FEDERATE: 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.
FEDERATE
Largest movements
- Cash +€61,354
up €61,354 (+167%), from €36,748 to €98,102
mainly Tax, wage and social debts (+€38,544) and Net result for the year (+€31,275)
- Receivables within one year +€42,495
up €42,495 (+20.6%), from €206,128 to €248,622
of which Trade receivables: +€50,768
- Financial fixed assets -€22,180
down €22,180 (-99.8%), from €22,230 to €50
- Tax, wage and social debts +€38,544
up €38,544 (+243%), from €15,856 to €54,400
of which Taxes: +€34,569
- Reserves +€30,000
up €30,000 (+17.6%), from €170,000 to €200,000
- Trade debts -€20,775
down €20,775 (-30.7%), from €67,778 to €47,003
- Advances received +€18,949
new in 2025: €18,949
- Accrued charges and deferred income +€8,153
up €8,153 (+41.8%), from €19,519 to €27,672
- Gross operating margin +€45,010
up €45,010 (+31.0%), from €145,277 to €190,287
- Staff costs +€36,003
up €36,003 (+37.2%), from €96,726 to €132,730
- Taxes +€5,316
up €5,316 (+54.6%), from €9,734 to €15,050
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 | €289,149 | €365,333 | +€76,184 | +26.3% |
| Fixed assets | 21/28 | €40,512 | €13,062 | -€27,450 | -67.8% |
| Intangible fixed assets | 21 | €6,727 | €4,417 | -€2,310 | -34.3% |
| Tangible fixed assets | 22/27 | €11,555 | €8,595 | -€2,960 | -25.6% |
| Plant, machinery and equipment | 23 | €150 | €51 | -€99 | -66.0% |
| Furniture and vehicles | 24 | €11,404 | €8,544 | -€2,860 | -25.1% |
| Financial fixed assets | 28 | €22,230 | €50 | -€22,180 | -99.8% |
| Current assets | 29/58 | €248,637 | €352,271 | +€103,634 | +41.7% |
| Amounts receivable within one year | 40/41 | €206,128 | €248,622 | +€42,495 | +20.6% |
| Trade receivables | 40 | €197,854 | €248,622 | +€50,768 | +25.7% |
| Other amounts receivable | 41 | €8,274 | - | -€8,274 | |
| Cash at bank and in hand | 54/58 | €36,748 | €98,102 | +€61,354 | +167% |
| Deferred charges and accrued income | 490/1 | €5,761 | €5,547 | -€214 | -3.7% |
| Total equity and liabilities | 10/49 | €289,149 | €365,333 | +€76,184 | +26.3% |
| Equity | 10/15 | €185,995 | €217,269 | +€31,275 | +16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €170,000 | €200,000 | +€30,000 | +17.6% |
| Distributable reserves | 133 | €170,000 | €200,000 | +€30,000 | +17.6% |
| Profit (loss) carried forward | 14 | €9,795 | €11,069 | +€1,275 | +13.0% |
| Amounts payable | 17/49 | €103,154 | €148,063 | +€44,910 | +43.5% |
| Amounts payable within one year | 42/48 | €83,634 | €120,391 | +€36,757 | +43.9% |
| Trade debts | 44 | €67,778 | €47,003 | -€20,775 | -30.7% |
| Suppliers | 440/4 | €67,778 | €47,003 | -€20,775 | -30.7% |
| Advances received on contracts in progress | 46 | - | €18,949 | +€18,949 | |
| Taxes, remuneration and social security | 45 | €15,856 | €54,400 | +€38,544 | +243% |
| Taxes | 450/3 | €4,735 | €39,304 | +€34,569 | +730% |
| Remuneration and social security | 454/9 | €11,121 | €15,096 | +€3,975 | +35.7% |
| Other amounts payable | 47/48 | - | €40 | +€40 | |
| Accrued charges and deferred income | 492/3 | €19,519 | €27,672 | +€8,153 | +41.8% |
| Remuneration, social security and pensions | 62 | €96,726 | €132,730 | +€36,003 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,250 | €10,466 | +€216 | +2.1% |
| Other operating charges | 640/8 | €1,140 | €1,091 | -€49 | -4.3% |
| Gross operating margin | 9900 | €145,277 | €190,287 | +€45,010 | +31.0% |
| Operating profit (loss) | 9901 | €37,161 | €46,000 | +€8,839 | +23.8% |
| Financial income | 75/76B | €22 | €509 | +€487 | +2,209% |
| Recurring financial income | 75 | €22 | €509 | +€487 | +2,209% |
| Financial charges | 65/66B | €154 | €185 | +€31 | +19.9% |
| Recurring financial charges | 65 | €154 | €185 | +€31 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €37,029 | €46,325 | +€9,296 | +25.1% |
| Income taxes | 67/77 | €9,734 | €15,050 | +€5,316 | +54.6% |
| Profit (loss) for the period | 9904 | €27,295 | €31,275 | +€3,980 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,295 | €31,275 | +€3,980 | +14.6% |
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 14 October 2026 via checked.be.