FUSE-L: 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.
FUSE-L
Largest movements
- Cash +€40,370
up €40,370 (+388.9%), from €10,380 to €50,750
mainly Receivables within one year (+€37,903) and Net result for the year (+€9,726)
- Receivables within one year -€37,903
down €37,903 (-92.0%), from €41,205 to €3,301
of which Trade receivables: -€41,205
- Tangible fixed assets -€4,369
down €4,369 (-15.5%), from €28,275 to €23,906
- Tax, wage and social debts -€12,524
down €12,524 (-65.5%), from €19,110 to €6,586
- Reserves +€9,726
up €9,726 (+18.9%), from €51,448 to €61,174
- Gross operating margin -€9,934
down €9,934 (-29.4%), from €33,747 to €23,813
- Taxes -€2,927
down €2,927 (-44.2%), from €6,617 to €3,690
- Other operating charges +€402
up €402 (+405.1%), from €99 to €502
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 | €81,059 | €79,116 | -€1,944 | -2.4% |
| Formation expenses | 20 | €111 | €0 | -€111 | -100.0% |
| Fixed assets | 21/28 | €28,275 | €23,906 | -€4,369 | -15.5% |
| Tangible fixed assets | 22/27 | €28,275 | €23,906 | -€4,369 | -15.5% |
| Furniture and vehicles | 24 | €28,275 | €23,906 | -€4,369 | -15.5% |
| Current assets | 29/58 | €52,673 | €55,209 | +€2,536 | +4.8% |
| Amounts receivable within one year | 40/41 | €41,205 | €3,301 | -€37,903 | -92.0% |
| Trade receivables | 40 | €41,205 | €0 | -€41,205 | -100.0% |
| Other amounts receivable | 41 | - | €3,301 | +€3,301 | |
| Cash at bank and in hand | 54/58 | €10,380 | €50,750 | +€40,370 | +388.9% |
| Deferred charges and accrued income | 490/1 | €1,088 | €1,158 | +€69 | +6.4% |
| Total equity and liabilities | 10/49 | €81,059 | €79,116 | -€1,944 | -2.4% |
| Equity | 10/15 | €61,448 | €71,174 | +€9,726 | +15.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €51,448 | €61,174 | +€9,726 | +18.9% |
| Distributable reserves | 133 | €51,448 | €61,174 | +€9,726 | +18.9% |
| Amounts payable | 17/49 | €19,612 | €7,942 | -€11,670 | -59.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €19,612 | €7,252 | -€12,360 | -63.0% |
| Trade debts | 44 | €429 | €666 | +€237 | +55.1% |
| Suppliers | 440/4 | €429 | €666 | +€237 | +55.1% |
| Taxes, remuneration and social security | 45 | €19,110 | €6,586 | -€12,524 | -65.5% |
| Taxes | 450/3 | €19,110 | €6,586 | -€12,524 | -65.5% |
| Other amounts payable | 47/48 | €72 | €0 | -€72 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €690 | +€690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,336 | €9,359 | +€23 | +0.2% |
| Other operating charges | 640/8 | €99 | €502 | +€402 | +405.1% |
| Gross operating margin | 9900 | €33,747 | €23,813 | -€9,934 | -29.4% |
| Operating profit (loss) | 9901 | €24,312 | €13,952 | -€10,359 | -42.6% |
| Financial income | 75/76B | €34 | €64 | +€30 | +89.5% |
| Recurring financial income | 75 | €34 | €64 | +€30 | +89.5% |
| Financial charges | 65/66B | €748 | €600 | -€148 | -19.8% |
| Recurring financial charges | 65 | €748 | €600 | -€148 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €23,597 | €13,416 | -€10,181 | -43.1% |
| Income taxes | 67/77 | €6,617 | €3,690 | -€2,927 | -44.2% |
| Profit (loss) for the period | 9904 | €16,981 | €9,726 | -€7,255 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,981 | €9,726 | -€7,255 | -42.7% |
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 5 October 2026 via checked.be.