"FvH Law": 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.
"FvH Law"
Largest movements
- Receivables within one year -€45,127
down €45,127 (-91.3%), from €49,429 to €4,302
of which Trade receivables: -€44,984
- Cash -€6,791
down €6,791 (-30.3%), from €22,436 to €15,646
mainly Contributions, distributions and other (-€92,965) and Other debts (-€17,735)
- Current investments +€6,173
up €6,173 (+11.0%), from €56,283 to €62,457
- Deferred charges and accrued income +€4,634
up €4,634 (+139%), from €3,339 to €7,972
- Profit (loss) carried forward -€30,675
no longer reported in 2025 (was €30,675)
- Other debts -€17,735
down €17,735 (-18.6%), from €95,370 to €77,635
- Tax, wage and social debts +€8,442
up €8,442 (+31.1%), from €27,124 to €35,566
of which Taxes: +€11,517
- Debts after one year -€2,970
down €2,970 (-15.6%), from €18,989 to €16,019
- Gross operating margin +€32,420
up €32,420 (+32.9%), from €98,669 to €131,089
- Taxes +€12,912
up €12,912 (+111%), from €11,650 to €24,562
- Staff costs -€5,221
down €5,221 (-13.6%), from €38,416 to €33,195
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 | €178,106 | €135,682 | -€42,425 | -23.8% |
| Fixed assets | 21/28 | €46,619 | €45,305 | -€1,314 | -2.8% |
| Tangible fixed assets | 22/27 | €46,114 | €44,800 | -€1,314 | -2.8% |
| Plant, machinery and equipment | 23 | €42,376 | €36,906 | -€5,470 | -12.9% |
| Furniture and vehicles | 24 | €3,739 | €7,894 | +€4,156 | +111% |
| Financial fixed assets | 28 | €505 | €505 | = | 0.0% |
| Current assets | 29/58 | €131,487 | €90,376 | -€41,111 | -31.3% |
| Amounts receivable within one year | 40/41 | €49,429 | €4,302 | -€45,127 | -91.3% |
| Trade receivables | 40 | €49,286 | €4,302 | -€44,984 | -91.3% |
| Other amounts receivable | 41 | €143 | - | -€143 | |
| Current investments | 50/53 | €56,283 | €62,457 | +€6,173 | +11.0% |
| Cash at bank and in hand | 54/58 | €22,436 | €15,646 | -€6,791 | -30.3% |
| Deferred charges and accrued income | 490/1 | €3,339 | €7,972 | +€4,634 | +139% |
| Total equity and liabilities | 10/49 | €178,106 | €135,682 | -€42,425 | -23.8% |
| Equity | 10/15 | €33,675 | €3,000 | -€30,675 | -91.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,675 | - | -€30,675 | |
| Amounts payable | 17/49 | €144,431 | €132,682 | -€11,750 | -8.1% |
| Amounts payable after more than one year | 17 | €18,989 | €16,019 | -€2,970 | -15.6% |
| Financial debts | 170/4 | €18,989 | €16,019 | -€2,970 | -15.6% |
| Amounts payable within one year | 42/48 | €125,442 | €116,663 | -€8,779 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €2,929 | €2,970 | +€41 | +1.4% |
| Trade debts | 44 | €19 | €491 | +€472 | +2,492% |
| Suppliers | 440/4 | €19 | €491 | +€472 | +2,492% |
| Taxes, remuneration and social security | 45 | €27,124 | €35,566 | +€8,442 | +31.1% |
| Taxes | 450/3 | €19,530 | €31,047 | +€11,517 | +59.0% |
| Remuneration and social security | 454/9 | €7,594 | €4,519 | -€3,075 | -40.5% |
| Other amounts payable | 47/48 | €95,370 | €77,635 | -€17,735 | -18.6% |
| Remuneration, social security and pensions | 62 | €38,416 | €33,195 | -€5,221 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,740 | €9,465 | +€726 | +8.3% |
| Other operating charges | 640/8 | €936 | €916 | -€20 | -2.1% |
| Gross operating margin | 9900 | €98,669 | €131,089 | +€32,420 | +32.9% |
| Operating profit (loss) | 9901 | €50,578 | €87,513 | +€36,935 | +73.0% |
| Financial income | 75/76B | €403 | €240 | -€163 | -40.4% |
| Recurring financial income | 75 | €403 | €240 | -€163 | -40.4% |
| Financial charges | 65/66B | €1,029 | €901 | -€128 | -12.5% |
| Recurring financial charges | 65 | €1,029 | €901 | -€128 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €49,952 | €86,852 | +€36,900 | +73.9% |
| Income taxes | 67/77 | €11,650 | €24,562 | +€12,912 | +111% |
| Profit (loss) for the period | 9904 | €38,302 | €62,289 | +€23,987 | +62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,302 | €62,289 | +€23,987 | +62.6% |
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 19 October 2026 via checked.be.