F.E.M.: 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.M.
Largest movements
- Cash +€33,846
up €33,846 (+26.4%), from €128,085 to €161,931
mainly Net result for the year (+€73,849) and Depreciation (+€35,189)
- Tangible fixed assets -€32,395
down €32,395 (-33.1%), from €97,732 to €65,338
of which Furniture and vehicles: -€28,218
- Receivables within one year -€21,329
down €21,329 (-40.9%), from €52,143 to €30,814
of which Trade receivables: -€21,455
- Current investments +€12,105
up €12,105 (+9.4%), from €129,110 to €141,214
- Receivables after one year -€9,623
down €9,623 (-8.7%), from €111,222 to €101,598
- Reserves +€26,250
up €26,250 (+6.7%), from €389,827 to €416,077
of which Distributable reserves: +€26,250
- Current portion of long-term debt -€17,912
down €17,912 (-100.0%), from €17,912 to €0
- Other debts -€17,141
down €17,141 (-26.4%), from €64,888 to €47,748
- Tax, wage and social debts -€11,109
down €11,109 (-38.8%), from €28,618 to €17,508
of which Taxes: -€7,520
- Gross operating margin +€18,485
up €18,485 (+15.8%), from €116,853 to €135,338
- Taxes +€6,038
up €6,038 (+25.6%), from €23,558 to €29,596
- Financial income +€3,118
up €3,118 (+136.9%), from €2,278 to €5,396
of which Financial income: +€3,118
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,047 | €503,651 | -€17,397 | -3.3% |
| Fixed assets | 21/28 | €97,732 | €65,338 | -€32,395 | -33.1% |
| Tangible fixed assets | 22/27 | €97,732 | €65,338 | -€32,395 | -33.1% |
| Plant, machinery and equipment | 23 | €27 | €0 | -€27 | -100.0% |
| Furniture and vehicles | 24 | €81,002 | €52,784 | -€28,218 | -34.8% |
| Other tangible fixed assets | 26 | €16,703 | €12,554 | -€4,149 | -24.8% |
| Current assets | 29/58 | €423,315 | €438,313 | +€14,998 | +3.5% |
| Amounts receivable after more than one year | 29 | €111,222 | €101,598 | -€9,623 | -8.7% |
| Other amounts receivable | 291 | €111,222 | €101,598 | -€9,623 | -8.7% |
| Amounts receivable within one year | 40/41 | €52,143 | €30,814 | -€21,329 | -40.9% |
| Trade receivables | 40 | €42,630 | €21,175 | -€21,455 | -50.3% |
| Other amounts receivable | 41 | €9,513 | €9,639 | +€126 | +1.3% |
| Current investments | 50/53 | €129,110 | €141,214 | +€12,105 | +9.4% |
| Cash at bank and in hand | 54/58 | €128,085 | €161,931 | +€33,846 | +26.4% |
| Deferred charges and accrued income | 490/1 | €2,756 | €2,756 | = | 0.0% |
| Total equity and liabilities | 10/49 | €521,047 | €503,651 | -€17,397 | -3.3% |
| Equity | 10/15 | €397,887 | €424,137 | +€26,250 | +6.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €389,827 | €416,077 | +€26,250 | +6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €389,827 | €416,077 | +€26,250 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,161 | €79,514 | -€43,647 | -35.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €122,879 | €79,514 | -€43,366 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €17,912 | €0 | -€17,912 | -100.0% |
| Financial debts | 43 | €6,857 | €6,852 | -€5 | -0.1% |
| Credit institutions | 430/8 | €6,857 | €6,852 | -€5 | -0.1% |
| Trade debts | 44 | €4,605 | €7,405 | +€2,801 | +60.8% |
| Suppliers | 440/4 | €4,605 | €7,405 | +€2,801 | +60.8% |
| Taxes, remuneration and social security | 45 | €28,618 | €17,508 | -€11,109 | -38.8% |
| Taxes | 450/3 | €25,029 | €17,508 | -€7,520 | -30.0% |
| Remuneration and social security | 454/9 | €3,589 | €0 | -€3,589 | -100.0% |
| Other amounts payable | 47/48 | €64,888 | €47,748 | -€17,141 | -26.4% |
| Accrued charges and deferred income | 492/3 | €281 | €0 | -€281 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,505 | €35,189 | +€684 | +2.0% |
| Other operating charges | 640/8 | €542 | €1,119 | +€577 | +106.5% |
| Gross operating margin | 9900 | €116,853 | €135,338 | +€18,485 | +15.8% |
| Operating profit (loss) | 9901 | €81,806 | €99,030 | +€17,224 | +21.1% |
| Financial income | 75/76B | €2,278 | €5,396 | +€3,118 | +136.9% |
| Recurring financial income | 75 | €2,278 | €5,396 | +€3,118 | +136.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,189 | €981 | -€209 | -17.5% |
| Recurring financial charges | 65 | €1,189 | €981 | -€209 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €82,895 | €103,445 | +€20,550 | +24.8% |
| Income taxes | 67/77 | €23,558 | €29,596 | +€6,038 | +25.6% |
| Profit (loss) for the period | 9904 | €59,336 | €73,849 | +€14,512 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,336 | €73,849 | +€14,512 | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.