Fed Belgium: 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.
Fed Belgium
Largest movements
- Cash +€54,755
up €54,755 (+469%), from €11,679 to €66,435
mainly Other debts (+€110,000) and Receivables within one year (+€7,030)
- Receivables within one year -€7,030
down €7,030 (-12.8%), from €54,965 to €47,935
- Intangible fixed assets -€2,920
down €2,920 (-45.2%), from €6,463 to €3,543
- Other debts +€110,000
up €110,000 (+54.1%), from €203,248 to €313,248
- Profit (loss) carried forward -€73,977
down €73,977 (-38.4%), from -€192,462 to -€266,439
- Tax, wage and social debts +€6,141
up €6,141 (+17.0%), from €36,080 to €42,221
of which Taxes: +€9,827
- Trade debts +€2,136
up €2,136 (+30.8%), from €6,946 to €9,083
- Gross operating margin +€240,461
up €240,461 (+1,157%), from €20,780 to €261,241
- Staff costs +€120,455
up €120,455 (+58.0%), from €207,532 to €327,988
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 | €155,215 | €199,649 | +€44,434 | +28.6% |
| Fixed assets | 21/28 | €84,613 | €81,693 | -€2,920 | -3.5% |
| Intangible fixed assets | 21 | €6,463 | €3,543 | -€2,920 | -45.2% |
| Financial fixed assets | 28 | €78,150 | €78,150 | = | 0.0% |
| Current assets | 29/58 | €70,602 | €117,956 | +€47,354 | +67.1% |
| Amounts receivable within one year | 40/41 | €54,965 | €47,935 | -€7,030 | -12.8% |
| Trade receivables | 40 | €54,965 | €47,935 | -€7,030 | -12.8% |
| Cash at bank and in hand | 54/58 | €11,679 | €66,435 | +€54,755 | +469% |
| Deferred charges and accrued income | 490/1 | €3,957 | €3,586 | -€371 | -9.4% |
| Total equity and liabilities | 10/49 | €155,215 | €199,649 | +€44,434 | +28.6% |
| Equity | 10/15 | -€92,462 | -€166,439 | -€73,977 | -80.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,462 | -€266,439 | -€73,977 | -38.4% |
| Amounts payable | 17/49 | €247,677 | €366,088 | +€118,411 | +47.8% |
| Amounts payable within one year | 42/48 | €246,275 | €364,552 | +€118,278 | +48.0% |
| Trade debts | 44 | €6,946 | €9,083 | +€2,136 | +30.8% |
| Suppliers | 440/4 | €6,946 | €9,083 | +€2,136 | +30.8% |
| Taxes, remuneration and social security | 45 | €36,080 | €42,221 | +€6,141 | +17.0% |
| Taxes | 450/3 | €15,853 | €25,680 | +€9,827 | +62.0% |
| Remuneration and social security | 454/9 | €20,227 | €16,541 | -€3,686 | -18.2% |
| Other amounts payable | 47/48 | €203,248 | €313,248 | +€110,000 | +54.1% |
| Accrued charges and deferred income | 492/3 | €1,402 | €1,535 | +€133 | +9.5% |
| Remuneration, social security and pensions | 62 | €207,532 | €327,988 | +€120,455 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,297 | €2,920 | +€623 | +27.1% |
| Other operating charges | 640/8 | €822 | €796 | -€26 | -3.2% |
| Non-recurring operating charges | 66A | - | €792 | +€792 | |
| Gross operating margin | 9900 | €20,780 | €261,241 | +€240,461 | +1,157% |
| Operating profit (loss) | 9901 | -€189,871 | -€71,254 | +€118,617 | +62.5% |
| Financial income | 75/76B | €108 | €172 | +€64 | +59.1% |
| Recurring financial income | 75 | €108 | €172 | +€64 | +59.1% |
| Financial charges | 65/66B | €2,699 | €2,895 | +€196 | +7.2% |
| Recurring financial charges | 65 | €2,699 | €2,895 | +€196 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€192,462 | -€73,977 | +€118,485 | +61.6% |
| Profit (loss) for the period | 9904 | -€192,462 | -€73,977 | +€118,485 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,462 | -€73,977 | +€118,485 | +61.6% |
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 30 October 2026 via checked.be.