FAPELEC: 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.
FAPELEC
Largest movements
- Receivables within one year -€14,627
down €14,627 (-28.7%), from €51,032 to €36,405
of which Trade receivables: -€11,222
- Tangible fixed assets -€13,677
down €13,677 (-35.0%), from €39,120 to €25,443
- Cash +€4,058
up €4,058 (+1670.1%), from €243 to €4,301
mainly Receivables within one year (+€14,627) and Depreciation (+€13,677)
- Profit (loss) carried forward -€12,790
down €12,790 (-70.5%), from €18,140 to €5,350
- Debts after one year -€6,905
down €6,905 (-26.2%), from €26,375 to €19,470
- Tax, wage and social debts -€6,353
down €6,353 (-45.7%), from €13,892 to €7,539
of which Taxes: -€6,922
- Trade debts +€1,495
up €1,495 (+7.3%), from €20,464 to €21,959
- Staff costs +€32,221
up €32,221 (+175.2%), from €18,390 to €50,611
- Gross operating margin +€14,618
up €14,618 (+36.9%), from €39,631 to €54,249
- Taxes -€1,390
no longer reported in 2025 (was €1,390)
- Financial charges +€1,056
up €1,056 (+101.4%), from €1,041 to €2,097
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 | €90,448 | €66,224 | -€24,224 | -26.8% |
| Fixed assets | 21/28 | €39,120 | €25,443 | -€13,677 | -35.0% |
| Tangible fixed assets | 22/27 | €39,120 | €25,443 | -€13,677 | -35.0% |
| Furniture and vehicles | 24 | €39,120 | €25,443 | -€13,677 | -35.0% |
| Current assets | 29/58 | €51,328 | €40,780 | -€10,548 | -20.5% |
| Amounts receivable within one year | 40/41 | €51,032 | €36,405 | -€14,627 | -28.7% |
| Trade receivables | 40 | €44,696 | €33,474 | -€11,222 | -25.1% |
| Other amounts receivable | 41 | €6,336 | €2,931 | -€3,405 | -53.7% |
| Cash at bank and in hand | 54/58 | €243 | €4,301 | +€4,058 | +1670.1% |
| Deferred charges and accrued income | 490/1 | €53 | €74 | +€21 | +40.3% |
| Total equity and liabilities | 10/49 | €90,448 | €66,224 | -€24,224 | -26.8% |
| Equity | 10/15 | €23,140 | €10,350 | -€12,790 | -55.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,140 | €5,350 | -€12,790 | -70.5% |
| Amounts payable | 17/49 | €67,308 | €55,873 | -€11,435 | -17.0% |
| Amounts payable after more than one year | 17 | €26,375 | €19,470 | -€6,905 | -26.2% |
| Financial debts | 170/4 | €26,375 | €19,470 | -€6,905 | -26.2% |
| Amounts payable within one year | 42/48 | €40,933 | €36,403 | -€4,530 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €6,577 | €6,905 | +€328 | +5.0% |
| Trade debts | 44 | €20,464 | €21,959 | +€1,495 | +7.3% |
| Suppliers | 440/4 | €20,464 | €21,959 | +€1,495 | +7.3% |
| Taxes, remuneration and social security | 45 | €13,892 | €7,539 | -€6,353 | -45.7% |
| Taxes | 450/3 | €11,972 | €5,050 | -€6,922 | -57.8% |
| Remuneration and social security | 454/9 | €1,920 | €2,490 | +€570 | +29.7% |
| Remuneration, social security and pensions | 62 | €18,390 | €50,611 | +€32,221 | +175.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,677 | €13,677 | -€0 | 0.0% |
| Other operating charges | 640/8 | €716 | €654 | -€62 | -8.7% |
| Non-recurring operating charges | 66A | €162 | - | -€162 | |
| Gross operating margin | 9900 | €39,631 | €54,249 | +€14,618 | +36.9% |
| Operating profit (loss) | 9901 | €6,686 | -€10,693 | -€17,379 | |
| Financial income | 75/76B | €88 | €0 | -€88 | -99.9% |
| Recurring financial income | 75 | €88 | €0 | -€88 | -99.9% |
| Financial charges | 65/66B | €1,041 | €2,097 | +€1,056 | +101.4% |
| Recurring financial charges | 65 | €1,041 | €2,097 | +€1,056 | +101.4% |
| Profit (loss) for the period before taxes | 9903 | €5,733 | -€12,790 | -€18,523 | |
| Income taxes | 67/77 | €1,390 | - | -€1,390 | |
| Profit (loss) for the period | 9904 | €4,343 | -€12,790 | -€17,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,343 | -€12,790 | -€17,133 |
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 29 September 2026 via checked.be.