Formule F: what changed
Two financial 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.
Formule F
Largest movements
- Current investments +€125,734
up €125,734 (+87.2%), from €144,136 to €269,870
- Receivables within one year -€13,557
down €13,557 (-73.2%), from €18,523 to €4,966
of which Trade receivables: -€18,523
- Cash -€6,744
down €6,744 (-47.3%), from €14,259 to €7,515
mainly Current investments (-€125,734) and Investment in fixed assets (net) (-€2,510)
- Reserves +€104,500
up €104,500 (+64.4%), from €162,174 to €266,674
- Gross operating margin +€26,877
up €26,877 (+26.1%), from €103,049 to €129,927
- Financial income +€7,372
up €7,372 (+1310.1%), from €563 to €7,935
- Taxes +€6,945
up €6,945 (+34.0%), from €20,454 to €27,399
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 | €180,044 | €286,370 | +€106,327 | +59.1% |
| Fixed assets | 21/28 | €3,127 | €4,020 | +€894 | +28.6% |
| Tangible fixed assets | 22/27 | €3,127 | €4,020 | +€894 | +28.6% |
| Plant, machinery and equipment | 23 | - | €1,138 | +€1,138 | |
| Furniture and vehicles | 24 | €3,127 | €2,883 | -€244 | -7.8% |
| Current assets | 29/58 | €176,917 | €282,350 | +€105,433 | +59.6% |
| Amounts receivable within one year | 40/41 | €18,523 | €4,966 | -€13,557 | -73.2% |
| Trade receivables | 40 | €18,523 | - | -€18,523 | |
| Other amounts receivable | 41 | - | €4,966 | +€4,966 | |
| Current investments | 50/53 | €144,136 | €269,870 | +€125,734 | +87.2% |
| Cash at bank and in hand | 54/58 | €14,259 | €7,515 | -€6,744 | -47.3% |
| Total equity and liabilities | 10/49 | €180,044 | €286,370 | +€106,327 | +59.1% |
| Equity | 10/15 | €167,174 | €271,674 | +€104,500 | +62.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €162,174 | €266,674 | +€104,500 | +64.4% |
| Distributable reserves | 133 | €162,174 | €266,674 | +€104,500 | +64.4% |
| Amounts payable | 17/49 | €12,870 | €14,696 | +€1,827 | +14.2% |
| Amounts payable within one year | 42/48 | €12,870 | €14,696 | +€1,827 | +14.2% |
| Trade debts | 44 | €2,036 | €1,826 | -€210 | -10.3% |
| Suppliers | 440/4 | €2,036 | €1,826 | -€210 | -10.3% |
| Taxes, remuneration and social security | 45 | €10,727 | €12,870 | +€2,143 | +20.0% |
| Taxes | 450/3 | €10,727 | €12,870 | +€2,143 | +20.0% |
| Other amounts payable | 47/48 | €107 | - | -€107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,115 | €1,617 | +€502 | +45.0% |
| Other operating charges | 640/8 | €282 | €440 | +€157 | +55.7% |
| Gross operating margin | 9900 | €103,049 | €129,927 | +€26,877 | +26.1% |
| Operating profit (loss) | 9901 | €101,652 | €127,870 | +€26,218 | +25.8% |
| Financial income | 75/76B | €563 | €7,935 | +€7,372 | +1310.1% |
| Recurring financial income | 75 | €563 | €7,935 | +€7,372 | +1310.1% |
| Financial charges | 65/66B | €3,454 | €3,906 | +€452 | +13.1% |
| Recurring financial charges | 65 | €3,454 | €3,906 | +€452 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €98,761 | €131,899 | +€33,138 | +33.6% |
| Income taxes | 67/77 | €20,454 | €27,399 | +€6,945 | +34.0% |
| Profit (loss) for the period | 9904 | €78,307 | €104,500 | +€26,193 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,307 | €104,500 | +€26,193 | +33.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.