Febex Invest: 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.
What changed
Febex Invest
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11.2m
2024 · €30.9m-€19.7m
Equity
€161.8m
2024 · €160.6m+€1.2m
Cash
€10.1m
2024 · €4.7m+€5.4m
Balance sheet total
€175.7m
2024 · €163.1m+€12.7m
Largest movements
Assets
- Receivables within one year -€7.3m
down €7.3m (-36.1%), from €20.1m to €12.9m
- Current investments +€5.8m
up €5.8m (+8.0%), from €72.7m to €78.5m
- Cash +€5.4m
up €5.4m (+116%), from €4.7m to €10.1m
mainly Net result for the year (+€11.2m) and Other debts (+€10.0m)
- Financial fixed assets +€5.0m
up €5.0m (+11.0%), from €45.7m to €50.7m
of which Other financial fixed assets: +€3.2m
- Receivables after one year +€3.7m
up €3.7m (+18.5%), from €19.8m to €23.5m
Equity and liabilities
- Other debts +€10.0m
up €10.0m (+24,062%), from €41,388 to €10.0m
- Debts after one year +€1.9m
up €1.9m (+102%), from €1.9m to €3.8m
Income statement
- Financial income -€19.8m
down €19.8m (-57.1%), from €34.7m to €14.9m
- Financial charges -€1.2m
down €1.2m (-52.3%), from €2.4m to €1.1m
- Taxes +€906,529
up €906,529 (+75.0%), from €1.2m to €2.1m
of which Taxes: +€1.1m
- Turnover -€472,474
no longer reported in 2025 (was €472,474)
- Staff costs -€425,278
down €425,278 (-100%), from €425,278 to €0
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.
Result 2024
€30.9m
Turnover
-€472,474
Other operating income
-€45,789
Services and other goods
-€107,985
Staff costs
+€425,278
Other operating charges
-€20,901
Financial income
-€19.8m
Financial charges
+€1.2m
Taxes
-€906,529
Result 2025
€11.2m
raises the resultlowers the result
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.
From operations
+€24.7m
Investment
-€10.9m
Financing
-€8.4m
Cash 2024
€4.7m
From operations (derived)
+€24.7m
Net result for the year
+€11.2m
Receivables after one year
-€3.7m
Receivables within one year
+€7.3m
Smaller working-capital items
+€20,319
Tax, wage and social debts
-€98,897
Other debts
+€10.0m
Investment (derived)
-€10.9m
Investment in fixed assets (net)
-€5.0m
Current investments
-€5.8m
Financing
-€8.4m
Debts after one year
+€1.9m
Short-term financial debts
-€339,175
Contributions, distributions and other
-€10.0m
Cash 2025
€10.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,091,129 | €175,742,392 | +€12.7m | +7.8% |
| Fixed assets | 21/28 | €45,709,483 | €50,722,007 | +€5.0m | +11.0% |
| Financial fixed assets | 28 | €45,709,483 | €50,722,007 | +€5.0m | +11.0% |
| Affiliated companies | 280/1 | €2,336,822 | €2,336,822 | = | 0.0% |
| Participating interests | 280 | €2,336,822 | €2,336,822 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €6,459,970 | €8,311,263 | +€1.9m | +28.7% |
| Participating interests | 282 | €6,459,970 | €8,311,263 | +€1.9m | +28.7% |
| Other financial fixed assets | 284/8 | €36,912,691 | €40,073,922 | +€3.2m | +8.6% |
| Shares | 284 | €36,912,691 | €40,073,922 | +€3.2m | +8.6% |
| Current assets | 29/58 | €117,381,647 | €125,020,386 | +€7.6m | +6.5% |
| Amounts receivable after more than one year | 29 | €19,832,480 | €23,507,351 | +€3.7m | +18.5% |
| Other amounts receivable | 291 | €19,832,480 | €23,507,351 | +€3.7m | +18.5% |
| Amounts receivable within one year | 40/41 | €20,146,365 | €12,870,577 | -€7.3m | -36.1% |
| Other amounts receivable | 41 | €20,146,365 | €12,870,577 | -€7.3m | -36.1% |
| Current investments | 50/53 | €72,690,559 | €78,540,291 | +€5.8m | +8.0% |
| Other investments | 51/53 | €72,690,559 | €78,540,291 | +€5.8m | +8.0% |
| Cash at bank and in hand | 54/58 | €4,670,623 | €10,075,306 | +€5.4m | +116% |
| Deferred charges and accrued income | 490/1 | €41,619 | €26,861 | -€14,758 | -35.5% |
| Total equity and liabilities | 10/49 | €163,091,129 | €175,742,392 | +€12.7m | +7.8% |
| Equity | 10/15 | €160,574,595 | €161,809,757 | +€1.2m | +0.8% |
| Contributions | 10/11 | €140,308,360 | €140,308,360 | = | 0.0% |
| Capital | 10 | €140,308,360 | €140,308,360 | = | 0.0% |
| Issued capital | 100 | €151,548,360 | €151,548,360 | = | 0.0% |
| Uncalled capital | 101 | €11,240,000 | €11,240,000 | = | 0.0% |
| Reserves | 13 | €2,178,948 | €2,740,706 | +€561,758 | +25.8% |
| Non-distributable reserves | 130/1 | €2,178,948 | €2,740,706 | +€561,758 | +25.8% |
| Legal reserve | 130 | €2,178,948 | €2,740,706 | +€561,758 | +25.8% |
| Profit (loss) carried forward | 14 | €18,087,287 | €18,760,691 | +€673,404 | +3.7% |
| Amounts payable | 17/49 | €2,516,535 | €13,932,635 | +€11.4m | +454% |
| Amounts payable after more than one year | 17 | €1,860,000 | €3,750,000 | +€1.9m | +102% |
| Financial debts | 170/4 | €1,860,000 | €3,750,000 | +€1.9m | +102% |
| Other loans | 174 | €1,860,000 | €3,750,000 | +€1.9m | +102% |
| Amounts payable within one year | 42/48 | €631,863 | €10,160,956 | +€9.5m | +1,508% |
| Financial debts | 43 | €339,175 | - | -€339,175 | |
| Credit institutions | 430/8 | €339,175 | - | -€339,175 | |
| Trade debts | 44 | €10,323 | €18,876 | +€8,553 | +82.9% |
| Suppliers | 440/4 | €10,323 | €18,876 | +€8,553 | +82.9% |
| Taxes, remuneration and social security | 45 | €240,978 | €142,080 | -€98,897 | -41.0% |
| Taxes | 450/3 | €240,978 | €142,080 | -€98,897 | -41.0% |
| Other amounts payable | 47/48 | €41,388 | €10,000,000 | +€10.0m | +24,062% |
| Accrued charges and deferred income | 492/3 | €24,672 | €21,679 | -€2,993 | -12.1% |
| Operating income | 70/76A | €518,263 | - | -€518,263 | |
| Turnover | 70 | €472,474 | - | -€472,474 | |
| Other operating income | 74 | €45,789 | - | -€45,789 | |
| Operating charges | 60/66A | €689,066 | €392,674 | -€296,392 | -43.0% |
| Services and other goods | 61 | €166,970 | €274,954 | +€107,985 | +64.7% |
| Remuneration, social security and pensions | 62 | €425,278 | €0 | -€425,278 | -100% |
| Other operating charges | 640/8 | €96,818 | €117,719 | +€20,901 | +21.6% |
| Operating profit (loss) | 9901 | -€170,803 | -€392,674 | -€221,870 | -130% |
| Financial income | 75/76B | €34,660,195 | €14,877,088 | -€19.8m | -57.1% |
| Recurring financial income | 75 | €34,660,195 | €14,877,088 | -€19.8m | -57.1% |
| Income from financial fixed assets | 750 | €23,845,838 | €4,522,372 | -€19.3m | -81.0% |
| Income from current assets | 751 | €3,830,482 | €4,513,177 | +€682,695 | +17.8% |
| Other financial income | 752/9 | €6,983,875 | €5,841,539 | -€1.1m | -16.4% |
| Financial charges | 65/66B | €2,381,121 | €1,134,735 | -€1.2m | -52.3% |
| Recurring financial charges | 65 | €2,381,121 | €1,134,735 | -€1.2m | -52.3% |
| Debt charges | 650 | €58,634 | €31,568 | -€27,066 | -46.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €2,209,887 | €530,799 | -€1.7m | -76.0% |
| Other financial charges | 652/9 | €112,600 | €572,368 | +€459,768 | +408% |
| Profit (loss) for the period before taxes | 9903 | €32,108,270 | €13,349,679 | -€18.8m | -58.4% |
| Income taxes | 67/77 | €1,207,988 | €2,114,517 | +€906,529 | +75.0% |
| Taxes | 670/3 | €1,207,988 | €2,320,109 | +€1.1m | +92.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €205,593 | +€205,593 | |
| Profit (loss) for the period | 9904 | €30,900,282 | €11,235,162 | -€19.7m | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,900,282 | €11,235,162 | -€19.7m | -63.6% |
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 1 November 2026 via checked.be.