FEDES 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.
FEDES IMMO
Largest movements
- Receivables within one year -€40,063
no longer reported in 2025 (was €40,063)
- Tangible fixed assets -€9,693
down €9,693 (-34.4%), from €28,153 to €18,460
- Deferred charges and accrued income -€3,925
no longer reported in 2025 (was €3,925)
- Cash -€834
down €834 (-74.3%), from €1,122 to €288
mainly Contributions, distributions and other (-€56,500) and Trade debts (-€43,122)
- Other debts +€101,247
up €101,247 (+520.6%), from €19,449 to €120,695
- Contributions -€56,500
down €56,500 (-91.9%), from €61,500 to €5,000
of which Capital: -€61,500
- Trade debts -€43,122
down €43,122 (-80.3%), from €53,734 to €10,612
- Profit (loss) carried forward -€40,516
down €40,516 (-48.9%), from -€82,908 to -€123,424
- Tax, wage and social debts -€15,624
down €15,624 (-85.4%), from €18,303 to €2,679
- Depreciation +€8,766
up €8,766 (+945.8%), from €927 to €9,693
- Other operating charges +€3,167
up €3,167 (+371.8%), from €852 to €4,019
- Financial charges +€3,102
up €3,102 (+112.1%), from €2,768 to €5,870
- Gross operating margin +€1,779
up €1,779 (+8.3%), from -€21,548 to -€19,768
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 | €73,263 | €18,748 | -€54,515 | -74.4% |
| Fixed assets | 21/28 | €28,153 | €18,460 | -€9,693 | -34.4% |
| Tangible fixed assets | 22/27 | €28,153 | €18,460 | -€9,693 | -34.4% |
| Furniture and vehicles | 24 | €28,153 | €18,460 | -€9,693 | -34.4% |
| Current assets | 29/58 | €45,110 | €288 | -€44,822 | -99.4% |
| Amounts receivable within one year | 40/41 | €40,063 | - | -€40,063 | |
| Trade receivables | 40 | €40,063 | - | -€40,063 | |
| Cash at bank and in hand | 54/58 | €1,122 | €288 | -€834 | -74.3% |
| Deferred charges and accrued income | 490/1 | €3,925 | - | -€3,925 | |
| Total equity and liabilities | 10/49 | €73,263 | €18,748 | -€54,515 | -74.4% |
| Equity | 10/15 | -€18,223 | -€115,238 | -€97,016 | -532.4% |
| Contributions | 10/11 | €61,500 | €5,000 | -€56,500 | -91.9% |
| Capital | 10 | €61,500 | - | -€61,500 | |
| Issued capital | 100 | €61,500 | - | -€61,500 | |
| Contributions outside capital | 11 | - | €5,000 | +€5,000 | |
| Other | 1109/19 | - | €5,000 | +€5,000 | |
| Reserves | 13 | €3,185 | €3,185 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,185 | - | -€3,185 | |
| Legal reserve | 130 | €3,185 | - | -€3,185 | |
| Distributable reserves | 133 | - | €3,185 | +€3,185 | |
| Profit (loss) carried forward | 14 | -€82,908 | -€123,424 | -€40,516 | -48.9% |
| Amounts payable | 17/49 | €91,486 | €133,986 | +€42,501 | +46.5% |
| Amounts payable within one year | 42/48 | €91,486 | €133,986 | +€42,501 | +46.5% |
| Trade debts | 44 | €53,734 | €10,612 | -€43,122 | -80.3% |
| Suppliers | 440/4 | €53,734 | €10,612 | -€43,122 | -80.3% |
| Taxes, remuneration and social security | 45 | €18,303 | €2,679 | -€15,624 | -85.4% |
| Taxes | 450/3 | €18,303 | €2,679 | -€15,624 | -85.4% |
| Other amounts payable | 47/48 | €19,449 | €120,695 | +€101,247 | +520.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €927 | €9,693 | +€8,766 | +945.8% |
| Other operating charges | 640/8 | €852 | €4,019 | +€3,167 | +371.8% |
| Gross operating margin | 9900 | -€21,548 | -€19,768 | +€1,779 | +8.3% |
| Operating profit (loss) | 9901 | -€23,326 | -€33,480 | -€10,154 | -43.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,768 | €5,870 | +€3,102 | +112.1% |
| Recurring financial charges | 65 | €2,768 | €5,870 | +€3,102 | +112.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,094 | -€39,350 | -€13,256 | -50.8% |
| Income taxes | 67/77 | €1,275 | €1,165 | -€110 | -8.6% |
| Profit (loss) for the period | 9904 | -€27,369 | -€40,516 | -€13,147 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,369 | -€40,516 | -€13,147 | -48.0% |
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 11 October 2026 via checked.be.