THE NEW FOX: 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.
THE NEW FOX
Largest movements
- Cash -€67,261
down €67,261 (-32.6%), from €206,604 to €139,343
mainly Other debts (-€105,090) and Contributions, distributions and other (-€78,281)
- Tangible fixed assets -€18,115
down €18,115 (-41.5%), from €43,663 to €25,548
of which Plant, machinery and equipment: -€17,348
- Stocks and contracts +€6,491
up €6,491 (+42.4%), from €15,320 to €21,811
- Deferred charges and accrued income -€5,433
down €5,433 (-97.3%), from €5,586 to €153
- Other debts -€105,090
no longer reported in 2025 (was €105,090)
- Reserves -€43,792
down €43,792 (-38.4%), from €114,157 to €70,366
- Trade debts +€43,193
up €43,193 (+262%), from €16,515 to €59,709
- Tax, wage and social debts +€27,541
up €27,541 (+78.5%), from €35,062 to €62,604
of which Taxes: +€16,189
- Short-term financial debts -€6,781
no longer reported in 2025 (was €6,781)
- Gross operating margin -€46,517
down €46,517 (-8.4%), from €550,676 to €504,159
- Taxes -€8,537
down €8,537 (-31.0%), from €27,497 to €18,960
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 | €297,881 | €213,729 | -€84,152 | -28.3% |
| Fixed assets | 21/28 | €43,738 | €25,623 | -€18,115 | -41.4% |
| Tangible fixed assets | 22/27 | €43,663 | €25,548 | -€18,115 | -41.5% |
| Land and buildings | 22 | €275 | - | -€275 | |
| Plant, machinery and equipment | 23 | €41,888 | €24,540 | -€17,348 | -41.4% |
| Furniture and vehicles | 24 | €1,500 | €1,008 | -€492 | -32.8% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €254,143 | €188,106 | -€66,037 | -26.0% |
| Stocks and contracts in progress | 3 | €15,320 | €21,811 | +€6,491 | +42.4% |
| Stocks | 30/36 | €15,320 | €21,811 | +€6,491 | +42.4% |
| Amounts receivable within one year | 40/41 | €26,633 | €26,800 | +€167 | +0.6% |
| Trade receivables | 40 | €6,096 | €25,800 | +€19,704 | +323% |
| Other amounts receivable | 41 | €20,538 | €1,000 | -€19,538 | -95.1% |
| Cash at bank and in hand | 54/58 | €206,604 | €139,343 | -€67,261 | -32.6% |
| Deferred charges and accrued income | 490/1 | €5,586 | €153 | -€5,433 | -97.3% |
| Total equity and liabilities | 10/49 | €297,881 | €213,729 | -€84,152 | -28.3% |
| Equity | 10/15 | €132,709 | €88,917 | -€43,792 | -33.0% |
| Contributions | 10/11 | €18,551 | €18,551 | = | 0.0% |
| Reserves | 13 | €114,157 | €70,366 | -€43,792 | -38.4% |
| Distributable reserves | 133 | €114,157 | €70,366 | -€43,792 | -38.4% |
| Amounts payable | 17/49 | €165,172 | €124,812 | -€40,360 | -24.4% |
| Amounts payable within one year | 42/48 | €165,172 | €122,312 | -€42,860 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €1,723 | - | -€1,723 | |
| Financial debts | 43 | €6,781 | - | -€6,781 | |
| Other loans | 439 | €6,781 | - | -€6,781 | |
| Trade debts | 44 | €16,515 | €59,709 | +€43,193 | +262% |
| Suppliers | 440/4 | €16,515 | €59,709 | +€43,193 | +262% |
| Taxes, remuneration and social security | 45 | €35,062 | €62,604 | +€27,541 | +78.5% |
| Taxes | 450/3 | €10,704 | €26,894 | +€16,189 | +151% |
| Remuneration and social security | 454/9 | €24,358 | €35,710 | +€11,352 | +46.6% |
| Other amounts payable | 47/48 | €105,090 | - | -€105,090 | |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €431,487 | €430,514 | -€974 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,464 | €10,439 | -€4,024 | -27.8% |
| Other operating charges | 640/8 | €6,344 | €2,646 | -€3,698 | -58.3% |
| Non-recurring operating charges | 66A | - | €1,741 | +€1,741 | |
| Gross operating margin | 9900 | €550,676 | €504,159 | -€46,517 | -8.4% |
| Operating profit (loss) | 9901 | €98,381 | €58,819 | -€39,563 | -40.2% |
| Financial income | 75/76B | €846 | €426 | -€420 | -49.7% |
| Recurring financial income | 75 | €846 | €426 | -€420 | -49.7% |
| Financial charges | 65/66B | €6,475 | €5,794 | -€680 | -10.5% |
| Recurring financial charges | 65 | €6,475 | €5,794 | -€680 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €92,752 | €53,450 | -€39,302 | -42.4% |
| Income taxes | 67/77 | €27,497 | €18,960 | -€8,537 | -31.0% |
| Profit (loss) for the period | 9904 | €65,255 | €34,490 | -€30,765 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,255 | €34,490 | -€30,765 | -47.1% |
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 23 October 2026 via checked.be.