FUGAZZI: 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.
FUGAZZI
Largest movements
- Receivables within one year +€77,558
up €77,558 (+54.3%), from €142,815 to €220,373
of which Trade receivables: +€77,230
- Tangible fixed assets -€42,724
down €42,724 (-19.3%), from €221,265 to €178,541
of which Other tangible fixed assets: -€30,984
- Financial fixed assets +€25,531
new in 2025: €25,531
- Cash +€7,512
up €7,512 (+7.1%), from €105,455 to €112,966
mainly Net result for the year (+€92,648) and Depreciation (+€50,169)
- Reserves +€40,371
up €40,371 (+30.8%), from €131,079 to €171,450
- Tax, wage and social debts +€35,401
up €35,401 (+67.7%), from €52,301 to €87,702
of which Taxes: +€34,503
- Debts after one year -€26,758
down €26,758 (-13.5%), from €198,301 to €171,543
- Other debts +€24,623
up €24,623 (+85.9%), from €28,670 to €53,293
- Gross operating margin +€87,883
up €87,883 (+45.9%), from €191,466 to €279,349
- Taxes +€21,148
up €21,148 (+122%), from €17,341 to €38,489
- Staff costs +€10,289
up €10,289 (+12.5%), from €82,087 to €92,376
- Depreciation +€6,803
up €6,803 (+15.7%), from €43,366 to €50,169
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 | €473,536 | €542,671 | +€69,135 | +14.6% |
| Fixed assets | 21/28 | €221,265 | €204,072 | -€17,193 | -7.8% |
| Tangible fixed assets | 22/27 | €221,265 | €178,541 | -€42,724 | -19.3% |
| Furniture and vehicles | 24 | €48,042 | €36,301 | -€11,741 | -24.4% |
| Other tangible fixed assets | 26 | €173,223 | €142,240 | -€30,984 | -17.9% |
| Financial fixed assets | 28 | - | €25,531 | +€25,531 | |
| Current assets | 29/58 | €252,271 | €338,599 | +€86,328 | +34.2% |
| Amounts receivable within one year | 40/41 | €142,815 | €220,373 | +€77,558 | +54.3% |
| Trade receivables | 40 | €142,807 | €220,037 | +€77,230 | +54.1% |
| Other amounts receivable | 41 | €7 | €336 | +€329 | +4,447% |
| Cash at bank and in hand | 54/58 | €105,455 | €112,966 | +€7,512 | +7.1% |
| Deferred charges and accrued income | 490/1 | €4,001 | €5,260 | +€1,258 | +31.4% |
| Total equity and liabilities | 10/49 | €473,536 | €542,671 | +€69,135 | +14.6% |
| Equity | 10/15 | €143,479 | €183,850 | +€40,371 | +28.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €131,079 | €171,450 | +€40,371 | +30.8% |
| Distributable reserves | 133 | €131,079 | €171,450 | +€40,371 | +30.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €330,057 | €358,821 | +€28,763 | +8.7% |
| Amounts payable after more than one year | 17 | €198,301 | €171,543 | -€26,758 | -13.5% |
| Financial debts | 170/4 | €198,301 | €171,543 | -€26,758 | -13.5% |
| Amounts payable within one year | 42/48 | €131,482 | €186,863 | +€55,382 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €31,326 | €26,758 | -€4,568 | -14.6% |
| Trade debts | 44 | €19,185 | €19,111 | -€74 | -0.4% |
| Suppliers | 440/4 | €19,185 | €19,111 | -€74 | -0.4% |
| Taxes, remuneration and social security | 45 | €52,301 | €87,702 | +€35,401 | +67.7% |
| Taxes | 450/3 | €36,977 | €71,480 | +€34,503 | +93.3% |
| Remuneration and social security | 454/9 | €15,324 | €16,222 | +€898 | +5.9% |
| Other amounts payable | 47/48 | €28,670 | €53,293 | +€24,623 | +85.9% |
| Accrued charges and deferred income | 492/3 | €275 | €415 | +€140 | +50.8% |
| Remuneration, social security and pensions | 62 | €82,087 | €92,376 | +€10,289 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,366 | €50,169 | +€6,803 | +15.7% |
| Other operating charges | 640/8 | €1,898 | €1,056 | -€842 | -44.3% |
| Gross operating margin | 9900 | €191,466 | €279,349 | +€87,883 | +45.9% |
| Operating profit (loss) | 9901 | €64,115 | €135,747 | +€71,632 | +112% |
| Financial income | 75/76B | €227 | €0 | -€227 | -100.0% |
| Recurring financial income | 75 | €227 | €0 | -€227 | -100.0% |
| Financial charges | 65/66B | €4,251 | €4,610 | +€359 | +8.5% |
| Recurring financial charges | 65 | €4,251 | €4,610 | +€359 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €60,091 | €131,137 | +€71,046 | +118% |
| Income taxes | 67/77 | €17,341 | €38,489 | +€21,148 | +122% |
| Profit (loss) for the period | 9904 | €42,750 | €92,648 | +€49,898 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €42,750 | €92,648 | +€49,898 | +117% |
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 28 October 2026 via checked.be.