FE2: 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.
FE2
Largest movements
- Cash -€104,377
down €104,377 (-30.0%), from €347,966 to €243,590
mainly Contributions, distributions and other (-€438,627) and Investment in fixed assets (net) (-€119,924)
- Current investments -€90,148
down €90,148 (-90.1%), from €100,000 to €9,852
- Receivables within one year +€54,993
up €54,993 (+10.6%), from €516,424 to €571,417
of which Trade receivables: +€80,318
- Tangible fixed assets +€41,853
up €41,853 (+4.6%), from €914,753 to €956,606
of which Furniture and vehicles: +€62,085
- Receivables after one year -€25,578
down €25,578 (-100.0%), from €25,578 to €0
- Reserves -€277,138
down €277,138 (-21.7%), from €1.3m to €1.0m
of which Distributable reserves: -€275,278
- Other debts +€173,845
up €173,845, from €0 to €173,845
- Trade debts +€44,321
up €44,321 (+134.0%), from €33,085 to €77,406
- Tax, wage and social debts -€36,037
down €36,037 (-52.6%), from €68,536 to €32,499
of which Taxes: -€18,393
- Short-term financial debts -€24,679
down €24,679 (-51.7%), from €47,752 to €23,073
of which Other loans: -€27,752
- Gross operating margin -€27,889
down €27,889 (-4.7%), from €593,405 to €565,517
- Staff costs +€26,394
up €26,394 (+13.8%), from €191,357 to €217,751
- Taxes -€21,124
down €21,124 (-22.3%), from €94,702 to €73,578
- Depreciation +€14,690
up €14,690 (+23.0%), from €63,978 to €78,668
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 | €2,066,271 | €1,954,190 | -€112,081 | -5.4% |
| Fixed assets | 21/28 | €917,383 | €958,638 | +€41,255 | +4.5% |
| Intangible fixed assets | 21 | €1,630 | €1,032 | -€598 | -36.7% |
| Tangible fixed assets | 22/27 | €914,753 | €956,606 | +€41,853 | +4.6% |
| Land and buildings | 22 | €768,505 | €743,668 | -€24,836 | -3.2% |
| Plant, machinery and equipment | 23 | €31,765 | €36,370 | +€4,605 | +14.5% |
| Furniture and vehicles | 24 | €114,484 | €176,568 | +€62,085 | +54.2% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,148,888 | €995,552 | -€153,336 | -13.3% |
| Amounts receivable after more than one year | 29 | €25,578 | €0 | -€25,578 | -100.0% |
| Other amounts receivable | 291 | €25,578 | €0 | -€25,578 | -100.0% |
| Stocks and contracts in progress | 3 | €150,499 | €159,576 | +€9,078 | +6.0% |
| Stocks | 30/36 | €22,219 | €19,942 | -€2,277 | -10.2% |
| Contracts in progress | 37 | €128,280 | €139,634 | +€11,355 | +8.9% |
| Amounts receivable within one year | 40/41 | €516,424 | €571,417 | +€54,993 | +10.6% |
| Trade receivables | 40 | €439,342 | €519,660 | +€80,318 | +18.3% |
| Other amounts receivable | 41 | €77,082 | €51,757 | -€25,325 | -32.9% |
| Current investments | 50/53 | €100,000 | €9,852 | -€90,148 | -90.1% |
| Cash at bank and in hand | 54/58 | €347,966 | €243,590 | -€104,377 | -30.0% |
| Deferred charges and accrued income | 490/1 | €8,420 | €11,116 | +€2,696 | +32.0% |
| Total equity and liabilities | 10/49 | €2,066,271 | €1,954,190 | -€112,081 | -5.4% |
| Equity | 10/15 | €1,289,282 | €1,011,973 | -€277,309 | -21.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,279,148 | €1,002,010 | -€277,138 | -21.7% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Tax-exempt reserves | 132 | €25,211 | €25,211 | = | 0.0% |
| Distributable reserves | 133 | €1,252,077 | €976,799 | -€275,278 | -22.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €3,934 | €3,763 | -€171 | -4.3% |
| Amounts payable | 17/49 | €776,989 | €942,217 | +€165,228 | +21.3% |
| Amounts payable after more than one year | 17 | €562,220 | €566,551 | +€4,331 | +0.8% |
| Financial debts | 170/4 | €562,220 | €566,551 | +€4,331 | +0.8% |
| Amounts payable within one year | 42/48 | €214,649 | €375,491 | +€160,842 | +74.9% |
| Current portion of amounts payable after more than one year | 42 | €65,277 | €68,669 | +€3,392 | +5.2% |
| Financial debts | 43 | €47,752 | €23,073 | -€24,679 | -51.7% |
| Credit institutions | 430/8 | - | €3,073 | +€3,073 | |
| Other loans | 439 | €47,752 | €20,000 | -€27,752 | -58.1% |
| Trade debts | 44 | €33,085 | €77,406 | +€44,321 | +134.0% |
| Suppliers | 440/4 | €33,085 | €77,406 | +€44,321 | +134.0% |
| Taxes, remuneration and social security | 45 | €68,536 | €32,499 | -€36,037 | -52.6% |
| Taxes | 450/3 | €33,703 | €15,310 | -€18,393 | -54.6% |
| Remuneration and social security | 454/9 | €34,833 | €17,189 | -€17,644 | -50.7% |
| Other amounts payable | 47/48 | €0 | €173,845 | +€173,845 | |
| Accrued charges and deferred income | 492/3 | €120 | €174 | +€55 | +45.5% |
| Remuneration, social security and pensions | 62 | €191,357 | €217,751 | +€26,394 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,978 | €78,668 | +€14,690 | +23.0% |
| Other operating charges | 640/8 | €12,374 | €12,672 | +€299 | +2.4% |
| Gross operating margin | 9900 | €593,405 | €565,517 | -€27,889 | -4.7% |
| Operating profit (loss) | 9901 | €325,697 | €256,426 | -€69,272 | -21.3% |
| Financial income | 75/76B | €2,083 | €1,856 | -€227 | -10.9% |
| Recurring financial income | 75 | €2,083 | €1,856 | -€227 | -10.9% |
| Financial charges | 65/66B | €26,823 | €23,386 | -€3,437 | -12.8% |
| Recurring financial charges | 65 | €26,823 | €23,386 | -€3,437 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €300,958 | €234,896 | -€66,062 | -22.0% |
| Income taxes | 67/77 | €94,702 | €73,578 | -€21,124 | -22.3% |
| Profit (loss) for the period | 9904 | €206,256 | €161,318 | -€44,938 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €206,256 | €161,318 | -€44,938 | -21.8% |
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 3 October 2026 via checked.be.