FGM: 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.
FGM
Largest movements
- Financial fixed assets +€792,639
up €792,639 (+3.7%), from €21.3m to €22.1m
- Cash -€447,684
down €447,684 (-97.6%), from €458,465 to €10,782
mainly Net result for the year (-€2.5m) and Investment in fixed assets (net) (-€792,639)
- Receivables within one year -€357,918
down €357,918 (-27.7%), from €1.3m to €934,371
- Profit (loss) carried forward -€4.7m
down €4.7m (-100%), from €4.7m to €0
- Other debts +€2.3m
up €2.3m (+28.5%), from €8.1m to €10.4m
- Reserves +€2.2m
up €2.2m (+50.6%), from €4.4m to €6.6m
of which Distributable reserves: +€2.2m
- Short-term financial debts +€306,257
up €306,257 (+8.3%), from €3.7m to €4.0m
- Financial charges +€744,092
up €744,092 (+30.5%), from €2.4m to €3.2m
of which Financial charges: +€1.1m
- Gross operating margin -€83,803
down €83,803 (-33.9%), from -€247,155 to -€330,957
- Staff costs -€67,788
down €67,788 (-52.1%), from €130,023 to €62,235
- Financial income +€40,868
up €40,868 (+3.9%), from €1.1m to €1.1m
of which Non-recurring financial income: +€205,940
- Other operating charges -€7,213
down €7,213 (-87.1%), from €8,281 to €1,069
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 | €23,537,351 | €23,668,410 | +€131,058 | +0.6% |
| Fixed assets | 21/28 | €21,265,893 | €22,058,532 | +€792,639 | +3.7% |
| Financial fixed assets | 28 | €21,265,893 | €22,058,532 | +€792,639 | +3.7% |
| Current assets | 29/58 | €2,271,459 | €1,609,878 | -€661,580 | -29.1% |
| Stocks and contracts in progress | 3 | €49,579 | €49,579 | = | 0.0% |
| Stocks | 30/36 | €49,579 | €49,579 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,292,289 | €934,371 | -€357,918 | -27.7% |
| Other amounts receivable | 41 | €1,292,289 | €934,371 | -€357,918 | -27.7% |
| Current investments | 50/53 | €470,147 | €615,147 | +€145,000 | +30.8% |
| Cash at bank and in hand | 54/58 | €458,465 | €10,782 | -€447,684 | -97.6% |
| Deferred charges and accrued income | 490/1 | €979 | €0 | -€979 | -100% |
| Total equity and liabilities | 10/49 | €23,537,351 | €23,668,410 | +€131,058 | +0.6% |
| Equity | 10/15 | €11,630,498 | €9,150,160 | -€2.5m | -21.3% |
| Contributions | 10/11 | €2,587,653 | €2,587,653 | = | 0.0% |
| Capital | 10 | €2,587,653 | €2,587,653 | = | 0.0% |
| Issued capital | 100 | €3,587,653 | €3,587,653 | = | 0.0% |
| Uncalled capital | 101 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €4,358,265 | €6,562,507 | +€2.2m | +50.6% |
| Non-distributable reserves | 130/1 | €358,765 | €358,765 | = | 0.0% |
| Legal reserve | 130 | €358,765 | €358,765 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,999,750 | €1,999,750 | = | 0.0% |
| Distributable reserves | 133 | €1,999,750 | €4,203,991 | +€2.2m | +110% |
| Profit (loss) carried forward | 14 | €4,684,580 | €0 | -€4.7m | -100% |
| Amounts payable | 17/49 | €11,906,854 | €14,518,250 | +€2.6m | +21.9% |
| Amounts payable within one year | 42/48 | €11,900,060 | €14,508,122 | +€2.6m | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €3,680,743 | €3,987,000 | +€306,257 | +8.3% |
| Credit institutions | 430/8 | €3,680,743 | €3,987,000 | +€306,257 | +8.3% |
| Trade debts | 44 | €73,007 | €67,000 | -€6,007 | -8.2% |
| Suppliers | 440/4 | €73,007 | €67,000 | -€6,007 | -8.2% |
| Taxes, remuneration and social security | 45 | €16,832 | €6,077 | -€10,756 | -63.9% |
| Taxes | 450/3 | €1,406 | €0 | -€1,406 | -100% |
| Remuneration and social security | 454/9 | €15,426 | €6,077 | -€9,349 | -60.6% |
| Other amounts payable | 47/48 | €8,129,478 | €10,448,045 | +€2.3m | +28.5% |
| Accrued charges and deferred income | 492/3 | €6,794 | €10,129 | +€3,335 | +49.1% |
| Remuneration, social security and pensions | 62 | €130,023 | €62,235 | -€67,788 | -52.1% |
| Other operating charges | 640/8 | €8,281 | €1,069 | -€7,213 | -87.1% |
| Gross operating margin | 9900 | -€247,155 | -€330,957 | -€83,803 | -33.9% |
| Operating profit (loss) | 9901 | -€385,459 | -€394,261 | -€8,802 | -2.3% |
| Financial income | 75/76B | €1,053,530 | €1,094,399 | +€40,868 | +3.9% |
| Recurring financial income | 75 | €207,562 | €42,490 | -€165,072 | -79.5% |
| Non-recurring financial income | 76B | €845,968 | €1,051,909 | +€205,940 | +24.3% |
| Financial charges | 65/66B | €2,436,383 | €3,180,475 | +€744,092 | +30.5% |
| Recurring financial charges | 65 | €433,756 | €1,514,832 | +€1.1m | +249% |
| Non-recurring financial charges | 66B | €2,002,628 | €1,665,644 | -€336,984 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,768,312 | -€2,480,338 | -€712,026 | -40.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,768,312 | -€2,480,338 | -€712,026 | -40.3% |
| Transfer from tax-exempt reserves | 789 | €1,999,750 | €0 | -€2.0m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €231,438 | -€2,480,338 | -€2.7m |
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 31 October 2026 via checked.be.