Fusion Associates: 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.
Fusion Associates
Largest movements
- Cash -€59,930
down €59,930 (-57.0%), from €105,092 to €45,162
mainly Trade debts (-€38,578) and Net result for the year (-€36,447)
- Receivables within one year -€54,408
down €54,408 (-69.5%), from €78,265 to €23,858
- Tangible fixed assets -€24,796
down €24,796 (-15.1%), from €163,862 to €139,066
of which Furniture and vehicles: -€15,152
- Deferred charges and accrued income -€9,089
down €9,089 (-71.3%), from €12,756 to €3,667
- Trade debts -€38,578
down €38,578 (-96.5%), from €39,976 to €1,398
- Profit (loss) carried forward -€36,447
new in 2025: -€36,447
- Reserves -€29,000
down €29,000 (-24.2%), from €119,990 to €90,990
- Debts after one year -€20,991
down €20,991 (-15.2%), from €137,987 to €116,996
- Tax, wage and social debts -€18,222
down €18,222 (-59.6%), from €30,591 to €12,369
- Gross operating margin -€45,973
down €45,973 (-93.8%), from €49,009 to €3,036
- Taxes -€5,090
down €5,090 (-95.3%), from €5,342 to €252
- Depreciation +€1,125
up €1,125 (+3.5%), from €32,075 to €33,200
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 | €361,676 | €213,453 | -€148,223 | -41.0% |
| Fixed assets | 21/28 | €165,562 | €140,766 | -€24,796 | -15.0% |
| Tangible fixed assets | 22/27 | €163,862 | €139,066 | -€24,796 | -15.1% |
| Plant, machinery and equipment | 23 | €28,856 | €24,791 | -€4,064 | -14.1% |
| Furniture and vehicles | 24 | €33,081 | €17,929 | -€15,152 | -45.8% |
| Other tangible fixed assets | 26 | €101,925 | €96,346 | -€5,580 | -5.5% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €196,114 | €72,687 | -€123,427 | -62.9% |
| Amounts receivable within one year | 40/41 | €78,265 | €23,858 | -€54,408 | -69.5% |
| Trade receivables | 40 | €78,265 | €23,858 | -€54,408 | -69.5% |
| Cash at bank and in hand | 54/58 | €105,092 | €45,162 | -€59,930 | -57.0% |
| Deferred charges and accrued income | 490/1 | €12,756 | €3,667 | -€9,089 | -71.3% |
| Total equity and liabilities | 10/49 | €361,676 | €213,453 | -€148,223 | -41.0% |
| Equity | 10/15 | €119,990 | €54,544 | -€65,447 | -54.5% |
| Reserves | 13 | €119,990 | €90,990 | -€29,000 | -24.2% |
| Distributable reserves | 133 | €119,990 | €90,990 | -€29,000 | -24.2% |
| Profit (loss) carried forward | 14 | - | -€36,447 | -€36,447 | |
| Amounts payable | 17/49 | €241,686 | €158,909 | -€82,776 | -34.2% |
| Amounts payable after more than one year | 17 | €137,987 | €116,996 | -€20,991 | -15.2% |
| Financial debts | 170/4 | €137,987 | €116,996 | -€20,991 | -15.2% |
| Amounts payable within one year | 42/48 | €97,590 | €35,805 | -€61,785 | -63.3% |
| Current portion of amounts payable after more than one year | 42 | €22,511 | €20,991 | -€1,519 | -6.7% |
| Trade debts | 44 | €39,976 | €1,398 | -€38,578 | -96.5% |
| Suppliers | 440/4 | €39,976 | €1,398 | -€38,578 | -96.5% |
| Taxes, remuneration and social security | 45 | €30,591 | €12,369 | -€18,222 | -59.6% |
| Taxes | 450/3 | €30,591 | €12,369 | -€18,222 | -59.6% |
| Other amounts payable | 47/48 | €4,512 | €1,046 | -€3,466 | -76.8% |
| Accrued charges and deferred income | 492/3 | €6,108 | €6,108 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €6 | - | -€6 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,075 | €33,200 | +€1,125 | +3.5% |
| Other operating charges | 640/8 | €367 | €654 | +€287 | +78.3% |
| Gross operating margin | 9900 | €49,009 | €3,036 | -€45,973 | -93.8% |
| Operating profit (loss) | 9901 | €16,560 | -€30,819 | -€47,379 | |
| Financial income | 75/76B | €131 | €18 | -€113 | -86.1% |
| Recurring financial income | 75 | €131 | €18 | -€113 | -86.1% |
| Financial charges | 65/66B | €5,549 | €5,394 | -€155 | -2.8% |
| Recurring financial charges | 65 | €5,549 | €5,394 | -€155 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €11,142 | -€36,195 | -€47,337 | |
| Income taxes | 67/77 | €5,342 | €252 | -€5,090 | -95.3% |
| Profit (loss) for the period | 9904 | €5,800 | -€36,447 | -€42,246 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,800 | -€36,447 | -€42,246 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.