Fw RED: 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.
Fw RED
Largest movements
- Current investments +€450,000
new in 2025: €450,000
- Cash -€231,455
down €231,455 (-87.3%), from €265,108 to €33,653
mainly Contributions, distributions and other (-€535,052) and Current investments (-€450,000)
- Receivables within one year -€39,377
down €39,377 (-16.2%), from €243,094 to €203,717
of which Trade receivables: -€45,980
- Other debts +€482,540
up €482,540 (+3548.6%), from €13,598 to €496,138
- Reserves -€350,000
down €350,000 (-80.4%), from €435,576 to €85,577
of which Distributable reserves: -€350,000
- Tax, wage and social debts +€41,952
up €41,952 (+83.9%), from €50,010 to €91,962
of which Taxes: +€44,354
- Gross operating margin -€15,586
down €15,586 (-6.1%), from €255,359 to €239,773
- Taxes -€4,275
down €4,275 (-7.0%), from €61,505 to €57,229
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 | €520,223 | €696,790 | +€176,567 | +33.9% |
| Fixed assets | 21/28 | €7,316 | €6,109 | -€1,207 | -16.5% |
| Tangible fixed assets | 22/27 | €7,316 | €6,109 | -€1,207 | -16.5% |
| Plant, machinery and equipment | 23 | €1,708 | €1,161 | -€547 | -32.0% |
| Furniture and vehicles | 24 | €5,608 | €4,948 | -€660 | -11.8% |
| Current assets | 29/58 | €512,906 | €690,681 | +€177,775 | +34.7% |
| Amounts receivable within one year | 40/41 | €243,094 | €203,717 | -€39,377 | -16.2% |
| Trade receivables | 40 | €242,000 | €196,020 | -€45,980 | -19.0% |
| Other amounts receivable | 41 | €1,094 | €7,697 | +€6,603 | +603.8% |
| Current investments | 50/53 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €265,108 | €33,653 | -€231,455 | -87.3% |
| Deferred charges and accrued income | 490/1 | €4,705 | €3,311 | -€1,393 | -29.6% |
| Total equity and liabilities | 10/49 | €520,223 | €696,790 | +€176,567 | +33.9% |
| Equity | 10/15 | €454,176 | €104,177 | -€350,000 | -77.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €435,576 | €85,577 | -€350,000 | -80.4% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €351,376 | €1,377 | -€350,000 | -99.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,046 | €592,613 | +€526,567 | +797.3% |
| Amounts payable within one year | 42/48 | €63,652 | €589,416 | +€525,763 | +826.0% |
| Trade debts | 44 | €45 | €1,316 | +€1,271 | +2837.3% |
| Suppliers | 440/4 | €45 | €1,316 | +€1,271 | +2837.3% |
| Taxes, remuneration and social security | 45 | €50,010 | €91,962 | +€41,952 | +83.9% |
| Taxes | 450/3 | €47,608 | €91,962 | +€44,354 | +93.2% |
| Remuneration and social security | 454/9 | €2,401 | €0 | -€2,401 | -100.0% |
| Other amounts payable | 47/48 | €13,598 | €496,138 | +€482,540 | +3548.6% |
| Accrued charges and deferred income | 492/3 | €2,394 | €3,198 | +€804 | +33.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,893 | €2,943 | +€50 | +1.7% |
| Other operating charges | 640/8 | €273 | €126 | -€147 | -53.8% |
| Gross operating margin | 9900 | €255,359 | €239,773 | -€15,586 | -6.1% |
| Operating profit (loss) | 9901 | €252,194 | €236,704 | -€15,489 | -6.1% |
| Financial income | 75/76B | €7,909 | €5,577 | -€2,332 | -29.5% |
| Recurring financial income | 75 | €7,909 | €5,577 | -€2,332 | -29.5% |
| Financial charges | 65/66B | €0 | €0 | -€0 | -100.0% |
| Recurring financial charges | 65 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €260,103 | €242,281 | -€17,821 | -6.9% |
| Income taxes | 67/77 | €61,505 | €57,229 | -€4,275 | -7.0% |
| Profit (loss) for the period | 9904 | €198,598 | €185,052 | -€13,546 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €198,598 | €185,052 | -€13,546 | -6.8% |
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 8 October 2026 via checked.be.