FUNDAMENTUM: 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.
FUNDAMENTUM
Largest movements
- Current investments +€110,000
new in 2025: €110,000
- Financial fixed assets +€80,625
up €80,625 (+46.4%), from €173,596 to €254,221
- Tangible fixed assets -€56,538
down €56,538 (-8.0%), from €707,824 to €651,286
of which Furniture and vehicles: -€34,382
- Receivables within one year +€40,987
up €40,987 (+27.3%), from €150,384 to €191,371
of which Trade receivables: +€29,735
- Cash -€18,221
down €18,221 (-19.1%), from €95,649 to €77,428
mainly Current investments (-€110,000) and Investment in fixed assets (net) (-€81,912)
- Reserves +€184,864
up €184,864 (+135%), from €137,340 to €322,203
- Tax, wage and social debts +€23,075
up €23,075 (+91.5%), from €25,218 to €48,293
- Debts after one year -€21,293
down €21,293 (-56.8%), from €37,502 to €16,209
- Current portion of long-term debt -€20,048
down €20,048 (-48.5%), from €41,341 to €21,293
- Gross operating margin +€19,646
up €19,646 (+6.4%), from €308,793 to €328,439
- Taxes -€15,936
down €15,936 (-16.1%), from €99,245 to €83,309
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 | €1,134,078 | €1,296,990 | +€162,912 | +14.4% |
| Fixed assets | 21/28 | €881,420 | €905,507 | +€24,088 | +2.7% |
| Tangible fixed assets | 22/27 | €707,824 | €651,286 | -€56,538 | -8.0% |
| Land and buildings | 22 | €634,916 | €613,299 | -€21,616 | -3.4% |
| Plant, machinery and equipment | 23 | €3,906 | €3,366 | -€539 | -13.8% |
| Furniture and vehicles | 24 | €69,002 | €34,620 | -€34,382 | -49.8% |
| Financial fixed assets | 28 | €173,596 | €254,221 | +€80,625 | +46.4% |
| Current assets | 29/58 | €252,658 | €391,482 | +€138,824 | +54.9% |
| Amounts receivable within one year | 40/41 | €150,384 | €191,371 | +€40,987 | +27.3% |
| Trade receivables | 40 | €144,941 | €174,676 | +€29,735 | +20.5% |
| Other amounts receivable | 41 | €5,443 | €16,695 | +€11,251 | +207% |
| Current investments | 50/53 | - | €110,000 | +€110,000 | |
| Cash at bank and in hand | 54/58 | €95,649 | €77,428 | -€18,221 | -19.1% |
| Deferred charges and accrued income | 490/1 | €6,625 | €12,684 | +€6,058 | +91.4% |
| Total equity and liabilities | 10/49 | €1,134,078 | €1,296,990 | +€162,912 | +14.4% |
| Equity | 10/15 | €1,023,377 | €1,208,241 | +€184,864 | +18.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €137,340 | €322,203 | +€184,864 | +135% |
| Distributable reserves | 133 | €137,340 | €322,203 | +€184,864 | +135% |
| Profit (loss) carried forward | 14 | €736,037 | €736,037 | = | 0.0% |
| Amounts payable | 17/49 | €110,701 | €88,749 | -€21,952 | -19.8% |
| Amounts payable after more than one year | 17 | €37,502 | €16,209 | -€21,293 | -56.8% |
| Financial debts | 170/4 | €37,502 | €16,209 | -€21,293 | -56.8% |
| Amounts payable within one year | 42/48 | €73,199 | €71,499 | -€1,700 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €41,341 | €21,293 | -€20,048 | -48.5% |
| Trade debts | 44 | €6,640 | €1,913 | -€4,727 | -71.2% |
| Suppliers | 440/4 | €6,640 | €1,913 | -€4,727 | -71.2% |
| Taxes, remuneration and social security | 45 | €25,218 | €48,293 | +€23,075 | +91.5% |
| Taxes | 450/3 | €25,218 | €48,293 | +€23,075 | +91.5% |
| Accrued charges and deferred income | 492/3 | - | €1,041 | +€1,041 | |
| Non-recurring operating income | 76A | €17,500 | - | -€17,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,324 | €57,824 | -€500 | -0.9% |
| Other operating charges | 640/8 | €3,484 | €1,415 | -€2,069 | -59.4% |
| Gross operating margin | 9900 | €308,793 | €328,439 | +€19,646 | +6.4% |
| Operating profit (loss) | 9901 | €246,985 | €269,201 | +€22,216 | +9.0% |
| Financial income | 75/76B | €303 | - | -€303 | |
| Recurring financial income | 75 | €303 | - | -€303 | |
| Financial charges | 65/66B | €2,569 | €1,029 | -€1,541 | -60.0% |
| Recurring financial charges | 65 | €2,569 | €1,029 | -€1,541 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €244,719 | €268,172 | +€23,454 | +9.6% |
| Income taxes | 67/77 | €99,245 | €83,309 | -€15,936 | -16.1% |
| Profit (loss) for the period | 9904 | €145,474 | €184,864 | +€39,390 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €145,474 | €184,864 | +€39,390 | +27.1% |
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 23 October 2026 via checked.be.