FUGAVE: what changed
FUGAVE
Largest movements
- Stocks and contracts +€1.6m
up €1.6m (+100%), from €1.6m to €3.2m
- Cash -€1.2m
down €1.2m (-41.9%), from €3.0m to €1.7m
mainly Stocks and contracts (-€1.6m) and Trade debts (-€435,414)
- Receivables within one year +€418,571
up €418,571 (+490%), from €85,378 to €503,949
of which Other amounts receivable: +€325,804
- Debts after one year +€1.2m
up €1.2m (+38.0%), from €3.1m to €4.2m
of which Financial debts: +€1.1m
- Trade debts -€435,414
down €435,414 (-38.8%), from €1.1m to €688,004
- Financial charges +€108,807
up €108,807 (+47.4%), from €229,482 to €338,288
- Gross operating margin -€69,633
down €69,633 (-17.1%), from €407,593 to €337,960
- Taxes -€41,886
down €41,886 (-80.3%), from €52,177 to €10,291
- Financial income +€16,095
up €16,095 (+326%), from €4,932 to €21,027
- Provisions -€11,000
down €11,000 (-116%), from -€9,500 to -€20,500
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,663,630 | €5,440,444 | +€776,814 | +16.7% |
| Current assets | 29/58 | €4,663,630 | €5,440,444 | +€776,814 | +16.7% |
| Stocks and contracts in progress | 3 | €1,595,201 | €3,197,940 | +€1.6m | +100% |
| Stocks | 30/36 | €1,595,201 | €3,197,940 | +€1.6m | +100% |
| Amounts receivable within one year | 40/41 | €85,378 | €503,949 | +€418,571 | +490% |
| Trade receivables | 40 | €80,208 | €172,975 | +€92,767 | +116% |
| Other amounts receivable | 41 | €5,169 | €330,974 | +€325,804 | +6,303% |
| Cash at bank and in hand | 54/58 | €2,983,051 | €1,733,563 | -€1.2m | -41.9% |
| Deferred charges and accrued income | 490/1 | - | €4,992 | +€4,992 | |
| Total equity and liabilities | 10/49 | €4,663,630 | €5,440,444 | +€776,814 | +16.7% |
| Equity | 10/15 | €169,630 | €197,435 | +€27,806 | +16.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €139,630 | €167,435 | +€27,806 | +19.9% |
| Distributable reserves | 133 | €139,630 | €167,435 | +€27,806 | +19.9% |
| Provisions and deferred taxes | 16 | €167,000 | €146,500 | -€20,500 | -12.3% |
| Provisions for liabilities and charges | 160/5 | €167,000 | €146,500 | -€20,500 | -12.3% |
| Other liabilities and charges | 164/5 | €167,000 | €146,500 | -€20,500 | -12.3% |
| Amounts payable | 17/49 | €4,327,000 | €5,096,508 | +€769,508 | +17.8% |
| Amounts payable after more than one year | 17 | €3,057,683 | €4,221,007 | +€1.2m | +38.0% |
| Financial debts | 170/4 | €3,049,284 | €4,170,320 | +€1.1m | +36.8% |
| Other amounts payable | 178/9 | €8,399 | €50,687 | +€42,288 | +504% |
| Amounts payable within one year | 42/48 | €1,184,846 | €800,584 | -€384,262 | -32.4% |
| Trade debts | 44 | €1,123,418 | €688,004 | -€435,414 | -38.8% |
| Suppliers | 440/4 | €1,123,418 | €688,004 | -€435,414 | -38.8% |
| Advances received on contracts in progress | 46 | €9,251 | €9,251 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €52,177 | €103,329 | +€51,152 | +98.0% |
| Taxes | 450/3 | €52,177 | €103,329 | +€51,152 | +98.0% |
| Accrued charges and deferred income | 492/3 | €84,471 | €74,917 | -€9,554 | -11.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,500 | -€20,500 | -€11,000 | -116% |
| Other operating charges | 640/8 | €1,169 | €3,101 | +€1,933 | +165% |
| Gross operating margin | 9900 | €407,593 | €337,960 | -€69,633 | -17.1% |
| Operating profit (loss) | 9901 | €415,924 | €355,358 | -€60,566 | -14.6% |
| Financial income | 75/76B | €4,932 | €21,027 | +€16,095 | +326% |
| Recurring financial income | 75 | €4,932 | €21,027 | +€16,095 | +326% |
| Financial charges | 65/66B | €229,482 | €338,288 | +€108,807 | +47.4% |
| Recurring financial charges | 65 | €229,482 | €338,288 | +€108,807 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €191,375 | €38,097 | -€153,278 | -80.1% |
| Income taxes | 67/77 | €52,177 | €10,291 | -€41,886 | -80.3% |
| Profit (loss) for the period | 9904 | €139,198 | €27,806 | -€111,392 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,198 | €27,806 | -€111,392 | -80.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.