FUBARCO: 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.
What changed
FUBARCO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€76,741
2024 · -€88,659+€11,918
Equity
€1.9m
2024 · €2.0m-€76,741
Cash
€103,663
2024 · €8,646+€95,017
Balance sheet total
€2.0m
2024 · €2.1m-€71,699
Largest movements
Assets
- Current investments -€149,587
down €149,587 (-9.0%), from €1.7m to €1.5m
- Cash +€95,017
up €95,017 (+1099.0%), from €8,646 to €103,663
mainly Current investments (+€149,587) and Depreciation (+€30,805)
- Tangible fixed assets -€26,912
down €26,912 (-10.1%), from €265,653 to €238,741
of which Furniture and vehicles: -€13,556
Equity and liabilities
- Profit (loss) carried forward -€76,741
down €76,741 (-86.7%), from -€88,464 to -€165,205
Income statement
- Gross operating margin +€25,275
up €25,275 (+26.7%), from -€94,771 to -€69,496
- Financial income -€14,221
down €14,221 (-34.8%), from €40,822 to €26,600
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.
Result 2024
-€88,659
Gross operating margin
+€25,275
Depreciation
+€718
Other operating charges
+€294
Financial income
-€14,221
Financial charges
-€110
Taxes
-€38
Result 2025
-€76,741
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.
From operations
-€50,676
Investment
+€145,693
Financing
€0
Cash 2024
€8,646
From operations (derived)
-€50,676
Net result for the year
-€76,741
Depreciation
+€30,805
Receivables within one year
-€6,892
Deferred charges and accrued income
-€2,891
Trade debts
+€1,338
Tax, wage and social debts
+€2,600
Other debts
+€1,054
Accrued charges and deferred income
+€50
Investment (derived)
+€145,693
Investment in fixed assets (net)
-€3,893
Current investments
+€149,587
Cash 2025
€103,663
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,077,752 | €2,006,054 | -€71,699 | -3.5% |
| Fixed assets | 21/28 | €265,653 | €238,741 | -€26,912 | -10.1% |
| Tangible fixed assets | 22/27 | €265,653 | €238,741 | -€26,912 | -10.1% |
| Land and buildings | 22 | €198,868 | €185,599 | -€13,269 | -6.7% |
| Plant, machinery and equipment | 23 | €1,773 | €4,202 | +€2,429 | +137.0% |
| Furniture and vehicles | 24 | €53,258 | €39,702 | -€13,556 | -25.5% |
| Other tangible fixed assets | 26 | €11,754 | €9,238 | -€2,516 | -21.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,812,100 | €1,767,313 | -€44,787 | -2.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,264 | €33,156 | +€6,892 | +26.2% |
| Other amounts receivable | 41 | €26,264 | €33,156 | +€6,892 | +26.2% |
| Current investments | 50/53 | €1,665,753 | €1,516,166 | -€149,587 | -9.0% |
| Cash at bank and in hand | 54/58 | €8,646 | €103,663 | +€95,017 | +1099.0% |
| Deferred charges and accrued income | 490/1 | €61,437 | €64,328 | +€2,891 | +4.7% |
| Total equity and liabilities | 10/49 | €2,077,752 | €2,006,054 | -€71,699 | -3.5% |
| Equity | 10/15 | €1,971,830 | €1,895,089 | -€76,741 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,041,693 | €2,041,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,878 | €1,878 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,878 | €1,878 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,200 | €2,200 | = | 0.0% |
| Distributable reserves | 133 | €2,037,615 | €2,037,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,464 | -€165,205 | -€76,741 | -86.7% |
| Amounts payable | 17/49 | €105,923 | €110,965 | +€5,042 | +4.8% |
| Amounts payable within one year | 42/48 | €105,923 | €110,915 | +€4,993 | +4.7% |
| Trade debts | 44 | €4,048 | €5,387 | +€1,338 | +33.1% |
| Suppliers | 440/4 | €4,048 | €5,387 | +€1,338 | +33.1% |
| Taxes, remuneration and social security | 45 | €868 | €3,469 | +€2,600 | +299.6% |
| Taxes | 450/3 | €868 | €1,351 | +€483 | +55.7% |
| Remuneration and social security | 454/9 | - | €2,117 | +€2,117 | |
| Other amounts payable | 47/48 | €101,006 | €102,060 | +€1,054 | +1.0% |
| Accrued charges and deferred income | 492/3 | - | €50 | +€50 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,523 | €30,805 | -€718 | -2.3% |
| Other operating charges | 640/8 | €2,803 | €2,509 | -€294 | -10.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€94,771 | -€69,496 | +€25,275 | +26.7% |
| Operating profit (loss) | 9901 | -€129,098 | -€102,810 | +€26,287 | +20.4% |
| Financial income | 75/76B | €40,822 | €26,600 | -€14,221 | -34.8% |
| Recurring financial income | 75 | €40,822 | €26,600 | -€14,221 | -34.8% |
| Financial charges | 65/66B | €14 | €124 | +€110 | +765.0% |
| Recurring financial charges | 65 | €14 | €124 | +€110 | +765.0% |
| Profit (loss) for the period before taxes | 9903 | -€88,290 | -€76,335 | +€11,956 | +13.5% |
| Income taxes | 67/77 | €369 | €406 | +€38 | +10.2% |
| Profit (loss) for the period | 9904 | -€88,659 | -€76,741 | +€11,918 | +13.4% |
| Transfer from tax-exempt reserves | 789 | €196 | €0 | -€196 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,464 | -€76,741 | +€11,723 | +13.3% |
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 6 October 2026 via checked.be.