FSG PROJECT: 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 PROJECT
Largest movements
- Receivables within one year -€5,645
down €5,645 (-52.3%), from €10,799 to €5,155
of which Trade receivables: -€5,405
- Tangible fixed assets -€1,514
down €1,514 (-59.9%), from €2,525 to €1,011
of which Plant, machinery and equipment: -€884
- Cash +€677
up €677 (+110.6%), from €613 to €1,290
mainly Receivables within one year (+€5,645) and Depreciation (+€1,514)
- Deferred charges and accrued income -€500
no longer reported in 2025 (was €500)
- Profit (loss) carried forward -€2,750
down €2,750 (-31.5%), from €8,729 to €5,979
- Trade debts -€2,228
down €2,228 (-92.6%), from €2,405 to €177
- Tax, wage and social debts -€2,003
no longer reported in 2025 (was €2,003)
- Gross operating margin -€3,827
down €3,827 (-88.8%), from €4,311 to €484
- Other operating charges +€755
up €755 (+1288.1%), from €59 to €814
- Taxes -€456
no longer reported in 2025 (was €456)
- Depreciation -€213
down €213 (-12.3%), from €1,727 to €1,514
- Financial charges +€78
up €78 (+9.4%), from €833 to €911
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 | €14,437 | €7,456 | -€6,981 | -48.4% |
| Fixed assets | 21/28 | €2,525 | €1,011 | -€1,514 | -59.9% |
| Tangible fixed assets | 22/27 | €2,525 | €1,011 | -€1,514 | -59.9% |
| Plant, machinery and equipment | 23 | €884 | - | -€884 | |
| Furniture and vehicles | 24 | €1,641 | €1,011 | -€630 | -38.4% |
| Current assets | 29/58 | €11,912 | €6,445 | -€5,467 | -45.9% |
| Amounts receivable within one year | 40/41 | €10,799 | €5,155 | -€5,645 | -52.3% |
| Trade receivables | 40 | €9,824 | €4,419 | -€5,405 | -55.0% |
| Other amounts receivable | 41 | €975 | €736 | -€240 | -24.6% |
| Cash at bank and in hand | 54/58 | €613 | €1,290 | +€677 | +110.6% |
| Deferred charges and accrued income | 490/1 | €500 | - | -€500 | |
| Total equity and liabilities | 10/49 | €14,437 | €7,456 | -€6,981 | -48.4% |
| Equity | 10/15 | €9,729 | €6,979 | -€2,750 | -28.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,729 | €5,979 | -€2,750 | -31.5% |
| Amounts payable | 17/49 | €4,708 | €477 | -€4,231 | -89.9% |
| Amounts payable within one year | 42/48 | €4,708 | €477 | -€4,231 | -89.9% |
| Trade debts | 44 | €2,405 | €177 | -€2,228 | -92.6% |
| Suppliers | 440/4 | €2,405 | €177 | -€2,228 | -92.6% |
| Taxes, remuneration and social security | 45 | €2,003 | - | -€2,003 | |
| Taxes | 450/3 | €2,003 | - | -€2,003 | |
| Other amounts payable | 47/48 | €300 | €300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,727 | €1,514 | -€213 | -12.3% |
| Other operating charges | 640/8 | €59 | €814 | +€755 | +1288.1% |
| Gross operating margin | 9900 | €4,311 | €484 | -€3,827 | -88.8% |
| Operating profit (loss) | 9901 | €2,525 | -€1,844 | -€4,369 | |
| Financial income | 75/76B | €4 | €5 | +€1 | +28.7% |
| Recurring financial income | 75 | €4 | €5 | +€1 | +28.7% |
| Financial charges | 65/66B | €833 | €911 | +€78 | +9.4% |
| Recurring financial charges | 65 | €833 | €911 | +€78 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €1,696 | -€2,750 | -€4,446 | |
| Income taxes | 67/77 | €456 | - | -€456 | |
| Profit (loss) for the period | 9904 | €1,240 | -€2,750 | -€3,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,240 | -€2,750 | -€3,990 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.