FS4FS: 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.
FS4FS
Largest movements
- Receivables within one year -€414,645
down €414,645 (-95.9%), from €432,545 to €17,900
of which Other amounts receivable: -€393,558
- Cash +€19,384
up €19,384 (+79.9%), from €24,248 to €43,632
mainly Receivables within one year (+€414,645) and Net result for the year (+€82,524)
- Tangible fixed assets -€11,814
down €11,814 (-2.2%), from €525,774 to €513,960
of which Land and buildings: -€8,272
- Debts after one year -€470,286
down €470,286 (-82.9%), from €567,376 to €97,090
- Reserves +€49,864
up €49,864 (+12.1%), from €410,759 to €460,623
of which Distributable reserves: +€51,724
- Tax, wage and social debts +€16,591
up €16,591 (+240%), from €6,919 to €23,510
- Gross operating margin +€26,320
up €26,320 (+22.4%), from €117,397 to €143,717
- Other operating charges -€10,440
down €10,440 (-70.2%), from €14,872 to €4,432
- Financial charges +€8,993
up €8,993 (+639%), from €1,408 to €10,401
- Taxes +€6,097
up €6,097 (+23.0%), from €26,554 to €32,651
- Depreciation +€5,851
up €5,851 (+59.8%), from €9,781 to €15,632
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 | €1,028,418 | €622,334 | -€406,083 | -39.5% |
| Fixed assets | 21/28 | €525,774 | €513,960 | -€11,814 | -2.2% |
| Tangible fixed assets | 22/27 | €525,774 | €513,960 | -€11,814 | -2.2% |
| Land and buildings | 22 | €512,033 | €503,761 | -€8,272 | -1.6% |
| Plant, machinery and equipment | 23 | €1,726 | €1,308 | -€418 | -24.2% |
| Furniture and vehicles | 24 | €12,014 | €8,891 | -€3,123 | -26.0% |
| Current assets | 29/58 | €502,644 | €108,374 | -€394,270 | -78.4% |
| Amounts receivable after more than one year | 29 | €17,987 | €17,692 | -€296 | -1.6% |
| Other amounts receivable | 291 | €17,987 | €17,692 | -€296 | -1.6% |
| Amounts receivable within one year | 40/41 | €432,545 | €17,900 | -€414,645 | -95.9% |
| Trade receivables | 40 | €38,986 | €17,900 | -€21,086 | -54.1% |
| Other amounts receivable | 41 | €393,558 | - | -€393,558 | |
| Current investments | 50/53 | €26,277 | €27,233 | +€955 | +3.6% |
| Cash at bank and in hand | 54/58 | €24,248 | €43,632 | +€19,384 | +79.9% |
| Deferred charges and accrued income | 490/1 | €1,587 | €1,919 | +€332 | +20.9% |
| Total equity and liabilities | 10/49 | €1,028,418 | €622,334 | -€406,083 | -39.5% |
| Equity | 10/15 | €416,959 | €460,623 | +€43,664 | +10.5% |
| Contributions | 10/11 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €410,759 | €460,623 | +€49,864 | +12.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €408,899 | €460,623 | +€51,724 | +12.6% |
| Amounts payable | 17/49 | €611,458 | €161,711 | -€449,747 | -73.6% |
| Amounts payable after more than one year | 17 | €567,376 | €97,090 | -€470,286 | -82.9% |
| Financial debts | 170/4 | €567,376 | €97,090 | -€470,286 | -82.9% |
| Amounts payable within one year | 42/48 | €44,083 | €64,621 | +€20,539 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | €32,624 | €38,051 | +€5,427 | +16.6% |
| Trade debts | 44 | €4,539 | €2,209 | -€2,331 | -51.3% |
| Suppliers | 440/4 | €4,539 | €2,209 | -€2,331 | -51.3% |
| Taxes, remuneration and social security | 45 | €6,919 | €23,510 | +€16,591 | +240% |
| Taxes | 450/3 | €6,919 | €23,510 | +€16,591 | +240% |
| Other amounts payable | 47/48 | - | €852 | +€852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,781 | €15,632 | +€5,851 | +59.8% |
| Other operating charges | 640/8 | €14,872 | €4,432 | -€10,440 | -70.2% |
| Gross operating margin | 9900 | €117,397 | €143,717 | +€26,320 | +22.4% |
| Operating profit (loss) | 9901 | €92,744 | €123,653 | +€30,908 | +33.3% |
| Financial income | 75/76B | €4,408 | €1,924 | -€2,484 | -56.4% |
| Recurring financial income | 75 | €4,408 | €1,924 | -€2,484 | -56.4% |
| Financial charges | 65/66B | €1,408 | €10,401 | +€8,993 | +639% |
| Recurring financial charges | 65 | €1,408 | €10,401 | +€8,993 | +639% |
| Profit (loss) for the period before taxes | 9903 | €95,744 | €115,175 | +€19,431 | +20.3% |
| Income taxes | 67/77 | €26,554 | €32,651 | +€6,097 | +23.0% |
| Profit (loss) for the period | 9904 | €69,190 | €82,524 | +€13,334 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,190 | €82,524 | +€13,334 | +19.3% |
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 25 October 2026 via checked.be.