F+C: what changed
F+C
Largest movements
- Tangible fixed assets +€70,556
up €70,556 (+393%), from €17,967 to €88,523
of which Other tangible fixed assets: +€40,127
- Receivables within one year +€69,714
up €69,714 (+88.9%), from €78,443 to €148,157
of which Trade receivables: +€50,097
- Cash +€59,694
up €59,694 (+38.1%), from €156,664 to €216,358
mainly Net result for the year (+€216,435) and Trade debts (+€23,412)
- Reserves +€216,435
up €216,435 (+189%), from €114,630 to €331,065
- Other debts -€57,216
no longer reported in 2025 (was €57,216)
- Trade debts +€23,412
up €23,412 (+282%), from €8,303 to €31,715
- Tax, wage and social debts +€16,816
up €16,816 (+23.5%), from €71,618 to €88,434
- Gross operating margin +€134,192
up €134,192 (+85.5%), from €157,004 to €291,196
- Taxes +€26,478
up €26,478 (+62.8%), from €42,160 to €68,638
- Depreciation +€5,137
up €5,137 (+2,917%), from €176 to €5,313
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €253,767 | €453,215 | +€199,447 | +78.6% |
| Fixed assets | 21/28 | €17,967 | €88,523 | +€70,556 | +393% |
| Tangible fixed assets | 22/27 | €17,967 | €88,523 | +€70,556 | +393% |
| Plant, machinery and equipment | 23 | - | €903 | +€903 | |
| Furniture and vehicles | 24 | €6,837 | €36,362 | +€29,525 | +432% |
| Other tangible fixed assets | 26 | €11,130 | €51,258 | +€40,127 | +361% |
| Current assets | 29/58 | €235,800 | €364,692 | +€128,892 | +54.7% |
| Amounts receivable within one year | 40/41 | €78,443 | €148,157 | +€69,714 | +88.9% |
| Trade receivables | 40 | €78,443 | €128,539 | +€50,097 | +63.9% |
| Other amounts receivable | 41 | - | €19,618 | +€19,618 | |
| Cash at bank and in hand | 54/58 | €156,664 | €216,358 | +€59,694 | +38.1% |
| Deferred charges and accrued income | 490/1 | €694 | €177 | -€517 | -74.5% |
| Total equity and liabilities | 10/49 | €253,767 | €453,215 | +€199,447 | +78.6% |
| Equity | 10/15 | €116,630 | €333,065 | +€216,435 | +186% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €114,630 | €331,065 | +€216,435 | +189% |
| Distributable reserves | 133 | €114,630 | €331,065 | +€216,435 | +189% |
| Amounts payable | 17/49 | €137,137 | €120,149 | -€16,988 | -12.4% |
| Amounts payable within one year | 42/48 | €137,137 | €120,149 | -€16,988 | -12.4% |
| Trade debts | 44 | €8,303 | €31,715 | +€23,412 | +282% |
| Suppliers | 440/4 | €8,303 | €31,715 | +€23,412 | +282% |
| Taxes, remuneration and social security | 45 | €71,618 | €88,434 | +€16,816 | +23.5% |
| Taxes | 450/3 | €71,618 | €88,434 | +€16,816 | +23.5% |
| Other amounts payable | 47/48 | €57,216 | - | -€57,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176 | €5,313 | +€5,137 | +2,917% |
| Other operating charges | 640/8 | - | €446 | +€446 | |
| Gross operating margin | 9900 | €157,004 | €291,196 | +€134,192 | +85.5% |
| Operating profit (loss) | 9901 | €156,828 | €285,437 | +€128,609 | +82.0% |
| Financial income | 75/76B | €3 | €146 | +€143 | +4,761% |
| Recurring financial income | 75 | €3 | €146 | +€143 | +4,761% |
| Financial charges | 65/66B | €41 | €510 | +€469 | +1,147% |
| Recurring financial charges | 65 | €41 | €510 | +€469 | +1,147% |
| Profit (loss) for the period before taxes | 9903 | €156,790 | €285,073 | +€128,283 | +81.8% |
| Income taxes | 67/77 | €42,160 | €68,638 | +€26,478 | +62.8% |
| Profit (loss) for the period | 9904 | €114,630 | €216,435 | +€101,805 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,630 | €216,435 | +€101,805 | +88.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.