FUEL CELL GROUP: 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.
FUEL CELL GROUP
Largest movements
- Tangible fixed assets -€47,988
down €47,988 (-32.2%), from €148,857 to €100,869
- Cash -€45,856
down €45,856 (-62.9%), from €72,953 to €27,097
mainly Net result for the year (-€89,857) and Other debts (-€6,754)
- Receivables within one year -€6,654
down €6,654 (-64.3%), from €10,348 to €3,693
of which Trade receivables: -€5,614
- Deferred charges and accrued income -€5,116
down €5,116 (-100%), from €5,116 to €0
- Profit (loss) carried forward -€89,857
down €89,857 (-659%), from -€13,628 to -€103,486
- Other debts -€6,754
down €6,754 (-4.7%), from €142,639 to €135,885
- Accrued charges and deferred income -€4,844
down €4,844 (-92.4%), from €5,241 to €397
- Tax, wage and social debts -€3,865
down €3,865 (-100%), from €3,865 to €0
- Gross operating margin -€97,703
down €97,703, from €63,158 to -€34,545
- Depreciation +€40,945
up €40,945 (+581%), from €7,043 to €47,988
- Other operating charges -€14,377
down €14,377 (-88.1%), from €16,320 to €1,942
- Taxes -€9,154
down €9,154 (-64.7%), from €14,154 to €5,000
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 | €237,273 | €131,659 | -€105,614 | -44.5% |
| Fixed assets | 21/28 | €148,857 | €100,869 | -€47,988 | -32.2% |
| Tangible fixed assets | 22/27 | €148,857 | €100,869 | -€47,988 | -32.2% |
| Land and buildings | 22 | €148,857 | €100,869 | -€47,988 | -32.2% |
| Current assets | 29/58 | €88,416 | €30,790 | -€57,626 | -65.2% |
| Amounts receivable within one year | 40/41 | €10,348 | €3,693 | -€6,654 | -64.3% |
| Trade receivables | 40 | €6,006 | €392 | -€5,614 | -93.5% |
| Other amounts receivable | 41 | €4,341 | €3,301 | -€1,040 | -24.0% |
| Cash at bank and in hand | 54/58 | €72,953 | €27,097 | -€45,856 | -62.9% |
| Deferred charges and accrued income | 490/1 | €5,116 | €0 | -€5,116 | -100% |
| Total equity and liabilities | 10/49 | €237,273 | €131,659 | -€105,614 | -44.5% |
| Equity | 10/15 | €85,235 | -€4,622 | -€89,857 | |
| Reserves | 13 | €98,863 | €98,863 | = | 0.0% |
| Distributable reserves | 133 | €98,863 | €98,863 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,628 | -€103,486 | -€89,857 | -659% |
| Amounts payable | 17/49 | €152,038 | €136,281 | -€15,756 | -10.4% |
| Amounts payable within one year | 42/48 | €146,797 | €135,885 | -€10,912 | -7.4% |
| Trade debts | 44 | €293 | €0 | -€293 | -100% |
| Suppliers | 440/4 | €293 | €0 | -€293 | -100% |
| Taxes, remuneration and social security | 45 | €3,865 | €0 | -€3,865 | -100% |
| Taxes | 450/3 | €3,865 | €0 | -€3,865 | -100% |
| Other amounts payable | 47/48 | €142,639 | €135,885 | -€6,754 | -4.7% |
| Accrued charges and deferred income | 492/3 | €5,241 | €397 | -€4,844 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,043 | €47,988 | +€40,945 | +581% |
| Other operating charges | 640/8 | €16,320 | €1,942 | -€14,377 | -88.1% |
| Gross operating margin | 9900 | €63,158 | -€34,545 | -€97,703 | |
| Operating profit (loss) | 9901 | €39,795 | -€84,475 | -€124,270 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +400% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Financial charges | 65/66B | €116 | €382 | +€266 | +228% |
| Recurring financial charges | 65 | €116 | €382 | +€266 | +228% |
| Profit (loss) for the period before taxes | 9903 | €39,679 | -€84,857 | -€124,536 | |
| Income taxes | 67/77 | €14,154 | €5,000 | -€9,154 | -64.7% |
| Profit (loss) for the period | 9904 | €25,525 | -€89,857 | -€115,382 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,525 | -€89,857 | -€115,382 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.