FSD: 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.
FSD
Largest movements
- Receivables within one year -€210,703
down €210,703 (-42.3%), from €498,663 to €287,960
of which Other amounts receivable: -€196,090
- Tangible fixed assets +€33,452
up €33,452 (+36.3%), from €92,158 to €125,611
of which Furniture and vehicles: +€34,454
- Trade debts -€79,140
down €79,140 (-31.0%), from €255,602 to €176,462
- Other debts -€54,000
down €54,000 (-60.0%), from €90,000 to €36,000
- Tax, wage and social debts -€40,119
down €40,119 (-70.7%), from €56,729 to €16,610
of which Taxes: -€30,573
- Profit (loss) carried forward -€13,680
down €13,680 (-10.5%), from €130,276 to €116,597
- Gross operating margin -€101,929
down €101,929 (-33.0%), from €309,186 to €207,257
- Other operating charges +€27,186
up €27,186 (+1554.3%), from €1,749 to €28,935
- Taxes -€21,208
down €21,208 (-98.5%), from €21,527 to €319
- Depreciation +€6,860
up €6,860 (+29.8%), from €23,007 to €29,868
- Financial income -€4,391
down €4,391 (-58.4%), from €7,523 to €3,133
of which Financial income: -€4,712
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 | €605,980 | €423,249 | -€182,732 | -30.2% |
| Fixed assets | 21/28 | €100,550 | €132,231 | +€31,681 | +31.5% |
| Tangible fixed assets | 22/27 | €92,158 | €125,611 | +€33,452 | +36.3% |
| Plant, machinery and equipment | 23 | €42,176 | €41,174 | -€1,002 | -2.4% |
| Furniture and vehicles | 24 | €49,982 | €84,437 | +€34,454 | +68.9% |
| Financial fixed assets | 28 | €8,392 | €6,621 | -€1,771 | -21.1% |
| Current assets | 29/58 | €505,430 | €291,017 | -€214,413 | -42.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €498,663 | €287,960 | -€210,703 | -42.3% |
| Trade receivables | 40 | €214,866 | €200,253 | -€14,613 | -6.8% |
| Other amounts receivable | 41 | €283,797 | €87,707 | -€196,090 | -69.1% |
| Cash at bank and in hand | 54/58 | €6,767 | €3,058 | -€3,709 | -54.8% |
| Total equity and liabilities | 10/49 | €605,980 | €423,249 | -€182,732 | -30.2% |
| Equity | 10/15 | €197,926 | €184,247 | -€13,680 | -6.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,276 | €116,597 | -€13,680 | -10.5% |
| Amounts payable | 17/49 | €408,054 | €239,002 | -€169,052 | -41.4% |
| Amounts payable within one year | 42/48 | €408,054 | €239,002 | -€169,052 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €5,723 | €9,930 | +€4,207 | +73.5% |
| Trade debts | 44 | €255,602 | €176,462 | -€79,140 | -31.0% |
| Suppliers | 440/4 | €255,602 | €176,462 | -€79,140 | -31.0% |
| Taxes, remuneration and social security | 45 | €56,729 | €16,610 | -€40,119 | -70.7% |
| Taxes | 450/3 | €38,097 | €7,525 | -€30,573 | -80.2% |
| Remuneration and social security | 454/9 | €18,632 | €9,086 | -€9,546 | -51.2% |
| Other amounts payable | 47/48 | €90,000 | €36,000 | -€54,000 | -60.0% |
| Remuneration, social security and pensions | 62 | €125,865 | €123,614 | -€2,251 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,007 | €29,868 | +€6,860 | +29.8% |
| Other operating charges | 640/8 | €1,749 | €28,935 | +€27,186 | +1554.3% |
| Gross operating margin | 9900 | €309,186 | €207,257 | -€101,929 | -33.0% |
| Operating profit (loss) | 9901 | €158,564 | €24,840 | -€133,724 | -84.3% |
| Financial income | 75/76B | €7,523 | €3,133 | -€4,391 | -58.4% |
| Recurring financial income | 75 | €7,523 | €2,811 | -€4,712 | -62.6% |
| Non-recurring financial income | 76B | - | €321 | +€321 | |
| Financial charges | 65/66B | €3,058 | €5,333 | +€2,275 | +74.4% |
| Recurring financial charges | 65 | €3,058 | €5,333 | +€2,275 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €163,029 | €22,639 | -€140,390 | -86.1% |
| Income taxes | 67/77 | €21,527 | €319 | -€21,208 | -98.5% |
| Profit (loss) for the period | 9904 | €141,502 | €22,320 | -€119,182 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €141,502 | €22,320 | -€119,182 | -84.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.