FS INVEST: 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.
FS INVEST
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+245%), from €450,079 to €1.6m
- Cash -€53,631
down €53,631 (-68.3%), from €78,566 to €24,935
mainly Stocks and contracts (-€1.1m) and Net result for the year (-€56,317)
- Debts after one year +€700,000
new in 2025: €700,000
- Other debts +€407,283
up €407,283 (+113%), from €359,760 to €767,043
- Profit (loss) carried forward -€56,317
down €56,317, from €232 to -€56,085
- Financial income -€143,070
down €143,070 (-100.0%), from €143,080 to €10
- Gross operating margin -€40,565
down €40,565, from €5,095 to -€35,469
- Taxes -€37,884
down €37,884 (-99.9%), from €37,908 to €24
- Financial charges +€12,102
up €12,102 (+673%), from €1,799 to €13,901
- Other operating charges +€4,135
up €4,135 (+388%), from €1,066 to €5,201
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 | €552,569 | €1,611,701 | +€1.1m | +192% |
| Fixed assets | 21/28 | €3,608 | €6,163 | +€2,555 | +70.8% |
| Tangible fixed assets | 22/27 | €3,608 | €6,163 | +€2,555 | +70.8% |
| Plant, machinery and equipment | 23 | €2,654 | €1,579 | -€1,075 | -40.5% |
| Furniture and vehicles | 24 | €954 | €4,584 | +€3,630 | +380% |
| Current assets | 29/58 | €548,961 | €1,605,538 | +€1.1m | +192% |
| Stocks and contracts in progress | 3 | €450,079 | €1,552,254 | +€1.1m | +245% |
| Stocks | 30/36 | €450,079 | €1,552,254 | +€1.1m | +245% |
| Amounts receivable within one year | 40/41 | €19,671 | €27,024 | +€7,353 | +37.4% |
| Trade receivables | 40 | €6,171 | - | -€6,171 | |
| Other amounts receivable | 41 | €13,500 | €27,024 | +€13,524 | +100% |
| Cash at bank and in hand | 54/58 | €78,566 | €24,935 | -€53,631 | -68.3% |
| Deferred charges and accrued income | 490/1 | €645 | €1,325 | +€680 | +105% |
| Total equity and liabilities | 10/49 | €552,569 | €1,611,701 | +€1.1m | +192% |
| Equity | 10/15 | €182,032 | €125,715 | -€56,317 | -30.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €180,800 | €180,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €138,700 | €138,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232 | -€56,085 | -€56,317 | |
| Amounts payable | 17/49 | €370,538 | €1,485,986 | +€1.1m | +301% |
| Amounts payable after more than one year | 17 | - | €700,000 | +€700,000 | |
| Financial debts | 170/4 | - | €700,000 | +€700,000 | |
| Amounts payable within one year | 42/48 | €368,975 | €776,214 | +€407,239 | +110% |
| Trade debts | 44 | €192 | €6,885 | +€6,693 | +3,485% |
| Suppliers | 440/4 | €192 | €6,885 | +€6,693 | +3,485% |
| Taxes, remuneration and social security | 45 | €9,023 | €2,286 | -€6,737 | -74.7% |
| Taxes | 450/3 | €9,023 | €2,286 | -€6,737 | -74.7% |
| Other amounts payable | 47/48 | €359,760 | €767,043 | +€407,283 | +113% |
| Accrued charges and deferred income | 492/3 | €1,563 | €9,773 | +€8,210 | +525% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,086 | €1,731 | +€645 | +59.3% |
| Other operating charges | 640/8 | €1,066 | €5,201 | +€4,135 | +388% |
| Gross operating margin | 9900 | €5,095 | -€35,469 | -€40,565 | |
| Operating profit (loss) | 9901 | €2,943 | -€42,401 | -€45,344 | |
| Financial income | 75/76B | €143,080 | €10 | -€143,070 | -100.0% |
| Recurring financial income | 75 | €143,080 | €10 | -€143,070 | -100.0% |
| Financial charges | 65/66B | €1,799 | €13,901 | +€12,102 | +673% |
| Recurring financial charges | 65 | €1,799 | €13,901 | +€12,102 | +673% |
| Profit (loss) for the period before taxes | 9903 | €144,224 | -€56,292 | -€200,516 | |
| Income taxes | 67/77 | €37,908 | €24 | -€37,884 | -99.9% |
| Profit (loss) for the period | 9904 | €106,316 | -€56,317 | -€162,632 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,216 | -€56,317 | -€120,532 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.