FEDELINS: 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.
FEDELINS
Largest movements
- Receivables within one year +€22,025
up €22,025 (+162.5%), from €13,557 to €35,582
- Cash +€13,596
up €13,596 (+938.7%), from €1,448 to €15,045
mainly Depreciation (+€24,803) and Net result for the year (+€21,889)
- Tangible fixed assets -€12,499
down €12,499 (-13.8%), from €90,424 to €77,926
of which Leasing and similar rights: -€10,365
- Profit (loss) carried forward +€21,889
up €21,889 (+122.3%), from €17,892 to €39,781
- Trade debts +€12,399
up €12,399 (+2722.6%), from €455 to €12,854
- Debts after one year -€11,858
down €11,858 (-33.8%), from €35,033 to €23,175
- Tax, wage and social debts -€2,338
down €2,338 (-15.4%), from €15,205 to €12,868
- Other debts +€2,122
up €2,122 (+90.6%), from €2,341 to €4,463
- Gross operating margin +€22,601
up €22,601 (+11.9%), from €189,364 to €211,966
- Depreciation +€8,586
up €8,586 (+52.9%), from €16,217 to €24,803
- Taxes +€3,695
new in 2025: €3,695
- Staff costs -€2,292
down €2,292 (-1.5%), from €157,670 to €155,378
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 | €105,429 | €128,552 | +€23,123 | +21.9% |
| Fixed assets | 21/28 | €90,424 | €77,926 | -€12,499 | -13.8% |
| Tangible fixed assets | 22/27 | €90,424 | €77,926 | -€12,499 | -13.8% |
| Furniture and vehicles | 24 | €56,765 | €54,632 | -€2,134 | -3.8% |
| Leasing and similar rights | 25 | €33,659 | €23,294 | -€10,365 | -30.8% |
| Current assets | 29/58 | €15,005 | €50,626 | +€35,621 | +237.4% |
| Amounts receivable within one year | 40/41 | €13,557 | €35,582 | +€22,025 | +162.5% |
| Trade receivables | 40 | €13,557 | €35,582 | +€22,025 | +162.5% |
| Cash at bank and in hand | 54/58 | €1,448 | €15,045 | +€13,596 | +938.7% |
| Total equity and liabilities | 10/49 | €105,429 | €128,552 | +€23,123 | +21.9% |
| Equity | 10/15 | €27,892 | €49,781 | +€21,889 | +78.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,892 | €39,781 | +€21,889 | +122.3% |
| Amounts payable | 17/49 | €77,537 | €78,771 | +€1,234 | +1.6% |
| Amounts payable after more than one year | 17 | €35,033 | €23,175 | -€11,858 | -33.8% |
| Financial debts | 170/4 | €35,033 | €23,175 | -€11,858 | -33.8% |
| Amounts payable within one year | 42/48 | €42,504 | €55,596 | +€13,092 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €24,502 | €25,412 | +€909 | +3.7% |
| Trade debts | 44 | €455 | €12,854 | +€12,399 | +2722.6% |
| Suppliers | 440/4 | €455 | €12,854 | +€12,399 | +2722.6% |
| Taxes, remuneration and social security | 45 | €15,205 | €12,868 | -€2,338 | -15.4% |
| Taxes | 450/3 | €15,205 | €12,868 | -€2,338 | -15.4% |
| Other amounts payable | 47/48 | €2,341 | €4,463 | +€2,122 | +90.6% |
| Remuneration, social security and pensions | 62 | €157,670 | €155,378 | -€2,292 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,217 | €24,803 | +€8,586 | +52.9% |
| Other operating charges | 640/8 | €2,593 | €4,380 | +€1,786 | +68.9% |
| Gross operating margin | 9900 | €189,364 | €211,966 | +€22,601 | +11.9% |
| Operating profit (loss) | 9901 | €12,884 | €27,405 | +€14,521 | +112.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,182 | €1,822 | -€359 | -16.5% |
| Recurring financial charges | 65 | €2,182 | €1,822 | -€359 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €10,702 | €25,584 | +€14,882 | +139.1% |
| Income taxes | 67/77 | - | €3,695 | +€3,695 | |
| Profit (loss) for the period | 9904 | €10,702 | €21,889 | +€11,187 | +104.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,702 | €21,889 | +€11,187 | +104.5% |
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 6 October 2026 via checked.be.