F.E.L.T.: 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.
F.E.L.T.
Largest movements
- Cash +€26,194
up €26,194 (+244.4%), from €10,719 to €36,913
mainly Net result for the year (+€49,816) and Depreciation (+€30,272)
- Receivables within one year +€22,397
up €22,397 (+50.0%), from €44,806 to €67,203
of which Trade receivables: +€16,345
- Tangible fixed assets -€14,734
down €14,734 (-2.7%), from €545,946 to €531,212
of which Land and buildings: -€11,759
- Reserves +€49,816
up €49,816 (+73.7%), from €67,601 to €117,417
of which Distributable reserves: +€49,816
- Debts after one year -€32,235
down €32,235 (-9.3%), from €346,857 to €314,622
- Other debts +€10,400
up €10,400 (+8.9%), from €116,780 to €127,180
- Gross operating margin +€71,169
up €71,169 (+221.3%), from €32,162 to €103,331
- Other operating charges -€39,187
down €39,187 (-92.0%), from €42,573 to €3,386
- Depreciation +€7,890
up €7,890 (+35.2%), from €22,382 to €30,272
- Financial charges +€6,478
up €6,478 (+64.5%), from €10,045 to €16,523
- Taxes +€3,023
up €3,023 (+969.6%), from €312 to €3,334
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 | €610,367 | €638,080 | +€27,713 | +4.5% |
| Fixed assets | 21/28 | €545,946 | €531,212 | -€14,734 | -2.7% |
| Tangible fixed assets | 22/27 | €545,946 | €531,212 | -€14,734 | -2.7% |
| Land and buildings | 22 | €532,948 | €521,190 | -€11,759 | -2.2% |
| Plant, machinery and equipment | 23 | €1,924 | €1,258 | -€666 | -34.6% |
| Furniture and vehicles | 24 | €11,074 | €8,765 | -€2,309 | -20.9% |
| Current assets | 29/58 | €64,421 | €106,868 | +€42,447 | +65.9% |
| Amounts receivable within one year | 40/41 | €44,806 | €67,203 | +€22,397 | +50.0% |
| Trade receivables | 40 | €25,455 | €41,800 | +€16,345 | +64.2% |
| Other amounts receivable | 41 | €19,352 | €25,403 | +€6,052 | +31.3% |
| Cash at bank and in hand | 54/58 | €10,719 | €36,913 | +€26,194 | +244.4% |
| Deferred charges and accrued income | 490/1 | €8,896 | €2,751 | -€6,145 | -69.1% |
| Total equity and liabilities | 10/49 | €610,367 | €638,080 | +€27,713 | +4.5% |
| Equity | 10/15 | €86,201 | €136,017 | +€49,816 | +57.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,601 | €117,417 | +€49,816 | +73.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €67,601 | €117,417 | +€49,816 | +73.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €524,167 | €502,063 | -€22,103 | -4.2% |
| Amounts payable after more than one year | 17 | €346,857 | €314,622 | -€32,235 | -9.3% |
| Financial debts | 170/4 | €346,857 | €314,622 | -€32,235 | -9.3% |
| Amounts payable within one year | 42/48 | €173,823 | €184,045 | +€10,221 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €37,200 | €32,235 | -€4,965 | -13.3% |
| Trade debts | 44 | €2,430 | €8,168 | +€5,739 | +236.2% |
| Suppliers | 440/4 | €2,430 | €8,168 | +€5,739 | +236.2% |
| Taxes, remuneration and social security | 45 | €17,414 | €16,461 | -€953 | -5.5% |
| Taxes | 450/3 | €14,521 | €16,461 | +€1,940 | +13.4% |
| Remuneration and social security | 454/9 | €2,893 | €0 | -€2,893 | -100.0% |
| Other amounts payable | 47/48 | €116,780 | €127,180 | +€10,400 | +8.9% |
| Accrued charges and deferred income | 492/3 | €3,487 | €3,397 | -€90 | -2.6% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,382 | €30,272 | +€7,890 | +35.2% |
| Other operating charges | 640/8 | €42,573 | €3,386 | -€39,187 | -92.0% |
| Gross operating margin | 9900 | €32,162 | €103,331 | +€71,169 | +221.3% |
| Operating profit (loss) | 9901 | -€32,794 | €69,673 | +€102,467 | |
| Financial income | 75/76B | €9 | €0 | -€9 | -95.0% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -95.0% |
| Financial charges | 65/66B | €10,045 | €16,523 | +€6,478 | +64.5% |
| Recurring financial charges | 65 | €10,045 | €16,523 | +€6,478 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | -€42,830 | €53,150 | +€95,980 | |
| Income taxes | 67/77 | €312 | €3,334 | +€3,023 | +969.6% |
| Profit (loss) for the period | 9904 | -€43,142 | €49,816 | +€92,957 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,142 | €49,816 | +€92,957 |
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.