FONDERS: what changed
FONDERS
Largest movements
- Receivables within one year -€102,613
down €102,613 (-83.8%), from €122,467 to €19,854
of which Trade receivables: -€101,699
- Deferred charges and accrued income +€3,332
up €3,332 (+139%), from €2,389 to €5,721
- Cash -€3,107
down €3,107 (-2.9%), from €106,173 to €103,067
mainly Tax, wage and social debts (-€57,989) and Accrued charges and deferred income (-€39,330)
- Tax, wage and social debts -€57,989
down €57,989 (-65.7%), from €88,208 to €30,219
of which Taxes: -€52,528
- Accrued charges and deferred income -€39,330
down €39,330 (-96.2%), from €40,884 to €1,554
- Other debts -€9,364
down €9,364 (-29.0%), from €32,300 to €22,936
- Trade debts +€3,361
up €3,361 (+16.2%), from €20,728 to €24,089
- Gross operating margin -€81,177
down €81,177 (-42.5%), from €190,860 to €109,683
- Staff costs -€66,455
down €66,455 (-47.9%), from €138,718 to €72,262
- Write-downs +€4,930
new in 2025: €4,930
- Other operating charges -€4,436
down €4,436 (-85.0%), from €5,220 to €784
- Taxes -€4,234
down €4,234 (-30.1%), from €14,077 to €9,843
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €233,217 | €129,902 | -€103,315 | -44.3% |
| Fixed assets | 21/28 | €2,188 | €1,260 | -€927 | -42.4% |
| Tangible fixed assets | 22/27 | €2,188 | €1,260 | -€927 | -42.4% |
| Plant, machinery and equipment | 23 | €2,188 | €1,260 | -€927 | -42.4% |
| Current assets | 29/58 | €231,029 | €128,642 | -€102,388 | -44.3% |
| Amounts receivable within one year | 40/41 | €122,467 | €19,854 | -€102,613 | -83.8% |
| Trade receivables | 40 | €121,553 | €19,854 | -€101,699 | -83.7% |
| Other amounts receivable | 41 | €914 | €0 | -€914 | -100% |
| Cash at bank and in hand | 54/58 | €106,173 | €103,067 | -€3,107 | -2.9% |
| Deferred charges and accrued income | 490/1 | €2,389 | €5,721 | +€3,332 | +139% |
| Total equity and liabilities | 10/49 | €233,217 | €129,902 | -€103,315 | -44.3% |
| Equity | 10/15 | €51,097 | €51,105 | +€7 | 0.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,097 | €1,105 | +€7 | +0.7% |
| Amounts payable | 17/49 | €182,120 | €78,797 | -€103,322 | -56.7% |
| Amounts payable within one year | 42/48 | €141,236 | €77,244 | -€63,992 | -45.3% |
| Trade debts | 44 | €20,728 | €24,089 | +€3,361 | +16.2% |
| Suppliers | 440/4 | €20,728 | €24,089 | +€3,361 | +16.2% |
| Taxes, remuneration and social security | 45 | €88,208 | €30,219 | -€57,989 | -65.7% |
| Taxes | 450/3 | €70,162 | €17,634 | -€52,528 | -74.9% |
| Remuneration and social security | 454/9 | €18,046 | €12,585 | -€5,461 | -30.3% |
| Other amounts payable | 47/48 | €32,300 | €22,936 | -€9,364 | -29.0% |
| Accrued charges and deferred income | 492/3 | €40,884 | €1,554 | -€39,330 | -96.2% |
| Remuneration, social security and pensions | 62 | €138,718 | €72,262 | -€66,455 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €781 | €927 | +€146 | +18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,930 | +€4,930 | |
| Other operating charges | 640/8 | €5,220 | €784 | -€4,436 | -85.0% |
| Gross operating margin | 9900 | €190,860 | €109,683 | -€81,177 | -42.5% |
| Operating profit (loss) | 9901 | €46,141 | €30,779 | -€15,362 | -33.3% |
| Financial income | 75/76B | €348 | €895 | +€548 | +158% |
| Recurring financial income | 75 | €348 | €895 | +€548 | +158% |
| Financial charges | 65/66B | €108 | €134 | +€27 | +24.8% |
| Recurring financial charges | 65 | €108 | €134 | +€27 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €46,381 | €31,540 | -€14,841 | -32.0% |
| Income taxes | 67/77 | €14,077 | €9,843 | -€4,234 | -30.1% |
| Profit (loss) for the period | 9904 | €32,304 | €21,697 | -€10,607 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,304 | €21,697 | -€10,607 | -32.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.