FWM2: 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.
FWM2
Largest movements
- Stocks and contracts +€121,476
up €121,476 (+598.7%), from €20,292 to €141,768
of which Stocks: +€119,505
- Tangible fixed assets +€116,167
up €116,167 (+111.7%), from €104,039 to €220,205
of which Furniture and vehicles: +€90,505
- Cash +€100,795
up €100,795 (+272.3%), from €37,021 to €137,816
mainly Other debts (+€113,176) and Tax, wage and social debts (+€50,107)
- Receivables within one year -€49,370
down €49,370 (-80.0%), from €61,719 to €12,349
of which Trade receivables: -€41,393
- Financial fixed assets -€8,640
down €8,640 (-97.6%), from €8,850 to €210
- Other debts +€113,176
up €113,176 (+50.0%), from €226,246 to €339,423
- Tax, wage and social debts +€50,107
up €50,107 (+1032.2%), from €4,854 to €54,962
of which Taxes: +€50,082
- Short-term financial debts +€50,000
new in 2025: €50,000
- Profit (loss) carried forward +€47,715
up €47,715 (+28.3%), from -€168,836 to -€121,121
- Debts after one year +€27,657
up €27,657 (+68.8%), from €40,191 to €67,848
- Gross operating margin +€140,899
up €140,899, from -€16,585 to €124,314
- Staff costs +€48,179
new in 2025: €48,179
- Financial charges +€7,860
up €7,860 (+1116.3%), from €704 to €8,564
- Depreciation +€5,213
up €5,213 (+34.0%), from €15,341 to €20,554
- Financial income +€2,505
new in 2025: €2,505
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 | €236,205 | €516,940 | +€280,735 | +118.9% |
| Fixed assets | 21/28 | €112,889 | €220,415 | +€107,527 | +95.3% |
| Tangible fixed assets | 22/27 | €104,039 | €220,205 | +€116,167 | +111.7% |
| Land and buildings | 22 | €10,457 | €9,479 | -€978 | -9.4% |
| Plant, machinery and equipment | 23 | €73,065 | €99,705 | +€26,640 | +36.5% |
| Furniture and vehicles | 24 | €20,517 | €111,022 | +€90,505 | +441.1% |
| Financial fixed assets | 28 | €8,850 | €210 | -€8,640 | -97.6% |
| Current assets | 29/58 | €123,316 | €296,524 | +€173,208 | +140.5% |
| Stocks and contracts in progress | 3 | €20,292 | €141,768 | +€121,476 | +598.7% |
| Stocks | 30/36 | €20,292 | €139,797 | +€119,505 | +588.9% |
| Contracts in progress | 37 | - | €1,971 | +€1,971 | |
| Amounts receivable within one year | 40/41 | €61,719 | €12,349 | -€49,370 | -80.0% |
| Trade receivables | 40 | €53,742 | €12,349 | -€41,393 | -77.0% |
| Other amounts receivable | 41 | €7,977 | - | -€7,977 | |
| Cash at bank and in hand | 54/58 | €37,021 | €137,816 | +€100,795 | +272.3% |
| Deferred charges and accrued income | 490/1 | €4,285 | €4,591 | +€307 | +7.2% |
| Total equity and liabilities | 10/49 | €236,205 | €516,940 | +€280,735 | +118.9% |
| Equity | 10/15 | -€88,836 | -€41,121 | +€47,715 | +53.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,836 | -€121,121 | +€47,715 | +28.3% |
| Amounts payable | 17/49 | €325,041 | €558,061 | +€233,020 | +71.7% |
| Amounts payable after more than one year | 17 | €40,191 | €67,848 | +€27,657 | +68.8% |
| Financial debts | 170/4 | €40,191 | €67,848 | +€27,657 | +68.8% |
| Amounts payable within one year | 42/48 | €284,850 | €485,547 | +€200,697 | +70.5% |
| Current portion of amounts payable after more than one year | 42 | €9,073 | €18,807 | +€9,734 | +107.3% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €44,676 | €22,356 | -€22,320 | -50.0% |
| Suppliers | 440/4 | €44,676 | €22,356 | -€22,320 | -50.0% |
| Taxes, remuneration and social security | 45 | €4,854 | €54,962 | +€50,107 | +1032.2% |
| Taxes | 450/3 | €697 | €50,779 | +€50,082 | +7190.1% |
| Remuneration and social security | 454/9 | €4,158 | €4,183 | +€25 | +0.6% |
| Other amounts payable | 47/48 | €226,246 | €339,423 | +€113,176 | +50.0% |
| Accrued charges and deferred income | 492/3 | - | €4,665 | +€4,665 | |
| Remuneration, social security and pensions | 62 | - | €48,179 | +€48,179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,341 | €20,554 | +€5,213 | +34.0% |
| Other operating charges | 640/8 | €1,671 | €1,589 | -€82 | -4.9% |
| Gross operating margin | 9900 | -€16,585 | €124,314 | +€140,899 | |
| Operating profit (loss) | 9901 | -€33,597 | €53,991 | +€87,588 | |
| Financial income | 75/76B | - | €2,505 | +€2,505 | |
| Recurring financial income | 75 | - | €2,505 | +€2,505 | |
| Financial charges | 65/66B | €704 | €8,564 | +€7,860 | +1116.3% |
| Recurring financial charges | 65 | €704 | €8,564 | +€7,860 | +1116.3% |
| Profit (loss) for the period before taxes | 9903 | -€34,301 | €47,932 | +€82,233 | |
| Income taxes | 67/77 | €274 | €216 | -€58 | -21.1% |
| Profit (loss) for the period | 9904 | -€34,575 | €47,715 | +€82,290 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,575 | €47,715 | +€82,290 |
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 4 October 2026 via checked.be.