FECON: 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.
FECON
Largest movements
- Stocks and contracts +€597,620
up €597,620 (+219%), from €272,508 to €870,128
- Cash -€15,965
down €15,965 (-61.8%), from €25,823 to €9,859
mainly Stocks and contracts (-€597,620) and Current portion of long-term debt (-€142,100)
- Short-term financial debts +€553,200
new in 2025: €553,200
- Current portion of long-term debt -€142,100
no longer reported in 2025 (was €142,100)
- Other debts +€120,000
up €120,000 (+240%), from €50,000 to €170,000
- Trade debts +€36,463
up €36,463 (+45.9%), from €79,454 to €115,917
- Reserves +€10,020
up €10,020 (+22.2%), from €45,170 to €55,190
- Gross operating margin +€21,798
up €21,798 (+225%), from €9,671 to €31,469
- Financial charges +€13,356
up €13,356 (+410%), from €3,255 to €16,611
- Taxes +€1,875
up €1,875 (+121%), from €1,546 to €3,421
- Financial income -€906
down €906 (-96.5%), from €939 to €33
- Other operating charges -€510
down €510 (-46.0%), from €1,109 to €599
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 | €323,330 | €902,787 | +€579,457 | +179% |
| Fixed assets | 21/28 | €2,930 | €2,079 | -€851 | -29.0% |
| Tangible fixed assets | 22/27 | €2,930 | €2,079 | -€851 | -29.0% |
| Plant, machinery and equipment | 23 | €2,930 | €2,079 | -€851 | -29.0% |
| Current assets | 29/58 | €320,400 | €900,708 | +€580,308 | +181% |
| Stocks and contracts in progress | 3 | €272,508 | €870,128 | +€597,620 | +219% |
| Stocks | 30/36 | €272,508 | €870,128 | +€597,620 | +219% |
| Amounts receivable within one year | 40/41 | €18,703 | €12,105 | -€6,599 | -35.3% |
| Trade receivables | 40 | €6,226 | €2,802 | -€3,423 | -55.0% |
| Other amounts receivable | 41 | €12,478 | €9,303 | -€3,175 | -25.4% |
| Cash at bank and in hand | 54/58 | €25,823 | €9,859 | -€15,965 | -61.8% |
| Deferred charges and accrued income | 490/1 | €3,365 | €8,616 | +€5,251 | +156% |
| Total equity and liabilities | 10/49 | €323,330 | €902,787 | +€579,457 | +179% |
| Equity | 10/15 | €49,170 | €59,190 | +€10,020 | +20.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €45,170 | €55,190 | +€10,020 | +22.2% |
| Distributable reserves | 133 | €45,170 | €55,190 | +€10,020 | +22.2% |
| Amounts payable | 17/49 | €274,160 | €843,598 | +€569,437 | +208% |
| Amounts payable within one year | 42/48 | €274,160 | €843,598 | +€569,437 | +208% |
| Current portion of amounts payable after more than one year | 42 | €142,100 | - | -€142,100 | |
| Financial debts | 43 | - | €553,200 | +€553,200 | |
| Credit institutions | 430/8 | - | €553,200 | +€553,200 | |
| Trade debts | 44 | €79,454 | €115,917 | +€36,463 | +45.9% |
| Suppliers | 440/4 | €79,454 | €115,917 | +€36,463 | +45.9% |
| Taxes, remuneration and social security | 45 | €2,606 | €4,481 | +€1,875 | +71.9% |
| Taxes | 450/3 | €2,606 | €4,481 | +€1,875 | +71.9% |
| Other amounts payable | 47/48 | €50,000 | €170,000 | +€120,000 | +240% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €453 | €851 | +€398 | +87.7% |
| Other operating charges | 640/8 | €1,109 | €599 | -€510 | -46.0% |
| Gross operating margin | 9900 | €9,671 | €31,469 | +€21,798 | +225% |
| Operating profit (loss) | 9901 | €8,109 | €30,019 | +€21,911 | +270% |
| Financial income | 75/76B | €939 | €33 | -€906 | -96.5% |
| Recurring financial income | 75 | €939 | €33 | -€906 | -96.5% |
| Financial charges | 65/66B | €3,255 | €16,611 | +€13,356 | +410% |
| Recurring financial charges | 65 | €3,255 | €16,611 | +€13,356 | +410% |
| Profit (loss) for the period before taxes | 9903 | €5,793 | €13,441 | +€7,648 | +132% |
| Income taxes | 67/77 | €1,546 | €3,421 | +€1,875 | +121% |
| Profit (loss) for the period | 9904 | €4,247 | €10,020 | +€5,773 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €4,247 | €10,020 | +€5,773 | +136% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.