FONDART: 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.
FONDART
Largest movements
- Receivables within one year +€390,130
up €390,130 (+1565.3%), from €24,924 to €415,054
of which Trade receivables: +€391,095
- Tangible fixed assets +€112,085
up €112,085 (+3.5%), from €3.2m to €3.3m
of which Other tangible fixed assets: +€67,192
- Cash +€47,876
up €47,876 (+371.7%), from €12,879 to €60,755
mainly Net result for the year (+€588,371) and Depreciation (+€84,845)
- Reserves +€577,436
up €577,436 (+22.5%), from €2.6m to €3.1m
of which Distributable reserves: +€600,428
- Gross operating margin +€32,880
up €32,880 (+3.8%), from €862,378 to €895,258
- Taxes +€13,965
up €13,965 (+7.3%), from €190,344 to €204,309
- Depreciation -€9,025
down €9,025 (-9.6%), from €93,870 to €84,845
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 | €3,199,435 | €3,749,424 | +€549,989 | +17.2% |
| Fixed assets | 21/28 | €3,158,831 | €3,270,916 | +€112,085 | +3.5% |
| Tangible fixed assets | 22/27 | €3,158,831 | €3,270,916 | +€112,085 | +3.5% |
| Land and buildings | 22 | €2,098,385 | €2,155,925 | +€57,540 | +2.7% |
| Plant, machinery and equipment | 23 | €2,138 | €5,082 | +€2,943 | +137.6% |
| Furniture and vehicles | 24 | €60,565 | €44,975 | -€15,590 | -25.7% |
| Other tangible fixed assets | 26 | €997,742 | €1,064,934 | +€67,192 | +6.7% |
| Current assets | 29/58 | €40,605 | €478,509 | +€437,904 | +1078.5% |
| Stocks and contracts in progress | 3 | €652 | €0 | -€652 | -100.0% |
| Stocks | 30/36 | €652 | €0 | -€652 | -100.0% |
| Amounts receivable within one year | 40/41 | €24,924 | €415,054 | +€390,130 | +1565.3% |
| Trade receivables | 40 | €23,959 | €415,054 | +€391,095 | +1632.4% |
| Other amounts receivable | 41 | €965 | €0 | -€965 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,879 | €60,755 | +€47,876 | +371.7% |
| Deferred charges and accrued income | 490/1 | €2,149 | €2,699 | +€550 | +25.6% |
| Total equity and liabilities | 10/49 | €3,199,435 | €3,749,424 | +€549,989 | +17.2% |
| Equity | 10/15 | €2,642,440 | €3,219,876 | +€577,436 | +21.9% |
| Contributions | 10/11 | €72,533 | €72,533 | = | 0.0% |
| Capital | 10 | €72,533 | €72,533 | = | 0.0% |
| Issued capital | 100 | €72,533 | €72,533 | = | 0.0% |
| Reserves | 13 | €2,569,906 | €3,147,342 | +€577,436 | +22.5% |
| Non-distributable reserves | 130/1 | €7,253 | €7,253 | = | 0.0% |
| Legal reserve | 130 | €7,253 | €7,253 | = | 0.0% |
| Tax-exempt reserves | 132 | €281,761 | €258,769 | -€22,992 | -8.2% |
| Distributable reserves | 133 | €2,280,892 | €2,881,320 | +€600,428 | +26.3% |
| Provisions and deferred taxes | 16 | €89,929 | €96,443 | +€6,514 | +7.2% |
| Deferred taxes | 168 | €89,929 | €96,443 | +€6,514 | +7.2% |
| Amounts payable | 17/49 | €467,066 | €433,106 | -€33,961 | -7.3% |
| Amounts payable after more than one year | 17 | €34,231 | €16,698 | -€17,533 | -51.2% |
| Financial debts | 170/4 | €34,231 | €16,698 | -€17,533 | -51.2% |
| Amounts payable within one year | 42/48 | €427,710 | €403,897 | -€23,814 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €16,847 | €17,533 | +€685 | +4.1% |
| Trade debts | 44 | €3,963 | €2,886 | -€1,077 | -27.2% |
| Suppliers | 440/4 | €3,963 | €2,886 | -€1,077 | -27.2% |
| Taxes, remuneration and social security | 45 | €20,344 | €27,694 | +€7,350 | +36.1% |
| Taxes | 450/3 | €20,344 | €27,694 | +€7,350 | +36.1% |
| Other amounts payable | 47/48 | €386,557 | €355,784 | -€30,773 | -8.0% |
| Accrued charges and deferred income | 492/3 | €5,125 | €12,511 | +€7,386 | +144.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,870 | €84,845 | -€9,025 | -9.6% |
| Other operating charges | 640/8 | €9,671 | €11,537 | +€1,866 | +19.3% |
| Gross operating margin | 9900 | €862,378 | €895,258 | +€32,880 | +3.8% |
| Operating profit (loss) | 9901 | €758,837 | €798,876 | +€40,039 | +5.3% |
| Financial income | 75/76B | €49 | €90 | +€40 | +81.0% |
| Recurring financial income | 75 | €49 | €90 | +€40 | +81.0% |
| Financial charges | 65/66B | €16,269 | €10,707 | -€5,562 | -34.2% |
| Recurring financial charges | 65 | €16,269 | €10,707 | -€5,562 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €742,617 | €788,258 | +€45,641 | +6.1% |
| Transfer from deferred taxes | 780 | €4,421 | €4,421 | = | 0.0% |
| Income taxes | 67/77 | €190,344 | €204,309 | +€13,965 | +7.3% |
| Profit (loss) for the period | 9904 | €556,695 | €588,371 | +€31,676 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €12,057 | €12,057 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €568,752 | €600,428 | +€31,676 | +5.6% |
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.