Foubert construct: 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.
Foubert construct
Largest movements
- Tangible fixed assets +€904,261
up €904,261 (+332.1%), from €272,299 to €1.2m
of which Land and buildings: +€899,219
- Receivables within one year -€83,370
down €83,370 (-69.7%), from €119,537 to €36,167
of which Trade receivables: -€89,753
- Current investments -€34,229
no longer reported in 2025 (was €34,229)
- Stocks and contracts +€31,855
up €31,855 (+72.7%), from €43,845 to €75,700
- Cash +€27,740
new in 2025: €27,740
mainly Debts after one year (+€796,875) and Receivables within one year (+€83,370)
- Debts after one year +€796,875
up €796,875 (+403.0%), from €197,720 to €994,595
- Current portion of long-term debt +€37,653
up €37,653 (+144.8%), from €25,999 to €63,652
- Reserves +€17,463
up €17,463 (+8.9%), from €196,698 to €214,161
- Tax, wage and social debts -€15,731
down €15,731 (-37.2%), from €42,232 to €26,501
- Financial charges +€27,084
up €27,084 (+927.4%), from €2,920 to €30,004
- Gross operating margin -€16,437
down €16,437 (-14.4%), from €113,983 to €97,546
- Taxes -€11,605
down €11,605 (-45.6%), from €25,464 to €13,860
- Other operating charges -€5,735
down €5,735 (-55.4%), from €10,351 to €4,616
- Depreciation -€2,142
down €2,142 (-6.2%), from €34,302 to €32,160
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 | €471,787 | €1,322,577 | +€850,790 | +180.3% |
| Fixed assets | 21/28 | €274,176 | €1,176,560 | +€902,384 | +329.1% |
| Tangible fixed assets | 22/27 | €272,299 | €1,176,560 | +€904,261 | +332.1% |
| Land and buildings | 22 | €240,898 | €1,140,117 | +€899,219 | +373.3% |
| Plant, machinery and equipment | 23 | €9,077 | €25,677 | +€16,600 | +182.9% |
| Furniture and vehicles | 24 | €8,105 | €10,766 | +€2,661 | +32.8% |
| Leasing and similar rights | 25 | €14,219 | - | -€14,219 | |
| Financial fixed assets | 28 | €1,877 | - | -€1,877 | |
| Current assets | 29/58 | €197,612 | €146,017 | -€51,594 | -26.1% |
| Stocks and contracts in progress | 3 | €43,845 | €75,700 | +€31,855 | +72.7% |
| Stocks | 30/36 | €43,845 | €75,700 | +€31,855 | +72.7% |
| Amounts receivable within one year | 40/41 | €119,537 | €36,167 | -€83,370 | -69.7% |
| Trade receivables | 40 | €102,102 | €12,349 | -€89,753 | -87.9% |
| Other amounts receivable | 41 | €17,435 | €23,818 | +€6,383 | +36.6% |
| Current investments | 50/53 | €34,229 | - | -€34,229 | |
| Cash at bank and in hand | 54/58 | - | €27,740 | +€27,740 | |
| Deferred charges and accrued income | 490/1 | - | €6,410 | +€6,410 | |
| Total equity and liabilities | 10/49 | €471,787 | €1,322,577 | +€850,790 | +180.3% |
| Equity | 10/15 | €202,898 | €220,361 | +€17,463 | +8.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €196,698 | €214,161 | +€17,463 | +8.9% |
| Distributable reserves | 133 | €196,698 | €214,161 | +€17,463 | +8.9% |
| Amounts payable | 17/49 | €268,889 | €1,102,215 | +€833,326 | +309.9% |
| Amounts payable after more than one year | 17 | €197,720 | €994,595 | +€796,875 | +403.0% |
| Financial debts | 170/4 | €197,720 | €994,595 | +€796,875 | +403.0% |
| Amounts payable within one year | 42/48 | €71,169 | €107,621 | +€36,451 | +51.2% |
| Current portion of amounts payable after more than one year | 42 | €25,999 | €63,652 | +€37,653 | +144.8% |
| Trade debts | 44 | €2,939 | €12,968 | +€10,030 | +341.3% |
| Suppliers | 440/4 | €2,939 | €12,968 | +€10,030 | +341.3% |
| Advances received on contracts in progress | 46 | - | €4,500 | +€4,500 | |
| Taxes, remuneration and social security | 45 | €42,232 | €26,501 | -€15,731 | -37.2% |
| Taxes | 450/3 | €42,232 | €26,501 | -€15,731 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,302 | €32,160 | -€2,142 | -6.2% |
| Other operating charges | 640/8 | €10,351 | €4,616 | -€5,735 | -55.4% |
| Gross operating margin | 9900 | €113,983 | €97,546 | -€16,437 | -14.4% |
| Operating profit (loss) | 9901 | €69,330 | €60,771 | -€8,559 | -12.3% |
| Financial income | 75/76B | €822 | €557 | -€265 | -32.2% |
| Recurring financial income | 75 | €822 | €557 | -€265 | -32.2% |
| Financial charges | 65/66B | €2,920 | €30,004 | +€27,084 | +927.4% |
| Recurring financial charges | 65 | €2,920 | €30,004 | +€27,084 | +927.4% |
| Profit (loss) for the period before taxes | 9903 | €67,231 | €31,323 | -€35,908 | -53.4% |
| Income taxes | 67/77 | €25,464 | €13,860 | -€11,605 | -45.6% |
| Profit (loss) for the period | 9904 | €41,767 | €17,463 | -€24,303 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,767 | €17,463 | -€24,303 | -58.2% |
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.