Faresa: 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.
Faresa
Largest movements
- Tangible fixed assets +€536,905
up €536,905 (+47.8%), from €1.1m to €1.7m
of which Assets under construction and advance payments: +€538,403
- Receivables within one year -€201,387
down €201,387 (-38.8%), from €519,267 to €317,881
of which Other amounts receivable: -€213,676
- Deferred charges and accrued income +€54,056
up €54,056 (+1014.5%), from €5,328 to €59,384
- Investment grants +€340,895
up €340,895 (+123.2%), from €276,708 to €617,603
- Accrued charges and deferred income -€259,127
down €259,127 (-75.2%), from €344,455 to €85,328
- Debts after one year +€224,845
up €224,845 (+45.5%), from €494,522 to €719,367
- Trade debts +€162,766
up €162,766 (+35.5%), from €458,413 to €621,179
- Provisions -€92,236
no longer reported in 2025 (was €92,236)
- Gross operating margin +€132,136
up €132,136 (+49.2%), from €268,805 to €400,941
- Staff costs +€59,522
up €59,522 (+18.1%), from €328,382 to €387,904
- Financial charges -€37,485
down €37,485 (-66.7%), from €56,168 to €18,683
of which Financial charges: -€18,880
- Depreciation +€28,513
up €28,513 (+162.5%), from €17,547 to €46,060
- Financial income +€6,224
up €6,224 (+138.8%), from €4,483 to €10,707
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 | €1,695,192 | €2,073,145 | +€377,954 | +22.3% |
| Fixed assets | 21/28 | €1,165,170 | €1,686,320 | +€521,150 | +44.7% |
| Intangible fixed assets | 21 | €36,288 | €20,533 | -€15,755 | -43.4% |
| Tangible fixed assets | 22/27 | €1,122,759 | €1,659,664 | +€536,905 | +47.8% |
| Plant, machinery and equipment | 23 | €2,287 | €789 | -€1,497 | -65.5% |
| Assets under construction and advance payments | 27 | €1,120,472 | €1,658,875 | +€538,403 | +48.1% |
| Financial fixed assets | 28 | €6,123 | €6,123 | = | 0.0% |
| Current assets | 29/58 | €530,022 | €386,826 | -€143,196 | -27.0% |
| Amounts receivable within one year | 40/41 | €519,267 | €317,881 | -€201,387 | -38.8% |
| Trade receivables | 40 | €33,192 | €45,482 | +€12,290 | +37.0% |
| Other amounts receivable | 41 | €486,075 | €272,399 | -€213,676 | -44.0% |
| Cash at bank and in hand | 54/58 | €5,427 | €9,561 | +€4,134 | +76.2% |
| Deferred charges and accrued income | 490/1 | €5,328 | €59,384 | +€54,056 | +1014.5% |
| Total equity and liabilities | 10/49 | €1,695,192 | €2,073,145 | +€377,954 | +22.3% |
| Equity | 10/15 | €149,543 | €438,290 | +€288,747 | +193.1% |
| Contributions | 10/11 | €393,600 | €393,600 | = | 0.0% |
| Reserves | 13 | €5,251 | €5,251 | = | 0.0% |
| Distributable reserves | 133 | €5,251 | €5,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€526,016 | -€578,164 | -€52,148 | -9.9% |
| Investment grants | 15 | €276,708 | €617,603 | +€340,895 | +123.2% |
| Provisions and deferred taxes | 16 | €92,236 | - | -€92,236 | |
| Deferred taxes | 168 | €92,236 | - | -€92,236 | |
| Amounts payable | 17/49 | €1,453,413 | €1,634,856 | +€181,443 | +12.5% |
| Amounts payable after more than one year | 17 | €494,522 | €719,367 | +€224,845 | +45.5% |
| Financial debts | 170/4 | €494,522 | €719,367 | +€224,845 | +45.5% |
| Amounts payable within one year | 42/48 | €614,436 | €830,161 | +€215,725 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €69,300 | €92,930 | +€23,631 | +34.1% |
| Financial debts | 43 | €4,202 | €33,606 | +€29,404 | +699.7% |
| Credit institutions | 430/8 | €4,202 | €33,606 | +€29,404 | +699.7% |
| Trade debts | 44 | €458,413 | €621,179 | +€162,766 | +35.5% |
| Suppliers | 440/4 | €458,413 | €621,179 | +€162,766 | +35.5% |
| Taxes, remuneration and social security | 45 | €54,019 | €70,121 | +€16,102 | +29.8% |
| Taxes | 450/3 | €518 | €9,009 | +€8,491 | +1638.7% |
| Remuneration and social security | 454/9 | €53,501 | €61,112 | +€7,611 | +14.2% |
| Other amounts payable | 47/48 | €28,502 | €12,325 | -€16,178 | -56.8% |
| Accrued charges and deferred income | 492/3 | €344,455 | €85,328 | -€259,127 | -75.2% |
| Non-recurring operating income | 76A | €205,657 | - | -€205,657 | |
| Remuneration, social security and pensions | 62 | €328,382 | €387,904 | +€59,522 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,547 | €46,060 | +€28,513 | +162.5% |
| Other operating charges | 640/8 | €5,560 | €10,797 | +€5,237 | +94.2% |
| Non-recurring operating charges | 66A | €19,671 | - | -€19,671 | |
| Gross operating margin | 9900 | €268,805 | €400,941 | +€132,136 | +49.2% |
| Operating profit (loss) | 9901 | -€102,355 | -€43,819 | +€58,535 | +57.2% |
| Financial income | 75/76B | €4,483 | €10,707 | +€6,224 | +138.8% |
| Recurring financial income | 75 | €4,483 | €10,707 | +€6,224 | +138.8% |
| Financial charges | 65/66B | €56,168 | €18,683 | -€37,485 | -66.7% |
| Recurring financial charges | 65 | €37,563 | €18,683 | -€18,880 | -50.3% |
| Non-recurring financial charges | 66B | €18,605 | - | -€18,605 | |
| Profit (loss) for the period before taxes | 9903 | -€154,040 | -€51,796 | +€102,244 | +66.4% |
| Income taxes | 67/77 | €300 | €352 | +€53 | +17.6% |
| Profit (loss) for the period | 9904 | -€154,339 | -€52,148 | +€102,191 | +66.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€154,339 | -€52,148 | +€102,191 | +66.2% |
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 11 October 2026 via checked.be.