FORMULE M: 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.
FORMULE M
Largest movements
- Stocks and contracts -€136,737
down €136,737 (-26.0%), from €526,234 to €389,497
- Receivables within one year +€11,007
up €11,007 (+8.5%), from €129,513 to €140,520
of which Trade receivables: +€9,572
- Trade debts -€92,464
down €92,464 (-18.1%), from €511,184 to €418,719
- Profit (loss) carried forward -€57,715
down €57,715 (-171.7%), from -€33,605 to -€91,320
- Accrued charges and deferred income +€21,317
up €21,317 (+2811.6%), from €758 to €22,075
- Gross operating margin -€15,719
down €15,719, from €14,648 to -€1,071
- Staff costs +€4,262
up €4,262 (+10.1%), from €42,195 to €46,457
- Taxes +€1,908
up €1,908 (+346.1%), from €551 to €2,460
- Other operating charges +€974
up €974 (+90.7%), from €1,073 to €2,047
- Depreciation +€949
up €949 (+13.2%), from €7,164 to €8,113
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 | €746,759 | €616,719 | -€130,040 | -17.4% |
| Fixed assets | 21/28 | €38,195 | €38,067 | -€128 | -0.3% |
| Tangible fixed assets | 22/27 | €9,102 | €8,974 | -€128 | -1.4% |
| Land and buildings | 22 | €980 | €699 | -€281 | -28.7% |
| Furniture and vehicles | 24 | €8,122 | €8,275 | +€153 | +1.9% |
| Financial fixed assets | 28 | €29,094 | €29,094 | = | 0.0% |
| Current assets | 29/58 | €708,563 | €578,652 | -€129,912 | -18.3% |
| Stocks and contracts in progress | 3 | €526,234 | €389,497 | -€136,737 | -26.0% |
| Stocks | 30/36 | €526,234 | €389,497 | -€136,737 | -26.0% |
| Amounts receivable within one year | 40/41 | €129,513 | €140,520 | +€11,007 | +8.5% |
| Trade receivables | 40 | €74,202 | €83,774 | +€9,572 | +12.9% |
| Other amounts receivable | 41 | €55,311 | €56,746 | +€1,435 | +2.6% |
| Cash at bank and in hand | 54/58 | €48,291 | €45,865 | -€2,426 | -5.0% |
| Deferred charges and accrued income | 490/1 | €4,525 | €2,770 | -€1,755 | -38.8% |
| Total equity and liabilities | 10/49 | €746,759 | €616,719 | -€130,040 | -17.4% |
| Equity | 10/15 | €225,159 | €167,444 | -€57,715 | -25.6% |
| Contributions | 10/11 | €114,031 | €114,031 | = | 0.0% |
| Capital | 10 | €114,031 | €114,031 | = | 0.0% |
| Issued capital | 100 | €114,031 | €114,031 | = | 0.0% |
| Reserves | 13 | €144,733 | €144,733 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,403 | €11,403 | = | 0.0% |
| Legal reserve | 130 | €11,403 | €11,403 | = | 0.0% |
| Distributable reserves | 133 | €133,330 | €133,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,605 | -€91,320 | -€57,715 | -171.7% |
| Amounts payable | 17/49 | €521,600 | €449,275 | -€72,325 | -13.9% |
| Amounts payable within one year | 42/48 | €520,842 | €427,199 | -€93,643 | -18.0% |
| Trade debts | 44 | €511,184 | €418,719 | -€92,464 | -18.1% |
| Suppliers | 440/4 | €511,184 | €418,719 | -€92,464 | -18.1% |
| Taxes, remuneration and social security | 45 | €9,658 | €8,480 | -€1,178 | -12.2% |
| Taxes | 450/3 | €7,452 | €6,741 | -€711 | -9.5% |
| Remuneration and social security | 454/9 | €2,206 | €1,739 | -€467 | -21.2% |
| Accrued charges and deferred income | 492/3 | €758 | €22,075 | +€21,317 | +2811.6% |
| Non-recurring operating income | 76A | - | €8,857 | +€8,857 | |
| Remuneration, social security and pensions | 62 | €42,195 | €46,457 | +€4,262 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,164 | €8,113 | +€949 | +13.2% |
| Other operating charges | 640/8 | €1,073 | €2,047 | +€974 | +90.7% |
| Gross operating margin | 9900 | €14,648 | -€1,071 | -€15,719 | |
| Operating profit (loss) | 9901 | -€35,785 | -€57,688 | -€21,904 | -61.2% |
| Financial income | 75/76B | €3,231 | €3,054 | -€177 | -5.5% |
| Recurring financial income | 75 | €3,231 | €3,054 | -€177 | -5.5% |
| Financial charges | 65/66B | €500 | €621 | +€121 | +24.1% |
| Recurring financial charges | 65 | €500 | €621 | +€121 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | -€33,054 | -€55,255 | -€22,201 | -67.2% |
| Income taxes | 67/77 | €551 | €2,460 | +€1,908 | +346.1% |
| Profit (loss) for the period | 9904 | -€33,605 | -€57,715 | -€24,109 | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,605 | -€57,715 | -€24,109 | -71.7% |
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.