FURBO: 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.
FURBO
Largest movements
- Tangible fixed assets -€851,607
down €851,607 (-15.0%), from €5.7m to €4.8m
of which Land and buildings: -€729,443
- Receivables within one year -€471,921
down €471,921 (-54.9%), from €860,123 to €388,202
of which Trade receivables: -€426,669
- Cash +€365,488
up €365,488 (+129%), from €282,597 to €648,085
mainly Investment in fixed assets (net) (+€558,590) and Receivables within one year (+€471,921)
- Debts after one year -€872,535
down €872,535 (-19.2%), from €4.5m to €3.7m
- Accrued charges and deferred income -€302,124
down €302,124 (-91.3%), from €331,080 to €28,956
- Current portion of long-term debt +€160,460
up €160,460 (+58.0%), from €276,818 to €437,278
- Tax, wage and social debts +€151,484
up €151,484 (+64.8%), from €233,592 to €385,075
of which Remuneration and social security: +€133,631
- Other debts -€144,523
down €144,523 (-99.6%), from €145,033 to €510
- Gross operating margin +€367,274
up €367,274 (+17.6%), from €2.1m to €2.5m
- Staff costs +€153,053
up €153,053 (+10.7%), from €1.4m to €1.6m
- Financial charges +€95,068
up €95,068 (+104%), from €91,809 to €186,877
- Depreciation -€82,455
down €82,455 (-20.8%), from €396,135 to €313,680
- Taxes +€44,559
up €44,559 (+87.5%), from €50,898 to €95,457
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 | €6,875,540 | €5,955,945 | -€919,595 | -13.4% |
| Fixed assets | 21/28 | €5,696,313 | €4,824,044 | -€872,270 | -15.3% |
| Intangible fixed assets | 21 | €412 | - | -€412 | |
| Tangible fixed assets | 22/27 | €5,673,651 | €4,822,044 | -€851,607 | -15.0% |
| Land and buildings | 22 | €4,988,828 | €4,259,385 | -€729,443 | -14.6% |
| Plant, machinery and equipment | 23 | €485,489 | €473,989 | -€11,501 | -2.4% |
| Furniture and vehicles | 24 | €118,779 | €77,859 | -€40,920 | -34.5% |
| Leasing and similar rights | 25 | €38,300 | - | -€38,300 | |
| Other tangible fixed assets | 26 | €42,255 | €10,810 | -€31,444 | -74.4% |
| Financial fixed assets | 28 | €22,250 | €2,000 | -€20,250 | -91.0% |
| Current assets | 29/58 | €1,179,227 | €1,131,902 | -€47,325 | -4.0% |
| Amounts receivable within one year | 40/41 | €860,123 | €388,202 | -€471,921 | -54.9% |
| Trade receivables | 40 | €765,350 | €338,681 | -€426,669 | -55.7% |
| Other amounts receivable | 41 | €94,773 | €49,521 | -€45,251 | -47.7% |
| Cash at bank and in hand | 54/58 | €282,597 | €648,085 | +€365,488 | +129% |
| Deferred charges and accrued income | 490/1 | €36,508 | €95,615 | +€59,107 | +162% |
| Total equity and liabilities | 10/49 | €6,875,540 | €5,955,945 | -€919,595 | -13.4% |
| Equity | 10/15 | €1,000,484 | €1,142,833 | +€142,348 | +14.2% |
| Contributions | 10/11 | €118,550 | €118,550 | = | 0.0% |
| Reserves | 13 | €881,934 | €1,024,283 | +€142,348 | +16.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €880,079 | €1,022,428 | +€142,348 | +16.2% |
| Amounts payable | 17/49 | €5,875,056 | €4,813,112 | -€1.1m | -18.1% |
| Amounts payable after more than one year | 17 | €4,541,172 | €3,668,637 | -€872,535 | -19.2% |
| Financial debts | 170/4 | €4,541,172 | €3,668,637 | -€872,535 | -19.2% |
| Amounts payable within one year | 42/48 | €1,002,804 | €1,115,520 | +€112,716 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €276,818 | €437,278 | +€160,460 | +58.0% |
| Financial debts | 43 | €210,043 | €100,000 | -€110,043 | -52.4% |
| Credit institutions | 430/8 | €210,043 | €100,000 | -€110,043 | -52.4% |
| Trade debts | 44 | €137,318 | €192,656 | +€55,338 | +40.3% |
| Suppliers | 440/4 | €137,318 | €192,656 | +€55,338 | +40.3% |
| Taxes, remuneration and social security | 45 | €233,592 | €385,075 | +€151,484 | +64.8% |
| Taxes | 450/3 | €100,637 | €118,489 | +€17,853 | +17.7% |
| Remuneration and social security | 454/9 | €132,955 | €266,586 | +€133,631 | +101% |
| Other amounts payable | 47/48 | €145,033 | €510 | -€144,523 | -99.6% |
| Accrued charges and deferred income | 492/3 | €331,080 | €28,956 | -€302,124 | -91.3% |
| Non-recurring operating income | 76A | €6,162 | €131,961 | +€125,799 | +2,042% |
| Remuneration, social security and pensions | 62 | €1,435,595 | €1,588,648 | +€153,053 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €396,135 | €313,680 | -€82,455 | -20.8% |
| Other operating charges | 640/8 | €55,325 | €67,902 | +€12,578 | +22.7% |
| Non-recurring operating charges | 66A | - | €64,369 | +€64,369 | |
| Gross operating margin | 9900 | €2,090,912 | €2,458,186 | +€367,274 | +17.6% |
| Operating profit (loss) | 9901 | €203,858 | €423,587 | +€219,729 | +108% |
| Financial income | 75/76B | €5,435 | €1,096 | -€4,339 | -79.8% |
| Recurring financial income | 75 | €5,435 | €1,096 | -€4,339 | -79.8% |
| Financial charges | 65/66B | €91,809 | €186,877 | +€95,068 | +104% |
| Recurring financial charges | 65 | €91,809 | €186,877 | +€95,068 | +104% |
| Profit (loss) for the period before taxes | 9903 | €117,484 | €237,806 | +€120,322 | +102% |
| Income taxes | 67/77 | €50,898 | €95,457 | +€44,559 | +87.5% |
| Profit (loss) for the period | 9904 | €66,586 | €142,348 | +€75,762 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €66,586 | €142,348 | +€75,762 | +114% |
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 13 October 2026 via checked.be.