FOWA: 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.
FOWA
Largest movements
- Cash +€222,355
up €222,355 (+472.8%), from €47,029 to €269,384
mainly Receivables within one year (+€120,987) and Tax, wage and social debts (+€91,123)
- Receivables within one year -€120,987
down €120,987 (-68.0%), from €178,036 to €57,049
of which Trade receivables: -€115,831
- Stocks and contracts +€62,153
up €62,153 (+250.0%), from €24,866 to €87,019
- Tangible fixed assets -€13,576
down €13,576 (-45.0%), from €30,182 to €16,606
of which Furniture and vehicles: -€10,382
- Tax, wage and social debts +€91,123
up €91,123 (+98.7%), from €92,297 to €183,420
of which Remuneration and social security: +€60,299
- Trade debts +€60,040
up €60,040 (+321.4%), from €18,682 to €78,721
- Advances received -€19,642
no longer reported in 2025 (was €19,642)
- Profit (loss) carried forward +€14,599
up €14,599 (+10.9%), from €133,457 to €148,057
- Gross operating margin +€375,395
up €375,395 (+87.8%), from €427,645 to €803,040
- Staff costs +€362,444
up €362,444 (+91.5%), from €395,903 to €758,347
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 | €284,538 | €430,658 | +€146,120 | +51.4% |
| Fixed assets | 21/28 | €30,782 | €17,206 | -€13,576 | -44.1% |
| Tangible fixed assets | 22/27 | €30,182 | €16,606 | -€13,576 | -45.0% |
| Plant, machinery and equipment | 23 | €1,816 | €1,190 | -€626 | -34.5% |
| Furniture and vehicles | 24 | €20,390 | €10,008 | -€10,382 | -50.9% |
| Other tangible fixed assets | 26 | €7,976 | €5,408 | -€2,568 | -32.2% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €253,756 | €413,452 | +€159,696 | +62.9% |
| Stocks and contracts in progress | 3 | €24,866 | €87,019 | +€62,153 | +250.0% |
| Stocks | 30/36 | €24,866 | €87,019 | +€62,153 | +250.0% |
| Amounts receivable within one year | 40/41 | €178,036 | €57,049 | -€120,987 | -68.0% |
| Trade receivables | 40 | €168,299 | €52,468 | -€115,831 | -68.8% |
| Other amounts receivable | 41 | €9,736 | €4,580 | -€5,156 | -53.0% |
| Cash at bank and in hand | 54/58 | €47,029 | €269,384 | +€222,355 | +472.8% |
| Deferred charges and accrued income | 490/1 | €3,825 | - | -€3,825 | |
| Total equity and liabilities | 10/49 | €284,538 | €430,658 | +€146,120 | +51.4% |
| Equity | 10/15 | €153,917 | €168,517 | +€14,599 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,457 | €148,057 | +€14,599 | +10.9% |
| Amounts payable | 17/49 | €130,620 | €262,141 | +€131,521 | +100.7% |
| Amounts payable within one year | 42/48 | €130,620 | €262,141 | +€131,521 | +100.7% |
| Trade debts | 44 | €18,682 | €78,721 | +€60,040 | +321.4% |
| Suppliers | 440/4 | €18,682 | €78,721 | +€60,040 | +321.4% |
| Advances received on contracts in progress | 46 | €19,642 | - | -€19,642 | |
| Taxes, remuneration and social security | 45 | €92,297 | €183,420 | +€91,123 | +98.7% |
| Taxes | 450/3 | €34,862 | €65,687 | +€30,825 | +88.4% |
| Remuneration and social security | 454/9 | €57,435 | €117,733 | +€60,299 | +105.0% |
| Remuneration, social security and pensions | 62 | €395,903 | €758,347 | +€362,444 | +91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,515 | €13,950 | -€565 | -3.9% |
| Other operating charges | 640/8 | €1,463 | €6,155 | +€4,692 | +320.7% |
| Gross operating margin | 9900 | €427,645 | €803,040 | +€375,395 | +87.8% |
| Operating profit (loss) | 9901 | €15,764 | €24,587 | +€8,823 | +56.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,049 | €3,501 | +€452 | +14.8% |
| Recurring financial charges | 65 | €3,049 | €3,501 | +€452 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €12,715 | €21,086 | +€8,371 | +65.8% |
| Income taxes | 67/77 | €4,805 | €6,487 | +€1,682 | +35.0% |
| Profit (loss) for the period | 9904 | €7,910 | €14,599 | +€6,689 | +84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,910 | €14,599 | +€6,689 | +84.6% |
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 7 October 2026 via checked.be.