) carried forward +€23,966
up €23,966 (+108.6%), from €22,059 to €46,025
Income statement
- Gross operating margin -€23,153
down €23,153 (-3.1%), from €746,385 to €723,232
- Other operating charges -€10,346
down €10,346 (-87.5%), from €11,827 to €1,481
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
€152,966
Gross operating margin
-€23,153
Staff costs
-€4,402
Depreciation
-€199
Other operating charges
+€10,346
Other operating items
+€4,854
Financial income
-€89
Financial charges
+€138
Taxes
+€3,505
Result 2025
€143,966
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.
From operations
+€205,295
Investment
-€2,713
Financing
-€202,629
Cash 2024
€8,850
From operations (derived)
+€205,295
Net result for the year
+€143,966
Depreciation
+€84,064
Stocks and contracts
-€3,512
Receivables within one year
+€37,619
Deferred charges and accrued income
-€106
Trade debts
-€55,240
Tax, wage and social debts
+€1,867
Other debts
-€3,909
Accrued charges and deferred income
+€544
Investment (derived)
-€2,713
Investment in fixed assets (net)
-€2,713
Financing
-€202,629
Debts after one year
-€83,285
Current portion of long-term debt
+€656
Contributions, distributions and other
-€120,000
Cash 2025
€8,803
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €808,633 | €693,233 | -€115,400 | -14.3% |
| Formation expenses | 20 | €18,903 | €10,655 | -€8,247 | -43.6% |
| Fixed assets | 21/28 | €622,084 | €548,979 | -€73,104 | -11.8% |
| Tangible fixed assets | 22/27 | €622,084 | €548,979 | -€73,104 | -11.8% |
| Plant, machinery and equipment | 23 | €171,255 | €131,474 | -€39,781 | -23.2% |
| Furniture and vehicles | 24 | €1,389 | €4,573 | +€3,184 | +229.3% |
| Other tangible fixed assets | 26 | €449,439 | €412,932 | -€36,507 | -8.1% |
| Current assets | 29/58 | €167,646 | €133,598 | -€34,048 | -20.3% |
| Stocks and contracts in progress | 3 | €15,600 | €19,112 | +€3,512 | +22.5% |
| Stocks | 30/36 | €15,600 | €19,112 | +€3,512 | +22.5% |
| Amounts receivable within one year | 40/41 | €125,717 | €88,098 | -€37,619 | -29.9% |
| Trade receivables | 40 | €19,243 | €59,409 | +€40,166 | +208.7% |
| Other amounts receivable | 41 | €106,474 | €28,690 | -€77,784 | -73.1% |
| Cash at bank and in hand | 54/58 | €8,850 | €8,803 | -€47 | -0.5% |
| Deferred charges and accrued income | 490/1 | €17,480 | €17,585 | +€106 | +0.6% |
| Total equity and liabilities | 10/49 | €808,633 | €693,233 | -€115,400 | -14.3% |
| Equity | 10/15 | €89,709 | €113,675 | +€23,966 | +26.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,059 | €46,025 | +€23,966 | +108.6% |
| Amounts payable | 17/49 | €718,924 | €579,558 | -€139,366 | -19.4% |
| Amounts payable after more than one year | 17 | €280,195 | €196,910 | -€83,285 | -29.7% |
| Financial debts | 170/4 | €280,195 | €196,910 | -€83,285 | -29.7% |
| Amounts payable within one year | 42/48 | €438,729 | €382,103 | -€56,625 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €82,629 | €83,285 | +€656 | +0.8% |
| Trade debts | 44 | €117,128 | €61,888 | -€55,240 | -47.2% |
| Suppliers | 440/4 | €117,128 | €61,888 | -€55,240 | -47.2% |
| Taxes, remuneration and social security | 45 | €60,174 | €62,041 | +€1,867 | +3.1% |
| Taxes | 450/3 | €12 | €5,283 | +€5,271 | +44900.5% |
| Remuneration and social security | 454/9 | €60,162 | €56,758 | -€3,404 | -5.7% |
| Other amounts payable | 47/48 | €178,798 | €174,890 | -€3,909 | -2.2% |
| Accrued charges and deferred income | 492/3 | - | €544 | +€544 | |
| Non-recurring operating income | 76A | €4,927 | €1,482 | -€3,445 | -69.9% |
| Remuneration, social security and pensions | 62 | €425,595 | €429,997 | +€4,402 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,865 | €84,064 | +€199 | +0.2% |
| Other operating charges | 640/8 | €11,827 | €1,481 | -€10,346 | -87.5% |
| Non-recurring operating charges | 66A | €13,854 | €9,000 | -€4,854 | -35.0% |
| Gross operating margin | 9900 | €746,385 | €723,232 | -€23,153 | -3.1% |
| Operating profit (loss) | 9901 | €211,244 | €198,691 | -€12,554 | -5.9% |
| Financial income | 75/76B | €971 | €882 | -€89 | -9.2% |
| Recurring financial income | 75 | €971 | €882 | -€89 | -9.2% |
| Financial charges | 65/66B | €3,776 | €3,638 | -€138 | -3.6% |
| Recurring financial charges | 65 | €3,776 | €3,638 | -€138 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €208,439 | €195,934 | -€12,505 | -6.0% |
| Income taxes | 67/77 | €55,473 | €51,968 | -€3,505 | -6.3% |
| Profit (loss) for the period | 9904 | €152,966 | €143,966 | -€9,000 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €152,966 | €143,966 | -€9,000 | -5.9% |
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 6 October 2026 via checked.be.