FAZAL: 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.
FAZAL
Largest movements
- Tangible fixed assets +€25,133
new in 2025: €25,133
- Receivables within one year -€8,175
down €8,175 (-71.8%), from €11,385 to €3,210
of which Trade receivables: -€8,712
- Cash +€7,308
up €7,308 (+31.2%), from €23,389 to €30,696
mainly Debts after one year (+€15,524) and Trade debts (+€8,313)
- Debts after one year +€15,524
new in 2025: €15,524
- Trade debts +€8,313
up €8,313 (+8.0%), from €104,500 to €112,813
- Reserves +€7,923
up €7,923 (+426%), from €1,860 to €9,783
of which Distributable reserves: +€7,923
- Other debts -€6,959
no longer reported in 2025 (was €6,959)
- Current portion of long-term debt +€4,244
up €4,244 (+235%), from €1,802 to €6,046
- Gross operating margin +€22,881
up €22,881 (+48.7%), from €46,980 to €69,861
- Staff costs +€16,475
up €16,475 (+66.1%), from €24,926 to €41,401
- Depreciation +€6,830
new in 2025: €6,830
- Other operating charges -€1,861
down €1,861 (-26.4%), from €7,058 to €5,197
- Taxes +€1,219
up €1,219 (+43.7%), from €2,790 to €4,010
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 | €184,978 | €209,373 | +€24,395 | +13.2% |
| Fixed assets | 21/28 | €1,770 | €26,903 | +€25,133 | +1,420% |
| Tangible fixed assets | 22/27 | - | €25,133 | +€25,133 | |
| Furniture and vehicles | 24 | - | €25,133 | +€25,133 | |
| Financial fixed assets | 28 | €1,770 | €1,770 | = | 0.0% |
| Current assets | 29/58 | €183,208 | €182,470 | -€738 | -0.4% |
| Stocks and contracts in progress | 3 | €148,435 | €148,564 | +€129 | +0.1% |
| Stocks | 30/36 | €148,435 | €148,564 | +€129 | +0.1% |
| Amounts receivable within one year | 40/41 | €11,385 | €3,210 | -€8,175 | -71.8% |
| Trade receivables | 40 | €9,665 | €953 | -€8,712 | -90.1% |
| Other amounts receivable | 41 | €1,719 | €2,257 | +€537 | +31.3% |
| Cash at bank and in hand | 54/58 | €23,389 | €30,696 | +€7,308 | +31.2% |
| Total equity and liabilities | 10/49 | €184,978 | €209,373 | +€24,395 | +13.2% |
| Equity | 10/15 | €48,640 | €56,563 | +€7,923 | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €9,783 | +€7,923 | +426% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €7,923 | +€7,923 | |
| Profit (loss) carried forward | 14 | €28,180 | €28,180 | = | 0.0% |
| Amounts payable | 17/49 | €136,338 | €152,810 | +€16,472 | +12.1% |
| Amounts payable after more than one year | 17 | - | €15,524 | +€15,524 | |
| Financial debts | 170/4 | - | €15,524 | +€15,524 | |
| Amounts payable within one year | 42/48 | €136,338 | €137,286 | +€948 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €1,802 | €6,046 | +€4,244 | +235% |
| Financial debts | 43 | €2,655 | €1,654 | -€1,001 | -37.7% |
| Credit institutions | 430/8 | €2,655 | €1,654 | -€1,001 | -37.7% |
| Trade debts | 44 | €104,500 | €112,813 | +€8,313 | +8.0% |
| Suppliers | 440/4 | €104,500 | €112,813 | +€8,313 | +8.0% |
| Taxes, remuneration and social security | 45 | €20,422 | €16,772 | -€3,650 | -17.9% |
| Taxes | 450/3 | €9,494 | €6,620 | -€2,874 | -30.3% |
| Remuneration and social security | 454/9 | €10,928 | €10,152 | -€776 | -7.1% |
| Other amounts payable | 47/48 | €6,959 | - | -€6,959 | |
| Remuneration, social security and pensions | 62 | €24,926 | €41,401 | +€16,475 | +66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,830 | +€6,830 | |
| Other operating charges | 640/8 | €7,058 | €5,197 | -€1,861 | -26.4% |
| Gross operating margin | 9900 | €46,980 | €69,861 | +€22,881 | +48.7% |
| Operating profit (loss) | 9901 | €14,996 | €16,433 | +€1,437 | +9.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,312 | €4,501 | +€1,190 | +35.9% |
| Recurring financial charges | 65 | €3,312 | €4,501 | +€1,190 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €11,684 | €11,933 | +€248 | +2.1% |
| Income taxes | 67/77 | €2,790 | €4,010 | +€1,219 | +43.7% |
| Profit (loss) for the period | 9904 | €8,894 | €7,923 | -€971 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,894 | €7,923 | -€971 | -10.9% |
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 21 October 2026 via checked.be.