FAES: 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.
FAES
Largest movements
- Cash -€20,756
down €20,756 (-41.1%), from €50,489 to €29,733
mainly Other debts (-€33,072) and Tax, wage and social debts (-€160)
- Tangible fixed assets -€10,133
no longer reported in 2025 (was €10,133)
- Other debts -€33,072
down €33,072 (-20.6%), from €160,568 to €127,495
- Gross operating margin -€5,301
down €5,301 (-17.9%), from €29,544 to €24,243
- Taxes -€1,794
down €1,794 (-69.6%), from €2,577 to €782
- Financial income -€347
down €347 (-50.0%), from €695 to €348
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 | €409,037 | €377,869 | -€31,168 | -7.6% |
| Fixed assets | 21/28 | €11,633 | €1,500 | -€10,133 | -87.1% |
| Tangible fixed assets | 22/27 | €10,133 | - | -€10,133 | |
| Land and buildings | 22 | €10,133 | - | -€10,133 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €397,404 | €376,369 | -€21,035 | -5.3% |
| Stocks and contracts in progress | 3 | €342,449 | €342,449 | = | 0.0% |
| Stocks | 30/36 | €342,449 | €342,449 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,864 | €1,480 | -€384 | -20.6% |
| Other amounts receivable | 41 | €1,864 | €1,480 | -€384 | -20.6% |
| Cash at bank and in hand | 54/58 | €50,489 | €29,733 | -€20,756 | -41.1% |
| Deferred charges and accrued income | 490/1 | €2,602 | €2,707 | +€105 | +4.0% |
| Total equity and liabilities | 10/49 | €409,037 | €377,869 | -€31,168 | -7.6% |
| Equity | 10/15 | €172,261 | €173,781 | +€1,520 | +0.9% |
| Contributions | 10/11 | €107,871 | €107,871 | = | 0.0% |
| Reserves | 13 | €64,389 | €65,909 | +€1,520 | +2.4% |
| Distributable reserves | 133 | €64,389 | €65,909 | +€1,520 | +2.4% |
| Amounts payable | 17/49 | €236,777 | €204,088 | -€32,688 | -13.8% |
| Amounts payable after more than one year | 17 | €65,550 | €65,550 | = | 0.0% |
| Financial debts | 170/4 | €60,000 | €60,000 | = | 0.0% |
| Other amounts payable | 178/9 | €5,550 | €5,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,828 | €130,025 | -€32,804 | -20.1% |
| Trade debts | 44 | €1,423 | €1,852 | +€429 | +30.1% |
| Suppliers | 440/4 | €1,423 | €1,852 | +€429 | +30.1% |
| Taxes, remuneration and social security | 45 | €838 | €678 | -€160 | -19.1% |
| Taxes | 450/3 | €838 | €678 | -€160 | -19.1% |
| Other amounts payable | 47/48 | €160,568 | €127,495 | -€33,072 | -20.6% |
| Accrued charges and deferred income | 492/3 | €8,398 | €8,514 | +€115 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,133 | €10,133 | -€0 | 0.0% |
| Other operating charges | 640/8 | €4,848 | €4,986 | +€138 | +2.8% |
| Gross operating margin | 9900 | €29,544 | €24,243 | -€5,301 | -17.9% |
| Operating profit (loss) | 9901 | €14,562 | €9,123 | -€5,439 | -37.3% |
| Financial income | 75/76B | €695 | €348 | -€347 | -50.0% |
| Recurring financial income | 75 | €695 | €348 | -€347 | -50.0% |
| Financial charges | 65/66B | €7,056 | €7,169 | +€113 | +1.6% |
| Recurring financial charges | 65 | €7,056 | €7,169 | +€113 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €8,201 | €2,302 | -€5,899 | -71.9% |
| Income taxes | 67/77 | €2,577 | €782 | -€1,794 | -69.6% |
| Profit (loss) for the period | 9904 | €5,625 | €1,520 | -€4,105 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,625 | €1,520 | -€4,105 | -73.0% |
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 5 October 2026 via checked.be.