FS Trading: 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.
FS Trading
Largest movements
- Stocks and contracts +€500,322
up €500,322 (+37.4%), from €1.3m to €1.8m
- Cash +€98,581
up €98,581 (+74.6%), from €132,194 to €230,775
mainly Net result for the year (+€255,261) and Current portion of long-term debt (+€252,867)
- Receivables within one year -€74,525
down €74,525 (-22.2%), from €335,591 to €261,067
of which Trade receivables: -€58,554
- Profit (loss) carried forward +€255,261
up €255,261 (+26.8%), from €950,759 to €1.2m
- Current portion of long-term debt +€252,867
up €252,867 (+41.2%), from €613,033 to €865,900
- Trade debts +€224,177
up €224,177 (+126.9%), from €176,627 to €400,803
- Debts after one year -€219,328
down €219,328 (-52.4%), from €418,869 to €199,542
- Gross operating margin -€63,221
down €63,221 (-12.0%), from €525,218 to €461,997
- Financial charges -€19,325
down €19,325 (-28.5%), from €67,832 to €48,507
- Depreciation +€18,012
up €18,012 (+39.8%), from €45,236 to €63,248
- Taxes -€5,904
down €5,904 (-6.5%), from €91,270 to €85,365
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 | €2,554,299 | €3,089,125 | +€534,827 | +20.9% |
| Fixed assets | 21/28 | €743,720 | €752,672 | +€8,951 | +1.2% |
| Tangible fixed assets | 22/27 | €285,949 | €294,900 | +€8,951 | +3.1% |
| Plant, machinery and equipment | 23 | €47,851 | €102,393 | +€54,542 | +114.0% |
| Furniture and vehicles | 24 | €125,320 | €89,983 | -€35,336 | -28.2% |
| Leasing and similar rights | 25 | €111,409 | €86,756 | -€24,653 | -22.1% |
| Other tangible fixed assets | 26 | €1,369 | €15,768 | +€14,399 | +1052.0% |
| Financial fixed assets | 28 | €457,772 | €457,772 | = | 0.0% |
| Current assets | 29/58 | €1,810,578 | €2,336,454 | +€525,876 | +29.0% |
| Stocks and contracts in progress | 3 | €1,338,734 | €1,839,055 | +€500,322 | +37.4% |
| Stocks | 30/36 | €1,338,734 | €1,839,055 | +€500,322 | +37.4% |
| Amounts receivable within one year | 40/41 | €335,591 | €261,067 | -€74,525 | -22.2% |
| Trade receivables | 40 | €232,326 | €173,772 | -€58,554 | -25.2% |
| Other amounts receivable | 41 | €103,266 | €87,295 | -€15,971 | -15.5% |
| Cash at bank and in hand | 54/58 | €132,194 | €230,775 | +€98,581 | +74.6% |
| Deferred charges and accrued income | 490/1 | €4,060 | €5,557 | +€1,498 | +36.9% |
| Total equity and liabilities | 10/49 | €2,554,299 | €3,089,125 | +€534,827 | +20.9% |
| Equity | 10/15 | €955,759 | €1,211,020 | +€255,261 | +26.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €950,759 | €1,206,020 | +€255,261 | +26.8% |
| Amounts payable | 17/49 | €1,598,540 | €1,878,105 | +€279,565 | +17.5% |
| Amounts payable after more than one year | 17 | €418,869 | €199,542 | -€219,328 | -52.4% |
| Financial debts | 170/4 | €418,869 | €199,542 | -€219,328 | -52.4% |
| Amounts payable within one year | 42/48 | €1,179,670 | €1,678,563 | +€498,893 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €613,033 | €865,900 | +€252,867 | +41.2% |
| Financial debts | 43 | €104,450 | €110,000 | +€5,550 | +5.3% |
| Credit institutions | 430/8 | €104,450 | €110,000 | +€5,550 | +5.3% |
| Trade debts | 44 | €176,627 | €400,803 | +€224,177 | +126.9% |
| Suppliers | 440/4 | €176,627 | €400,803 | +€224,177 | +126.9% |
| Advances received on contracts in progress | 46 | - | €30,435 | +€30,435 | |
| Taxes, remuneration and social security | 45 | €26,125 | €18,518 | -€7,607 | -29.1% |
| Taxes | 450/3 | €26,125 | €18,518 | -€7,607 | -29.1% |
| Other amounts payable | 47/48 | €259,436 | €252,907 | -€6,529 | -2.5% |
| Non-recurring operating income | 76A | - | €60,500 | +€60,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,236 | €63,248 | +€18,012 | +39.8% |
| Other operating charges | 640/8 | €7,305 | €5,222 | -€2,083 | -28.5% |
| Non-recurring operating charges | 66A | €30,852 | €4,396 | -€26,456 | -85.8% |
| Gross operating margin | 9900 | €525,218 | €461,997 | -€63,221 | -12.0% |
| Operating profit (loss) | 9901 | €441,825 | €389,131 | -€52,694 | -11.9% |
| Financial income | 75/76B | €20 | €3 | -€17 | -85.0% |
| Recurring financial income | 75 | €20 | €3 | -€17 | -85.0% |
| Financial charges | 65/66B | €67,832 | €48,507 | -€19,325 | -28.5% |
| Recurring financial charges | 65 | €67,832 | €48,507 | -€19,325 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €374,012 | €340,627 | -€33,385 | -8.9% |
| Income taxes | 67/77 | €91,270 | €85,365 | -€5,904 | -6.5% |
| Profit (loss) for the period | 9904 | €282,742 | €255,261 | -€27,481 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €282,742 | €255,261 | -€27,481 | -9.7% |
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 5 October 2026 via checked.be.