FPJF MANAGEMENT: 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.
FPJF MANAGEMENT
Largest movements
- Current investments +€120,000
up €120,000 (+80.0%), from €150,000 to €270,000
- Tangible fixed assets -€28,975
down €28,975 (-9.7%), from €299,577 to €270,602
of which Land and buildings: -€24,140
- Receivables within one year +€21,215
up €21,215 (+197.3%), from €10,755 to €31,970
of which Other amounts receivable: +€14,437
- Cash +€11,178
up €11,178 (+46.0%), from €24,292 to €35,471
mainly Net result for the year (+€114,332) and Current portion of long-term debt (+€31,220)
- Reserves +€114,332
up €114,332 (+37.5%), from €304,732 to €419,064
of which Tax-exempt reserves: +€65,466
- Current portion of long-term debt +€31,220
up €31,220 (+250.7%), from €12,452 to €43,672
- Other debts -€19,580
down €19,580 (-55.7%), from €35,130 to €15,550
- Debts after one year -€13,981
down €13,981 (-13.1%), from €106,634 to €92,652
- Gross operating margin +€98,629
up €98,629 (+94.6%), from €104,304 to €202,933
- Taxes +€28,343
up €28,343 (+123.2%), from €23,011 to €51,354
- Financial income -€2,502
down €2,502 (-30.8%), from €8,111 to €5,609
- Other operating charges +€2,060
up €2,060 (+26.5%), from €7,769 to €9,829
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 | €491,575 | €613,235 | +€121,660 | +24.7% |
| Fixed assets | 21/28 | €302,577 | €273,602 | -€28,975 | -9.6% |
| Tangible fixed assets | 22/27 | €299,577 | €270,602 | -€28,975 | -9.7% |
| Land and buildings | 22 | €272,231 | €248,092 | -€24,140 | -8.9% |
| Furniture and vehicles | 24 | €8,525 | €5,989 | -€2,537 | -29.8% |
| Other tangible fixed assets | 26 | €18,820 | €16,522 | -€2,299 | -12.2% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €188,998 | €339,633 | +€150,635 | +79.7% |
| Amounts receivable within one year | 40/41 | €10,755 | €31,970 | +€21,215 | +197.3% |
| Trade receivables | 40 | - | €6,778 | +€6,778 | |
| Other amounts receivable | 41 | €10,755 | €25,192 | +€14,437 | +134.2% |
| Current investments | 50/53 | €150,000 | €270,000 | +€120,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €24,292 | €35,471 | +€11,178 | +46.0% |
| Deferred charges and accrued income | 490/1 | €3,950 | €2,192 | -€1,758 | -44.5% |
| Total equity and liabilities | 10/49 | €491,575 | €613,235 | +€121,660 | +24.7% |
| Equity | 10/15 | €329,366 | €443,698 | +€114,332 | +34.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €304,732 | €419,064 | +€114,332 | +37.5% |
| Tax-exempt reserves | 132 | - | €65,466 | +€65,466 | |
| Distributable reserves | 133 | €304,732 | €353,598 | +€48,866 | +16.0% |
| Profit (loss) carried forward | 14 | €4,634 | €4,634 | = | 0.0% |
| Amounts payable | 17/49 | €162,208 | €169,537 | +€7,328 | +4.5% |
| Amounts payable after more than one year | 17 | €106,634 | €92,652 | -€13,981 | -13.1% |
| Financial debts | 170/4 | €106,634 | €92,652 | -€13,981 | -13.1% |
| Amounts payable within one year | 42/48 | €55,575 | €76,884 | +€21,309 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €12,452 | €43,672 | +€31,220 | +250.7% |
| Trade debts | 44 | €1,465 | €7,182 | +€5,717 | +390.3% |
| Suppliers | 440/4 | €1,465 | €7,182 | +€5,717 | +390.3% |
| Taxes, remuneration and social security | 45 | €6,528 | €10,481 | +€3,953 | +60.6% |
| Taxes | 450/3 | €6,528 | €10,481 | +€3,953 | +60.6% |
| Other amounts payable | 47/48 | €35,130 | €15,550 | -€19,580 | -55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,451 | €28,975 | -€476 | -1.6% |
| Other operating charges | 640/8 | €7,769 | €9,829 | +€2,060 | +26.5% |
| Non-recurring operating charges | 66A | €16,621 | - | -€16,621 | |
| Gross operating margin | 9900 | €104,304 | €202,933 | +€98,629 | +94.6% |
| Operating profit (loss) | 9901 | €50,463 | €164,128 | +€113,666 | +225.2% |
| Financial income | 75/76B | €8,111 | €5,609 | -€2,502 | -30.8% |
| Recurring financial income | 75 | €8,111 | €5,609 | -€2,502 | -30.8% |
| Financial charges | 65/66B | €5,081 | €4,052 | -€1,029 | -20.3% |
| Recurring financial charges | 65 | €5,081 | €4,052 | -€1,029 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €53,493 | €165,686 | +€112,193 | +209.7% |
| Income taxes | 67/77 | €23,011 | €51,354 | +€28,343 | +123.2% |
| Profit (loss) for the period | 9904 | €30,482 | €114,332 | +€83,850 | +275.1% |
| Transfer to tax-exempt reserves | 689 | - | €65,466 | +€65,466 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,482 | €48,866 | +€18,384 | +60.3% |
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 9 October 2026 via checked.be.