Faes Management: 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 Management
Largest movements
- Tangible fixed assets -€83,573
down €83,573 (-15.2%), from €550,256 to €466,683
of which Furniture and vehicles: -€83,589
- Receivables within one year +€69,081
up €69,081 (+50.6%), from €136,415 to €205,496
of which Other amounts receivable: +€66,129
- Current investments +€17,486
up €17,486 (+636%), from €2,750 to €20,236
- Cash -€7,311
down €7,311 (-55.5%), from €13,183 to €5,872
mainly Receivables within one year (-€69,081) and Debts after one year (-€31,279)
- Debts after one year -€31,279
down €31,279 (-10.2%), from €305,894 to €274,615
- Tax, wage and social debts +€19,303
up €19,303 (+477%), from €4,048 to €23,351
- Trade debts -€11,174
down €11,174 (-5.6%), from €200,464 to €189,291
- Other debts +€8,623
up €8,623 (+13.2%), from €65,170 to €73,793
- Reserves +€7,859
up €7,859 (+8.2%), from €95,850 to €103,709
- Financial charges -€36,662
down €36,662 (-68.5%), from €53,535 to €16,874
- Gross operating margin +€35,785
up €35,785 (+54.4%), from €65,781 to €101,565
- Financial income +€8,645
up €8,645, from €0 to €8,645
- Taxes +€3,849
up €3,849 (+132%), from €2,922 to €6,771
- Staff costs +€1,260
up €1,260 (+142%), from €887 to €2,147
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 | €703,798 | €698,537 | -€5,260 | -0.7% |
| Fixed assets | 21/28 | €550,256 | €466,683 | -€83,573 | -15.2% |
| Tangible fixed assets | 22/27 | €550,256 | €466,683 | -€83,573 | -15.2% |
| Land and buildings | 22 | €465,227 | €465,227 | = | 0.0% |
| Plant, machinery and equipment | 23 | €566 | €951 | +€384 | +67.8% |
| Furniture and vehicles | 24 | €84,095 | €506 | -€83,589 | -99.4% |
| Other tangible fixed assets | 26 | €369 | €0 | -€369 | -100% |
| Current assets | 29/58 | €153,541 | €231,854 | +€78,313 | +51.0% |
| Amounts receivable within one year | 40/41 | €136,415 | €205,496 | +€69,081 | +50.6% |
| Trade receivables | 40 | €435 | €3,388 | +€2,953 | +679% |
| Other amounts receivable | 41 | €135,980 | €202,109 | +€66,129 | +48.6% |
| Current investments | 50/53 | €2,750 | €20,236 | +€17,486 | +636% |
| Cash at bank and in hand | 54/58 | €13,183 | €5,872 | -€7,311 | -55.5% |
| Deferred charges and accrued income | 490/1 | €1,193 | €250 | -€943 | -79.1% |
| Total equity and liabilities | 10/49 | €703,798 | €698,537 | -€5,260 | -0.7% |
| Equity | 10/15 | €98,350 | €106,209 | +€7,859 | +8.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €95,850 | €103,709 | +€7,859 | +8.2% |
| Distributable reserves | 133 | €95,850 | €103,709 | +€7,859 | +8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €605,448 | €592,328 | -€13,120 | -2.2% |
| Amounts payable after more than one year | 17 | €305,894 | €274,615 | -€31,279 | -10.2% |
| Financial debts | 170/4 | €305,894 | €274,615 | -€31,279 | -10.2% |
| Amounts payable within one year | 42/48 | €299,554 | €317,714 | +€18,160 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €29,871 | €31,279 | +€1,408 | +4.7% |
| Trade debts | 44 | €200,464 | €189,291 | -€11,174 | -5.6% |
| Suppliers | 440/4 | €200,464 | €189,291 | -€11,174 | -5.6% |
| Taxes, remuneration and social security | 45 | €4,048 | €23,351 | +€19,303 | +477% |
| Taxes | 450/3 | €4,048 | €23,351 | +€19,303 | +477% |
| Other amounts payable | 47/48 | €65,170 | €73,793 | +€8,623 | +13.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €887 | €2,147 | +€1,260 | +142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,761 | €1,123 | -€639 | -36.3% |
| Other operating charges | 640/8 | €4,973 | €4,937 | -€36 | -0.7% |
| Non-recurring operating charges | 66A | €0 | €52,500 | +€52,500 | |
| Gross operating margin | 9900 | €65,781 | €101,565 | +€35,785 | +54.4% |
| Operating profit (loss) | 9901 | €58,159 | €40,859 | -€17,301 | -29.7% |
| Financial income | 75/76B | €0 | €8,645 | +€8,645 | |
| Recurring financial income | 75 | €0 | €8,645 | +€8,645 | |
| Financial charges | 65/66B | €53,535 | €16,874 | -€36,662 | -68.5% |
| Recurring financial charges | 65 | €53,535 | €16,874 | -€36,662 | -68.5% |
| Profit (loss) for the period before taxes | 9903 | €4,624 | €32,630 | +€28,007 | +606% |
| Income taxes | 67/77 | €2,922 | €6,771 | +€3,849 | +132% |
| Profit (loss) for the period | 9904 | €1,702 | €25,859 | +€24,157 | +1,419% |
| Profit (loss) for the period to be appropriated | 9905 | €1,702 | €25,859 | +€24,157 | +1,419% |
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 24 October 2026 via checked.be.