FAES BEHEER: 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.
FAES BEHEER
Largest movements
- Cash +€2.2m
up €2.2m (+619.1%), from €356,849 to €2.6m
mainly Net result for the year (+€2.2m) and Depreciation (+€13,987)
- Reserves +€2.2m
up €2.2m (+111.5%), from €1.9m to €4.1m
of which Distributable reserves: +€2.2m
- Financial income +€2.1m
up €2.1m (+286265.0%), from €734 to €2.1m
- Gross operating margin +€24,702
up €24,702 (+9.4%), from €262,412 to €287,114
- Other operating charges +€13,727
up €13,727 (+45.4%), from €30,252 to €43,980
- Staff costs +€7,928
up €7,928 (+7.3%), from €108,832 to €116,761
- Taxes +€4,405
up €4,405 (+16.4%), from €26,836 to €31,242
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 | €2,224,919 | €4,420,138 | +€2.2m | +98.7% |
| Fixed assets | 21/28 | €1,812,428 | €1,798,440 | -€13,987 | -0.8% |
| Tangible fixed assets | 22/27 | €1,564,645 | €1,550,657 | -€13,987 | -0.9% |
| Land and buildings | 22 | €1,564,645 | €1,550,657 | -€13,987 | -0.9% |
| Financial fixed assets | 28 | €247,783 | €247,783 | = | 0.0% |
| Current assets | 29/58 | €412,491 | €2,621,698 | +€2.2m | +535.6% |
| Amounts receivable within one year | 40/41 | €52,287 | €54,364 | +€2,077 | +4.0% |
| Trade receivables | 40 | €43,688 | €46,184 | +€2,496 | +5.7% |
| Other amounts receivable | 41 | €8,599 | €8,180 | -€419 | -4.9% |
| Cash at bank and in hand | 54/58 | €356,849 | €2,566,066 | +€2.2m | +619.1% |
| Deferred charges and accrued income | 490/1 | €3,355 | €1,269 | -€2,086 | -62.2% |
| Total equity and liabilities | 10/49 | €2,224,919 | €4,420,138 | +€2.2m | +98.7% |
| Equity | 10/15 | €2,010,331 | €4,182,657 | +€2.2m | +108.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,948,331 | €4,120,657 | +€2.2m | +111.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,942,131 | €4,114,457 | +€2.2m | +111.9% |
| Amounts payable | 17/49 | €214,588 | €237,481 | +€22,893 | +10.7% |
| Amounts payable after more than one year | 17 | €191,828 | €201,251 | +€9,423 | +4.9% |
| Other amounts payable | 178/9 | €191,828 | €201,251 | +€9,423 | +4.9% |
| Amounts payable within one year | 42/48 | €21,224 | €34,689 | +€13,466 | +63.4% |
| Trade debts | 44 | €399 | €5,389 | +€4,990 | +1249.5% |
| Suppliers | 440/4 | €399 | €5,389 | +€4,990 | +1249.5% |
| Taxes, remuneration and social security | 45 | €19,833 | €26,883 | +€7,051 | +35.6% |
| Taxes | 450/3 | €6,515 | €9,723 | +€3,207 | +49.2% |
| Remuneration and social security | 454/9 | €13,318 | €17,161 | +€3,843 | +28.9% |
| Other amounts payable | 47/48 | €992 | €2,417 | +€1,425 | +143.7% |
| Accrued charges and deferred income | 492/3 | €1,537 | €1,541 | +€4 | +0.3% |
| Remuneration, social security and pensions | 62 | €108,832 | €116,761 | +€7,928 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,867 | €13,987 | -€3,880 | -21.7% |
| Other operating charges | 640/8 | €30,252 | €43,980 | +€13,727 | +45.4% |
| Gross operating margin | 9900 | €262,412 | €287,114 | +€24,702 | +9.4% |
| Operating profit (loss) | 9901 | €105,460 | €112,386 | +€6,926 | +6.6% |
| Financial income | 75/76B | €734 | €2,101,003 | +€2.1m | +286265.0% |
| Recurring financial income | 75 | €734 | €2,101,003 | +€2.1m | +286265.0% |
| Financial charges | 65/66B | €9,276 | €9,821 | +€545 | +5.9% |
| Recurring financial charges | 65 | €9,276 | €9,821 | +€545 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €96,917 | €2,203,568 | +€2.1m | +2173.7% |
| Income taxes | 67/77 | €26,836 | €31,242 | +€4,405 | +16.4% |
| Profit (loss) for the period | 9904 | €70,081 | €2,172,327 | +€2.1m | +2999.7% |
| Profit (loss) for the period to be appropriated | 9905 | €70,081 | €2,172,327 | +€2.1m | +2999.7% |
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 10 October 2026 via checked.be.