Fusen: 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.
Fusen
Largest movements
- Tangible fixed assets +€132,343
up €132,343 (+30.9%), from €428,719 to €561,061
of which Land and buildings: +€130,708
- Receivables within one year +€36,626
up €36,626 (+188%), from €19,485 to €56,110
of which Trade receivables: +€35,284
- Cash -€9,510
down €9,510 (-44.1%), from €21,552 to €12,042
mainly Investment in fixed assets (net) (-€173,295) and Other debts (-€50,943)
- Debts after one year +€111,485
up €111,485 (+85.9%), from €129,816 to €241,302
- Profit (loss) carried forward +€65,619
up €65,619 (+79.8%), from €82,203 to €147,822
- Other debts -€50,943
down €50,943 (-25.0%), from €204,106 to €153,163
- Trade debts +€28,778
up €28,778 (+1,006%), from €2,861 to €31,638
- Current portion of long-term debt +€10,605
up €10,605 (+87.7%), from €12,089 to €22,694
- Gross operating margin +€48,810
up €48,810 (+53.1%), from €91,909 to €140,720
- Depreciation +€16,643
up €16,643 (+68.5%), from €24,310 to €40,953
- Taxes +€8,347
up €8,347 (+62.9%), from €13,269 to €21,615
- Financial charges +€2,473
up €2,473 (+29.1%), from €8,511 to €10,985
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 | €469,755 | €629,213 | +€159,458 | +33.9% |
| Fixed assets | 21/28 | €428,719 | €561,061 | +€132,343 | +30.9% |
| Tangible fixed assets | 22/27 | €428,719 | €561,061 | +€132,343 | +30.9% |
| Land and buildings | 22 | €424,209 | €554,917 | +€130,708 | +30.8% |
| Furniture and vehicles | 24 | €4,510 | €6,144 | +€1,634 | +36.2% |
| Current assets | 29/58 | €41,037 | €68,152 | +€27,115 | +66.1% |
| Amounts receivable within one year | 40/41 | €19,485 | €56,110 | +€36,626 | +188% |
| Trade receivables | 40 | €19,485 | €54,768 | +€35,284 | +181% |
| Other amounts receivable | 41 | - | €1,342 | +€1,342 | |
| Cash at bank and in hand | 54/58 | €21,552 | €12,042 | -€9,510 | -44.1% |
| Total equity and liabilities | 10/49 | €469,755 | €629,213 | +€159,458 | +33.9% |
| Equity | 10/15 | €82,203 | €147,822 | +€65,619 | +79.8% |
| Profit (loss) carried forward | 14 | €82,203 | €147,822 | +€65,619 | +79.8% |
| Amounts payable | 17/49 | €387,553 | €481,391 | +€93,839 | +24.2% |
| Amounts payable after more than one year | 17 | €129,816 | €241,302 | +€111,485 | +85.9% |
| Financial debts | 170/4 | €129,816 | €241,302 | +€111,485 | +85.9% |
| Amounts payable within one year | 42/48 | €256,596 | €238,950 | -€17,647 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €12,089 | €22,694 | +€10,605 | +87.7% |
| Trade debts | 44 | €2,861 | €31,638 | +€28,778 | +1,006% |
| Suppliers | 440/4 | €2,861 | €31,638 | +€28,778 | +1,006% |
| Taxes, remuneration and social security | 45 | €37,540 | €31,454 | -€6,086 | -16.2% |
| Taxes | 450/3 | €37,540 | €31,454 | -€6,086 | -16.2% |
| Other amounts payable | 47/48 | €204,106 | €153,163 | -€50,943 | -25.0% |
| Accrued charges and deferred income | 492/3 | €1,140 | €1,140 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,310 | €40,953 | +€16,643 | +68.5% |
| Other operating charges | 640/8 | €2,801 | €1,563 | -€1,238 | -44.2% |
| Gross operating margin | 9900 | €91,909 | €140,720 | +€48,810 | +53.1% |
| Operating profit (loss) | 9901 | €64,798 | €98,204 | +€33,405 | +51.6% |
| Financial income | 75/76B | €2 | €16 | +€14 | +933% |
| Recurring financial income | 75 | €2 | €16 | +€14 | +933% |
| Financial charges | 65/66B | €8,511 | €10,985 | +€2,473 | +29.1% |
| Recurring financial charges | 65 | €8,511 | €10,985 | +€2,473 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €56,288 | €87,235 | +€30,946 | +55.0% |
| Income taxes | 67/77 | €13,269 | €21,615 | +€8,347 | +62.9% |
| Profit (loss) for the period | 9904 | €43,020 | €65,619 | +€22,600 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,020 | €65,619 | +€22,600 | +52.5% |
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.