FOSTER SPV: 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.
FOSTER SPV
Largest movements
- Stocks and contracts +€79.1m
up €79.1m (+151.9%), from €52.1m to €131.1m
- Cash -€11.7m
down €11.7m (-97.8%), from €11.9m to €259,258
mainly Stocks and contracts (-€79.1m) and Trade debts (-€13.2m)
- Debts after one year +€79.1m
up €79.1m (+157.3%), from €50.3m to €129.3m
- Trade debts -€13.2m
down €13.2m (-85.5%), from €15.4m to €2.2m
- Goods and materials +€28.9m
up €28.9m (+61.8%), from €46.7m to €75.6m
- Services and other goods -€2.7m
down €2.7m (-77.1%), from €3.5m to €792,523
- Financial charges +€550,572
up €550,572 (+18.8%), from €2.9m to €3.5m
- Turnover -€434,421
down €434,421 (-43.4%), from €1.0m to €566,947
- Other operating income +€150,712
up €150,712 (+684.5%), from €22,019 to €172,732
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 | €65,699,545 | €131,719,204 | +€66.0m | +100.5% |
| Current assets | 29/58 | €65,699,545 | €131,719,204 | +€66.0m | +100.5% |
| Stocks and contracts in progress | 3 | €52,056,895 | €131,139,182 | +€79.1m | +151.9% |
| Contracts in progress | 37 | €52,056,895 | €131,139,182 | +€79.1m | +151.9% |
| Amounts receivable within one year | 40/41 | €1,201,270 | €20,963 | -€1.2m | -98.3% |
| Trade receivables | 40 | €568,523 | €20,873 | -€547,650 | -96.3% |
| Other amounts receivable | 41 | €632,747 | €89 | -€632,657 | -100.0% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Other investments | 51/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €11,935,056 | €259,258 | -€11.7m | -97.8% |
| Deferred charges and accrued income | 490/1 | €6,323 | €299,801 | +€293,478 | +4641.4% |
| Total equity and liabilities | 10/49 | €65,699,545 | €131,719,204 | +€66.0m | +100.5% |
| Equity | 10/15 | €61,465 | €61,557 | +€92 | +0.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35 | €57 | +€92 | |
| Amounts payable | 17/49 | €65,638,080 | €131,657,648 | +€66.0m | +100.6% |
| Amounts payable after more than one year | 17 | €50,260,584 | €129,334,068 | +€79.1m | +157.3% |
| Financial debts | 170/4 | €50,260,584 | €129,334,068 | +€79.1m | +157.3% |
| Credit institutions | 173 | €50,260,584 | €129,334,068 | +€79.1m | +157.3% |
| Amounts payable within one year | 42/48 | €15,377,495 | €2,323,580 | -€13.1m | -84.9% |
| Trade debts | 44 | €15,377,495 | €2,226,419 | -€13.2m | -85.5% |
| Suppliers | 440/4 | €15,377,495 | €2,226,419 | -€13.2m | -85.5% |
| Taxes, remuneration and social security | 45 | - | €97,161 | +€97,161 | |
| Taxes | 450/3 | - | €97,161 | +€97,161 | |
| Operating income | 70/76A | €53,080,282 | €79,821,966 | +€26.7m | +50.4% |
| Turnover | 70 | €1,001,368 | €566,947 | -€434,421 | -43.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €52,056,895 | €79,082,287 | +€27.0m | +51.9% |
| Other operating income | 74 | €22,019 | €172,732 | +€150,712 | +684.5% |
| Operating charges | 60/66A | €50,185,841 | €76,390,868 | +€26.2m | +52.2% |
| Goods for resale, raw materials and consumables | 60 | €46,720,078 | €75,597,068 | +€28.9m | +61.8% |
| Purchases | 600/8 | €46,720,078 | €75,597,068 | +€28.9m | +61.8% |
| Services and other goods | 61 | €3,464,100 | €792,523 | -€2.7m | -77.1% |
| Other operating charges | 640/8 | €1,663 | €1,277 | -€386 | -23.2% |
| Operating profit (loss) | 9901 | €2,894,441 | €3,431,098 | +€536,657 | +18.5% |
| Financial income | 75/76B | €36,703 | €50,537 | +€13,834 | +37.7% |
| Recurring financial income | 75 | €36,703 | €50,537 | +€13,834 | +37.7% |
| Income from current assets | 751 | €36,703 | €50,537 | +€13,834 | +37.7% |
| Financial charges | 65/66B | €2,930,941 | €3,481,513 | +€550,572 | +18.8% |
| Recurring financial charges | 65 | €2,930,941 | €3,481,513 | +€550,572 | +18.8% |
| Debt charges | 650 | €235,863 | €2,848,785 | +€2.6m | +1107.8% |
| Other financial charges | 652/9 | €2,695,077 | €632,728 | -€2.1m | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €204 | €122 | -€82 | -40.0% |
| Income taxes | 67/77 | €238 | €31 | -€208 | -87.2% |
| Taxes | 670/3 | €238 | €31 | -€208 | -87.2% |
| Profit (loss) for the period | 9904 | -€35 | €92 | +€126 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35 | €92 | +€126 |
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.