FTO DISTRIBUTION: 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.
FTO DISTRIBUTION
Largest movements
- Receivables within one year +€37,511
up €37,511 (+38.9%), from €96,478 to €133,989
of which Trade receivables: +€33,838
- Cash -€32,194
down €32,194 (-90.1%), from €35,730 to €3,535
mainly Debts after one year (-€79,139) and Receivables within one year (-€37,511)
- Tangible fixed assets -€8,781
down €8,781 (-23.1%), from €38,054 to €29,273
of which Leasing and similar rights: -€8,475
- Debts after one year -€79,139
down €79,139 (-55.6%), from €142,274 to €63,135
- Profit (loss) carried forward +€24,123
up €24,123 (+24.1%), from €100,184 to €124,307
- Trade debts +€17,910
up €17,910 (+29.8%), from €60,075 to €77,985
- Reserves +€17,907
up €17,907 (+75.3%), from €23,777 to €41,684
of which Distributable reserves: +€15,000
- Tax, wage and social debts +€15,959
up €15,959 (+153%), from €10,417 to €26,376
- Gross operating margin +€42,953
up €42,953 (+138%), from €31,031 to €73,984
- Taxes +€12,044
up €12,044 (+294%), from €4,097 to €16,141
- Staff costs +€2,667
new in 2025: €2,667
- Depreciation +€1,400
up €1,400 (+19.0%), from €7,381 to €8,781
- Other operating charges -€1,167
down €1,167 (-47.9%), from €2,436 to €1,269
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 | €870,411 | €866,947 | -€3,464 | -0.4% |
| Fixed assets | 21/28 | €738,204 | €729,423 | -€8,781 | -1.2% |
| Tangible fixed assets | 22/27 | €38,054 | €29,273 | -€8,781 | -23.1% |
| Plant, machinery and equipment | 23 | €2,789 | €2,483 | -€306 | -11.0% |
| Leasing and similar rights | 25 | €35,265 | €26,790 | -€8,475 | -24.0% |
| Financial fixed assets | 28 | €700,150 | €700,150 | = | 0.0% |
| Current assets | 29/58 | €132,207 | €137,524 | +€5,317 | +4.0% |
| Amounts receivable within one year | 40/41 | €96,478 | €133,989 | +€37,511 | +38.9% |
| Trade receivables | 40 | €95,119 | €128,956 | +€33,838 | +35.6% |
| Other amounts receivable | 41 | €1,359 | €5,033 | +€3,673 | +270% |
| Cash at bank and in hand | 54/58 | €35,730 | €3,535 | -€32,194 | -90.1% |
| Total equity and liabilities | 10/49 | €870,411 | €866,947 | -€3,464 | -0.4% |
| Equity | 10/15 | €273,960 | €315,991 | +€42,031 | +15.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €23,777 | €41,684 | +€17,907 | +75.3% |
| Non-distributable reserves | 130/1 | €5,337 | €8,244 | +€2,907 | +54.5% |
| Legal reserve | 130 | €5,337 | €8,244 | +€2,907 | +54.5% |
| Distributable reserves | 133 | €18,440 | €33,440 | +€15,000 | +81.3% |
| Profit (loss) carried forward | 14 | €100,184 | €124,307 | +€24,123 | +24.1% |
| Amounts payable | 17/49 | €596,451 | €550,956 | -€45,495 | -7.6% |
| Amounts payable after more than one year | 17 | €142,274 | €63,135 | -€79,139 | -55.6% |
| Financial debts | 170/4 | €142,274 | €63,135 | -€79,139 | -55.6% |
| Amounts payable within one year | 42/48 | €453,824 | €487,655 | +€33,831 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €78,741 | €80,753 | +€2,013 | +2.6% |
| Trade debts | 44 | €60,075 | €77,985 | +€17,910 | +29.8% |
| Suppliers | 440/4 | €60,075 | €77,985 | +€17,910 | +29.8% |
| Taxes, remuneration and social security | 45 | €10,417 | €26,376 | +€15,959 | +153% |
| Taxes | 450/3 | €10,417 | €26,376 | +€15,959 | +153% |
| Other amounts payable | 47/48 | €304,591 | €302,541 | -€2,050 | -0.7% |
| Accrued charges and deferred income | 492/3 | €353 | €166 | -€187 | -53.1% |
| Remuneration, social security and pensions | 62 | - | €2,667 | +€2,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,381 | €8,781 | +€1,400 | +19.0% |
| Other operating charges | 640/8 | €2,436 | €1,269 | -€1,167 | -47.9% |
| Gross operating margin | 9900 | €31,031 | €73,984 | +€42,953 | +138% |
| Operating profit (loss) | 9901 | €21,214 | €61,267 | +€40,053 | +189% |
| Financial income | 75/76B | €20 | €0 | -€20 | -99.9% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -99.9% |
| Financial charges | 65/66B | €4,184 | €3,096 | -€1,088 | -26.0% |
| Recurring financial charges | 65 | €4,184 | €3,096 | -€1,088 | -26.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €17,050 | €58,171 | +€41,121 | +241% |
| Income taxes | 67/77 | €4,097 | €16,141 | +€12,044 | +294% |
| Profit (loss) for the period | 9904 | €12,953 | €42,031 | +€29,078 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €12,953 | €42,031 | +€29,078 | +224% |
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 19 October 2026 via checked.be.