FEBELFIN ACADEMY: 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.
FEBELFIN ACADEMY
Largest movements
- Receivables within one year +€598,804
up €598,804 (+95.1%), from €629,581 to €1.2m
- Cash -€394,529
down €394,529 (-30.2%), from €1.3m to €911,875
mainly Receivables within one year (-€598,804) and Accrued charges and deferred income (-€238,302)
- Tangible fixed assets -€125,698
down €125,698 (-27.1%), from €464,032 to €338,335
of which Other tangible fixed assets: -€84,527
- Deferred charges and accrued income -€118,910
down €118,910 (-37.6%), from €315,830 to €196,921
- Accrued charges and deferred income -€238,302
down €238,302 (-20.8%), from €1.1m to €905,215
- Trade debts +€103,947
up €103,947 (+20.4%), from €508,618 to €612,565
- Gross operating margin +€72,895
up €72,895 (+3.4%), from €2.1m to €2.2m
- Staff costs +€71,031
up €71,031 (+3.8%), from €1.9m to €1.9m
- Depreciation -€28,938
down €28,938 (-18.7%), from €154,636 to €125,698
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 | €6,911,955 | €6,891,740 | -€20,215 | -0.3% |
| Fixed assets | 21/28 | €578,697 | €471,862 | -€106,836 | -18.5% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -100% |
| Tangible fixed assets | 22/27 | €464,032 | €338,335 | -€125,698 | -27.1% |
| Plant, machinery and equipment | 23 | €717 | €0 | -€717 | -100% |
| Furniture and vehicles | 24 | €81,589 | €41,135 | -€40,454 | -49.6% |
| Other tangible fixed assets | 26 | €381,727 | €297,200 | -€84,527 | -22.1% |
| Financial fixed assets | 28 | €114,665 | €133,527 | +€18,862 | +16.4% |
| Current assets | 29/58 | €6,333,258 | €6,419,878 | +€86,620 | +1.4% |
| Amounts receivable within one year | 40/41 | €629,581 | €1,228,385 | +€598,804 | +95.1% |
| Trade receivables | 40 | €629,581 | €1,228,385 | +€598,804 | +95.1% |
| Current investments | 50/53 | €4,081,443 | €4,082,698 | +€1,255 | 0.0% |
| Cash at bank and in hand | 54/58 | €1,306,404 | €911,875 | -€394,529 | -30.2% |
| Deferred charges and accrued income | 490/1 | €315,830 | €196,921 | -€118,910 | -37.6% |
| Total equity and liabilities | 10/49 | €6,911,955 | €6,891,740 | -€20,215 | -0.3% |
| Equity | 10/15 | €4,909,538 | €4,961,246 | +€51,708 | +1.1% |
| Contributions | 10/11 | €479,738 | €479,738 | = | 0.0% |
| Capital | 10 | €479,738 | €479,738 | = | 0.0% |
| Reserves | 13 | €599,085 | €599,085 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,830,715 | €3,882,422 | +€51,708 | +1.3% |
| Amounts payable | 17/49 | €2,002,417 | €1,930,494 | -€71,923 | -3.6% |
| Amounts payable within one year | 42/48 | €858,900 | €1,025,279 | +€166,379 | +19.4% |
| Trade debts | 44 | €508,618 | €612,565 | +€103,947 | +20.4% |
| Suppliers | 440/4 | €508,618 | €612,565 | +€103,947 | +20.4% |
| Taxes, remuneration and social security | 45 | €350,282 | €412,714 | +€62,432 | +17.8% |
| Taxes | 450/3 | €30,772 | €38,942 | +€8,170 | +26.6% |
| Remuneration and social security | 454/9 | €319,510 | €373,772 | +€54,262 | +17.0% |
| Accrued charges and deferred income | 492/3 | €1,143,517 | €905,215 | -€238,302 | -20.8% |
| Remuneration, social security and pensions | 62 | €1,866,935 | €1,937,966 | +€71,031 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,636 | €125,698 | -€28,938 | -18.7% |
| Other operating charges | 640/8 | €116,739 | €121,865 | +€5,127 | +4.4% |
| Gross operating margin | 9900 | €2,130,885 | €2,203,781 | +€72,895 | +3.4% |
| Operating profit (loss) | 9901 | €17,576 | €18,251 | +€676 | +3.8% |
| Financial income | 75/76B | €77,874 | €64,069 | -€13,805 | -17.7% |
| Recurring financial income | 75 | €77,874 | €64,069 | -€13,805 | -17.7% |
| Financial charges | 65/66B | -€6,941 | €11,354 | +€18,295 | |
| Recurring financial charges | 65 | -€6,941 | €11,354 | +€18,295 | |
| Profit (loss) for the period before taxes | 9903 | €102,390 | €70,966 | -€31,424 | -30.7% |
| Income taxes | 67/77 | €23,277 | €19,258 | -€4,018 | -17.3% |
| Profit (loss) for the period | 9904 | €79,113 | €51,708 | -€27,406 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,113 | €51,708 | -€27,406 | -34.6% |
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.