FOX TECHNIQUE: 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 TECHNIQUE
Largest movements
- Receivables within one year +€309,249
up €309,249 (+224.1%), from €137,984 to €447,233
of which Trade receivables: +€308,585
- Cash +€289,446
up €289,446 (+329.6%), from €87,825 to €377,271
mainly Trade debts (+€160,082) and Advances received (+€118,100)
- Tangible fixed assets +€112,203
up €112,203 (+19.8%), from €566,227 to €678,430
of which Land and buildings: +€124,108
- Stocks and contracts -€41,322
down €41,322 (-8.6%), from €480,962 to €439,641
- Deferred charges and accrued income -€35,296
down €35,296 (-81.3%), from €43,432 to €8,136
- Trade debts +€160,082
up €160,082 (+87.3%), from €183,309 to €343,391
- Advances received +€118,100
new in 2025: €118,100
- Debts after one year +€117,947
up €117,947 (+28.0%), from €420,710 to €538,657
- Tax, wage and social debts +€116,956
up €116,956 (+130.1%), from €89,917 to €206,873
of which Taxes: +€136,110
- Accrued charges and deferred income +€68,315
new in 2025: €68,315
- Staff costs -€114,139
down €114,139 (-32.9%), from €346,914 to €232,775
- Gross operating margin -€80,367
down €80,367 (-16.8%), from €478,552 to €398,185
- Financial charges +€15,992
up €15,992 (+51.4%), from €31,089 to €47,081
- Depreciation +€15,481
up €15,481 (+41.1%), from €37,681 to €53,162
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 | €1,318,530 | €1,953,276 | +€634,746 | +48.1% |
| Fixed assets | 21/28 | €568,327 | €680,995 | +€112,668 | +19.8% |
| Tangible fixed assets | 22/27 | €566,227 | €678,430 | +€112,203 | +19.8% |
| Land and buildings | 22 | €501,186 | €625,294 | +€124,108 | +24.8% |
| Plant, machinery and equipment | 23 | €22,314 | €20,492 | -€1,822 | -8.2% |
| Furniture and vehicles | 24 | €42,727 | €32,644 | -€10,084 | -23.6% |
| Financial fixed assets | 28 | €2,100 | €2,565 | +€465 | +22.1% |
| Current assets | 29/58 | €750,203 | €1,272,281 | +€522,078 | +69.6% |
| Stocks and contracts in progress | 3 | €480,962 | €439,641 | -€41,322 | -8.6% |
| Stocks | 30/36 | €480,962 | €439,641 | -€41,322 | -8.6% |
| Amounts receivable within one year | 40/41 | €137,984 | €447,233 | +€309,249 | +224.1% |
| Trade receivables | 40 | €136,806 | €445,391 | +€308,585 | +225.6% |
| Other amounts receivable | 41 | €1,177 | €1,842 | +€664 | +56.4% |
| Cash at bank and in hand | 54/58 | €87,825 | €377,271 | +€289,446 | +329.6% |
| Deferred charges and accrued income | 490/1 | €43,432 | €8,136 | -€35,296 | -81.3% |
| Total equity and liabilities | 10/49 | €1,318,530 | €1,953,276 | +€634,746 | +48.1% |
| Equity | 10/15 | €372,840 | €372,671 | -€169 | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €370,671 | €370,671 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,360 | €67,360 | = | 0.0% |
| Distributable reserves | 133 | €303,311 | €303,311 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169 | €0 | -€169 | -100.0% |
| Amounts payable | 17/49 | €945,690 | €1,580,605 | +€634,915 | +67.1% |
| Amounts payable after more than one year | 17 | €420,710 | €538,657 | +€117,947 | +28.0% |
| Financial debts | 170/4 | €420,710 | €538,657 | +€117,947 | +28.0% |
| Amounts payable within one year | 42/48 | €524,980 | €973,633 | +€448,653 | +85.5% |
| Current portion of amounts payable after more than one year | 42 | €48,414 | €52,014 | +€3,601 | +7.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €183,309 | €343,391 | +€160,082 | +87.3% |
| Suppliers | 440/4 | €183,309 | €343,391 | +€160,082 | +87.3% |
| Advances received on contracts in progress | 46 | - | €118,100 | +€118,100 | |
| Taxes, remuneration and social security | 45 | €89,917 | €206,873 | +€116,956 | +130.1% |
| Taxes | 450/3 | €53,444 | €189,554 | +€136,110 | +254.7% |
| Remuneration and social security | 454/9 | €36,473 | €17,319 | -€19,154 | -52.5% |
| Other amounts payable | 47/48 | €3,340 | €53,255 | +€49,915 | +1494.3% |
| Accrued charges and deferred income | 492/3 | - | €68,315 | +€68,315 | |
| Non-recurring operating income | 76A | €448 | €0 | -€448 | -100.0% |
| Remuneration, social security and pensions | 62 | €346,914 | €232,775 | -€114,139 | -32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,681 | €53,162 | +€15,481 | +41.1% |
| Other operating charges | 640/8 | €1,359 | €2,056 | +€697 | +51.3% |
| Non-recurring operating charges | 66A | - | €91 | +€91 | |
| Gross operating margin | 9900 | €478,552 | €398,185 | -€80,367 | -16.8% |
| Operating profit (loss) | 9901 | €92,599 | €110,102 | +€17,503 | +18.9% |
| Financial income | 75/76B | €2,568 | €3,317 | +€749 | +29.2% |
| Recurring financial income | 75 | €2,568 | €3,317 | +€749 | +29.2% |
| Financial charges | 65/66B | €31,089 | €47,081 | +€15,992 | +51.4% |
| Recurring financial charges | 65 | €31,089 | €47,081 | +€15,992 | +51.4% |
| Profit (loss) for the period before taxes | 9903 | €64,078 | €66,338 | +€2,261 | +3.5% |
| Income taxes | 67/77 | €8,823 | €9,336 | +€513 | +5.8% |
| Profit (loss) for the period | 9904 | €55,255 | €57,002 | +€1,748 | +3.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €55,255 | €57,002 | +€1,748 | +3.2% |
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 10 October 2026 via checked.be.