FHIRST: 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.
FHIRST
Largest movements
- Receivables after one year +€237,481
up €237,481 (+44.6%), from €532,555 to €770,036
- Cash -€187,676
down €187,676 (-99.9%), from €187,870 to €194
mainly Net result for the year (-€259,674) and Receivables after one year (-€237,481)
- Receivables within one year +€114,787
up €114,787 (+107.8%), from €106,479 to €221,266
of which Trade receivables: +€117,186
- Intangible fixed assets +€109,120
up €109,120 (+70.6%), from €154,573 to €263,693
- Stocks and contracts -€14,658
down €14,658 (-100.0%), from €14,658 to €0
- Debts after one year +€518,042
up €518,042 (+71.0%), from €729,875 to €1.2m
- Profit (loss) carried forward -€259,674
down €259,674 (-57.5%), from -€451,922 to -€711,596
- Other debts +€22,204
new in 2025: €22,204
- Trade debts -€20,019
down €20,019 (-12.7%), from €157,959 to €137,940
- Gross operating margin +€233,300
up €233,300 (+73.1%), from -€319,329 to -€86,028
- Financial charges +€45,886
up €45,886 (+117.7%), from €38,988 to €84,874
- Depreciation +€35,893
up €35,893 (+89.1%), from €40,303 to €76,197
- Write-downs +€14,658
new in 2025: €14,658
- Other operating charges -€5,234
down €5,234 (-96.1%), from €5,443 to €210
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 | €997,741 | €1,258,206 | +€260,464 | +26.1% |
| Formation expenses | 20 | €1,106 | €790 | -€316 | -28.6% |
| Fixed assets | 21/28 | €155,073 | €264,193 | +€109,120 | +70.4% |
| Intangible fixed assets | 21 | €154,573 | €263,693 | +€109,120 | +70.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €841,562 | €993,222 | +€151,661 | +18.0% |
| Amounts receivable after more than one year | 29 | €532,555 | €770,036 | +€237,481 | +44.6% |
| Other amounts receivable | 291 | €532,555 | €770,036 | +€237,481 | +44.6% |
| Stocks and contracts in progress | 3 | €14,658 | €0 | -€14,658 | -100.0% |
| Stocks | 30/36 | €14,658 | €0 | -€14,658 | -100.0% |
| Amounts receivable within one year | 40/41 | €106,479 | €221,266 | +€114,787 | +107.8% |
| Trade receivables | 40 | €103,641 | €220,827 | +€117,186 | +113.1% |
| Other amounts receivable | 41 | €2,838 | €439 | -€2,399 | -84.5% |
| Cash at bank and in hand | 54/58 | €187,870 | €194 | -€187,676 | -99.9% |
| Deferred charges and accrued income | 490/1 | - | €1,726 | +€1,726 | |
| Total equity and liabilities | 10/49 | €997,741 | €1,258,206 | +€260,464 | +26.1% |
| Equity | 10/15 | €109,819 | -€149,855 | -€259,674 | |
| Contributions | 10/11 | €561,741 | €561,741 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€451,922 | -€711,596 | -€259,674 | -57.5% |
| Amounts payable | 17/49 | €887,923 | €1,408,061 | +€520,138 | +58.6% |
| Amounts payable after more than one year | 17 | €729,875 | €1,247,917 | +€518,042 | +71.0% |
| Financial debts | 170/4 | €729,875 | €1,247,917 | +€518,042 | +71.0% |
| Amounts payable within one year | 42/48 | €158,048 | €160,144 | +€2,096 | +1.3% |
| Trade debts | 44 | €157,959 | €137,940 | -€20,019 | -12.7% |
| Suppliers | 440/4 | €157,959 | €137,940 | -€20,019 | -12.7% |
| Taxes, remuneration and social security | 45 | €89 | €0 | -€89 | -100.0% |
| Taxes | 450/3 | €89 | €0 | -€89 | -100.0% |
| Other amounts payable | 47/48 | - | €22,204 | +€22,204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,303 | €76,197 | +€35,893 | +89.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,658 | +€14,658 | |
| Other operating charges | 640/8 | €5,443 | €210 | -€5,234 | -96.1% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | €48,806 | €0 | -€48,806 | -100.0% |
| Gross operating margin | 9900 | -€319,329 | -€86,028 | +€233,300 | +73.1% |
| Operating profit (loss) | 9901 | -€413,882 | -€177,093 | +€236,789 | +57.2% |
| Financial income | 75/76B | €948 | €2,293 | +€1,345 | +141.9% |
| Recurring financial income | 75 | €948 | €2,293 | +€1,345 | +141.9% |
| Financial charges | 65/66B | €38,988 | €84,874 | +€45,886 | +117.7% |
| Recurring financial charges | 65 | €38,988 | €84,874 | +€45,886 | +117.7% |
| Profit (loss) for the period before taxes | 9903 | -€451,922 | -€259,674 | +€192,248 | +42.5% |
| Profit (loss) for the period | 9904 | -€451,922 | -€259,674 | +€192,248 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€451,922 | -€259,674 | +€192,248 | +42.5% |
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 7 October 2026 via checked.be.