FOX: 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.
FOX
Largest movements
- Financial fixed assets +€8.9m
up €8.9m (+4258499.8%), from €210 to €8.9m
- Receivables within one year +€726,612
up €726,612 (+240.2%), from €302,549 to €1.0m
of which Other amounts receivable: +€629,431
- Receivables after one year +€361,383
new in 2025: €361,383
- Tangible fixed assets -€206,590
down €206,590 (-2.6%), from €7.9m to €7.7m
of which Land and buildings: -€141,481
- Revaluation surpluses +€8.5m
up €8.5m (+355.2%), from €2.4m to €10.9m
- Debts after one year +€1.3m
up €1.3m (+29.7%), from €4.3m to €5.6m
of which Financial debts: +€1.4m
- Gross operating margin -€309,411
down €309,411 (-29.2%), from €1.1m to €750,910
- Taxes +€48,853
up €48,853 (+48.1%), from €101,577 to €150,430
- Depreciation -€35,756
down €35,756 (-10.0%), from €357,975 to €322,219
- Other operating charges +€28,907
up €28,907 (+116.8%), from €24,745 to €53,652
- Financial income +€12,001
up €12,001 (+260.0%), from €4,616 to €16,617
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 | €8,653,443 | €18,399,700 | +€9.7m | +112.6% |
| Fixed assets | 21/28 | €7,874,970 | €16,611,230 | +€8.7m | +110.9% |
| Tangible fixed assets | 22/27 | €7,874,760 | €7,668,171 | -€206,590 | -2.6% |
| Land and buildings | 22 | €7,654,800 | €7,513,319 | -€141,481 | -1.8% |
| Plant, machinery and equipment | 23 | €46,056 | €33,306 | -€12,749 | -27.7% |
| Furniture and vehicles | 24 | €80,038 | €52,815 | -€27,222 | -34.0% |
| Leasing and similar rights | 25 | €93,867 | €68,730 | -€25,137 | -26.8% |
| Financial fixed assets | 28 | €210 | €8,943,060 | +€8.9m | +4258499.8% |
| Current assets | 29/58 | €778,473 | €1,788,469 | +€1.0m | +129.7% |
| Amounts receivable after more than one year | 29 | - | €361,383 | +€361,383 | |
| Other amounts receivable | 291 | - | €361,383 | +€361,383 | |
| Amounts receivable within one year | 40/41 | €302,549 | €1,029,161 | +€726,612 | +240.2% |
| Trade receivables | 40 | €17,081 | €114,262 | +€97,181 | +568.9% |
| Other amounts receivable | 41 | €285,468 | €914,899 | +€629,431 | +220.5% |
| Cash at bank and in hand | 54/58 | €475,924 | €397,925 | -€77,999 | -16.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €8,653,443 | €18,399,700 | +€9.7m | +112.6% |
| Equity | 10/15 | €3,047,717 | €11,687,183 | +€8.6m | +283.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €2,399,740 | €10,922,952 | +€8.5m | +355.2% |
| Reserves | 13 | €68,228 | €152,865 | +€84,637 | +124.1% |
| Distributable reserves | 133 | €68,228 | €152,865 | +€84,637 | +124.1% |
| Profit (loss) carried forward | 14 | €567,349 | €598,966 | +€31,616 | +5.6% |
| Amounts payable | 17/49 | €5,605,727 | €6,712,517 | +€1.1m | +19.7% |
| Amounts payable after more than one year | 17 | €4,306,918 | €5,587,754 | +€1.3m | +29.7% |
| Financial debts | 170/4 | €4,022,636 | €5,452,990 | +€1.4m | +35.6% |
| Other amounts payable | 178/9 | €284,283 | €134,765 | -€149,518 | -52.6% |
| Amounts payable within one year | 42/48 | €1,298,808 | €1,119,263 | -€179,545 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €259,395 | €277,673 | +€18,279 | +7.0% |
| Financial debts | 43 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Credit institutions | 430/8 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Trade debts | 44 | €320,803 | €259,320 | -€61,483 | -19.2% |
| Suppliers | 440/4 | €320,803 | €259,320 | -€61,483 | -19.2% |
| Taxes, remuneration and social security | 45 | €144,794 | €278,775 | +€133,981 | +92.5% |
| Taxes | 450/3 | €144,794 | €278,775 | +€133,981 | +92.5% |
| Other amounts payable | 47/48 | €173,817 | €3,494 | -€170,323 | -98.0% |
| Accrued charges and deferred income | 492/3 | €0 | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357,975 | €322,219 | -€35,756 | -10.0% |
| Other operating charges | 640/8 | €24,745 | €53,652 | +€28,907 | +116.8% |
| Gross operating margin | 9900 | €1,060,320 | €750,910 | -€309,411 | -29.2% |
| Operating profit (loss) | 9901 | €677,599 | €375,038 | -€302,561 | -44.7% |
| Financial income | 75/76B | €4,616 | €16,617 | +€12,001 | +260.0% |
| Recurring financial income | 75 | €4,616 | €16,617 | +€12,001 | +260.0% |
| Financial charges | 65/66B | €167,173 | €168,112 | +€938 | +0.6% |
| Recurring financial charges | 65 | €167,173 | €168,112 | +€938 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €515,042 | €223,544 | -€291,498 | -56.6% |
| Income taxes | 67/77 | €101,577 | €150,430 | +€48,853 | +48.1% |
| Profit (loss) for the period | 9904 | €413,465 | €73,114 | -€340,351 | -82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €413,465 | €73,114 | -€340,351 | -82.3% |
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.