FONVAL: 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.
FONVAL
Largest movements
- Receivables within one year -€1.9m
down €1.9m (-82.6%), from €2.3m to €392,736
of which Other amounts receivable: -€1.8m
- Cash +€136,591
up €136,591 (+70.7%), from €193,229 to €329,820
mainly Receivables within one year (+€1.9m) and Net result for the year (+€841,356)
- Tangible fixed assets -€80,060
down €80,060 (-6.6%), from €1.2m to €1.1m
of which Plant, machinery and equipment: -€44,486
- Other debts -€1.2m
down €1.2m (-59.3%), from €2.0m to €825,686
- Short-term financial debts -€480,000
no longer reported in 2026 (was €480,000)
- Trade debts -€125,034
down €125,034 (-20.5%), from €611,339 to €486,305
- Staff costs +€210,155
up €210,155 (+10.8%), from €2.0m to €2.2m
- Gross operating margin -€155,941
down €155,941 (-4.0%), from €3.9m to €3.8m
- Depreciation +€57,780
up €57,780 (+22.6%), from €255,595 to €313,375
- Taxes +€41,645
up €41,645 (+9.6%), from €434,739 to €476,384
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,400,732 | €3,636,424 | -€1.8m | -32.7% |
| Fixed assets | 21/28 | €1,205,949 | €1,125,889 | -€80,060 | -6.6% |
| Tangible fixed assets | 22/27 | €1,205,769 | €1,125,709 | -€80,060 | -6.6% |
| Plant, machinery and equipment | 23 | €983,803 | €939,317 | -€44,486 | -4.5% |
| Furniture and vehicles | 24 | €50,133 | €35,120 | -€15,013 | -29.9% |
| Other tangible fixed assets | 26 | €171,833 | €151,272 | -€20,561 | -12.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €4,194,783 | €2,510,535 | -€1.7m | -40.2% |
| Stocks and contracts in progress | 3 | €1,740,433 | €1,784,093 | +€43,660 | +2.5% |
| Stocks | 30/36 | €1,740,433 | €1,784,093 | +€43,660 | +2.5% |
| Amounts receivable within one year | 40/41 | €2,257,097 | €392,736 | -€1.9m | -82.6% |
| Trade receivables | 40 | €349,769 | €329,794 | -€19,975 | -5.7% |
| Other amounts receivable | 41 | €1,907,328 | €62,942 | -€1.8m | -96.7% |
| Cash at bank and in hand | 54/58 | €193,229 | €329,820 | +€136,591 | +70.7% |
| Deferred charges and accrued income | 490/1 | €4,024 | €3,886 | -€138 | -3.4% |
| Total equity and liabilities | 10/49 | €5,400,732 | €3,636,424 | -€1.8m | -32.7% |
| Equity | 10/15 | €1,994,251 | €2,035,607 | +€41,356 | +2.1% |
| Contributions | 10/11 | €378,986 | €378,986 | = | 0.0% |
| Capital | 10 | €378,986 | €378,986 | = | 0.0% |
| Issued capital | 100 | €378,986 | €378,986 | = | 0.0% |
| Reserves | 13 | €37,899 | €37,899 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,899 | €37,899 | = | 0.0% |
| Legal reserve | 130 | €37,899 | €37,899 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,577,366 | €1,618,722 | +€41,356 | +2.6% |
| Amounts payable | 17/49 | €3,406,481 | €1,600,817 | -€1.8m | -53.0% |
| Amounts payable within one year | 42/48 | €3,406,481 | €1,600,817 | -€1.8m | -53.0% |
| Financial debts | 43 | €480,000 | - | -€480,000 | |
| Other loans | 439 | €480,000 | - | -€480,000 | |
| Trade debts | 44 | €611,339 | €486,305 | -€125,034 | -20.5% |
| Suppliers | 440/4 | €611,339 | €486,305 | -€125,034 | -20.5% |
| Taxes, remuneration and social security | 45 | €285,920 | €288,826 | +€2,906 | +1.0% |
| Taxes | 450/3 | €25,894 | €26,939 | +€1,045 | +4.0% |
| Remuneration and social security | 454/9 | €260,026 | €261,887 | +€1,861 | +0.7% |
| Other amounts payable | 47/48 | €2,029,222 | €825,686 | -€1.2m | -59.3% |
| Remuneration, social security and pensions | 62 | €1,951,628 | €2,161,783 | +€210,155 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,595 | €313,375 | +€57,780 | +22.6% |
| Other operating charges | 640/8 | €93,478 | €79,718 | -€13,760 | -14.7% |
| Gross operating margin | 9900 | €3,947,797 | €3,791,856 | -€155,941 | -4.0% |
| Operating profit (loss) | 9901 | €1,647,096 | €1,236,980 | -€410,116 | -24.9% |
| Financial income | 75/76B | €112,623 | €102,875 | -€9,748 | -8.7% |
| Recurring financial income | 75 | €112,623 | €102,875 | -€9,748 | -8.7% |
| Financial charges | 65/66B | €12,967 | €22,115 | +€9,148 | +70.5% |
| Recurring financial charges | 65 | €12,967 | €22,115 | +€9,148 | +70.5% |
| Profit (loss) for the period before taxes | 9903 | €1,746,752 | €1,317,740 | -€429,012 | -24.6% |
| Income taxes | 67/77 | €434,739 | €476,384 | +€41,645 | +9.6% |
| Profit (loss) for the period | 9904 | €1,312,013 | €841,356 | -€470,657 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,312,013 | €841,356 | -€470,657 | -35.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.