F-GEST: what changed
F-GEST
Largest movements
- Receivables within one year +€124,533
up €124,533 (+119%), from €104,604 to €229,137
of which Trade receivables: +€164,408
- Deferred charges and accrued income +€66,540
new in 2026: €66,540
- Tangible fixed assets +€44,940
up €44,940 (+2.9%), from €1.6m to €1.6m
of which Land and buildings: +€36,864
- Cash -€27,606
down €27,606 (-73.2%), from €37,709 to €10,103
mainly Investment in fixed assets (net) (-€129,251) and Contributions, distributions and other (-€128,000)
- Accrued charges and deferred income +€166,953
up €166,953 (+3,653%), from €4,570 to €171,523
- Other debts +€131,361
up €131,361 (+738%), from €17,797 to €149,158
- Reserves -€118,695
down €118,695 (-27.4%), from €432,500 to €313,805
- Trade debts -€115,685
down €115,685 (-90.4%), from €127,962 to €12,277
- Debts after one year +€58,801
up €58,801 (+4.1%), from €1.4m to €1.5m
- Gross operating margin +€121,348
up €121,348 (+173%), from €70,276 to €191,624
- Financial income +€72,497
up €72,497 (+483%), from €15,003 to €87,500
of which Financial income: +€49,997
- Depreciation +€37,348
up €37,348 (+79.5%), from €46,963 to €84,311
- Financial charges +€20,219
up €20,219 (+21.5%), from €93,861 to €114,081
of which Financial charges: +€12,204
- Other operating charges +€8,919
up €8,919 (+348%), from €2,561 to €11,480
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,017,058 | €2,225,465 | +€208,407 | +10.3% |
| Fixed assets | 21/28 | €1,874,745 | €1,919,685 | +€44,940 | +2.4% |
| Tangible fixed assets | 22/27 | €1,558,483 | €1,603,423 | +€44,940 | +2.9% |
| Land and buildings | 22 | €1,499,369 | €1,536,233 | +€36,864 | +2.5% |
| Plant, machinery and equipment | 23 | €34,946 | €53,889 | +€18,943 | +54.2% |
| Furniture and vehicles | 24 | €8,639 | €0 | -€8,639 | -100% |
| Other tangible fixed assets | 26 | €15,529 | €13,300 | -€2,229 | -14.4% |
| Financial fixed assets | 28 | €316,261 | €316,261 | = | 0.0% |
| Current assets | 29/58 | €142,313 | €305,780 | +€163,467 | +115% |
| Amounts receivable within one year | 40/41 | €104,604 | €229,137 | +€124,533 | +119% |
| Trade receivables | 40 | €15,750 | €180,158 | +€164,408 | +1,044% |
| Other amounts receivable | 41 | €88,854 | €48,979 | -€39,875 | -44.9% |
| Cash at bank and in hand | 54/58 | €37,709 | €10,103 | -€27,606 | -73.2% |
| Deferred charges and accrued income | 490/1 | - | €66,540 | +€66,540 | |
| Total equity and liabilities | 10/49 | €2,017,058 | €2,225,465 | +€208,407 | +10.3% |
| Equity | 10/15 | €392,587 | €332,405 | -€60,182 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €432,500 | €313,805 | -€118,695 | -27.4% |
| Distributable reserves | 133 | €432,500 | €313,805 | -€118,695 | -27.4% |
| Profit (loss) carried forward | 14 | -€58,513 | €0 | +€58,513 | |
| Amounts payable | 17/49 | €1,624,470 | €1,893,059 | +€268,589 | +16.5% |
| Amounts payable after more than one year | 17 | €1,422,584 | €1,481,385 | +€58,801 | +4.1% |
| Financial debts | 170/4 | €1,422,584 | €1,481,385 | +€58,801 | +4.1% |
| Amounts payable within one year | 42/48 | €197,317 | €240,152 | +€42,835 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €47,641 | €72,758 | +€25,118 | +52.7% |
| Financial debts | 43 | €1,667 | €0 | -€1,667 | -100% |
| Credit institutions | 430/8 | €1,667 | €0 | -€1,667 | -100% |
| Trade debts | 44 | €127,962 | €12,277 | -€115,685 | -90.4% |
| Suppliers | 440/4 | €127,962 | €12,277 | -€115,685 | -90.4% |
| Taxes, remuneration and social security | 45 | €2,250 | €5,959 | +€3,709 | +165% |
| Taxes | 450/3 | €2,250 | €5,959 | +€3,709 | +165% |
| Other amounts payable | 47/48 | €17,797 | €149,158 | +€131,361 | +738% |
| Accrued charges and deferred income | 492/3 | €4,570 | €171,523 | +€166,953 | +3,653% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,963 | €84,311 | +€37,348 | +79.5% |
| Other operating charges | 640/8 | €2,561 | €11,480 | +€8,919 | +348% |
| Gross operating margin | 9900 | €70,276 | €191,624 | +€121,348 | +173% |
| Operating profit (loss) | 9901 | €20,751 | €95,832 | +€75,081 | +362% |
| Financial income | 75/76B | €15,003 | €87,500 | +€72,497 | +483% |
| Recurring financial income | 75 | €15,003 | €65,000 | +€49,997 | +333% |
| Non-recurring financial income | 76B | - | €22,500 | +€22,500 | |
| Financial charges | 65/66B | €93,861 | €114,081 | +€20,219 | +21.5% |
| Recurring financial charges | 65 | €93,861 | €106,065 | +€12,204 | +13.0% |
| Non-recurring financial charges | 66B | - | €8,015 | +€8,015 | |
| Profit (loss) for the period before taxes | 9903 | -€58,107 | €69,252 | +€127,358 | |
| Income taxes | 67/77 | €491 | €1,434 | +€943 | +192% |
| Profit (loss) for the period | 9904 | -€58,598 | €67,818 | +€126,416 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,598 | €67,818 | +€126,416 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.