FADEP: 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.
FADEP
Largest movements
- Tangible fixed assets +€306,032
up €306,032 (+15.7%), from €2.0m to €2.3m
of which Assets under construction and advance payments: +€325,850
- Receivables within one year -€88,427
down €88,427 (-33.4%), from €265,124 to €176,698
of which Other amounts receivable: -€65,492
- Debts after one year +€387,036
up €387,036 (+55.8%), from €693,050 to €1.1m
of which Financial debts: +€387,036
- Profit (loss) carried forward -€124,640
down €124,640 (-20.4%), from -€610,595 to -€735,235
- Short-term financial debts -€42,577
down €42,577 (-100%), from €42,577 to €0
- Gross operating margin -€38,865
down €38,865 (-39.7%), from €97,808 to €58,942
- Financial charges +€17,166
up €17,166 (+82.9%), from €20,706 to €37,872
- Other operating charges +€11,628
up €11,628 (+289%), from €4,018 to €15,647
- Depreciation +€1,106
up €1,106 (+5.2%), from €21,422 to €22,528
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 | €2,220,431 | €2,447,744 | +€227,312 | +10.2% |
| Fixed assets | 21/28 | €1,951,594 | €2,257,627 | +€306,032 | +15.7% |
| Tangible fixed assets | 22/27 | €1,951,594 | €2,257,627 | +€306,032 | +15.7% |
| Land and buildings | 22 | €764,376 | €759,882 | -€4,494 | -0.6% |
| Plant, machinery and equipment | 23 | €4,959 | €3,365 | -€1,593 | -32.1% |
| Furniture and vehicles | 24 | €57,537 | €43,807 | -€13,730 | -23.9% |
| Other tangible fixed assets | 26 | €169,400 | €169,400 | = | 0.0% |
| Assets under construction and advance payments | 27 | €955,322 | €1,281,172 | +€325,850 | +34.1% |
| Current assets | 29/58 | €268,837 | €190,117 | -€78,720 | -29.3% |
| Amounts receivable within one year | 40/41 | €265,124 | €176,698 | -€88,427 | -33.4% |
| Trade receivables | 40 | €181,268 | €158,333 | -€22,935 | -12.7% |
| Other amounts receivable | 41 | €83,857 | €18,365 | -€65,492 | -78.1% |
| Cash at bank and in hand | 54/58 | - | €11,672 | +€11,672 | |
| Deferred charges and accrued income | 490/1 | €3,713 | €1,748 | -€1,965 | -52.9% |
| Total equity and liabilities | 10/49 | €2,220,431 | €2,447,744 | +€227,312 | +10.2% |
| Equity | 10/15 | €1,121,405 | €996,765 | -€124,640 | -11.1% |
| Contributions | 10/11 | €862,000 | €862,000 | = | 0.0% |
| Capital | 10 | €862,000 | €862,000 | = | 0.0% |
| Issued capital | 100 | €862,000 | €862,000 | = | 0.0% |
| Reserves | 13 | €870,000 | €870,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €870,000 | €870,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€610,595 | -€735,235 | -€124,640 | -20.4% |
| Provisions and deferred taxes | 16 | €290,000 | €290,000 | = | 0.0% |
| Deferred taxes | 168 | €290,000 | €290,000 | = | 0.0% |
| Amounts payable | 17/49 | €809,026 | €1,160,979 | +€351,953 | +43.5% |
| Amounts payable after more than one year | 17 | €693,050 | €1,080,086 | +€387,036 | +55.8% |
| Financial debts | 170/4 | €693,050 | €1,080,086 | +€387,036 | +55.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €115,977 | €80,893 | -€35,084 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €32,307 | €51,151 | +€18,844 | +58.3% |
| Financial debts | 43 | €42,577 | €0 | -€42,577 | -100% |
| Credit institutions | 430/8 | €42,577 | €0 | -€42,577 | -100% |
| Trade debts | 44 | €72 | €356 | +€284 | +395% |
| Suppliers | 440/4 | €72 | €356 | +€284 | +395% |
| Taxes, remuneration and social security | 45 | €41,020 | €29,387 | -€11,634 | -28.4% |
| Taxes | 450/3 | €34,492 | €20,198 | -€14,294 | -41.4% |
| Remuneration and social security | 454/9 | €6,529 | €9,189 | +€2,660 | +40.7% |
| Remuneration, social security and pensions | 62 | €107,700 | €108,376 | +€675 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,422 | €22,528 | +€1,106 | +5.2% |
| Other operating charges | 640/8 | €4,018 | €15,647 | +€11,628 | +289% |
| Gross operating margin | 9900 | €97,808 | €58,942 | -€38,865 | -39.7% |
| Operating profit (loss) | 9901 | -€35,332 | -€87,608 | -€52,275 | -148% |
| Financial income | 75/76B | €0 | €840 | +€839 | +209,795% |
| Recurring financial income | 75 | €0 | €840 | +€839 | +209,795% |
| Financial charges | 65/66B | €20,706 | €37,872 | +€17,166 | +82.9% |
| Recurring financial charges | 65 | €20,706 | €37,872 | +€17,166 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | -€56,038 | -€124,640 | -€68,602 | -122% |
| Profit (loss) for the period | 9904 | -€56,038 | -€124,640 | -€68,602 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,038 | -€124,640 | -€68,602 | -122% |
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 16 October 2026 via checked.be.