FEDE: what changed
Two fiscal 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.
FEDE
Largest movements
- Cash +€206,154
up €206,154 (+164.9%), from €124,982 to €331,135
mainly Current investments (+€157,480) and Receivables within one year (+€24,566)
- Current investments -€157,480
no longer reported in 2025 (was €157,480)
- Receivables within one year -€24,566
down €24,566 (-56.1%), from €43,780 to €19,213
of which Trade receivables: -€32,173
- Tangible fixed assets -€23,078
down €23,078 (-12.0%), from €192,919 to €169,841
of which Furniture and vehicles: -€12,939
- Reserves +€13,187
up €13,187 (+3.4%), from €389,337 to €402,524
- Debts after one year -€6,312
down €6,312 (-13.9%), from €45,277 to €38,965
- Gross operating margin -€27,750
down €27,750 (-40.3%), from €68,943 to €41,193
- Financial income +€10,655
up €10,655 (+1358.6%), from €784 to €11,439
- Taxes -€4,365
down €4,365 (-39.7%), from €10,984 to €6,619
- Financial charges -€797
down €797 (-12.4%), from €6,418 to €5,621
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 | €521,253 | €522,436 | +€1,183 | +0.2% |
| Fixed assets | 21/28 | €192,919 | €169,841 | -€23,078 | -12.0% |
| Tangible fixed assets | 22/27 | €192,919 | €169,841 | -€23,078 | -12.0% |
| Land and buildings | 22 | €151,487 | €142,938 | -€8,549 | -5.6% |
| Plant, machinery and equipment | 23 | €16,181 | €14,590 | -€1,590 | -9.8% |
| Furniture and vehicles | 24 | €25,252 | €12,313 | -€12,939 | -51.2% |
| Current assets | 29/58 | €328,334 | €352,594 | +€24,261 | +7.4% |
| Amounts receivable within one year | 40/41 | €43,780 | €19,213 | -€24,566 | -56.1% |
| Trade receivables | 40 | €39,303 | €7,130 | -€32,173 | -81.9% |
| Other amounts receivable | 41 | €4,477 | €12,083 | +€7,606 | +169.9% |
| Current investments | 50/53 | €157,480 | - | -€157,480 | |
| Cash at bank and in hand | 54/58 | €124,982 | €331,135 | +€206,154 | +164.9% |
| Deferred charges and accrued income | 490/1 | €2,093 | €2,246 | +€153 | +7.3% |
| Total equity and liabilities | 10/49 | €521,253 | €522,436 | +€1,183 | +0.2% |
| Equity | 10/15 | €407,929 | €421,116 | +€13,187 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €389,337 | €402,524 | +€13,187 | +3.4% |
| Distributable reserves | 133 | €389,337 | €402,524 | +€13,187 | +3.4% |
| Amounts payable | 17/49 | €113,324 | €101,320 | -€12,004 | -10.6% |
| Amounts payable after more than one year | 17 | €45,277 | €38,965 | -€6,312 | -13.9% |
| Financial debts | 170/4 | €45,277 | €38,965 | -€6,312 | -13.9% |
| Amounts payable within one year | 42/48 | €68,047 | €62,221 | -€5,826 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €9,396 | €6,312 | -€3,084 | -32.8% |
| Trade debts | 44 | €2,195 | €722 | -€1,473 | -67.1% |
| Suppliers | 440/4 | €2,195 | €722 | -€1,473 | -67.1% |
| Taxes, remuneration and social security | 45 | €4,817 | €2,872 | -€1,945 | -40.4% |
| Taxes | 450/3 | €4,817 | €2,872 | -€1,945 | -40.4% |
| Other amounts payable | 47/48 | €51,639 | €52,315 | +€676 | +1.3% |
| Accrued charges and deferred income | 492/3 | - | €134 | +€134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,658 | €23,078 | +€420 | +1.9% |
| Other operating charges | 640/8 | €2,575 | €2,460 | -€114 | -4.4% |
| Gross operating margin | 9900 | €68,943 | €41,193 | -€27,750 | -40.3% |
| Operating profit (loss) | 9901 | €43,710 | €15,654 | -€28,056 | -64.2% |
| Financial income | 75/76B | €784 | €11,439 | +€10,655 | +1358.6% |
| Recurring financial income | 75 | €784 | €11,439 | +€10,655 | +1358.6% |
| Financial charges | 65/66B | €6,418 | €5,621 | -€797 | -12.4% |
| Recurring financial charges | 65 | €6,418 | €5,621 | -€797 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €38,076 | €21,472 | -€16,604 | -43.6% |
| Income taxes | 67/77 | €10,984 | €6,619 | -€4,365 | -39.7% |
| Profit (loss) for the period | 9904 | €27,092 | €14,853 | -€12,239 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,092 | €14,853 | -€12,239 | -45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.