Fsmbe: 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.
Fsmbe
Largest movements
- Cash +€1.4m
up €1.4m (+18925.7%), from €7,284 to €1.4m
mainly Net result for the year (+€2.0m) and Other debts (+€703,953)
- Receivables within one year -€620,752
down €620,752 (-99.3%), from €624,896 to €4,144
of which Trade receivables: -€624,896
- Financial fixed assets +€246,700
up €246,700 (+22.6%), from €1.1m to €1.3m
- Other debts +€703,953
up €703,953 (+14144.1%), from €4,977 to €708,930
- Reserves +€467,694
up €467,694 (+31.2%), from €1.5m to €2.0m
- Tax, wage and social debts -€165,427
down €165,427 (-97.0%), from €170,541 to €5,114
- Financial income +€2.3m
new in 2025: €2.3m
of which Non-recurring financial income: +€2.3m
- Financial charges +€1.0m
up €1.0m (+400997.6%), from €255 to €1.0m
of which Non-recurring financial charges: +€1.0m
- Gross operating margin -€66,196
down €66,196 (-6.3%), from €1.0m to €977,084
- Taxes -€27,427
down €27,427 (-9.9%), from €277,541 to €250,114
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 | €1,724,478 | €2,729,082 | +€1.0m | +58.3% |
| Fixed assets | 21/28 | €1,092,298 | €1,338,998 | +€246,700 | +22.6% |
| Financial fixed assets | 28 | €1,092,298 | €1,338,998 | +€246,700 | +22.6% |
| Current assets | 29/58 | €632,180 | €1,390,084 | +€757,904 | +119.9% |
| Amounts receivable within one year | 40/41 | €624,896 | €4,144 | -€620,752 | -99.3% |
| Trade receivables | 40 | €624,896 | - | -€624,896 | |
| Other amounts receivable | 41 | - | €4,144 | +€4,144 | |
| Cash at bank and in hand | 54/58 | €7,284 | €1,385,839 | +€1.4m | +18925.7% |
| Deferred charges and accrued income | 490/1 | - | €101 | +€101 | |
| Total equity and liabilities | 10/49 | €1,724,478 | €2,729,082 | +€1.0m | +58.3% |
| Equity | 10/15 | €1,547,345 | €2,015,039 | +€467,694 | +30.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,497,345 | €1,965,039 | +€467,694 | +31.2% |
| Distributable reserves | 133 | €1,497,345 | €1,965,039 | +€467,694 | +31.2% |
| Amounts payable | 17/49 | €177,133 | €714,043 | +€536,910 | +303.1% |
| Amounts payable within one year | 42/48 | €177,133 | €714,043 | +€536,910 | +303.1% |
| Trade debts | 44 | €1,615 | - | -€1,615 | |
| Suppliers | 440/4 | €1,615 | - | -€1,615 | |
| Taxes, remuneration and social security | 45 | €170,541 | €5,114 | -€165,427 | -97.0% |
| Taxes | 450/3 | €170,541 | €5,114 | -€165,427 | -97.0% |
| Other amounts payable | 47/48 | €4,977 | €708,930 | +€703,953 | +14144.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €1,043,280 | €977,084 | -€66,196 | -6.3% |
| Operating profit (loss) | 9901 | €1,042,312 | €976,085 | -€66,227 | -6.4% |
| Financial income | 75/76B | - | €2,346,604 | +€2.3m | |
| Recurring financial income | 75 | - | €101 | +€101 | |
| Non-recurring financial income | 76B | - | €2,346,503 | +€2.3m | |
| Financial charges | 65/66B | €255 | €1,023,882 | +€1.0m | +400997.6% |
| Recurring financial charges | 65 | €255 | €272 | +€16 | +6.4% |
| Non-recurring financial charges | 66B | - | €1,023,610 | +€1.0m | |
| Profit (loss) for the period before taxes | 9903 | €1,042,057 | €2,298,807 | +€1.3m | +120.6% |
| Income taxes | 67/77 | €277,541 | €250,114 | -€27,427 | -9.9% |
| Profit (loss) for the period | 9904 | €764,516 | €2,048,694 | +€1.3m | +168.0% |
| Profit (loss) for the period to be appropriated | 9905 | €764,516 | €2,048,694 | +€1.3m | +168.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.