FED-net: 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-net
Largest movements
- Receivables after one year -€105,000
down €105,000 (-100%), from €105,000 to €0
- Current investments +€70,000
new in 2025: €70,000
- Cash +€38,257
up €38,257 (+51.1%), from €74,824 to €113,080
mainly Receivables after one year (+€105,000) and Depreciation (+€23,194)
- Tangible fixed assets +€13,326
up €13,326 (+5.6%), from €237,685 to €251,011
of which Furniture and vehicles: +€23,751
- Reserves +€12,826
up €12,826 (+3.7%), from €345,568 to €358,394
- Advances received -€12,089
down €12,089 (-100%), from €12,089 to €0
- Debts after one year +€11,751
up €11,751 (+27.1%), from €43,344 to €55,095
- Current portion of long-term debt +€5,494
up €5,494 (+80.5%), from €6,826 to €12,319
- Gross operating margin -€24,572
down €24,572 (-40.1%), from €61,270 to €36,698
- Taxes -€6,824
down €6,824 (-49.0%), from €13,939 to €7,115
- Depreciation +€6,694
up €6,694 (+40.6%), from €16,501 to €23,194
- Financial income +€4,460
up €4,460 (+107%), from €4,187 to €8,647
- Other operating charges -€1,225
down €1,225 (-74.8%), from €1,638 to €413
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 | €433,848 | €449,852 | +€16,004 | +3.7% |
| Fixed assets | 21/28 | €237,685 | €251,011 | +€13,326 | +5.6% |
| Tangible fixed assets | 22/27 | €237,685 | €251,011 | +€13,326 | +5.6% |
| Land and buildings | 22 | €216,747 | €206,322 | -€10,426 | -4.8% |
| Furniture and vehicles | 24 | €20,938 | €44,689 | +€23,751 | +113% |
| Current assets | 29/58 | €196,163 | €198,842 | +€2,679 | +1.4% |
| Amounts receivable after more than one year | 29 | €105,000 | €0 | -€105,000 | -100% |
| Other amounts receivable | 291 | €105,000 | €0 | -€105,000 | -100% |
| Amounts receivable within one year | 40/41 | €16,339 | €15,761 | -€578 | -3.5% |
| Trade receivables | 40 | €3,000 | €4,383 | +€1,383 | +46.1% |
| Other amounts receivable | 41 | €13,339 | €11,378 | -€1,961 | -14.7% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €74,824 | €113,080 | +€38,257 | +51.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €433,848 | €449,852 | +€16,004 | +3.7% |
| Equity | 10/15 | €364,168 | €376,994 | +€12,826 | +3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €345,568 | €358,394 | +€12,826 | +3.7% |
| Distributable reserves | 133 | €345,568 | €358,394 | +€12,826 | +3.7% |
| Amounts payable | 17/49 | €69,680 | €72,858 | +€3,178 | +4.6% |
| Amounts payable after more than one year | 17 | €43,344 | €55,095 | +€11,751 | +27.1% |
| Financial debts | 170/4 | €43,344 | €55,095 | +€11,751 | +27.1% |
| Amounts payable within one year | 42/48 | €26,336 | €17,763 | -€8,573 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €6,826 | €12,319 | +€5,494 | +80.5% |
| Trade debts | 44 | €1,795 | €3,898 | +€2,103 | +117% |
| Suppliers | 440/4 | €1,795 | €3,898 | +€2,103 | +117% |
| Advances received on contracts in progress | 46 | €12,089 | €0 | -€12,089 | -100% |
| Taxes, remuneration and social security | 45 | €4,169 | €1,323 | -€2,846 | -68.3% |
| Taxes | 450/3 | €4,169 | €1,323 | -€2,846 | -68.3% |
| Other amounts payable | 47/48 | €1,458 | €223 | -€1,235 | -84.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,501 | €23,194 | +€6,694 | +40.6% |
| Other operating charges | 640/8 | €1,638 | €413 | -€1,225 | -74.8% |
| Gross operating margin | 9900 | €61,270 | €36,698 | -€24,572 | -40.1% |
| Operating profit (loss) | 9901 | €43,131 | €13,091 | -€30,040 | -69.6% |
| Financial income | 75/76B | €4,187 | €8,647 | +€4,460 | +107% |
| Recurring financial income | 75 | €4,187 | €8,647 | +€4,460 | +107% |
| Financial charges | 65/66B | €1,576 | €1,797 | +€222 | +14.1% |
| Recurring financial charges | 65 | €1,576 | €1,797 | +€222 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €45,743 | €19,941 | -€25,802 | -56.4% |
| Income taxes | 67/77 | €13,939 | €7,115 | -€6,824 | -49.0% |
| Profit (loss) for the period | 9904 | €31,804 | €12,826 | -€18,978 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,804 | €12,826 | -€18,978 | -59.7% |
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 17 October 2026 via checked.be.