FOND: 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.
FOND
Largest movements
- Tangible fixed assets +€334,052
up €334,052 (+132.8%), from €251,620 to €585,672
of which Land and buildings: +€378,600
- Stocks and contracts -€8,250
down €8,250 (-23.9%), from €34,581 to €26,331
- Debts after one year +€329,447
up €329,447 (+562.4%), from €58,577 to €388,024
- Other debts -€39,848
down €39,848 (-36.2%), from €109,987 to €70,139
- Reserves +€31,312
up €31,312 (+31.2%), from €100,316 to €131,628
of which Distributable reserves: +€31,312
- Depreciation +€13,112
up €13,112 (+26.5%), from €49,546 to €62,658
- Taxes -€8,946
down €8,946 (-32.9%), from €27,206 to €18,261
- Financial charges -€4,797
down €4,797 (-75.5%), from €6,350 to €1,553
- Staff costs -€4,701
down €4,701 (-3.5%), from €135,154 to €130,454
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 | €339,043 | €665,341 | +€326,298 | +96.2% |
| Fixed assets | 21/28 | €251,620 | €586,797 | +€335,177 | +133.2% |
| Tangible fixed assets | 22/27 | €251,620 | €585,672 | +€334,052 | +132.8% |
| Land and buildings | 22 | €6,673 | €385,273 | +€378,600 | +5673.5% |
| Plant, machinery and equipment | 23 | €63,950 | €45,351 | -€18,598 | -29.1% |
| Furniture and vehicles | 24 | €26,232 | €20,939 | -€5,294 | -20.2% |
| Other tangible fixed assets | 26 | €154,765 | €134,109 | -€20,656 | -13.3% |
| Financial fixed assets | 28 | - | €1,125 | +€1,125 | |
| Current assets | 29/58 | €87,424 | €78,545 | -€8,879 | -10.2% |
| Stocks and contracts in progress | 3 | €34,581 | €26,331 | -€8,250 | -23.9% |
| Stocks | 30/36 | €34,581 | €26,331 | -€8,250 | -23.9% |
| Amounts receivable within one year | 40/41 | €3,680 | €1,600 | -€2,080 | -56.5% |
| Trade receivables | 40 | €1,653 | €0 | -€1,653 | -100.0% |
| Other amounts receivable | 41 | €2,027 | €1,600 | -€427 | -21.1% |
| Cash at bank and in hand | 54/58 | €45,672 | €49,042 | +€3,370 | +7.4% |
| Deferred charges and accrued income | 490/1 | €3,491 | €1,572 | -€1,919 | -55.0% |
| Total equity and liabilities | 10/49 | €339,043 | €665,341 | +€326,298 | +96.2% |
| Equity | 10/15 | €118,916 | €150,228 | +€31,312 | +26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,316 | €131,628 | +€31,312 | +31.2% |
| Tax-exempt reserves | 132 | €7,440 | €7,440 | = | 0.0% |
| Distributable reserves | 133 | €92,876 | €124,188 | +€31,312 | +33.7% |
| Amounts payable | 17/49 | €220,128 | €515,114 | +€294,986 | +134.0% |
| Amounts payable after more than one year | 17 | €58,577 | €388,024 | +€329,447 | +562.4% |
| Financial debts | 170/4 | €58,577 | €388,024 | +€329,447 | +562.4% |
| Amounts payable within one year | 42/48 | €161,550 | €127,090 | -€34,461 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €27,368 | €30,553 | +€3,186 | +11.6% |
| Financial debts | 43 | €72 | €5,000 | +€4,928 | +6850.2% |
| Credit institutions | 430/8 | €72 | €5,000 | +€4,928 | +6850.2% |
| Trade debts | 44 | €661 | €1,605 | +€944 | +142.8% |
| Suppliers | 440/4 | €661 | €1,605 | +€944 | +142.8% |
| Taxes, remuneration and social security | 45 | €23,462 | €19,792 | -€3,671 | -15.6% |
| Taxes | 450/3 | €11,013 | €8,281 | -€2,732 | -24.8% |
| Remuneration and social security | 454/9 | €12,450 | €11,511 | -€939 | -7.5% |
| Other amounts payable | 47/48 | €109,987 | €70,139 | -€39,848 | -36.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €135,154 | €130,454 | -€4,701 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,546 | €62,658 | +€13,112 | +26.5% |
| Other operating charges | 640/8 | €4,145 | €2,325 | -€1,820 | -43.9% |
| Non-recurring operating charges | 66A | €200 | €0 | -€200 | -100.0% |
| Gross operating margin | 9900 | €247,683 | €246,562 | -€1,121 | -0.5% |
| Operating profit (loss) | 9901 | €58,637 | €51,125 | -€7,512 | -12.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €6,350 | €1,553 | -€4,797 | -75.5% |
| Recurring financial charges | 65 | €6,350 | €1,553 | -€4,797 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | €52,288 | €49,573 | -€2,715 | -5.2% |
| Income taxes | 67/77 | €27,206 | €18,261 | -€8,946 | -32.9% |
| Profit (loss) for the period | 9904 | €25,081 | €31,312 | +€6,231 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,081 | €31,312 | +€6,231 | +24.8% |
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 7 October 2026 via checked.be.