FSN: 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.
FSN
Largest movements
- Tangible fixed assets +€95,087
up €95,087 (+7,030%), from €1,353 to €96,440
of which Furniture and vehicles: +€83,853
- Receivables within one year +€57,377
up €57,377 (+25.4%), from €226,201 to €283,579
of which Other amounts receivable: +€68,571
- Cash -€51,402
down €51,402 (-33.5%), from €153,281 to €101,879
mainly Investment in fixed assets (net) (-€99,894) and Contributions, distributions and other (-€77,939)
- Trade debts +€110,993
up €110,993 (+70.9%), from €156,510 to €267,503
- Current portion of long-term debt -€43,429
down €43,429 (-86.1%), from €50,438 to €7,009
- Debts after one year +€32,503
new in 2025: €32,503
- Profit (loss) carried forward -€10,707
down €10,707 (-16.1%), from €66,504 to €55,797
- Other debts +€9,803
up €9,803 (+14.6%), from €67,270 to €77,073
- Staff costs -€54,183
down €54,183 (-23.8%), from €227,878 to €173,695
- Gross operating margin +€26,495
up €26,495 (+9.5%), from €278,150 to €304,645
- Taxes +€15,959
up €15,959 (+114%), from €13,998 to €29,958
- Financial charges +€13,055
up €13,055 (+104%), from €12,591 to €25,645
- Other operating charges +€7,693
up €7,693 (+108%), from €7,094 to €14,787
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 | €472,207 | €578,603 | +€106,396 | +22.5% |
| Fixed assets | 21/28 | €1,353 | €96,440 | +€95,087 | +7,030% |
| Tangible fixed assets | 22/27 | €1,353 | €96,440 | +€95,087 | +7,030% |
| Plant, machinery and equipment | 23 | - | €11,234 | +€11,234 | |
| Furniture and vehicles | 24 | €1,353 | €85,205 | +€83,853 | +6,200% |
| Current assets | 29/58 | €470,854 | €482,163 | +€11,309 | +2.4% |
| Stocks and contracts in progress | 3 | €89,780 | €93,196 | +€3,415 | +3.8% |
| Stocks | 30/36 | €89,780 | €93,196 | +€3,415 | +3.8% |
| Amounts receivable within one year | 40/41 | €226,201 | €283,579 | +€57,377 | +25.4% |
| Trade receivables | 40 | €11,193 | - | -€11,193 | |
| Other amounts receivable | 41 | €215,008 | €283,579 | +€68,571 | +31.9% |
| Cash at bank and in hand | 54/58 | €153,281 | €101,879 | -€51,402 | -33.5% |
| Deferred charges and accrued income | 490/1 | €1,592 | €3,510 | +€1,918 | +120% |
| Total equity and liabilities | 10/49 | €472,207 | €578,603 | +€106,396 | +22.5% |
| Equity | 10/15 | €121,504 | €110,797 | -€10,707 | -8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | - | -€20,000 | |
| Issued capital | 100 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,504 | €55,797 | -€10,707 | -16.1% |
| Amounts payable | 17/49 | €350,703 | €467,806 | +€117,103 | +33.4% |
| Amounts payable after more than one year | 17 | - | €32,503 | +€32,503 | |
| Financial debts | 170/4 | - | €32,503 | +€32,503 | |
| Amounts payable within one year | 42/48 | €337,236 | €423,465 | +€86,229 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €50,438 | €7,009 | -€43,429 | -86.1% |
| Trade debts | 44 | €156,510 | €267,503 | +€110,993 | +70.9% |
| Suppliers | 440/4 | €156,510 | €267,503 | +€110,993 | +70.9% |
| Taxes, remuneration and social security | 45 | €63,018 | €71,879 | +€8,862 | +14.1% |
| Taxes | 450/3 | €27,713 | €48,899 | +€21,186 | +76.4% |
| Remuneration and social security | 454/9 | €35,304 | €22,980 | -€12,324 | -34.9% |
| Other amounts payable | 47/48 | €67,270 | €77,073 | +€9,803 | +14.6% |
| Accrued charges and deferred income | 492/3 | €13,467 | €11,839 | -€1,628 | -12.1% |
| Remuneration, social security and pensions | 62 | €227,878 | €173,695 | -€54,183 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576 | €4,807 | +€4,231 | +735% |
| Other operating charges | 640/8 | €7,094 | €14,787 | +€7,693 | +108% |
| Gross operating margin | 9900 | €278,150 | €304,645 | +€26,495 | +9.5% |
| Operating profit (loss) | 9901 | €42,602 | €111,356 | +€68,754 | +161% |
| Financial income | 75/76B | €9,493 | €11,479 | +€1,985 | +20.9% |
| Recurring financial income | 75 | €9,493 | €11,479 | +€1,985 | +20.9% |
| Financial charges | 65/66B | €12,591 | €25,645 | +€13,055 | +104% |
| Recurring financial charges | 65 | €12,591 | €25,645 | +€13,055 | +104% |
| Profit (loss) for the period before taxes | 9903 | €39,505 | €97,190 | +€57,685 | +146% |
| Income taxes | 67/77 | €13,998 | €29,958 | +€15,959 | +114% |
| Profit (loss) for the period | 9904 | €25,507 | €67,232 | +€41,725 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €25,507 | €67,232 | +€41,725 | +164% |
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 16 October 2026 via checked.be.