FTM: 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.
FTM
Largest movements
- Cash +€7,824
up €7,824 (+29.2%), from €26,805 to €34,629
mainly Net result for the year (+€33,647) and Depreciation (+€10,386)
- Deferred charges and accrued income -€3,853
down €3,853 (-76.6%), from €5,029 to €1,176
- Tangible fixed assets +€2,218
up €2,218 (+3.7%), from €59,734 to €61,952
of which Plant, machinery and equipment: +€1,655
- Profit (loss) carried forward +€13,647
up €13,647 (+67.0%), from €20,367 to €34,014
- Current portion of long-term debt -€4,375
down €4,375 (-23.0%), from €19,007 to €14,632
- Trade debts -€4,125
down €4,125 (-76.3%), from €5,409 to €1,284
- Debts after one year +€3,893
up €3,893 (+14.2%), from €27,337 to €31,229
- Depreciation -€12,549
down €12,549 (-54.7%), from €22,935 to €10,386
- Gross operating margin +€10,048
up €10,048 (+18.5%), from €54,193 to €64,241
- Taxes +€4,207
up €4,207 (+75.0%), from €5,609 to €9,816
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 | €108,852 | €115,744 | +€6,892 | +6.3% |
| Fixed assets | 21/28 | €59,734 | €61,952 | +€2,218 | +3.7% |
| Tangible fixed assets | 22/27 | €59,734 | €61,952 | +€2,218 | +3.7% |
| Land and buildings | 22 | - | €1,284 | +€1,284 | |
| Plant, machinery and equipment | 23 | - | €1,655 | +€1,655 | |
| Furniture and vehicles | 24 | €59,734 | €59,013 | -€721 | -1.2% |
| Current assets | 29/58 | €49,119 | €53,793 | +€4,674 | +9.5% |
| Amounts receivable within one year | 40/41 | €17,285 | €17,988 | +€704 | +4.1% |
| Trade receivables | 40 | €14,394 | €15,097 | +€704 | +4.9% |
| Other amounts receivable | 41 | €2,891 | €2,891 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,805 | €34,629 | +€7,824 | +29.2% |
| Deferred charges and accrued income | 490/1 | €5,029 | €1,176 | -€3,853 | -76.6% |
| Total equity and liabilities | 10/49 | €108,852 | €115,744 | +€6,892 | +6.3% |
| Equity | 10/15 | €25,367 | €39,014 | +€13,647 | +53.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,367 | €34,014 | +€13,647 | +67.0% |
| Amounts payable | 17/49 | €83,486 | €76,730 | -€6,756 | -8.1% |
| Amounts payable after more than one year | 17 | €27,337 | €31,229 | +€3,893 | +14.2% |
| Financial debts | 170/4 | €27,337 | €31,229 | +€3,893 | +14.2% |
| Amounts payable within one year | 42/48 | €55,195 | €44,978 | -€10,216 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €19,007 | €14,632 | -€4,375 | -23.0% |
| Trade debts | 44 | €5,409 | €1,284 | -€4,125 | -76.3% |
| Suppliers | 440/4 | €5,409 | €1,284 | -€4,125 | -76.3% |
| Taxes, remuneration and social security | 45 | €12,512 | €11,382 | -€1,130 | -9.0% |
| Taxes | 450/3 | €12,512 | €11,382 | -€1,130 | -9.0% |
| Other amounts payable | 47/48 | €18,267 | €17,681 | -€586 | -3.2% |
| Accrued charges and deferred income | 492/3 | €955 | €523 | -€432 | -45.3% |
| Non-recurring operating income | 76A | €51 | €23 | -€28 | -54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,935 | €10,386 | -€12,549 | -54.7% |
| Other operating charges | 640/8 | €1,017 | €703 | -€314 | -30.9% |
| Non-recurring operating charges | 66A | €210 | €7,067 | +€6,857 | +3267.9% |
| Gross operating margin | 9900 | €54,193 | €64,241 | +€10,048 | +18.5% |
| Operating profit (loss) | 9901 | €30,031 | €46,085 | +€16,054 | +53.5% |
| Financial income | 75/76B | €2 | €122 | +€120 | +6007.0% |
| Recurring financial income | 75 | €2 | €122 | +€120 | +6007.0% |
| Financial charges | 65/66B | €3,136 | €2,744 | -€392 | -12.5% |
| Recurring financial charges | 65 | €3,136 | €2,744 | -€392 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €26,897 | €43,464 | +€16,566 | +61.6% |
| Income taxes | 67/77 | €5,609 | €9,816 | +€4,207 | +75.0% |
| Profit (loss) for the period | 9904 | €21,288 | €33,647 | +€12,359 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,288 | €33,647 | +€12,359 | +58.1% |
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 8 October 2026 via checked.be.