FU AN: 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.
FU AN
Largest movements
- Tangible fixed assets -€225,942
down €225,942 (-29.5%), from €766,471 to €540,529
of which Land and buildings: -€232,394
- Receivables within one year -€24,555
down €24,555 (-81.8%), from €30,006 to €5,451
of which Trade receivables: -€26,226
- Intangible fixed assets -€21,000
down €21,000 (-31.8%), from €66,002 to €45,001
- Cash +€13,704
up €13,704 (+63.4%), from €21,628 to €35,331
mainly Investment in fixed assets (net) (+€180,315) and Depreciation (+€66,627)
- Debts after one year -€314,240
down €314,240 (-44.9%), from €699,152 to €384,912
- Other debts -€61,765
down €61,765 (-29.3%), from €210,754 to €148,989
- Profit (loss) carried forward +€40,625
no longer reported in 2025 (was -€40,625)
- Current portion of long-term debt +€30,808
new in 2025: €30,808
- Reserves +€21,862
new in 2025: €21,862
- Gross operating margin +€95,558
up €95,558 (+134.3%), from €71,145 to €166,704
- Depreciation -€15,263
down €15,263 (-18.6%), from €81,890 to €66,627
- Taxes +€7,350
up €7,350 (+5593.7%), from €131 to €7,481
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 | €893,056 | €629,255 | -€263,801 | -29.5% |
| Fixed assets | 21/28 | €832,472 | €585,530 | -€246,943 | -29.7% |
| Intangible fixed assets | 21 | €66,002 | €45,001 | -€21,000 | -31.8% |
| Tangible fixed assets | 22/27 | €766,471 | €540,529 | -€225,942 | -29.5% |
| Land and buildings | 22 | €621,621 | €389,227 | -€232,394 | -37.4% |
| Plant, machinery and equipment | 23 | €68,058 | €82,560 | +€14,502 | +21.3% |
| Furniture and vehicles | 24 | €27,449 | €24,344 | -€3,105 | -11.3% |
| Other tangible fixed assets | 26 | €49,343 | €44,397 | -€4,946 | -10.0% |
| Current assets | 29/58 | €60,583 | €43,725 | -€16,859 | -27.8% |
| Stocks and contracts in progress | 3 | €2,372 | €2,942 | +€570 | +24.1% |
| Stocks | 30/36 | €2,372 | €2,942 | +€570 | +24.1% |
| Amounts receivable within one year | 40/41 | €30,006 | €5,451 | -€24,555 | -81.8% |
| Trade receivables | 40 | €26,594 | €368 | -€26,226 | -98.6% |
| Other amounts receivable | 41 | €3,413 | €5,083 | +€1,670 | +48.9% |
| Cash at bank and in hand | 54/58 | €21,628 | €35,331 | +€13,704 | +63.4% |
| Deferred charges and accrued income | 490/1 | €6,577 | - | -€6,577 | |
| Total equity and liabilities | 10/49 | €893,056 | €629,255 | -€263,801 | -29.5% |
| Equity | 10/15 | -€20,625 | €41,862 | +€62,487 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €21,862 | +€21,862 | |
| Distributable reserves | 133 | - | €21,862 | +€21,862 | |
| Profit (loss) carried forward | 14 | -€40,625 | - | +€40,625 | |
| Amounts payable | 17/49 | €913,681 | €587,393 | -€326,288 | -35.7% |
| Amounts payable after more than one year | 17 | €699,152 | €384,912 | -€314,240 | -44.9% |
| Financial debts | 170/4 | €699,152 | €384,912 | -€314,240 | -44.9% |
| Amounts payable within one year | 42/48 | €214,529 | €202,481 | -€12,048 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €30,808 | +€30,808 | |
| Trade debts | 44 | €2,890 | €4,390 | +€1,500 | +51.9% |
| Suppliers | 440/4 | €2,890 | €4,390 | +€1,500 | +51.9% |
| Taxes, remuneration and social security | 45 | €885 | €18,294 | +€17,409 | +1966.8% |
| Taxes | 450/3 | €885 | €18,294 | +€17,409 | +1966.8% |
| Other amounts payable | 47/48 | €210,754 | €148,989 | -€61,765 | -29.3% |
| Non-recurring operating income | 76A | €27,841 | - | -€27,841 | |
| Remuneration, social security and pensions | 62 | €1,441 | €2,027 | +€586 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,890 | €66,627 | -€15,263 | -18.6% |
| Other operating charges | 640/8 | €5,589 | €6,951 | +€1,361 | +24.4% |
| Gross operating margin | 9900 | €71,145 | €166,704 | +€95,558 | +134.3% |
| Operating profit (loss) | 9901 | -€17,776 | €91,098 | +€108,874 | |
| Financial charges | 65/66B | €22,323 | €21,131 | -€1,192 | -5.3% |
| Recurring financial charges | 65 | €22,323 | €21,131 | -€1,192 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€40,098 | €69,968 | +€110,066 | |
| Income taxes | 67/77 | €131 | €7,481 | +€7,350 | +5593.7% |
| Profit (loss) for the period | 9904 | -€40,230 | €62,487 | +€102,717 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,230 | €62,487 | +€102,717 |
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 10 October 2026 via checked.be.