FUSE HOUSE: 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.
FUSE HOUSE
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+81.1%), from €1.8m to €3.2m
of which Land and buildings: +€1.2m
- Cash +€140,638
up €140,638 (+101%), from €139,009 to €279,647
mainly Other debts (+€730,819) and Contributions, distributions and other (+€458,745)
- Receivables within one year -€56,781
no longer reported in 2025 (was €56,781)
- Other debts +€730,819
up €730,819 (+3,122%), from €23,405 to €754,224
- Contributions +€458,745
up €458,745 (+54.5%), from €841,255 to €1.3m
- Debts after one year +€260,373
up €260,373 (+23.9%), from €1.1m to €1.4m
of which Financial debts: +€250,144
- Current portion of long-term debt +€52,838
up €52,838 (+121%), from €43,639 to €96,477
- Financial income -€128,900
down €128,900 (-83.4%), from €154,490 to €25,590
of which Financial income: -€154,431
- Gross operating margin +€43,700
up €43,700 (+44.0%), from €99,319 to €143,019
- Depreciation +€37,123
up €37,123 (+62.2%), from €59,712 to €96,835
- Purchases and services +€18,202
up €18,202 (+41.5%), from €43,823 to €62,025
- Other operating charges -€8,772
down €8,772 (-58.3%), from €15,034 to €6,262
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 | €1,980,807 | €3,509,228 | +€1.5m | +77.2% |
| Fixed assets | 21/28 | €1,781,763 | €3,229,582 | +€1.4m | +81.3% |
| Tangible fixed assets | 22/27 | €1,781,763 | €3,226,582 | +€1.4m | +81.1% |
| Land and buildings | 22 | €1,486,645 | €2,664,658 | +€1.2m | +79.2% |
| Other tangible fixed assets | 26 | €295,118 | €561,924 | +€266,806 | +90.4% |
| Financial fixed assets | 28 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €199,045 | €279,647 | +€80,602 | +40.5% |
| Amounts receivable within one year | 40/41 | €56,781 | - | -€56,781 | |
| Trade receivables | 40 | €56,781 | - | -€56,781 | |
| Cash at bank and in hand | 54/58 | €139,009 | €279,647 | +€140,638 | +101% |
| Deferred charges and accrued income | 490/1 | €3,255 | - | -€3,255 | |
| Total equity and liabilities | 10/49 | €1,980,807 | €3,509,228 | +€1.5m | +77.2% |
| Equity | 10/15 | €821,584 | €1,304,822 | +€483,239 | +58.8% |
| Contributions | 10/11 | €841,255 | €1,300,000 | +€458,745 | +54.5% |
| Profit (loss) carried forward | 14 | -€19,671 | €4,822 | +€24,494 | |
| Amounts payable | 17/49 | €1,159,224 | €2,204,406 | +€1.0m | +90.2% |
| Amounts payable after more than one year | 17 | €1,090,059 | €1,350,433 | +€260,373 | +23.9% |
| Financial debts | 170/4 | €1,074,533 | €1,324,677 | +€250,144 | +23.3% |
| Other amounts payable | 178/9 | €15,526 | €25,755 | +€10,229 | +65.9% |
| Amounts payable within one year | 42/48 | €69,164 | €853,974 | +€784,809 | +1,135% |
| Current portion of amounts payable after more than one year | 42 | €43,639 | €96,477 | +€52,838 | +121% |
| Trade debts | 44 | €2,121 | €1,744 | -€377 | -17.8% |
| Suppliers | 440/4 | €2,121 | €1,744 | -€377 | -17.8% |
| Taxes, remuneration and social security | 45 | - | €1,529 | +€1,529 | |
| Taxes | 450/3 | - | €1,529 | +€1,529 | |
| Other amounts payable | 47/48 | €23,405 | €754,224 | +€730,819 | +3,122% |
| Goods, raw materials, services and sundry goods | 60/61 | €43,823 | €62,025 | +€18,202 | +41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,712 | €96,835 | +€37,123 | +62.2% |
| Other operating charges | 640/8 | €15,034 | €6,262 | -€8,772 | -58.3% |
| Gross operating margin | 9900 | €99,319 | €143,019 | +€43,700 | +44.0% |
| Operating profit (loss) | 9901 | €24,572 | €39,921 | +€15,349 | +62.5% |
| Financial income | 75/76B | €154,490 | €25,590 | -€128,900 | -83.4% |
| Recurring financial income | 75 | €154,490 | €58 | -€154,431 | -100.0% |
| Non-recurring financial income | 76B | €154,490 | €25,531 | -€128,959 | -83.5% |
| Financial charges | 65/66B | €38,526 | €39,488 | +€962 | +2.5% |
| Recurring financial charges | 65 | €38,526 | €39,488 | +€962 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €140,536 | €26,022 | -€114,514 | -81.5% |
| Income taxes | 67/77 | - | €1,529 | +€1,529 | |
| Profit (loss) for the period | 9904 | €140,536 | €24,494 | -€116,043 | -82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €140,536 | €24,494 | -€116,043 | -82.6% |
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 27 October 2026 via checked.be.