FECEPA: 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.
FECEPA
Largest movements
- Current investments -€567,805
down €567,805 (-49.9%), from €1.1m to €570,602
- Receivables within one year +€451,833
up €451,833 (+186.7%), from €242,000 to €693,833
- Cash +€248,488
up €248,488 (+782.6%), from €31,751 to €280,239
mainly Net result for the year (+€816,537) and Current investments (+€567,805)
- Tangible fixed assets -€40,274
down €40,274 (-12.6%), from €318,740 to €278,466
of which Furniture and vehicles: -€30,664
- Reserves +€333,629
up €333,629 (+49.0%), from €680,778 to €1.0m
of which Distributable reserves: +€342,333
- Other debts -€131,267
down €131,267 (-24.1%), from €544,153 to €412,886
- Tax, wage and social debts -€74,965
down €74,965 (-36.2%), from €207,307 to €132,342
of which Taxes: -€69,954
- Debts after one year -€37,074
down €37,074 (-15.5%), from €238,941 to €201,868
- Current portion of long-term debt +€20,597
up €20,597 (+57.4%), from €35,886 to €56,483
- Gross operating margin +€429,258
up €429,258 (+60.1%), from €714,097 to €1.1m
- Taxes +€125,328
up €125,328 (+81.9%), from €153,067 to €278,395
- Staff costs -€16,692
down €16,692 (-36.3%), from €45,981 to €29,290
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 | €1,733,181 | €1,825,604 | +€92,423 | +5.3% |
| Fixed assets | 21/28 | €318,740 | €278,466 | -€40,274 | -12.6% |
| Tangible fixed assets | 22/27 | €318,740 | €278,466 | -€40,274 | -12.6% |
| Land and buildings | 22 | €208,357 | €198,747 | -€9,610 | -4.6% |
| Furniture and vehicles | 24 | €110,383 | €79,719 | -€30,664 | -27.8% |
| Current assets | 29/58 | €1,414,441 | €1,547,138 | +€132,697 | +9.4% |
| Amounts receivable within one year | 40/41 | €242,000 | €693,833 | +€451,833 | +186.7% |
| Trade receivables | 40 | €242,000 | €693,833 | +€451,833 | +186.7% |
| Current investments | 50/53 | €1,138,407 | €570,602 | -€567,805 | -49.9% |
| Cash at bank and in hand | 54/58 | €31,751 | €280,239 | +€248,488 | +782.6% |
| Deferred charges and accrued income | 490/1 | €2,283 | €2,464 | +€181 | +7.9% |
| Total equity and liabilities | 10/49 | €1,733,181 | €1,825,604 | +€92,423 | +5.3% |
| Equity | 10/15 | €685,778 | €1,019,407 | +€333,629 | +48.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €680,778 | €1,014,407 | +€333,629 | +49.0% |
| Tax-exempt reserves | 132 | €197,870 | €189,167 | -€8,703 | -4.4% |
| Distributable reserves | 133 | €482,908 | €825,241 | +€342,333 | +70.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,047,403 | €806,197 | -€241,206 | -23.0% |
| Amounts payable after more than one year | 17 | €238,941 | €201,868 | -€37,074 | -15.5% |
| Financial debts | 170/4 | €238,941 | €201,868 | -€37,074 | -15.5% |
| Amounts payable within one year | 42/48 | €808,400 | €604,267 | -€204,133 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €35,886 | €56,483 | +€20,597 | +57.4% |
| Financial debts | 43 | €19,408 | €0 | -€19,408 | -100.0% |
| Credit institutions | 430/8 | €19,408 | €0 | -€19,408 | -100.0% |
| Trade debts | 44 | €1,646 | €2,557 | +€911 | +55.3% |
| Suppliers | 440/4 | €1,646 | €2,557 | +€911 | +55.3% |
| Taxes, remuneration and social security | 45 | €207,307 | €132,342 | -€74,965 | -36.2% |
| Taxes | 450/3 | €202,296 | €132,342 | -€69,954 | -34.6% |
| Remuneration and social security | 454/9 | €5,011 | €0 | -€5,011 | -100.0% |
| Other amounts payable | 47/48 | €544,153 | €412,886 | -€131,267 | -24.1% |
| Accrued charges and deferred income | 492/3 | €62 | €62 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €45,981 | €29,290 | -€16,692 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,661 | €40,274 | -€11,387 | -22.0% |
| Other operating charges | 640/8 | €1,564 | €3,194 | +€1,630 | +104.2% |
| Gross operating margin | 9900 | €714,097 | €1,143,355 | +€429,258 | +60.1% |
| Operating profit (loss) | 9901 | €614,891 | €1,070,597 | +€455,706 | +74.1% |
| Financial income | 75/76B | €25,695 | €34,312 | +€8,617 | +33.5% |
| Recurring financial income | 75 | €25,695 | €34,312 | +€8,617 | +33.5% |
| Financial charges | 65/66B | €4,611 | €9,978 | +€5,366 | +116.4% |
| Recurring financial charges | 65 | €4,611 | €9,978 | +€5,366 | +116.4% |
| Profit (loss) for the period before taxes | 9903 | €635,975 | €1,094,932 | +€458,957 | +72.2% |
| Income taxes | 67/77 | €153,067 | €278,395 | +€125,328 | +81.9% |
| Profit (loss) for the period | 9904 | €482,908 | €816,537 | +€333,629 | +69.1% |
| Transfer from tax-exempt reserves | 789 | - | €8,703 | +€8,703 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €482,908 | €825,241 | +€342,333 | +70.9% |
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 11 October 2026 via checked.be.