FONDUE: 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.
FONDUE
Largest movements
- Stocks and contracts +€266,429
up €266,429 (+62.9%), from €423,446 to €689,875
- Cash -€13,911
down €13,911 (-11.9%), from €116,690 to €102,779
mainly Stocks and contracts (-€266,429) and Contributions, distributions and other (-€100,000)
- Receivables within one year -€11,886
down €11,886 (-19.0%), from €62,581 to €50,695
of which Trade receivables: -€11,886
- Trade debts +€146,404
up €146,404 (+91.0%), from €160,925 to €307,328
- Other debts +€94,372
up €94,372 (+67.2%), from €140,374 to €234,746
- Debts after one year -€50,301
down €50,301 (-53.7%), from €93,746 to €43,445
- Profit (loss) carried forward +€31,225
up €31,225 (+30.2%), from €103,369 to €134,594
- Tax, wage and social debts +€19,435
up €19,435 (+71.4%), from €27,213 to €46,649
of which Taxes: +€17,640
- Gross operating margin +€80,397
up €80,397 (+49.1%), from €163,696 to €244,093
- Taxes +€18,971
up €18,971 (+71.6%), from €26,505 to €45,476
- Financial charges +€7,467
up €7,467 (+90.7%), from €8,231 to €15,698
- Financial income +€4,985
up €4,985 (+173.5%), from €2,873 to €7,858
- Staff costs +€2,501
up €2,501 (+4.8%), from €52,495 to €54,996
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 | €606,418 | €846,063 | +€239,645 | +39.5% |
| Fixed assets | 21/28 | €3,651 | €1,414 | -€2,238 | -61.3% |
| Tangible fixed assets | 22/27 | €3,651 | €1,414 | -€2,238 | -61.3% |
| Furniture and vehicles | 24 | €3,651 | €1,414 | -€2,238 | -61.3% |
| Current assets | 29/58 | €602,767 | €844,649 | +€241,882 | +40.1% |
| Stocks and contracts in progress | 3 | €423,446 | €689,875 | +€266,429 | +62.9% |
| Stocks | 30/36 | €423,446 | €689,875 | +€266,429 | +62.9% |
| Amounts receivable within one year | 40/41 | €62,581 | €50,695 | -€11,886 | -19.0% |
| Trade receivables | 40 | €62,187 | €50,301 | -€11,886 | -19.1% |
| Other amounts receivable | 41 | €394 | €394 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,690 | €102,779 | -€13,911 | -11.9% |
| Deferred charges and accrued income | 490/1 | €50 | €1,301 | +€1,251 | +2489.7% |
| Total equity and liabilities | 10/49 | €606,418 | €846,063 | +€239,645 | +39.5% |
| Equity | 10/15 | €132,369 | €163,594 | +€31,225 | +23.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €27,000 | €27,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,369 | €134,594 | +€31,225 | +30.2% |
| Amounts payable | 17/49 | €474,050 | €682,469 | +€208,419 | +44.0% |
| Amounts payable after more than one year | 17 | €93,746 | €43,445 | -€50,301 | -53.7% |
| Financial debts | 170/4 | €93,746 | €43,445 | -€50,301 | -53.7% |
| Amounts payable within one year | 42/48 | €380,303 | €639,024 | +€258,720 | +68.0% |
| Current portion of amounts payable after more than one year | 42 | €51,791 | €50,301 | -€1,490 | -2.9% |
| Trade debts | 44 | €160,925 | €307,328 | +€146,404 | +91.0% |
| Suppliers | 440/4 | €160,925 | €307,328 | +€146,404 | +91.0% |
| Taxes, remuneration and social security | 45 | €27,213 | €46,649 | +€19,435 | +71.4% |
| Taxes | 450/3 | €19,615 | €37,255 | +€17,640 | +89.9% |
| Remuneration and social security | 454/9 | €7,598 | €9,393 | +€1,795 | +23.6% |
| Other amounts payable | 47/48 | €140,374 | €234,746 | +€94,372 | +67.2% |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Remuneration, social security and pensions | 62 | €52,495 | €54,996 | +€2,501 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,269 | €3,821 | -€2,448 | -39.1% |
| Other operating charges | 640/8 | €658 | €736 | +€78 | +11.8% |
| Gross operating margin | 9900 | €163,696 | €244,093 | +€80,397 | +49.1% |
| Operating profit (loss) | 9901 | €104,275 | €184,541 | +€80,266 | +77.0% |
| Financial income | 75/76B | €2,873 | €7,858 | +€4,985 | +173.5% |
| Recurring financial income | 75 | €2,873 | €7,858 | +€4,985 | +173.5% |
| Financial charges | 65/66B | €8,231 | €15,698 | +€7,467 | +90.7% |
| Recurring financial charges | 65 | €8,231 | €15,698 | +€7,467 | +90.7% |
| Profit (loss) for the period before taxes | 9903 | €98,917 | €176,701 | +€77,784 | +78.6% |
| Income taxes | 67/77 | €26,505 | €45,476 | +€18,971 | +71.6% |
| Profit (loss) for the period | 9904 | €72,412 | €131,225 | +€58,814 | +81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,412 | €131,225 | +€58,814 | +81.2% |
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.