Fedeco Immo: 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.
Fedeco Immo
Largest movements
- Tangible fixed assets +€722,389
up €722,389 (+104%), from €692,204 to €1.4m
of which Assets under construction and advance payments: +€567,359
- Current investments -€128,215
down €128,215 (-33.9%), from €378,468 to €250,254
- Receivables within one year -€36,493
down €36,493 (-49.1%), from €74,272 to €37,780
of which Trade receivables: -€36,300
- Cash +€35,229
up €35,229 (+558%), from €6,308 to €41,537
mainly Debts after one year (+€540,575) and Current investments (+€128,215)
- Debts after one year +€540,575
up €540,575 (+679%), from €79,576 to €620,151
of which Financial debts: +€367,167
- Tax, wage and social debts -€113,082
down €113,082 (-81.5%), from €138,682 to €25,599
of which Taxes: -€98,993
- Current portion of long-term debt +€63,399
up €63,399 (+145%), from €43,744 to €107,143
- Reserves +€53,455
up €53,455 (+5.7%), from €933,275 to €986,730
of which Distributable reserves: +€53,455
- Trade debts +€47,558
up €47,558 (+275%), from €17,295 to €64,853
- Gross operating margin -€183,726
down €183,726 (-55.0%), from €333,951 to €150,225
- Taxes -€55,571
down €55,571 (-77.7%), from €71,539 to €15,968
- Staff costs -€40,738
down €40,738 (-68.5%), from €59,481 to €18,743
- Financial income +€15,938
up €15,938 (+1,062%), from €1,500 to €17,438
- Financial charges +€9,416
up €9,416 (+94.6%), from €9,959 to €19,375
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 | €1,218,771 | €1,810,675 | +€591,904 | +48.6% |
| Fixed assets | 21/28 | €757,459 | €1,479,848 | +€722,389 | +95.4% |
| Tangible fixed assets | 22/27 | €692,204 | €1,414,593 | +€722,389 | +104% |
| Land and buildings | 22 | €404,678 | €568,635 | +€163,957 | +40.5% |
| Plant, machinery and equipment | 23 | €610 | €0 | -€610 | -100% |
| Furniture and vehicles | 24 | €21,716 | €13,399 | -€8,317 | -38.3% |
| Assets under construction and advance payments | 27 | €265,200 | €832,559 | +€567,359 | +214% |
| Financial fixed assets | 28 | €65,255 | €65,255 | = | 0.0% |
| Current assets | 29/58 | €461,312 | €330,827 | -€130,484 | -28.3% |
| Amounts receivable after more than one year | 29 | €3 | €192 | +€189 | +7,214% |
| Other amounts receivable | 291 | €3 | €192 | +€189 | +7,214% |
| Amounts receivable within one year | 40/41 | €74,272 | €37,780 | -€36,493 | -49.1% |
| Trade receivables | 40 | €36,300 | €0 | -€36,300 | -100% |
| Other amounts receivable | 41 | €37,972 | €37,780 | -€193 | -0.5% |
| Current investments | 50/53 | €378,468 | €250,254 | -€128,215 | -33.9% |
| Cash at bank and in hand | 54/58 | €6,308 | €41,537 | +€35,229 | +558% |
| Deferred charges and accrued income | 490/1 | €2,261 | €1,065 | -€1,195 | -52.9% |
| Total equity and liabilities | 10/49 | €1,218,771 | €1,810,675 | +€591,904 | +48.6% |
| Equity | 10/15 | €939,475 | €992,930 | +€53,455 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €933,275 | €986,730 | +€53,455 | +5.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €931,415 | €984,870 | +€53,455 | +5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €279,296 | €817,745 | +€538,449 | +193% |
| Amounts payable after more than one year | 17 | €79,576 | €620,151 | +€540,575 | +679% |
| Financial debts | 170/4 | €25,690 | €392,857 | +€367,167 | +1,429% |
| Other amounts payable | 178/9 | €53,886 | €227,294 | +€173,408 | +322% |
| Amounts payable within one year | 42/48 | €199,720 | €197,595 | -€2,125 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €43,744 | €107,143 | +€63,399 | +145% |
| Trade debts | 44 | €17,295 | €64,853 | +€47,558 | +275% |
| Suppliers | 440/4 | €17,295 | €64,853 | +€47,558 | +275% |
| Taxes, remuneration and social security | 45 | €138,682 | €25,599 | -€113,082 | -81.5% |
| Taxes | 450/3 | €124,592 | €25,599 | -€98,993 | -79.5% |
| Remuneration and social security | 454/9 | €14,090 | €0 | -€14,090 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,852 | €0 | -€2,852 | -100% |
| Remuneration, social security and pensions | 62 | €59,481 | €18,743 | -€40,738 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,229 | €35,413 | -€1,816 | -4.9% |
| Other operating charges | 640/8 | €3,637 | €3,658 | +€21 | +0.6% |
| Gross operating margin | 9900 | €333,951 | €150,225 | -€183,726 | -55.0% |
| Operating profit (loss) | 9901 | €233,604 | €92,412 | -€141,192 | -60.4% |
| Financial income | 75/76B | €1,500 | €17,438 | +€15,938 | +1,062% |
| Recurring financial income | 75 | €1,500 | €17,438 | +€15,938 | +1,062% |
| Financial charges | 65/66B | €9,959 | €19,375 | +€9,416 | +94.6% |
| Recurring financial charges | 65 | €9,959 | €19,375 | +€9,416 | +94.6% |
| Profit (loss) for the period before taxes | 9903 | €225,146 | €90,476 | -€134,670 | -59.8% |
| Income taxes | 67/77 | €71,539 | €15,968 | -€55,571 | -77.7% |
| Profit (loss) for the period | 9904 | €153,606 | €74,507 | -€79,099 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €153,606 | €74,507 | -€79,099 | -51.5% |
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 20 October 2026 via checked.be.