FE+: 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.
FE+
Largest movements
- Stocks and contracts -€225,582
down €225,582 (-32.7%), from €689,343 to €463,761
of which Stocks: -€219,000
- Cash -€40,632
down €40,632 (-48.0%), from €84,584 to €43,952
mainly Investment in fixed assets (net) (-€176,116) and Debts after one year (-€153,775)
- Tangible fixed assets +€29,615
up €29,615 (+2.8%), from €1.1m to €1.1m
of which Leasing and similar rights: +€141,274
- Debts after one year -€153,775
down €153,775 (-47.0%), from €327,138 to €173,363
- Short-term financial debts +€146,473
up €146,473 (+16.5%), from €887,000 to €1.0m
- Profit (loss) carried forward -€122,913
new in 2025: -€122,913
- Trade debts -€74,184
down €74,184 (-33.9%), from €218,563 to €144,379
- Gross operating margin +€188,301
up €188,301 (+80.6%), from €233,510 to €421,810
- Staff costs -€96,391
down €96,391 (-21.3%), from €453,533 to €357,141
- Depreciation -€16,024
down €16,024 (-9.8%), from €163,569 to €147,545
- Financial charges +€11,569
up €11,569 (+44.2%), from €26,198 to €37,767
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,354,789 | €2,134,173 | -€220,616 | -9.4% |
| Fixed assets | 21/28 | €1,056,918 | €1,085,488 | +€28,571 | +2.7% |
| Intangible fixed assets | 21 | €3,564 | €2,520 | -€1,044 | -29.3% |
| Tangible fixed assets | 22/27 | €1,053,354 | €1,082,968 | +€29,615 | +2.8% |
| Plant, machinery and equipment | 23 | €189,580 | €95,738 | -€93,842 | -49.5% |
| Furniture and vehicles | 24 | €20,291 | €11,690 | -€8,600 | -42.4% |
| Leasing and similar rights | 25 | €763,487 | €904,761 | +€141,274 | +18.5% |
| Other tangible fixed assets | 26 | €79,995 | €70,779 | -€9,216 | -11.5% |
| Current assets | 29/58 | €1,297,871 | €1,048,684 | -€249,187 | -19.2% |
| Stocks and contracts in progress | 3 | €689,343 | €463,761 | -€225,582 | -32.7% |
| Stocks | 30/36 | €543,213 | €324,213 | -€219,000 | -40.3% |
| Contracts in progress | 37 | €146,130 | €139,548 | -€6,582 | -4.5% |
| Amounts receivable within one year | 40/41 | €510,252 | €527,835 | +€17,583 | +3.4% |
| Trade receivables | 40 | €500,182 | €527,835 | +€27,653 | +5.5% |
| Other amounts receivable | 41 | €10,070 | - | -€10,070 | |
| Cash at bank and in hand | 54/58 | €84,584 | €43,952 | -€40,632 | -48.0% |
| Deferred charges and accrued income | 490/1 | €13,693 | €13,137 | -€556 | -4.1% |
| Total equity and liabilities | 10/49 | €2,354,789 | €2,134,173 | -€220,616 | -9.4% |
| Equity | 10/15 | €697,950 | €575,037 | -€122,913 | -17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €679,350 | €679,350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €677,490 | €677,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€122,913 | -€122,913 | |
| Amounts payable | 17/49 | €1,656,839 | €1,559,136 | -€97,703 | -5.9% |
| Amounts payable after more than one year | 17 | €327,138 | €173,363 | -€153,775 | -47.0% |
| Financial debts | 170/4 | €327,138 | €173,363 | -€153,775 | -47.0% |
| Amounts payable within one year | 42/48 | €1,329,701 | €1,385,773 | +€56,072 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €151,875 | €153,775 | +€1,900 | +1.3% |
| Financial debts | 43 | €887,000 | €1,033,473 | +€146,473 | +16.5% |
| Credit institutions | 430/8 | €887,000 | €1,033,473 | +€146,473 | +16.5% |
| Trade debts | 44 | €218,563 | €144,379 | -€74,184 | -33.9% |
| Suppliers | 440/4 | €218,563 | €144,379 | -€74,184 | -33.9% |
| Taxes, remuneration and social security | 45 | €72,263 | €54,146 | -€18,118 | -25.1% |
| Taxes | 450/3 | €14,988 | €18,257 | +€3,269 | +21.8% |
| Remuneration and social security | 454/9 | €57,276 | €35,889 | -€21,387 | -37.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,998 | €247,504 | +€239,506 | +2,995% |
| Remuneration, social security and pensions | 62 | €453,533 | €357,141 | -€96,391 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,569 | €147,545 | -€16,024 | -9.8% |
| Other operating charges | 640/8 | €1,534 | €2,332 | +€798 | +52.0% |
| Non-recurring operating charges | 66A | €0 | €43 | +€43 | |
| Gross operating margin | 9900 | €233,510 | €421,810 | +€188,301 | +80.6% |
| Operating profit (loss) | 9901 | -€385,126 | -€85,251 | +€299,875 | +77.9% |
| Financial income | 75/76B | €20 | €105 | +€84 | +411% |
| Recurring financial income | 75 | €20 | €105 | +€84 | +411% |
| Financial charges | 65/66B | €26,198 | €37,767 | +€11,569 | +44.2% |
| Recurring financial charges | 65 | €26,198 | €37,767 | +€11,569 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | -€411,304 | -€122,913 | +€288,391 | +70.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€411,304 | -€122,913 | +€288,391 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€411,304 | -€122,913 | +€288,391 | +70.1% |
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 17 October 2026 via checked.be.