Feal: 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.
Feal
Largest movements
- Tangible fixed assets -€18,387
down €18,387 (-17.9%), from €102,750 to €84,363
of which Leasing and similar rights: -€15,557
- Receivables within one year +€10,849
new in 2025: €10,849
of which Trade receivables: +€10,083
- Cash +€6,229
up €6,229 (+2.3%), from €265,321 to €271,550
mainly Net result for the year (+€24,391) and Depreciation (+€18,387)
- Reserves +€24,391
up €24,391 (+8.6%), from €284,773 to €309,164
of which Distributable reserves: +€24,391
- Tax, wage and social debts -€21,666
down €21,666 (-80.6%), from €26,882 to €5,216
of which Taxes: -€15,949
- Debts after one year -€21,015
down €21,015 (-31.8%), from €66,145 to €45,130
- Other debts +€15,812
new in 2025: €15,812
- Gross operating margin -€27,347
down €27,347 (-32.9%), from €83,069 to €55,722
- Taxes -€6,831
down €6,831 (-41.1%), from €16,618 to €9,787
- Financial income +€1,820
up €1,820 (+297%), from €612 to €2,432
- Financial charges -€971
down €971 (-23.5%), from €4,123 to €3,152
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 | €404,671 | €403,949 | -€723 | -0.2% |
| Fixed assets | 21/28 | €102,750 | €84,363 | -€18,387 | -17.9% |
| Tangible fixed assets | 22/27 | €102,750 | €84,363 | -€18,387 | -17.9% |
| Plant, machinery and equipment | 23 | €6,324 | €5,462 | -€862 | -13.6% |
| Furniture and vehicles | 24 | €5,676 | €3,708 | -€1,968 | -34.7% |
| Leasing and similar rights | 25 | €90,750 | €75,193 | -€15,557 | -17.1% |
| Current assets | 29/58 | €301,921 | €319,586 | +€17,664 | +5.9% |
| Amounts receivable within one year | 40/41 | - | €10,849 | +€10,849 | |
| Trade receivables | 40 | - | €10,083 | +€10,083 | |
| Other amounts receivable | 41 | - | €766 | +€766 | |
| Current investments | 50/53 | €36,601 | €37,186 | +€586 | +1.6% |
| Cash at bank and in hand | 54/58 | €265,321 | €271,550 | +€6,229 | +2.3% |
| Total equity and liabilities | 10/49 | €404,671 | €403,949 | -€723 | -0.2% |
| Equity | 10/15 | €291,273 | €315,664 | +€24,391 | +8.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €284,773 | €309,164 | +€24,391 | +8.6% |
| Tax-exempt reserves | 132 | €30,398 | €30,398 | = | 0.0% |
| Distributable reserves | 133 | €254,375 | €278,767 | +€24,391 | +9.6% |
| Amounts payable | 17/49 | €113,398 | €88,284 | -€25,114 | -22.1% |
| Amounts payable after more than one year | 17 | €66,145 | €45,130 | -€21,015 | -31.8% |
| Financial debts | 170/4 | €66,145 | €45,130 | -€21,015 | -31.8% |
| Amounts payable within one year | 42/48 | €47,253 | €43,154 | -€4,099 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €20,193 | €21,015 | +€822 | +4.1% |
| Trade debts | 44 | €179 | €1,112 | +€933 | +522% |
| Suppliers | 440/4 | €179 | €1,112 | +€933 | +522% |
| Taxes, remuneration and social security | 45 | €26,882 | €5,216 | -€21,666 | -80.6% |
| Taxes | 450/3 | €21,165 | €5,216 | -€15,949 | -75.4% |
| Remuneration and social security | 454/9 | €5,717 | - | -€5,717 | |
| Other amounts payable | 47/48 | - | €15,812 | +€15,812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,087 | €18,387 | +€300 | +1.7% |
| Other operating charges | 640/8 | €3,065 | €2,436 | -€629 | -20.5% |
| Gross operating margin | 9900 | €83,069 | €55,722 | -€27,347 | -32.9% |
| Operating profit (loss) | 9901 | €61,917 | €34,899 | -€27,018 | -43.6% |
| Financial income | 75/76B | €612 | €2,432 | +€1,820 | +297% |
| Recurring financial income | 75 | €612 | €2,432 | +€1,820 | +297% |
| Financial charges | 65/66B | €4,123 | €3,152 | -€971 | -23.5% |
| Recurring financial charges | 65 | €4,123 | €3,152 | -€971 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €58,406 | €34,179 | -€24,228 | -41.5% |
| Income taxes | 67/77 | €16,618 | €9,787 | -€6,831 | -41.1% |
| Profit (loss) for the period | 9904 | €41,788 | €24,391 | -€17,397 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,788 | €24,391 | -€17,397 | -41.6% |
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 23 October 2026 via checked.be.