FIDUSCA: 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.
What changed
FIDUSCA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€774,762
2024 · €743,201+€31,560
Equity
€98.7m
2024 · €98.0m+€774,762
Cash
€5.5m
2024 · €8.5m-€3.0m
Balance sheet total
€117.7m
2024 · €110.1m+€7.7m
Largest movements
Assets
- Financial fixed assets +€5.6m
up €5.6m (+8.2%), from €68.4m to €74.0m
- Cash -€3.0m
down €3.0m (-35.2%), from €8.5m to €5.5m
mainly Investment in fixed assets (net) (-€8.5m) and Current investments (-€2.5m)
- Tangible fixed assets +€2.7m
up €2.7m (+91.6%), from €2.9m to €5.6m
of which Land and buildings: +€2.7m
- Current investments +€2.5m
up €2.5m (+23.8%), from €10.3m to €12.8m
Equity and liabilities
- Debts after one year +€7.1m
up €7.1m (+692%), from €1.0m to €8.1m
of which Other amounts payable: +€4.9m
Income statement
- Gross operating margin +€1.4m
up €1.4m, from -€172,544 to €1.2m
- Financial income -€423,499
down €423,499 (-24.0%), from €1.8m to €1.3m
of which Financial income: -€428,245
- Other operating charges +€365,509
up €365,509 (+1,120%), from €32,639 to €398,148
- Financial charges +€219,552
up €219,552 (+35.6%), from €616,151 to €835,702
- Taxes +€30,919
up €30,919, from -€23,774 to €7,145
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.
Result 2024
€743,201
Gross operating margin
+€1.4m
Staff costs
-€30,869
Depreciation
+€3,413
Other operating charges
-€365,509
Financial income
-€423,499
Financial charges
-€219,552
Taxes
-€30,919
Deferred taxes and other
-€311,365
Result 2025
€774,762
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€623,821
Investment
-€10.9m
Financing
+€7.3m
Cash 2024
€8.5m
From operations (derived)
+€623,821
Net result for the year
+€774,762
Depreciation
+€152,666
Receivables after one year
+€1.1m
Receivables within one year
-€941,036
Deferred charges and accrued income
+€12,060
Provisions
+€194,578
Trade debts
+€137,219
Tax, wage and social debts
-€131,576
Other debts
-€1.0m
Accrued charges and deferred income
+€404,192
Investment (derived)
-€10.9m
Investment in fixed assets (net)
-€8.5m
Current investments
-€2.5m
Financing
+€7.3m
Debts after one year
+€7.1m
Current portion of long-term debt
+€215,714
Cash 2025
€5.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,059,018 | €117,720,073 | +€7.7m | +7.0% |
| Fixed assets | 21/28 | €71,277,440 | €79,583,733 | +€8.3m | +11.7% |
| Tangible fixed assets | 22/27 | €2,922,752 | €5,600,726 | +€2.7m | +91.6% |
| Land and buildings | 22 | €2,850,084 | €5,552,183 | +€2.7m | +94.8% |
| Plant, machinery and equipment | 23 | €15,331 | €11,018 | -€4,314 | -28.1% |
| Furniture and vehicles | 24 | €50,076 | €37,526 | -€12,550 | -25.1% |
| Assets under construction and advance payments | 27 | €7,260 | €0 | -€7,260 | -100% |
| Financial fixed assets | 28 | €68,354,688 | €73,983,006 | +€5.6m | +8.2% |
| Current assets | 29/58 | €38,781,578 | €38,136,340 | -€645,238 | -1.7% |
| Amounts receivable after more than one year | 29 | €19,874,243 | €18,823,070 | -€1.1m | -5.3% |
| Other amounts receivable | 291 | €19,874,243 | €18,823,070 | -€1.1m | -5.3% |
| Amounts receivable within one year | 40/41 | €77,543 | €1,018,578 | +€941,036 | +1,214% |
| Trade receivables | 40 | €63,640 | €583,167 | +€519,527 | +816% |
| Other amounts receivable | 41 | €13,902 | €435,411 | +€421,509 | +3,032% |
| Current investments | 50/53 | €10,315,558 | €12,772,876 | +€2.5m | +23.8% |
| Cash at bank and in hand | 54/58 | €8,468,643 | €5,488,285 | -€3.0m | -35.2% |
| Deferred charges and accrued income | 490/1 | €45,592 | €33,532 | -€12,060 | -26.5% |
| Total equity and liabilities | 10/49 | €110,059,018 | €117,720,073 | +€7.7m | +7.0% |
| Equity | 10/15 | €97,975,230 | €98,749,992 | +€774,762 | +0.8% |
| Contributions | 10/11 | €19,219,683 | €19,219,683 | = | 0.0% |
| Capital | 10 | €19,219,683 | €19,219,683 | = | 0.0% |
| Issued capital | 100 | €19,219,683 | €19,219,683 | = | 0.0% |
| Reserves | 13 | €71,585,986 | €72,548,950 | +€962,964 | +1.3% |
| Non-distributable reserves | 130/1 | €2,180,000 | €2,180,000 | = | 0.0% |
| Legal reserve | 130 | €2,180,000 | €2,180,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,319,924 | €2,282,888 | +€962,964 | +73.0% |
| Distributable reserves | 133 | €68,086,062 | €68,086,062 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,169,561 | €6,981,359 | -€188,202 | -2.6% |
| Provisions and deferred taxes | 16 | €7,960,847 | €8,155,425 | +€194,578 | +2.4% |
| Provisions for liabilities and charges | 160/5 | €7,960,847 | €7,844,059 | -€116,787 | -1.5% |
| Other liabilities and charges | 164/5 | €7,960,847 | €7,844,059 | -€116,787 | -1.5% |
| Deferred taxes | 168 | - | €311,365 | +€311,365 | |
| Amounts payable | 17/49 | €4,122,941 | €10,814,656 | +€6.7m | +162% |
| Amounts payable after more than one year | 17 | €1,025,316 | €8,121,700 | +€7.1m | +692% |
| Financial debts | 170/4 | - | €2,200,357 | +€2.2m | |
| Other amounts payable | 178/9 | €1,025,316 | €5,921,343 | +€4.9m | +478% |
| Amounts payable within one year | 42/48 | €3,013,014 | €2,204,153 | -€808,861 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | - | €215,714 | +€215,714 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €125,792 | €263,012 | +€137,219 | +109% |
| Suppliers | 440/4 | €125,792 | €263,012 | +€137,219 | +109% |
| Taxes, remuneration and social security | 45 | €167,848 | €36,272 | -€131,576 | -78.4% |
| Taxes | 450/3 | €148,892 | €10,156 | -€138,736 | -93.2% |
| Remuneration and social security | 454/9 | €18,956 | €26,116 | +€7,160 | +37.8% |
| Other amounts payable | 47/48 | €2,719,373 | €1,689,155 | -€1.0m | -37.9% |
| Accrued charges and deferred income | 492/3 | €84,611 | €488,803 | +€404,192 | +478% |
| Non-recurring operating income | 76A | - | €1,263,226 | +€1.3m | |
| Remuneration, social security and pensions | 62 | €68,619 | €99,488 | +€30,869 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,079 | €152,666 | -€3,413 | -2.2% |
| Other operating charges | 640/8 | €32,639 | €398,148 | +€365,509 | +1,120% |
| Gross operating margin | 9900 | -€172,544 | €1,237,315 | +€1.4m | |
| Operating profit (loss) | 9901 | -€429,881 | €587,014 | +€1.0m | |
| Financial income | 75/76B | €1,765,460 | €1,341,961 | -€423,499 | -24.0% |
| Recurring financial income | 75 | €1,741,336 | €1,313,092 | -€428,245 | -24.6% |
| Non-recurring financial income | 76B | €24,123 | €28,869 | +€4,746 | +19.7% |
| Financial charges | 65/66B | €616,151 | €835,702 | +€219,552 | +35.6% |
| Recurring financial charges | 65 | €616,151 | €835,702 | +€219,552 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €719,427 | €1,093,272 | +€373,845 | +52.0% |
| Transfer from deferred taxes | 780 | - | €4,441 | +€4,441 | |
| Transfer to deferred taxes | 680 | - | €315,806 | +€315,806 | |
| Income taxes | 67/77 | -€23,774 | €7,145 | +€30,919 | |
| Profit (loss) for the period | 9904 | €743,201 | €774,762 | +€31,560 | +4.2% |
| Transfer from tax-exempt reserves | 789 | - | €13,324 | +€13,324 | |
| Transfer to tax-exempt reserves | 689 | €24,123 | €976,288 | +€952,165 | +3,947% |
| Profit (loss) for the period to be appropriated | 9905 | €719,078 | -€188,202 | -€907,281 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.