FTVF: 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.
FTVF
Largest movements
- Cash +€26,460
up €26,460 (+22.1%), from €119,756 to €146,216
mainly Net result for the year (+€338,741) and Debts after one year (+€43,881)
- Tangible fixed assets +€26,205
up €26,205 (+176.6%), from €14,842 to €41,047
- Receivables within one year -€8,869
down €8,869 (-16.6%), from €53,354 to €44,485
of which Trade receivables: -€5,744
- Debts after one year +€43,881
up €43,881 (+42.4%), from €103,402 to €147,283
- Reserves -€11,801
no longer reported in 2025 (was €11,801)
- Other debts +€7,541
up €7,541 (+17.8%), from €42,389 to €49,930
- Trade debts +€3,742
up €3,742 (+206.7%), from €1,810 to €5,552
- Gross operating margin +€119,818
up €119,818 (+35.3%), from €339,476 to €459,295
- Taxes +€27,953
up €27,953 (+34.2%), from €81,775 to €109,728
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 | €192,708 | €237,345 | +€44,637 | +23.2% |
| Fixed assets | 21/28 | €14,842 | €41,047 | +€26,205 | +176.6% |
| Tangible fixed assets | 22/27 | €14,842 | €41,047 | +€26,205 | +176.6% |
| Furniture and vehicles | 24 | €14,842 | €41,047 | +€26,205 | +176.6% |
| Current assets | 29/58 | €177,867 | €196,298 | +€18,432 | +10.4% |
| Amounts receivable within one year | 40/41 | €53,354 | €44,485 | -€8,869 | -16.6% |
| Trade receivables | 40 | €49,707 | €43,963 | -€5,744 | -11.6% |
| Other amounts receivable | 41 | €3,647 | €522 | -€3,124 | -85.7% |
| Cash at bank and in hand | 54/58 | €119,756 | €146,216 | +€26,460 | +22.1% |
| Deferred charges and accrued income | 490/1 | €4,757 | €5,598 | +€841 | +17.7% |
| Total equity and liabilities | 10/49 | €192,708 | €237,345 | +€44,637 | +23.2% |
| Equity | 10/15 | €30,401 | €18,600 | -€11,801 | -38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,801 | - | -€11,801 | |
| Distributable reserves | 133 | €11,801 | - | -€11,801 | |
| Amounts payable | 17/49 | €162,307 | €218,745 | +€56,438 | +34.8% |
| Amounts payable after more than one year | 17 | €103,402 | €147,283 | +€43,881 | +42.4% |
| Other amounts payable | 178/9 | €103,402 | €147,283 | +€43,881 | +42.4% |
| Amounts payable within one year | 42/48 | €58,455 | €71,067 | +€12,613 | +21.6% |
| Trade debts | 44 | €1,810 | €5,552 | +€3,742 | +206.7% |
| Suppliers | 440/4 | €1,810 | €5,552 | +€3,742 | +206.7% |
| Taxes, remuneration and social security | 45 | €14,255 | €15,586 | +€1,331 | +9.3% |
| Taxes | 450/3 | €14,255 | €15,586 | +€1,331 | +9.3% |
| Other amounts payable | 47/48 | €42,389 | €49,930 | +€7,541 | +17.8% |
| Accrued charges and deferred income | 492/3 | €451 | €395 | -€56 | -12.3% |
| Non-recurring operating income | 76A | €3,300 | - | -€3,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,119 | €4,569 | +€1,450 | +46.5% |
| Other operating charges | 640/8 | €1,527 | €923 | -€604 | -39.5% |
| Gross operating margin | 9900 | €339,476 | €459,295 | +€119,818 | +35.3% |
| Operating profit (loss) | 9901 | €334,830 | €453,803 | +€118,972 | +35.5% |
| Financial income | 75/76B | €79 | €24 | -€55 | -69.6% |
| Recurring financial income | 75 | €79 | €24 | -€55 | -69.6% |
| Financial charges | 65/66B | €3,265 | €5,358 | +€2,093 | +64.1% |
| Recurring financial charges | 65 | €3,265 | €5,358 | +€2,093 | +64.1% |
| Profit (loss) for the period before taxes | 9903 | €331,644 | €448,469 | +€116,824 | +35.2% |
| Income taxes | 67/77 | €81,775 | €109,728 | +€27,953 | +34.2% |
| Profit (loss) for the period | 9904 | €249,870 | €338,741 | +€88,871 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €249,870 | €338,741 | +€88,871 | +35.6% |
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 7 October 2026 via checked.be.