FOU D'O: 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.
FOU D'O
Largest movements
- Tangible fixed assets -€826,088
down €826,088 (-52.4%), from €1.6m to €749,393
of which Land and buildings: -€825,452
- Cash +€342,207
up €342,207 (+2153.5%), from €15,890 to €358,098
mainly Investment in fixed assets (net) (+€803,464) and Other debts (+€72,584)
- Receivables within one year +€32,464
up €32,464 (+1200.8%), from €2,703 to €35,167
of which Other amounts receivable: +€32,464
- Debts after one year -€390,724
down €390,724 (-47.7%), from €818,900 to €428,176
- Other debts +€72,584
up €72,584 (+30.8%), from €235,939 to €308,522
- Reserves -€63,636
down €63,636 (-10.4%), from €613,844 to €550,208
of which Distributable reserves: -€63,636
- Short-term financial debts -€25,075
down €25,075 (-79.0%), from €31,741 to €6,667
- Tax, wage and social debts -€24,784
down €24,784 (-93.1%), from €26,609 to €1,824
of which Taxes: -€20,308
- Other operating charges +€141,094
up €141,094 (+3506.7%), from €4,024 to €145,118
- Gross operating margin -€129,408
down €129,408 (-37.5%), from €344,940 to €215,532
- Depreciation -€91,275
down €91,275 (-80.1%), from €113,900 to €22,624
- Taxes -€45,717
down €45,717 (-95.1%), from €48,084 to €2,367
- Financial charges +€6,419
up €6,419 (+17.4%), from €36,909 to €43,328
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 | €1,800,581 | €1,354,369 | -€446,212 | -24.8% |
| Fixed assets | 21/28 | €1,780,869 | €954,781 | -€826,088 | -46.4% |
| Tangible fixed assets | 22/27 | €1,575,481 | €749,393 | -€826,088 | -52.4% |
| Land and buildings | 22 | €1,572,721 | €747,270 | -€825,452 | -52.5% |
| Furniture and vehicles | 24 | €2,760 | €2,123 | -€636 | -23.1% |
| Financial fixed assets | 28 | €205,388 | €205,388 | = | 0.0% |
| Current assets | 29/58 | €19,712 | €399,588 | +€379,876 | +1927.2% |
| Amounts receivable within one year | 40/41 | €2,703 | €35,167 | +€32,464 | +1200.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,703 | €35,167 | +€32,464 | +1200.8% |
| Cash at bank and in hand | 54/58 | €15,890 | €358,098 | +€342,207 | +2153.5% |
| Deferred charges and accrued income | 490/1 | €1,118 | €6,323 | +€5,206 | +465.7% |
| Total equity and liabilities | 10/49 | €1,800,581 | €1,354,369 | -€446,212 | -24.8% |
| Equity | 10/15 | €626,244 | €562,608 | -€63,636 | -10.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €613,844 | €550,208 | -€63,636 | -10.4% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €613,844 | €550,208 | -€63,636 | -10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,174,337 | €791,761 | -€382,576 | -32.6% |
| Amounts payable after more than one year | 17 | €818,900 | €428,176 | -€390,724 | -47.7% |
| Financial debts | 170/4 | €818,900 | €428,176 | -€390,724 | -47.7% |
| Amounts payable within one year | 42/48 | €350,564 | €362,334 | +€11,770 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €51,186 | €38,150 | -€13,036 | -25.5% |
| Financial debts | 43 | €31,741 | €6,667 | -€25,075 | -79.0% |
| Credit institutions | 430/8 | €31,741 | €6,667 | -€25,075 | -79.0% |
| Trade debts | 44 | €5,090 | €7,171 | +€2,081 | +40.9% |
| Suppliers | 440/4 | €5,090 | €7,171 | +€2,081 | +40.9% |
| Taxes, remuneration and social security | 45 | €26,609 | €1,824 | -€24,784 | -93.1% |
| Taxes | 450/3 | €22,133 | €1,824 | -€20,308 | -91.8% |
| Remuneration and social security | 454/9 | €4,476 | €0 | -€4,476 | -100.0% |
| Other amounts payable | 47/48 | €235,939 | €308,522 | +€72,584 | +30.8% |
| Accrued charges and deferred income | 492/3 | €4,872 | €1,250 | -€3,622 | -74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,900 | €22,624 | -€91,275 | -80.1% |
| Other operating charges | 640/8 | €4,024 | €145,118 | +€141,094 | +3506.7% |
| Non-recurring operating charges | 66A | €48,500 | - | -€48,500 | |
| Gross operating margin | 9900 | €344,940 | €215,532 | -€129,408 | -37.5% |
| Operating profit (loss) | 9901 | €178,517 | €47,790 | -€130,728 | -73.2% |
| Financial income | 75/76B | €0 | €1 | +€0 | +76.5% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +76.5% |
| Financial charges | 65/66B | €36,909 | €43,328 | +€6,419 | +17.4% |
| Recurring financial charges | 65 | €36,909 | €43,328 | +€6,419 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €141,608 | €4,462 | -€137,146 | -96.8% |
| Transfer from deferred taxes | 780 | €4,594 | €0 | -€4,594 | -100.0% |
| Income taxes | 67/77 | €48,084 | €2,367 | -€45,717 | -95.1% |
| Profit (loss) for the period | 9904 | €98,119 | €2,096 | -€96,023 | -97.9% |
| Transfer from tax-exempt reserves | 789 | €18,378 | €0 | -€18,378 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,497 | €2,096 | -€114,401 | -98.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.