FULGOR: 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.
FULGOR
Largest movements
- Receivables within one year +€41,319
up €41,319 (+23.1%), from €178,873 to €220,192
of which Other amounts receivable: +€43,577
- Tangible fixed assets +€28,657
up €28,657 (+293.9%), from €9,749 to €38,406
of which Other tangible fixed assets: +€18,928
- Financial fixed assets -€12,100
down €12,100 (-90.3%), from €13,400 to €1,300
- Cash -€10,699
no longer reported in 2025 (was €10,699)
mainly Receivables within one year (-€41,319) and Investment in fixed assets (net) (-€21,819)
- Profit (loss) carried forward +€25,940
up €25,940 (+15.9%), from €163,419 to €189,359
- Trade debts +€20,346
up €20,346 (+1429.8%), from €1,423 to €21,769
- Short-term financial debts +€6,068
new in 2025: €6,068
- Tax, wage and social debts -€3,073
down €3,073 (-11.1%), from €27,699 to €24,626
of which Taxes: -€3,077
- Gross operating margin -€69,618
down €69,618 (-62.0%), from €112,280 to €42,662
- Taxes -€15,208
down €15,208 (-56.4%), from €26,955 to €11,747
- Depreciation +€4,746
up €4,746 (+919.8%), from €516 to €5,262
- Financial income +€3,931
up €3,931 (+124.5%), from €3,158 to €7,089
- Other operating charges -€2,980
down €2,980 (-48.9%), from €6,092 to €3,112
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 | €213,001 | €262,282 | +€49,281 | +23.1% |
| Fixed assets | 21/28 | €23,149 | €39,706 | +€16,557 | +71.5% |
| Tangible fixed assets | 22/27 | €9,749 | €38,406 | +€28,657 | +293.9% |
| Furniture and vehicles | 24 | €3,819 | €13,548 | +€9,729 | +254.8% |
| Other tangible fixed assets | 26 | €5,930 | €24,858 | +€18,928 | +319.2% |
| Financial fixed assets | 28 | €13,400 | €1,300 | -€12,100 | -90.3% |
| Current assets | 29/58 | €189,852 | €222,576 | +€32,724 | +17.2% |
| Amounts receivable within one year | 40/41 | €178,873 | €220,192 | +€41,319 | +23.1% |
| Trade receivables | 40 | €10,361 | €8,103 | -€2,258 | -21.8% |
| Other amounts receivable | 41 | €168,512 | €212,089 | +€43,577 | +25.9% |
| Cash at bank and in hand | 54/58 | €10,699 | - | -€10,699 | |
| Deferred charges and accrued income | 490/1 | €280 | €2,384 | +€2,104 | +751.4% |
| Total equity and liabilities | 10/49 | €213,001 | €262,282 | +€49,281 | +23.1% |
| Equity | 10/15 | €183,879 | €209,819 | +€25,940 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,419 | €189,359 | +€25,940 | +15.9% |
| Amounts payable | 17/49 | €29,122 | €52,463 | +€23,341 | +80.1% |
| Amounts payable within one year | 42/48 | €29,122 | €52,463 | +€23,341 | +80.1% |
| Financial debts | 43 | - | €6,068 | +€6,068 | |
| Credit institutions | 430/8 | - | €6,068 | +€6,068 | |
| Trade debts | 44 | €1,423 | €21,769 | +€20,346 | +1429.8% |
| Suppliers | 440/4 | €1,423 | €21,769 | +€20,346 | +1429.8% |
| Taxes, remuneration and social security | 45 | €27,699 | €24,626 | -€3,073 | -11.1% |
| Taxes | 450/3 | €27,586 | €24,509 | -€3,077 | -11.2% |
| Remuneration and social security | 454/9 | €113 | €117 | +€4 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €516 | €5,262 | +€4,746 | +919.8% |
| Other operating charges | 640/8 | €6,092 | €3,112 | -€2,980 | -48.9% |
| Gross operating margin | 9900 | €112,280 | €42,662 | -€69,618 | -62.0% |
| Operating profit (loss) | 9901 | €105,672 | €34,288 | -€71,384 | -67.6% |
| Financial income | 75/76B | €3,158 | €7,089 | +€3,931 | +124.5% |
| Recurring financial income | 75 | €3,158 | €7,089 | +€3,931 | +124.5% |
| Financial charges | 65/66B | €856 | €3,690 | +€2,834 | +331.1% |
| Recurring financial charges | 65 | €856 | €3,690 | +€2,834 | +331.1% |
| Profit (loss) for the period before taxes | 9903 | €107,974 | €37,687 | -€70,287 | -65.1% |
| Income taxes | 67/77 | €26,955 | €11,747 | -€15,208 | -56.4% |
| Profit (loss) for the period | 9904 | €81,019 | €25,940 | -€55,079 | -68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,019 | €25,940 | -€55,079 | -68.0% |
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 3 October 2026 via checked.be.