B-FERCO: 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.
B-FERCO
Largest movements
- Receivables within one year -€17,419
down €17,419 (-46.3%), from €37,658 to €20,239
of which Trade receivables: -€20,142
- Cash -€14,533
down €14,533 (-24.6%), from €59,133 to €44,599
mainly Contributions, distributions and other (-€34,578) and Tax, wage and social debts (-€17,491)
- Tangible fixed assets -€2,776
down €2,776 (-19.8%), from €13,994 to €11,218
of which Other tangible fixed assets: -€2,076
- Reserves -€20,909
down €20,909 (-43.6%), from €47,916 to €27,007
of which Distributable reserves: -€20,909
- Tax, wage and social debts -€17,491
down €17,491 (-89.0%), from €19,652 to €2,161
of which Taxes: -€14,315
- Other debts +€3,537
up €3,537 (+10.9%), from €32,385 to €35,922
- Gross operating margin -€34,191
down €34,191 (-54.9%), from €62,255 to €28,064
- Taxes -€8,560
down €8,560 (-56.6%), from €15,122 to €6,561
- Depreciation -€1,476
down €1,476 (-27.3%), from €5,404 to €3,928
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 | €119,533 | €85,753 | -€33,780 | -28.3% |
| Fixed assets | 21/28 | €14,894 | €12,118 | -€2,776 | -18.6% |
| Tangible fixed assets | 22/27 | €13,994 | €11,218 | -€2,776 | -19.8% |
| Furniture and vehicles | 24 | €2,228 | €1,528 | -€701 | -31.4% |
| Other tangible fixed assets | 26 | €11,766 | €9,690 | -€2,076 | -17.6% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €104,639 | €73,635 | -€31,004 | -29.6% |
| Amounts receivable within one year | 40/41 | €37,658 | €20,239 | -€17,419 | -46.3% |
| Trade receivables | 40 | €34,167 | €14,025 | -€20,142 | -59.0% |
| Other amounts receivable | 41 | €3,491 | €6,214 | +€2,723 | +78.0% |
| Current investments | 50/53 | €4,005 | €4,005 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,133 | €44,599 | -€14,533 | -24.6% |
| Deferred charges and accrued income | 490/1 | €3,843 | €4,792 | +€949 | +24.7% |
| Total equity and liabilities | 10/49 | €119,533 | €85,753 | -€33,780 | -28.3% |
| Equity | 10/15 | €66,466 | €45,557 | -€20,909 | -31.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €47,916 | €27,007 | -€20,909 | -43.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €46,061 | €25,152 | -€20,909 | -45.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,000 | €1,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,000 | €1,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable | 17/49 | €52,067 | €39,196 | -€12,871 | -24.7% |
| Amounts payable within one year | 42/48 | €52,067 | €39,196 | -€12,871 | -24.7% |
| Trade debts | 44 | €30 | €1,114 | +€1,083 | +3595.9% |
| Suppliers | 440/4 | €30 | €1,114 | +€1,083 | +3595.9% |
| Taxes, remuneration and social security | 45 | €19,652 | €2,161 | -€17,491 | -89.0% |
| Taxes | 450/3 | €16,476 | €2,161 | -€14,315 | -86.9% |
| Remuneration and social security | 454/9 | €3,176 | €0 | -€3,176 | -100.0% |
| Other amounts payable | 47/48 | €32,385 | €35,922 | +€3,537 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,404 | €3,928 | -€1,476 | -27.3% |
| Other operating charges | 640/8 | €906 | €864 | -€42 | -4.6% |
| Gross operating margin | 9900 | €62,255 | €28,064 | -€34,191 | -54.9% |
| Operating profit (loss) | 9901 | €55,944 | €23,272 | -€32,672 | -58.4% |
| Financial income | 75/76B | €106 | €0 | -€106 | -100.0% |
| Recurring financial income | 75 | €106 | €0 | -€106 | -100.0% |
| Financial charges | 65/66B | €2,490 | €3,042 | +€552 | +22.2% |
| Recurring financial charges | 65 | €2,490 | €3,042 | +€552 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €53,561 | €20,230 | -€33,331 | -62.2% |
| Income taxes | 67/77 | €15,122 | €6,561 | -€8,560 | -56.6% |
| Profit (loss) for the period | 9904 | €38,439 | €13,669 | -€24,770 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,439 | €13,669 | -€24,770 | -64.4% |
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 11 October 2026 via checked.be.