FSD: what changed
FSD
Largest movements
- Receivables within one year -€85,975
down €85,975 (-29.9%), from €287,960 to €201,985
of which Trade receivables: -€71,258
- Tangible fixed assets +€27,271
up €27,271 (+21.7%), from €125,611 to €152,881
of which Furniture and vehicles: +€27,484
- Financial fixed assets -€4,559
down €4,559 (-68.9%), from €6,621 to €2,062
- Trade debts -€42,402
down €42,402 (-24.0%), from €176,462 to €134,060
- Other debts -€36,000
down €36,000 (-100%), from €36,000 to €0
- Tax, wage and social debts +€10,996
up €10,996 (+66.2%), from €16,610 to €27,606
of which Remuneration and social security: +€6,569
- Profit (loss) carried forward +€10,909
up €10,909 (+9.4%), from €116,597 to €127,505
- Gross operating margin -€44,776
down €44,776 (-21.6%), from €207,257 to €162,480
- Other operating charges -€27,327
down €27,327 (-94.4%), from €28,935 to €1,608
- Staff costs -€6,113
down €6,113 (-4.9%), from €123,614 to €117,500
- Taxes +€4,066
up €4,066 (+1,273%), from €319 to €4,385
- Depreciation -€3,774
down €3,774 (-12.6%), from €29,868 to €26,094
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 | €423,249 | €362,750 | -€60,498 | -14.3% |
| Fixed assets | 21/28 | €132,231 | €154,943 | +€22,712 | +17.2% |
| Tangible fixed assets | 22/27 | €125,611 | €152,881 | +€27,271 | +21.7% |
| Plant, machinery and equipment | 23 | €41,174 | €40,960 | -€214 | -0.5% |
| Furniture and vehicles | 24 | €84,437 | €111,921 | +€27,484 | +32.6% |
| Financial fixed assets | 28 | €6,621 | €2,062 | -€4,559 | -68.9% |
| Current assets | 29/58 | €291,017 | €207,807 | -€83,210 | -28.6% |
| Amounts receivable within one year | 40/41 | €287,960 | €201,985 | -€85,975 | -29.9% |
| Trade receivables | 40 | €200,253 | €128,995 | -€71,258 | -35.6% |
| Other amounts receivable | 41 | €87,707 | €72,990 | -€14,717 | -16.8% |
| Cash at bank and in hand | 54/58 | €3,058 | €5,822 | +€2,765 | +90.4% |
| Total equity and liabilities | 10/49 | €423,249 | €362,750 | -€60,498 | -14.3% |
| Equity | 10/15 | €184,247 | €195,155 | +€10,909 | +5.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,597 | €127,505 | +€10,909 | +9.4% |
| Amounts payable | 17/49 | €239,002 | €167,595 | -€71,407 | -29.9% |
| Amounts payable within one year | 42/48 | €239,002 | €167,595 | -€71,407 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €9,930 | €5,929 | -€4,001 | -40.3% |
| Trade debts | 44 | €176,462 | €134,060 | -€42,402 | -24.0% |
| Suppliers | 440/4 | €176,462 | €134,060 | -€42,402 | -24.0% |
| Taxes, remuneration and social security | 45 | €16,610 | €27,606 | +€10,996 | +66.2% |
| Taxes | 450/3 | €7,525 | €11,951 | +€4,427 | +58.8% |
| Remuneration and social security | 454/9 | €9,086 | €15,655 | +€6,569 | +72.3% |
| Other amounts payable | 47/48 | €36,000 | €0 | -€36,000 | -100% |
| Remuneration, social security and pensions | 62 | €123,614 | €117,500 | -€6,113 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,868 | €26,094 | -€3,774 | -12.6% |
| Other operating charges | 640/8 | €28,935 | €1,608 | -€27,327 | -94.4% |
| Non-recurring operating charges | 66A | - | €995 | +€995 | |
| Gross operating margin | 9900 | €207,257 | €162,480 | -€44,776 | -21.6% |
| Operating profit (loss) | 9901 | €24,840 | €16,283 | -€8,557 | -34.4% |
| Financial income | 75/76B | €3,133 | €1,403 | -€1,730 | -55.2% |
| Recurring financial income | 75 | €2,811 | €1,403 | -€1,409 | -50.1% |
| Non-recurring financial income | 76B | €321 | €0 | -€321 | -100% |
| Financial charges | 65/66B | €5,333 | €2,392 | -€2,942 | -55.2% |
| Recurring financial charges | 65 | €5,333 | €2,392 | -€2,942 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €22,639 | €15,294 | -€7,346 | -32.4% |
| Income taxes | 67/77 | €319 | €4,385 | +€4,066 | +1,273% |
| Profit (loss) for the period | 9904 | €22,320 | €10,909 | -€11,412 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,320 | €10,909 | -€11,412 | -51.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.