FSG: 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.
FSG
Largest movements
- Current investments +€15,000
up €15,000 (+23.1%), from €65,000 to €80,000
- Cash -€13,414
down €13,414 (-47.6%), from €28,192 to €14,779
mainly Other debts (-€15,540) and Current investments (-€15,000)
- Tangible fixed assets -€12,171
down €12,171 (-11.1%), from €110,080 to €97,909
- Other debts -€15,540
down €15,540 (-23.6%), from €65,753 to €50,214
- Reserves +€3,470
up €3,470 (+11.2%), from €31,080 to €34,550
- Other operating charges +€3,468
up €3,468 (+234.3%), from €1,480 to €4,948
- Depreciation +€3,043
up €3,043 (+33.3%), from €9,128 to €12,171
- Gross operating margin +€2,757
up €2,757 (+12.8%), from €21,567 to €24,323
- Taxes -€920
down €920 (-39.3%), from €2,338 to €1,418
- Financial income +€573
up €573 (+64.7%), from €885 to €1,458
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 | €205,821 | €194,068 | -€11,753 | -5.7% |
| Fixed assets | 21/28 | €110,353 | €97,909 | -€12,444 | -11.3% |
| Tangible fixed assets | 22/27 | €110,080 | €97,909 | -€12,171 | -11.1% |
| Land and buildings | 22 | €110,080 | €97,909 | -€12,171 | -11.1% |
| Financial fixed assets | 28 | €273 | - | -€273 | |
| Current assets | 29/58 | €95,468 | €96,159 | +€690 | +0.7% |
| Amounts receivable within one year | 40/41 | €2,023 | €973 | -€1,050 | -51.9% |
| Other amounts receivable | 41 | €2,023 | €973 | -€1,050 | -51.9% |
| Current investments | 50/53 | €65,000 | €80,000 | +€15,000 | +23.1% |
| Cash at bank and in hand | 54/58 | €28,192 | €14,779 | -€13,414 | -47.6% |
| Deferred charges and accrued income | 490/1 | €253 | €407 | +€154 | +61.1% |
| Total equity and liabilities | 10/49 | €205,821 | €194,068 | -€11,753 | -5.7% |
| Equity | 10/15 | €138,097 | €141,570 | +€3,472 | +2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €31,080 | €34,550 | +€3,470 | +11.2% |
| Distributable reserves | 133 | €31,080 | €34,550 | +€3,470 | +11.2% |
| Profit (loss) carried forward | 14 | €87,017 | €87,020 | +€2 | 0.0% |
| Amounts payable | 17/49 | €67,724 | €52,498 | -€15,225 | -22.5% |
| Amounts payable within one year | 42/48 | €67,724 | €52,457 | -€15,267 | -22.5% |
| Trade debts | 44 | €926 | - | -€926 | |
| Suppliers | 440/4 | €926 | - | -€926 | |
| Taxes, remuneration and social security | 45 | €1,044 | €2,243 | +€1,199 | +114.8% |
| Taxes | 450/3 | €1,044 | €1,134 | +€90 | +8.6% |
| Remuneration and social security | 454/9 | - | €1,109 | +€1,109 | |
| Other amounts payable | 47/48 | €65,753 | €50,214 | -€15,540 | -23.6% |
| Accrued charges and deferred income | 492/3 | - | €41 | +€41 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,128 | €12,171 | +€3,043 | +33.3% |
| Other operating charges | 640/8 | €1,480 | €4,948 | +€3,468 | +234.3% |
| Non-recurring operating charges | 66A | - | €273 | +€273 | |
| Gross operating margin | 9900 | €21,567 | €24,323 | +€2,757 | +12.8% |
| Operating profit (loss) | 9901 | €10,958 | €6,932 | -€4,027 | -36.7% |
| Financial income | 75/76B | €885 | €1,458 | +€573 | +64.7% |
| Recurring financial income | 75 | €885 | €1,458 | +€573 | +64.7% |
| Financial charges | 65/66B | €3,269 | €3,499 | +€230 | +7.0% |
| Recurring financial charges | 65 | €3,269 | €3,499 | +€230 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €8,575 | €4,890 | -€3,684 | -43.0% |
| Income taxes | 67/77 | €2,338 | €1,418 | -€920 | -39.3% |
| Profit (loss) for the period | 9904 | €6,237 | €3,472 | -€2,764 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,237 | €3,472 | -€2,764 | -44.3% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.