FTB: 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.
FTB
Largest movements
- Stocks and contracts +€235,568
up €235,568 (+61.5%), from €383,279 to €618,846
- Intangible fixed assets +€72,307
new in 2025: €72,307
- Tangible fixed assets +€56,259
up €56,259 (+114%), from €49,270 to €105,529
of which Furniture and vehicles: +€67,413
- Cash +€39,123
up €39,123 (+115%), from €34,154 to €73,277
mainly Debts after one year (+€317,010) and Trade debts (+€37,762)
- Receivables within one year -€34,334
down €34,334 (-26.3%), from €130,531 to €96,197
of which Trade receivables: -€34,334
- Debts after one year +€317,010
up €317,010 (+79.8%), from €397,178 to €714,187
- Trade debts +€37,762
up €37,762 (+86.3%), from €43,775 to €81,537
- Current portion of long-term debt +€15,069
new in 2025: €15,069
- Depreciation +€21,962
up €21,962 (+149%), from €14,736 to €36,698
- Gross operating margin -€15,557
down €15,557 (-11.7%), from €132,486 to €116,928
- Staff costs -€9,914
down €9,914 (-14.5%), from €68,479 to €58,565
- Other operating charges +€2,858
up €2,858 (+117%), from €2,439 to €5,297
- Financial income +€2,792
up €2,792 (+4,149%), from €67 to €2,859
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 | €604,369 | €973,531 | +€369,161 | +61.1% |
| Fixed assets | 21/28 | €50,870 | €179,436 | +€128,566 | +253% |
| Intangible fixed assets | 21 | - | €72,307 | +€72,307 | |
| Tangible fixed assets | 22/27 | €49,270 | €105,529 | +€56,259 | +114% |
| Plant, machinery and equipment | 23 | €32,143 | €24,828 | -€7,315 | -22.8% |
| Furniture and vehicles | 24 | €1,806 | €69,219 | +€67,413 | +3,733% |
| Other tangible fixed assets | 26 | €15,321 | €11,482 | -€3,839 | -25.1% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €553,499 | €794,095 | +€240,595 | +43.5% |
| Stocks and contracts in progress | 3 | €383,279 | €618,846 | +€235,568 | +61.5% |
| Stocks | 30/36 | €383,279 | €618,846 | +€235,568 | +61.5% |
| Amounts receivable within one year | 40/41 | €130,531 | €96,197 | -€34,334 | -26.3% |
| Trade receivables | 40 | €129,667 | €95,334 | -€34,334 | -26.5% |
| Other amounts receivable | 41 | €864 | €864 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,154 | €73,277 | +€39,123 | +115% |
| Deferred charges and accrued income | 490/1 | €5,535 | €5,774 | +€239 | +4.3% |
| Total equity and liabilities | 10/49 | €604,369 | €973,531 | +€369,161 | +61.1% |
| Equity | 10/15 | €96,502 | €99,879 | +€3,376 | +3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,902 | €81,279 | +€3,376 | +4.3% |
| Distributable reserves | 133 | €77,902 | €81,279 | +€3,376 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €507,867 | €873,652 | +€365,785 | +72.0% |
| Amounts payable after more than one year | 17 | €397,178 | €714,187 | +€317,010 | +79.8% |
| Financial debts | 170/4 | €397,178 | €714,187 | +€317,010 | +79.8% |
| Amounts payable within one year | 42/48 | €109,063 | €159,465 | +€50,401 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,069 | +€15,069 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €43,775 | €81,537 | +€37,762 | +86.3% |
| Suppliers | 440/4 | €43,775 | €81,537 | +€37,762 | +86.3% |
| Taxes, remuneration and social security | 45 | €38,494 | €36,064 | -€2,430 | -6.3% |
| Taxes | 450/3 | €31,042 | €23,250 | -€7,791 | -25.1% |
| Remuneration and social security | 454/9 | €7,452 | €12,813 | +€5,362 | +72.0% |
| Other amounts payable | 47/48 | €26,795 | €26,795 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,626 | €0 | -€1,626 | -100% |
| Remuneration, social security and pensions | 62 | €68,479 | €58,565 | -€9,914 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,736 | €36,698 | +€21,962 | +149% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,439 | €5,297 | +€2,858 | +117% |
| Gross operating margin | 9900 | €132,486 | €116,928 | -€15,557 | -11.7% |
| Operating profit (loss) | 9901 | €46,832 | €16,368 | -€30,464 | -65.0% |
| Financial income | 75/76B | €67 | €2,859 | +€2,792 | +4,149% |
| Recurring financial income | 75 | €67 | €2,859 | +€2,792 | +4,149% |
| Financial charges | 65/66B | €8,308 | €9,720 | +€1,413 | +17.0% |
| Recurring financial charges | 65 | €8,308 | €9,720 | +€1,413 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €38,592 | €9,507 | -€29,085 | -75.4% |
| Income taxes | 67/77 | €5,296 | €6,131 | +€834 | +15.8% |
| Profit (loss) for the period | 9904 | €33,296 | €3,376 | -€29,919 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,296 | €3,376 | -€29,919 | -89.9% |
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 27 October 2026 via checked.be.