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 +€76,824
new in 2025: €76,824
mainly Trade debts (+€58,500) and Other debts (+€28,564)
- Receivables within one year -€16,431
down €16,431 (-2.9%), from €567,718 to €551,287
of which Trade receivables: -€24,263
- Trade debts +€58,500
up €58,500 (+30.5%), from €191,659 to €250,159
- Other debts +€28,564
up €28,564 (+105.3%), from €27,131 to €55,695
- Profit (loss) carried forward -€24,220
down €24,220 (-45.8%), from €52,928 to €28,708
- Write-downs +€158,477
new in 2025: €158,477
- Gross operating margin +€84,991
up €84,991 (+150.3%), from €56,538 to €141,529
- Taxes -€4,056
down €4,056, from €3,892 to -€164
- Financial charges +€2,249
up €2,249 (+240.8%), from €934 to €3,183
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 | €581,803 | €644,274 | +€62,471 | +10.7% |
| Fixed assets | 21/28 | €7,977 | €7,303 | -€674 | -8.4% |
| Tangible fixed assets | 22/27 | €7,977 | €7,303 | -€674 | -8.4% |
| Plant, machinery and equipment | 23 | €3,213 | €2,315 | -€898 | -27.9% |
| Furniture and vehicles | 24 | €3,230 | €1,785 | -€1,445 | -44.7% |
| Other tangible fixed assets | 26 | €1,534 | €3,203 | +€1,669 | +108.8% |
| Current assets | 29/58 | €573,826 | €636,971 | +€63,145 | +11.0% |
| Stocks and contracts in progress | 3 | €6,108 | €7,533 | +€1,425 | +23.3% |
| Stocks | 30/36 | €6,108 | €7,533 | +€1,425 | +23.3% |
| Amounts receivable within one year | 40/41 | €567,718 | €551,287 | -€16,431 | -2.9% |
| Trade receivables | 40 | €326,034 | €301,771 | -€24,263 | -7.4% |
| Other amounts receivable | 41 | €241,684 | €249,516 | +€7,832 | +3.2% |
| Cash at bank and in hand | 54/58 | - | €76,824 | +€76,824 | |
| Deferred charges and accrued income | 490/1 | - | €1,327 | +€1,327 | |
| Total equity and liabilities | 10/49 | €581,803 | €644,274 | +€62,471 | +10.7% |
| Equity | 10/15 | €356,363 | €332,143 | -€24,220 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €284,835 | €284,835 | = | 0.0% |
| Distributable reserves | 133 | €284,835 | €284,835 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,928 | €28,708 | -€24,220 | -45.8% |
| Amounts payable | 17/49 | €225,440 | €312,131 | +€86,691 | +38.5% |
| Amounts payable within one year | 42/48 | €225,440 | €309,582 | +€84,142 | +37.3% |
| Financial debts | 43 | €2,594 | - | -€2,594 | |
| Credit institutions | 430/8 | €2,594 | - | -€2,594 | |
| Trade debts | 44 | €191,659 | €250,159 | +€58,500 | +30.5% |
| Suppliers | 440/4 | €191,659 | €250,159 | +€58,500 | +30.5% |
| Taxes, remuneration and social security | 45 | €4,056 | €3,728 | -€328 | -8.1% |
| Taxes | 450/3 | €4,056 | €3,728 | -€328 | -8.1% |
| Other amounts payable | 47/48 | €27,131 | €55,695 | +€28,564 | +105.3% |
| Accrued charges and deferred income | 492/3 | - | €2,549 | +€2,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,121 | €3,656 | -€465 | -11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €158,477 | +€158,477 | |
| Other operating charges | 640/8 | €538 | €609 | +€71 | +13.2% |
| Gross operating margin | 9900 | €56,538 | €141,529 | +€84,991 | +150.3% |
| Operating profit (loss) | 9901 | €51,879 | -€21,213 | -€73,092 | |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €934 | €3,183 | +€2,249 | +240.8% |
| Recurring financial charges | 65 | €934 | €3,183 | +€2,249 | +240.8% |
| Profit (loss) for the period before taxes | 9903 | €50,945 | -€24,384 | -€75,329 | |
| Income taxes | 67/77 | €3,892 | -€164 | -€4,056 | |
| Profit (loss) for the period | 9904 | €47,053 | -€24,220 | -€71,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,053 | -€24,220 | -€71,273 |
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 6 October 2026 via checked.be.