FOX: 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.
FOX
Largest movements
- Receivables within one year +€26,280
up €26,280 (+745%), from €3,529 to €29,809
of which Trade receivables: +€14,276
- Tangible fixed assets -€19,809
down €19,809 (-18.3%), from €108,444 to €88,635
of which Furniture and vehicles: -€15,469
- Cash +€16,952
up €16,952 (+18.3%), from €92,848 to €109,801
mainly Net result for the year (+€76,821) and Tax, wage and social debts (+€35,728)
- Reserves +€76,821
up €76,821 (+309%), from €24,854 to €101,675
of which Distributable reserves: +€76,821
- Trade debts -€48,111
down €48,111 (-85.3%), from €56,420 to €8,308
- Tax, wage and social debts +€35,728
up €35,728 (+18,093%), from €197 to €35,925
- Other debts -€34,038
no longer reported in 2025 (was €34,038)
- Debts after one year -€7,824
down €7,824 (-37.3%), from €20,964 to €13,140
- Taxes +€32,652
up €32,652 (+16,535%), from €197 to €32,850
- Gross operating margin -€21,661
down €21,661 (-13.5%), from €160,527 to €138,866
- Depreciation -€11,059
down €11,059 (-36.0%), from €30,733 to €19,674
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.
Derived cash bridge
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 | €206,741 | €229,664 | +€22,924 | +11.1% |
| Fixed assets | 21/28 | €108,444 | €88,635 | -€19,809 | -18.3% |
| Tangible fixed assets | 22/27 | €108,444 | €88,635 | -€19,809 | -18.3% |
| Land and buildings | 22 | €35,638 | €34,124 | -€1,514 | -4.2% |
| Plant, machinery and equipment | 23 | €11,046 | €8,221 | -€2,825 | -25.6% |
| Furniture and vehicles | 24 | €61,760 | €46,291 | -€15,469 | -25.0% |
| Current assets | 29/58 | €98,297 | €141,029 | +€42,732 | +43.5% |
| Amounts receivable within one year | 40/41 | €3,529 | €29,809 | +€26,280 | +745% |
| Trade receivables | 40 | €1,940 | €16,216 | +€14,276 | +736% |
| Other amounts receivable | 41 | €1,590 | €13,594 | +€12,004 | +755% |
| Cash at bank and in hand | 54/58 | €92,848 | €109,801 | +€16,952 | +18.3% |
| Deferred charges and accrued income | 490/1 | €1,919 | €1,419 | -€500 | -26.1% |
| Total equity and liabilities | 10/49 | €206,741 | €229,664 | +€22,924 | +11.1% |
| Equity | 10/15 | €86,854 | €163,675 | +€76,821 | +88.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €24,854 | €101,675 | +€76,821 | +309% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €18,654 | €95,475 | +€76,821 | +412% |
| Amounts payable | 17/49 | €119,887 | €65,990 | -€53,897 | -45.0% |
| Amounts payable after more than one year | 17 | €20,964 | €13,140 | -€7,824 | -37.3% |
| Financial debts | 170/4 | €20,964 | €13,140 | -€7,824 | -37.3% |
| Amounts payable within one year | 42/48 | €98,131 | €52,058 | -€46,073 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €7,476 | €7,824 | +€348 | +4.7% |
| Trade debts | 44 | €56,420 | €8,308 | -€48,111 | -85.3% |
| Suppliers | 440/4 | €56,420 | €8,308 | -€48,111 | -85.3% |
| Taxes, remuneration and social security | 45 | €197 | €35,925 | +€35,728 | +18,093% |
| Taxes | 450/3 | €197 | €35,925 | +€35,728 | +18,093% |
| Other amounts payable | 47/48 | €34,038 | - | -€34,038 | |
| Accrued charges and deferred income | 492/3 | €792 | €792 | = | 0.0% |
| Non-recurring operating income | 76A | €66,000 | €75,601 | +€9,601 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,733 | €19,674 | -€11,059 | -36.0% |
| Other operating charges | 640/8 | €7,094 | €7,162 | +€68 | +1.0% |
| Gross operating margin | 9900 | €160,527 | €138,866 | -€21,661 | -13.5% |
| Operating profit (loss) | 9901 | €122,700 | €112,030 | -€10,670 | -8.7% |
| Financial income | 75/76B | €92 | €58 | -€35 | -37.6% |
| Recurring financial income | 75 | €92 | €58 | -€35 | -37.6% |
| Financial charges | 65/66B | €2,804 | €2,417 | -€387 | -13.8% |
| Recurring financial charges | 65 | €2,804 | €2,417 | -€387 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €119,988 | €109,671 | -€10,318 | -8.6% |
| Income taxes | 67/77 | €197 | €32,850 | +€32,652 | +16,535% |
| Profit (loss) for the period | 9904 | €119,791 | €76,821 | -€42,970 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €119,791 | €76,821 | -€42,970 | -35.9% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.