FEAN: 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.
FEAN
Largest movements
- Stocks and contracts -€112,500
no longer reported in 2025 (was €112,500)
- Cash +€96,995
up €96,995 (+703.2%), from €13,793 to €110,788
mainly Other debts (+€147,826) and Stocks and contracts (+€112,500)
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Tangible fixed assets +€56,770
up €56,770 (+15.6%), from €363,357 to €420,126
of which Other tangible fixed assets: +€67,354
- Receivables within one year -€24,748
down €24,748 (-23.1%), from €106,984 to €82,236
of which Trade receivables: -€17,705
- Other debts +€147,826
up €147,826 (+147.3%), from €100,326 to €248,152
- Reserves -€104,804
down €104,804 (-43.6%), from €240,493 to €135,689
- Trade debts -€87,502
down €87,502 (-90.3%), from €96,856 to €9,354
- Debts after one year -€30,015
down €30,015 (-18.7%), from €160,110 to €130,095
of which Financial debts: -€30,015
- Accrued charges and deferred income +€12,336
up €12,336 (+41.5%), from €29,733 to €42,069
- Gross operating margin +€47,475
up €47,475 (+35.4%), from €134,136 to €181,611
- Staff costs -€22,289
down €22,289 (-81.0%), from €27,522 to €5,233
- Taxes +€21,988
up €21,988 (+848.8%), from €2,590 to €24,578
- Financial charges +€3,932
up €3,932 (+23.1%), from €17,058 to €20,990
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 | €676,059 | €618,665 | -€57,394 | -8.5% |
| Fixed assets | 21/28 | €363,417 | €420,186 | +€56,770 | +15.6% |
| Tangible fixed assets | 22/27 | €363,357 | €420,126 | +€56,770 | +15.6% |
| Land and buildings | 22 | €221,633 | €204,973 | -€16,660 | -7.5% |
| Plant, machinery and equipment | 23 | €3,838 | €8,605 | +€4,767 | +124.2% |
| Furniture and vehicles | 24 | €3,061 | €4,370 | +€1,309 | +42.8% |
| Other tangible fixed assets | 26 | €134,824 | €202,178 | +€67,354 | +50.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €312,643 | €198,479 | -€114,164 | -36.5% |
| Stocks and contracts in progress | 3 | €112,500 | - | -€112,500 | |
| Stocks | 30/36 | €112,500 | - | -€112,500 | |
| Amounts receivable within one year | 40/41 | €106,984 | €82,236 | -€24,748 | -23.1% |
| Trade receivables | 40 | €96,875 | €79,170 | -€17,705 | -18.3% |
| Other amounts receivable | 41 | €10,109 | €3,066 | -€7,043 | -69.7% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €13,793 | €110,788 | +€96,995 | +703.2% |
| Deferred charges and accrued income | 490/1 | €4,366 | €5,455 | +€1,089 | +24.9% |
| Total equity and liabilities | 10/49 | €676,059 | €618,665 | -€57,394 | -8.5% |
| Equity | 10/15 | €259,043 | €154,239 | -€104,804 | -40.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €240,493 | €135,689 | -€104,804 | -43.6% |
| Distributable reserves | 133 | €240,493 | €135,689 | -€104,804 | -43.6% |
| Amounts payable | 17/49 | €417,016 | €464,426 | +€47,410 | +11.4% |
| Amounts payable after more than one year | 17 | €160,110 | €130,095 | -€30,015 | -18.7% |
| Financial debts | 170/4 | €158,060 | €128,045 | -€30,015 | -19.0% |
| Other amounts payable | 178/9 | €2,050 | €2,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €227,174 | €292,263 | +€65,089 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €17,575 | €22,498 | +€4,923 | +28.0% |
| Trade debts | 44 | €96,856 | €9,354 | -€87,502 | -90.3% |
| Suppliers | 440/4 | €96,856 | €9,354 | -€87,502 | -90.3% |
| Taxes, remuneration and social security | 45 | €12,416 | €12,258 | -€158 | -1.3% |
| Taxes | 450/3 | €12,416 | €12,258 | -€158 | -1.3% |
| Other amounts payable | 47/48 | €100,326 | €248,152 | +€147,826 | +147.3% |
| Accrued charges and deferred income | 492/3 | €29,733 | €42,069 | +€12,336 | +41.5% |
| Remuneration, social security and pensions | 62 | €27,522 | €5,233 | -€22,289 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,036 | €33,307 | -€1,729 | -4.9% |
| Other operating charges | 640/8 | €7,972 | €8,669 | +€697 | +8.7% |
| Gross operating margin | 9900 | €134,136 | €181,611 | +€47,475 | +35.4% |
| Operating profit (loss) | 9901 | €63,605 | €134,402 | +€70,797 | +111.3% |
| Financial income | 75/76B | €636 | €480 | -€156 | -24.5% |
| Recurring financial income | 75 | €636 | €480 | -€156 | -24.5% |
| Financial charges | 65/66B | €17,058 | €20,990 | +€3,932 | +23.1% |
| Recurring financial charges | 65 | €17,058 | €20,990 | +€3,932 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €47,183 | €113,892 | +€66,709 | +141.4% |
| Income taxes | 67/77 | €2,590 | €24,578 | +€21,988 | +848.8% |
| Profit (loss) for the period | 9904 | €44,593 | €89,314 | +€44,721 | +100.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,593 | €89,314 | +€44,721 | +100.3% |
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 9 October 2026 via checked.be.