FSG: 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.
FSG
Largest movements
- Cash -€16,977
down €16,977 (-53.8%), from €31,539 to €14,561
mainly Receivables within one year (-€12,307) and Tax, wage and social debts (-€5,768)
- Receivables within one year +€12,307
up €12,307 (+924%), from €1,332 to €13,639
of which Other amounts receivable: +€12,760
- Tangible fixed assets -€991
down €991 (-28.2%), from €3,508 to €2,518
of which Plant, machinery and equipment: -€586
- Trade debts +€6,996
up €6,996 (+28.5%), from €24,569 to €31,565
- Tax, wage and social debts -€5,768
down €5,768 (-21.6%), from €26,745 to €20,976
of which Remuneration and social security: -€6,031
- Other debts -€4,500
no longer reported in 2025 (was €4,500)
- Accrued charges and deferred income -€3,800
no longer reported in 2025 (was €3,800)
- Profit (loss) carried forward +€1,441
up €1,441 (+2.9%), from -€49,205 to -€47,765
- Staff costs -€14,667
down €14,667 (-24.3%), from €60,345 to €45,678
- Other operating charges -€5,892
down €5,892 (-72.3%), from €8,150 to €2,258
- Gross operating margin +€5,753
up €5,753 (+12.6%), from €45,633 to €51,386
- Financial charges +€893
up €893 (+143%), from €623 to €1,516
- Financial income +€662
up €662 (+6,043%), from €11 to €673
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 | €37,475 | €31,843 | -€5,631 | -15.0% |
| Fixed assets | 21/28 | €3,628 | €2,638 | -€991 | -27.3% |
| Tangible fixed assets | 22/27 | €3,508 | €2,518 | -€991 | -28.2% |
| Plant, machinery and equipment | 23 | €2,166 | €1,580 | -€586 | -27.1% |
| Furniture and vehicles | 24 | €1,342 | €938 | -€405 | -30.1% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €33,847 | €29,206 | -€4,641 | -13.7% |
| Stocks and contracts in progress | 3 | €560 | €783 | +€223 | +39.8% |
| Stocks | 30/36 | €560 | €783 | +€223 | +39.8% |
| Amounts receivable within one year | 40/41 | €1,332 | €13,639 | +€12,307 | +924% |
| Trade receivables | 40 | €962 | €509 | -€453 | -47.1% |
| Other amounts receivable | 41 | €370 | €13,130 | +€12,760 | +3,448% |
| Cash at bank and in hand | 54/58 | €31,539 | €14,561 | -€16,977 | -53.8% |
| Deferred charges and accrued income | 490/1 | €416 | €222 | -€194 | -46.6% |
| Total equity and liabilities | 10/49 | €37,475 | €31,843 | -€5,631 | -15.0% |
| Equity | 10/15 | -€22,139 | -€20,698 | +€1,441 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,467 | €8,467 | = | 0.0% |
| Distributable reserves | 133 | €8,467 | €8,467 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,205 | -€47,765 | +€1,441 | +2.9% |
| Amounts payable | 17/49 | €59,614 | €52,541 | -€7,072 | -11.9% |
| Amounts payable within one year | 42/48 | €55,814 | €52,541 | -€3,272 | -5.9% |
| Trade debts | 44 | €24,569 | €31,565 | +€6,996 | +28.5% |
| Suppliers | 440/4 | €24,569 | €31,565 | +€6,996 | +28.5% |
| Taxes, remuneration and social security | 45 | €26,745 | €20,976 | -€5,768 | -21.6% |
| Taxes | 450/3 | €5,963 | €6,225 | +€263 | +4.4% |
| Remuneration and social security | 454/9 | €20,782 | €14,751 | -€6,031 | -29.0% |
| Other amounts payable | 47/48 | €4,500 | - | -€4,500 | |
| Accrued charges and deferred income | 492/3 | €3,800 | - | -€3,800 | |
| Remuneration, social security and pensions | 62 | €60,345 | €45,678 | -€14,667 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €991 | €991 | = | 0.0% |
| Other operating charges | 640/8 | €8,150 | €2,258 | -€5,892 | -72.3% |
| Gross operating margin | 9900 | €45,633 | €51,386 | +€5,753 | +12.6% |
| Operating profit (loss) | 9901 | -€23,852 | €2,459 | +€26,311 | |
| Financial income | 75/76B | €11 | €673 | +€662 | +6,043% |
| Recurring financial income | 75 | €11 | €673 | +€662 | +6,043% |
| Financial charges | 65/66B | €623 | €1,516 | +€893 | +143% |
| Recurring financial charges | 65 | €623 | €1,516 | +€893 | +143% |
| Profit (loss) for the period before taxes | 9903 | -€24,464 | €1,615 | +€26,080 | |
| Income taxes | 67/77 | €168 | €175 | +€7 | +4.1% |
| Profit (loss) for the period | 9904 | -€24,632 | €1,441 | +€26,073 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,632 | €1,441 | +€26,073 |
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 19 October 2026 via checked.be.