FSE INTERNATIONAL: what changed
What changed
FSE INTERNATIONAL
NACE 47.741, Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
not consecutivefiled annual accounts (NBB)
Net result for the year
€456,736
2024 · €243,666+€213,070
Equity
€1.6m
2024 · €1.4m+€141,736
Cash
€3.2m
2024 · €1.4m+€1.8m
Balance sheet total
€6.0m
2024 · €8.1m-€2.1m
Largest movements
Assets
- Receivables within one year -€4.0m
down €4.0m (-81.5%), from €4.9m to €913,723
of which Trade receivables: -€4.0m
- Cash +€1.8m
up €1.8m (+128%), from €1.4m to €3.2m
- Stocks and contracts -€328,761
down €328,761 (-51.1%), from €643,514 to €314,753
of which Stocks: -€181,841
- Financial fixed assets +€288,000
up €288,000 (+66.9%), from €430,276 to €718,276
of which Affiliated companies: +€288,000
- Current investments +€265,558
up €265,558 (+71.8%), from €369,886 to €635,443
Equity and liabilities
- Short-term financial debts -€1.1m
down €1.1m (-35.0%), from €3.2m to €2.1m
- Advances received -€1.0m
no longer reported in 2025 (was €1.0m)
- Trade debts -€306,015
down €306,015 (-15.3%), from €2.0m to €1.7m
- Profit (loss) carried forward +€241,736
up €241,736 (+1,528%), from €15,817 to €257,552
- Other debts +€214,446
up €214,446 (+648%), from €33,082 to €247,529
Income statement
- Turnover +€2.9m
up €2.9m (+22.8%), from €12.8m to €15.7m
- Goods and materials +€1.8m
up €1.8m (+18.2%), from €10.0m to €11.9m
of which Purchases: +€1.4m
- Services and other goods +€830,509
up €830,509 (+50.9%), from €1.6m to €2.5m
- Staff costs +€208,683
up €208,683 (+39.3%), from €530,752 to €739,434
- Other operating income +€197,461
up €197,461 (+652%), from €30,285 to €227,746
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€243,666
Turnover
+€2.9m
Other operating income
+€197,461
Goods and materials
-€1.8m
Services and other goods
-€830,509
Staff costs
-€208,683
Depreciation
+€6,751
Other operating charges
-€6,378
Other operating items
+€203,645
Financial income
-€13,465
Financial charges
-€147,216
Taxes
-€73,953
Result 2025
€456,736
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,130,383 | €6,015,806 | -€2.1m | -26.0% |
| Fixed assets | 21/28 | €535,843 | €846,666 | +€310,823 | +58.0% |
| Intangible fixed assets | 21 | €198 | - | -€198 | |
| Tangible fixed assets | 22/27 | €105,370 | €128,391 | +€23,021 | +21.8% |
| Furniture and vehicles | 24 | €57,305 | €100,481 | +€43,176 | +75.3% |
| Other tangible fixed assets | 26 | €48,065 | €27,909 | -€20,155 | -41.9% |
| Financial fixed assets | 28 | €430,276 | €718,276 | +€288,000 | +66.9% |
| Affiliated companies | 280/1 | €410,231 | €698,231 | +€288,000 | +70.2% |
| Participating interests | 280 | €410,231 | €698,231 | +€288,000 | +70.2% |
| Other financial fixed assets | 284/8 | €20,044 | €20,044 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,044 | €20,044 | = | 0.0% |
| Current assets | 29/58 | €7,594,540 | €5,169,140 | -€2.4m | -31.9% |
| Amounts receivable after more than one year | 29 | €54,079 | €27,799 | -€26,279 | -48.6% |
| Other amounts receivable | 291 | €54,079 | €27,799 | -€26,279 | -48.6% |
| Stocks and contracts in progress | 3 | €643,514 | €314,753 | -€328,761 | -51.1% |
| Stocks | 30/36 | €268,585 | €86,744 | -€181,841 | -67.7% |
| Goods purchased for resale | 34 | €268,585 | €86,744 | -€181,841 | -67.7% |
| Contracts in progress | 37 | €374,929 | €228,009 | -€146,919 | -39.2% |
| Amounts receivable within one year | 40/41 | €4,938,252 | €913,723 | -€4.0m | -81.5% |
| Trade receivables | 40 | €4,829,007 | €784,294 | -€4.0m | -83.8% |
| Other amounts receivable | 41 | €109,245 | €129,429 | +€20,184 | +18.5% |
| Current investments | 50/53 | €369,886 | €635,443 | +€265,558 | +71.8% |
| Other investments | 51/53 | €369,886 | €635,443 | +€265,558 | +71.8% |
| Cash at bank and in hand | 54/58 | €1,419,247 | €3,242,443 | +€1.8m | +128% |
| Deferred charges and accrued income | 490/1 | €169,562 | €34,978 | -€134,585 | -79.4% |
| Total equity and liabilities | 10/49 | €8,130,383 | €6,015,806 | -€2.1m | -26.0% |
| Equity | 10/15 | €1,434,567 | €1,576,302 | +€141,736 | +9.9% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €418,750 | €318,750 | -€100,000 | -23.9% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Profit (loss) carried forward | 14 | €15,817 | €257,552 | +€241,736 | +1,528% |
| Amounts payable | 17/49 | €6,695,816 | €4,439,504 | -€2.3m | -33.7% |
| Amounts payable after more than one year | 17 | €252,583 | €244,916 | -€7,668 | -3.0% |
| Financial debts | 170/4 | €252,583 | €244,916 | -€7,668 | -3.0% |
| Subordinated loans | 170 | €227,939 | €244,916 | +€16,977 | +7.4% |
| Credit institutions | 173 | €24,645 | - | -€24,645 | |
| Amounts payable within one year | 42/48 | €6,373,450 | €4,189,991 | -€2.2m | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €3,146 | - | -€3,146 | |
| Financial debts | 43 | €3,170,000 | €2,060,000 | -€1.1m | -35.0% |
| Credit institutions | 430/8 | €3,170,000 | €2,060,000 | -€1.1m | -35.0% |
| Trade debts | 44 | €1,998,195 | €1,692,181 | -€306,015 | -15.3% |
| Suppliers | 440/4 | €1,998,195 | €1,692,181 | -€306,015 | -15.3% |
| Advances received on contracts in progress | 46 | €1,047,563 | - | -€1.0m | |
| Taxes, remuneration and social security | 45 | €121,463 | €190,281 | +€68,819 | +56.7% |
| Taxes | 450/3 | €57,754 | €110,000 | +€52,246 | +90.5% |
| Remuneration and social security | 454/9 | €63,709 | €80,281 | +€16,572 | +26.0% |
| Other amounts payable | 47/48 | €33,082 | €247,529 | +€214,446 | +648% |
| Accrued charges and deferred income | 492/3 | €69,783 | €4,597 | -€65,185 | -93.4% |
| Operating income | 70/76A | €12,454,104 | €15,765,197 | +€3.3m | +26.6% |
| Turnover | 70 | €12,774,071 | €15,684,371 | +€2.9m | +22.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€351,905 | -€146,919 | +€204,986 | +58.3% |
| Other operating income | 74 | €30,285 | €227,746 | +€197,461 | +652% |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Operating charges | 60/66A | €12,261,156 | €15,124,546 | +€2.9m | +23.4% |
| Goods for resale, raw materials and consumables | 60 | €10,026,853 | €11,851,736 | +€1.8m | +18.2% |
| Purchases | 600/8 | €10,295,438 | €11,669,895 | +€1.4m | +13.4% |
| Change in stocks: decrease (increase) | 609 | -€268,585 | €181,841 | +€450,426 | |
| Services and other goods | 61 | €1,631,387 | €2,461,896 | +€830,509 | +50.9% |
| Remuneration, social security and pensions | 62 | €530,752 | €739,434 | +€208,683 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,875 | €62,124 | -€6,751 | -9.8% |
| Other operating charges | 640/8 | €2,977 | €9,355 | +€6,378 | +214% |
| Non-recurring operating charges | 66A | €312 | - | -€312 | |
| Operating profit (loss) | 9901 | €192,948 | €640,652 | +€447,704 | +232% |
| Financial income | 75/76B | €216,945 | €203,480 | -€13,465 | -6.2% |
| Recurring financial income | 75 | €216,945 | €203,480 | -€13,465 | -6.2% |
| Income from financial fixed assets | 750 | €196,315 | €177,630 | -€18,685 | -9.5% |
| Income from current assets | 751 | €11,069 | €20,942 | +€9,873 | +89.2% |
| Other financial income | 752/9 | €9,562 | €4,909 | -€4,653 | -48.7% |
| Financial charges | 65/66B | €126,390 | €273,606 | +€147,216 | +116% |
| Recurring financial charges | 65 | €126,390 | €273,606 | +€147,216 | +116% |
| Debt charges | 650 | €106,471 | €203,471 | +€97,000 | +91.1% |
| Other financial charges | 652/9 | €19,919 | €70,135 | +€50,216 | +252% |
| Profit (loss) for the period before taxes | 9903 | €283,503 | €570,526 | +€287,023 | +101% |
| Income taxes | 67/77 | €39,837 | €113,790 | +€73,953 | +186% |
| Taxes | 670/3 | €39,837 | €113,790 | +€73,953 | +186% |
| Profit (loss) for the period | 9904 | €243,666 | €456,736 | +€213,070 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €243,666 | €456,736 | +€213,070 | +87.4% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.