FEDAL: 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.
FEDAL
Largest movements
- Receivables after one year +€3.0m
new in 2025: €3.0m
- Current investments -€2.8m
down €2.8m (-15.7%), from €17.8m to €15.0m
- Financial fixed assets +€1.0m
up €1.0m (+7.3%), from €14.2m to €15.3m
- Other debts +€2.8m
up €2.8m (+975%), from €288,263 to €3.1m
- Tax, wage and social debts -€2.3m
down €2.3m (-95.2%), from €2.4m to €115,776
- Profit (loss) carried forward +€652,997
up €652,997 (+11.6%), from €5.6m to €6.3m
- Financial income -€32.1m
down €32.1m (-96.7%), from €33.2m to €1.1m
- Taxes -€2.2m
down €2.2m (-93.6%), from €2.4m to €152,767
- Financial charges +€198,797
up €198,797 (+574,225%), from €35 to €198,831
- Gross operating margin -€31,673
down €31,673 (-176%), from -€17,976 to -€49,649
- Other operating charges +€18,764
up €18,764 (+5,053%), from €371 to €19,136
From the 30-06-2024 result to the 30-06-2025 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 30-06-2024 and 30-06-2025 balance sheets and the 30-06-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2024 | 30-06-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,407,955 | €33,724,150 | +€1.3m | +4.1% |
| Fixed assets | 21/28 | €14,251,566 | €15,354,579 | +€1.1m | +7.7% |
| Tangible fixed assets | 22/27 | €7,599 | €69,532 | +€61,932 | +815% |
| Furniture and vehicles | 24 | €7,599 | €69,532 | +€61,932 | +815% |
| Financial fixed assets | 28 | €14,243,967 | €15,285,047 | +€1.0m | +7.3% |
| Current assets | 29/58 | €18,156,389 | €18,369,571 | +€213,182 | +1.2% |
| Amounts receivable after more than one year | 29 | - | €3,000,000 | +€3.0m | |
| Trade receivables | 290 | - | €3,000,000 | +€3.0m | |
| Current investments | 50/53 | €17,845,668 | €15,038,493 | -€2.8m | -15.7% |
| Cash at bank and in hand | 54/58 | €273,972 | €146,800 | -€127,172 | -46.4% |
| Deferred charges and accrued income | 490/1 | €36,749 | €184,278 | +€147,528 | +401% |
| Total equity and liabilities | 10/49 | €32,407,955 | €33,724,150 | +€1.3m | +4.1% |
| Equity | 10/15 | €29,677,835 | €30,330,773 | +€652,937 | +2.2% |
| Contributions | 10/11 | €62,000 | €61,941 | -€59 | -0.1% |
| Capital | 10 | €62,000 | €61,941 | -€59 | -0.1% |
| Issued capital | 100 | €62,000 | €61,941 | -€59 | -0.1% |
| Reserves | 13 | €24,006,200 | €24,006,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €24,000,000 | €24,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,609,635 | €6,262,632 | +€652,997 | +11.6% |
| Amounts payable | 17/49 | €2,730,120 | €3,393,377 | +€663,257 | +24.3% |
| Amounts payable within one year | 42/48 | €2,730,120 | €3,387,637 | +€657,517 | +24.1% |
| Financial debts | 43 | - | €172,569 | +€172,569 | |
| Credit institutions | 430/8 | - | €172,569 | +€172,569 | |
| Trade debts | 44 | €30,666 | €1,029 | -€29,637 | -96.6% |
| Suppliers | 440/4 | €30,666 | €1,029 | -€29,637 | -96.6% |
| Taxes, remuneration and social security | 45 | €2,411,191 | €115,776 | -€2.3m | -95.2% |
| Taxes | 450/3 | €2,411,191 | €115,776 | -€2.3m | -95.2% |
| Other amounts payable | 47/48 | €288,263 | €3,098,263 | +€2.8m | +975% |
| Accrued charges and deferred income | 492/3 | - | €5,740 | +€5,740 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €796 | €6,742 | +€5,946 | +747% |
| Other operating charges | 640/8 | €371 | €19,136 | +€18,764 | +5,053% |
| Gross operating margin | 9900 | -€17,976 | -€49,649 | -€31,673 | -176% |
| Operating profit (loss) | 9901 | -€19,143 | -€75,527 | -€56,383 | -295% |
| Financial income | 75/76B | €33,164,986 | €1,080,121 | -€32.1m | -96.7% |
| Recurring financial income | 75 | €33,164,986 | €1,080,121 | -€32.1m | -96.7% |
| Financial charges | 65/66B | €35 | €198,831 | +€198,797 | +574,225% |
| Recurring financial charges | 65 | €35 | €198,831 | +€198,797 | +574,225% |
| Profit (loss) for the period before taxes | 9903 | €33,145,808 | €805,763 | -€32.3m | -97.6% |
| Income taxes | 67/77 | €2,400,131 | €152,767 | -€2.2m | -93.6% |
| Profit (loss) for the period | 9904 | €30,745,678 | €652,997 | -€30.1m | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,745,678 | €652,997 | -€30.1m | -97.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.