Fusol: 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.
Fusol
Largest movements
- Intangible fixed assets -€362,074
down €362,074 (-45.5%), from €795,392 to €433,318
- Tangible fixed assets -€192,940
down €192,940 (-93.0%), from €207,500 to €14,560
of which Leasing and similar rights: -€193,370
- Receivables within one year +€189,108
up €189,108 (+814%), from €23,224 to €212,332
of which Trade receivables: +€139,553
- Deferred charges and accrued income +€182,373
up €182,373 (+5,262%), from €3,466 to €185,839
- Cash +€111,405
up €111,405 (+1,368%), from €8,143 to €119,548
mainly Investment in fixed assets (net) (+€428,054) and Contributions, distributions and other (+€300,000)
- Profit (loss) carried forward -€407,413
down €407,413 (-35.3%), from -€1.2m to -€1.6m
- Contributions +€300,000
up €300,000 (+21.9%), from €1.4m to €1.7m
- Advances received +€149,854
up €149,854 (+149,854%), from €100 to €149,954
- Debts after one year -€126,876
down €126,876 (-19.6%), from €646,968 to €520,092
of which Other amounts payable: -€91,652
- Gross operating margin +€211,885
up €211,885 (+52.3%), from -€404,827 to -€192,942
- Financial charges +€52,625
up €52,625 (+157%), from €33,516 to €86,142
- Depreciation +€28,736
up €28,736 (+29.3%), from €98,225 to €126,960
- Other operating charges -€6,273
down €6,273 (-83.6%), from €7,507 to €1,234
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 | €1,038,123 | €965,972 | -€72,151 | -7.0% |
| Fixed assets | 21/28 | €1,003,266 | €448,253 | -€555,014 | -55.3% |
| Intangible fixed assets | 21 | €795,392 | €433,318 | -€362,074 | -45.5% |
| Tangible fixed assets | 22/27 | €207,500 | €14,560 | -€192,940 | -93.0% |
| Plant, machinery and equipment | 23 | - | €4,505 | +€4,505 | |
| Furniture and vehicles | 24 | €14,130 | €10,055 | -€4,075 | -28.8% |
| Leasing and similar rights | 25 | €193,370 | €0 | -€193,370 | -100% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €34,857 | €517,720 | +€482,863 | +1,385% |
| Amounts receivable within one year | 40/41 | €23,224 | €212,332 | +€189,108 | +814% |
| Trade receivables | 40 | €11,205 | €150,758 | +€139,553 | +1,245% |
| Other amounts receivable | 41 | €12,019 | €61,574 | +€49,555 | +412% |
| Current investments | 50/53 | €24 | €0 | -€24 | -99.7% |
| Cash at bank and in hand | 54/58 | €8,143 | €119,548 | +€111,405 | +1,368% |
| Deferred charges and accrued income | 490/1 | €3,466 | €185,839 | +€182,373 | +5,262% |
| Total equity and liabilities | 10/49 | €1,038,123 | €965,972 | -€72,151 | -7.0% |
| Equity | 10/15 | €214,858 | €107,445 | -€107,413 | -50.0% |
| Contributions | 10/11 | €1,370,000 | €1,670,000 | +€300,000 | +21.9% |
| Profit (loss) carried forward | 14 | -€1,155,142 | -€1,562,555 | -€407,413 | -35.3% |
| Amounts payable | 17/49 | €823,264 | €858,527 | +€35,262 | +4.3% |
| Amounts payable after more than one year | 17 | €646,968 | €520,092 | -€126,876 | -19.6% |
| Financial debts | 170/4 | €257,596 | €222,372 | -€35,224 | -13.7% |
| Other amounts payable | 178/9 | €389,372 | €297,720 | -€91,652 | -23.5% |
| Amounts payable within one year | 42/48 | €176,296 | €328,435 | +€152,138 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €149,672 | €149,050 | -€622 | -0.4% |
| Financial debts | 43 | €92 | €255 | +€163 | +177% |
| Credit institutions | 430/8 | €92 | €255 | +€163 | +177% |
| Trade debts | 44 | €26,129 | €29,035 | +€2,906 | +11.1% |
| Suppliers | 440/4 | €26,129 | €29,035 | +€2,906 | +11.1% |
| Advances received on contracts in progress | 46 | €100 | €149,954 | +€149,854 | +149,854% |
| Taxes, remuneration and social security | 45 | €128 | €141 | +€13 | +10.1% |
| Taxes | 450/3 | €128 | €141 | +€13 | +10.1% |
| Other amounts payable | 47/48 | €175 | €0 | -€175 | -100% |
| Accrued charges and deferred income | 492/3 | - | €10,000 | +€10,000 | |
| Non-recurring operating income | 76A | - | €283,717 | +€283,717 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,225 | €126,960 | +€28,736 | +29.3% |
| Other operating charges | 640/8 | €7,507 | €1,234 | -€6,273 | -83.6% |
| Non-recurring operating charges | 66A | €21,292 | €0 | -€21,292 | -100% |
| Gross operating margin | 9900 | -€404,827 | -€192,942 | +€211,885 | +52.3% |
| Operating profit (loss) | 9901 | -€531,850 | -€321,136 | +€210,714 | +39.6% |
| Financial income | 75/76B | €9 | €6 | -€3 | -36.2% |
| Recurring financial income | 75 | €9 | €6 | -€3 | -36.2% |
| Financial charges | 65/66B | €33,516 | €86,142 | +€52,625 | +157% |
| Recurring financial charges | 65 | €33,516 | €86,142 | +€52,625 | +157% |
| Profit (loss) for the period before taxes | 9903 | -€565,357 | -€407,272 | +€158,085 | +28.0% |
| Income taxes | 67/77 | €128 | €141 | +€13 | +10.1% |
| Profit (loss) for the period | 9904 | -€565,485 | -€407,413 | +€158,072 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€565,485 | -€407,413 | +€158,072 | +28.0% |
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 14 October 2026 via checked.be.