Fosfari: 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.
Fosfari
Largest movements
- Receivables within one year +€637,569
up €637,569 (+114.1%), from €558,628 to €1.2m
of which Trade receivables: +€637,384
- Cash -€615,842
down €615,842 (-47.6%), from €1.3m to €677,466
mainly Receivables within one year (-€637,569) and Debts after one year (-€455,346)
- Tangible fixed assets -€109,597
down €109,597 (-17.0%), from €646,351 to €536,753
of which Furniture and vehicles: -€66,908
- Deferred charges and accrued income +€51,303
up €51,303 (+1271.6%), from €4,035 to €55,338
- Debts after one year -€455,346
down €455,346 (-87.9%), from €517,976 to €62,630
- Accrued charges and deferred income +€348,384
new in 2025: €348,384
- Reserves +€333,920
up €333,920 (+25.9%), from €1.3m to €1.6m
- Other debts -€233,577
down €233,577 (-100.0%), from €233,577 to €0
- Tax, wage and social debts +€59,725
up €59,725 (+29.2%), from €204,295 to €264,020
of which Taxes: +€57,529
- Gross operating margin -€32,427
down €32,427 (-2.9%), from €1.1m to €1.1m
- Staff costs +€28,347
up €28,347 (+6.7%), from €423,161 to €451,509
- Taxes -€11,736
down €11,736 (-8.0%), from €145,942 to €134,206
- Write-downs -€11,365
down €11,365, from €3,731 to -€7,634
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 | €2,554,421 | €2,524,052 | -€30,370 | -1.2% |
| Fixed assets | 21/28 | €646,426 | €536,828 | -€109,597 | -17.0% |
| Tangible fixed assets | 22/27 | €646,351 | €536,753 | -€109,597 | -17.0% |
| Land and buildings | 22 | €462,994 | €429,205 | -€33,789 | -7.3% |
| Plant, machinery and equipment | 23 | €26,079 | €17,179 | -€8,900 | -34.1% |
| Furniture and vehicles | 24 | €157,277 | €90,369 | -€66,908 | -42.5% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €1,907,996 | €1,987,223 | +€79,228 | +4.2% |
| Stocks and contracts in progress | 3 | €52,025 | €58,223 | +€6,198 | +11.9% |
| Stocks | 30/36 | €52,025 | €58,223 | +€6,198 | +11.9% |
| Amounts receivable within one year | 40/41 | €558,628 | €1,196,196 | +€637,569 | +114.1% |
| Trade receivables | 40 | €558,628 | €1,196,011 | +€637,384 | +114.1% |
| Other amounts receivable | 41 | - | €185 | +€185 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,293,309 | €677,466 | -€615,842 | -47.6% |
| Deferred charges and accrued income | 490/1 | €4,035 | €55,338 | +€51,303 | +1271.6% |
| Total equity and liabilities | 10/49 | €2,554,421 | €2,524,052 | -€30,370 | -1.2% |
| Equity | 10/15 | €1,309,625 | €1,643,546 | +€333,920 | +25.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,291,025 | €1,624,946 | +€333,920 | +25.9% |
| Distributable reserves | 133 | €1,291,025 | €1,624,946 | +€333,920 | +25.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,244,796 | €880,506 | -€364,290 | -29.3% |
| Amounts payable after more than one year | 17 | €517,976 | €62,630 | -€455,346 | -87.9% |
| Financial debts | 170/4 | €517,976 | €62,630 | -€455,346 | -87.9% |
| Amounts payable within one year | 42/48 | €726,820 | €469,492 | -€257,328 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €42,007 | €0 | -€42,007 | -100.0% |
| Financial debts | 43 | - | €9,944 | +€9,944 | |
| Credit institutions | 430/8 | - | €9,944 | +€9,944 | |
| Trade debts | 44 | €246,941 | €195,529 | -€51,412 | -20.8% |
| Suppliers | 440/4 | €246,941 | €195,529 | -€51,412 | -20.8% |
| Taxes, remuneration and social security | 45 | €204,295 | €264,020 | +€59,725 | +29.2% |
| Taxes | 450/3 | €144,073 | €201,602 | +€57,529 | +39.9% |
| Remuneration and social security | 454/9 | €60,222 | €62,418 | +€2,196 | +3.6% |
| Other amounts payable | 47/48 | €233,577 | €0 | -€233,577 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €348,384 | +€348,384 | |
| Remuneration, social security and pensions | 62 | €423,161 | €451,509 | +€28,347 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,579 | €85,500 | -€3,079 | -3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,731 | -€7,634 | -€11,365 | |
| Other operating charges | 640/8 | €25,229 | €32,220 | +€6,991 | +27.7% |
| Non-recurring operating charges | 66A | €6,461 | €15,278 | +€8,817 | +136.5% |
| Gross operating margin | 9900 | €1,109,769 | €1,077,342 | -€32,427 | -2.9% |
| Operating profit (loss) | 9901 | €562,607 | €500,469 | -€62,138 | -11.0% |
| Financial income | 75/76B | €6,125 | €133 | -€5,992 | -97.8% |
| Recurring financial income | 75 | €6,125 | €133 | -€5,992 | -97.8% |
| Financial charges | 65/66B | €27,605 | €32,476 | +€4,871 | +17.6% |
| Recurring financial charges | 65 | €27,605 | €32,476 | +€4,871 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €541,126 | €468,126 | -€73,000 | -13.5% |
| Income taxes | 67/77 | €145,942 | €134,206 | -€11,736 | -8.0% |
| Profit (loss) for the period | 9904 | €395,185 | €333,920 | -€61,264 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €395,185 | €333,920 | -€61,264 | -15.5% |
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 8 October 2026 via checked.be.