Fednav (Belgium): 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.
Fednav (Belgium)
Largest movements
- Receivables within one year -€908,639
down €908,639 (-86.7%), from €1.0m to €139,863
of which Trade receivables: -€899,295
- Tangible fixed assets +€691,380
up €691,380 (+43.4%), from €1.6m to €2.3m
of which Plant, machinery and equipment: +€1.7m
- Cash +€357,448
up €357,448 (+125%), from €286,095 to €643,542
mainly Receivables within one year (+€908,639) and Net result for the year (+€377,018)
- Profit (loss) carried forward +€377,018
up €377,018 (+27.6%), from €1.4m to €1.7m
- Tax, wage and social debts -€184,217
down €184,217 (-15.5%), from €1.2m to €1.0m
of which Remuneration and social security: -€179,443
- Trade debts -€81,174
down €81,174 (-38.4%), from €211,662 to €130,488
- Accrued charges and deferred income +€43,116
up €43,116 (+33.2%), from €130,019 to €173,135
- Turnover +€258,791
up €258,791 (+4.6%), from €5.7m to €5.9m
- Depreciation +€224,446
up €224,446 (+415%), from €54,055 to €278,501
- Services and other goods +€90,331
up €90,331 (+9.4%), from €965,138 to €1.1m
- Staff costs -€60,351
down €60,351 (-1.5%), from €4.1m to €4.0m
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 | €3,010,389 | €3,167,046 | +€156,657 | +5.2% |
| Fixed assets | 21/28 | €1,607,924 | €2,299,394 | +€691,469 | +43.0% |
| Tangible fixed assets | 22/27 | €1,593,313 | €2,284,693 | +€691,380 | +43.4% |
| Plant, machinery and equipment | 23 | €236,364 | €1,912,740 | +€1.7m | +709% |
| Furniture and vehicles | 24 | €92,418 | €75,968 | -€16,449 | -17.8% |
| Assets under construction and advance payments | 27 | €1,264,532 | €295,984 | -€968,547 | -76.6% |
| Financial fixed assets | 28 | €14,611 | €14,700 | +€89 | +0.6% |
| Other financial fixed assets | 284/8 | €14,611 | €14,700 | +€89 | +0.6% |
| Amounts receivable and cash guarantees | 285/8 | €14,611 | €14,700 | +€89 | +0.6% |
| Current assets | 29/58 | €1,402,465 | €867,652 | -€534,812 | -38.1% |
| Amounts receivable within one year | 40/41 | €1,048,502 | €139,863 | -€908,639 | -86.7% |
| Trade receivables | 40 | €970,401 | €71,105 | -€899,295 | -92.7% |
| Other amounts receivable | 41 | €78,102 | €68,758 | -€9,343 | -12.0% |
| Cash at bank and in hand | 54/58 | €286,095 | €643,542 | +€357,448 | +125% |
| Deferred charges and accrued income | 490/1 | €67,868 | €84,247 | +€16,379 | +24.1% |
| Total equity and liabilities | 10/49 | €3,010,389 | €3,167,046 | +€156,657 | +5.2% |
| Equity | 10/15 | €1,477,841 | €1,854,859 | +€377,018 | +25.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,367,841 | €1,744,859 | +€377,018 | +27.6% |
| Amounts payable | 17/49 | €1,532,548 | €1,312,187 | -€220,361 | -14.4% |
| Amounts payable within one year | 42/48 | €1,402,529 | €1,139,052 | -€263,477 | -18.8% |
| Trade debts | 44 | €211,662 | €130,488 | -€81,174 | -38.4% |
| Suppliers | 440/4 | €211,662 | €130,488 | -€81,174 | -38.4% |
| Taxes, remuneration and social security | 45 | €1,190,867 | €1,006,650 | -€184,217 | -15.5% |
| Taxes | 450/3 | €18,692 | €13,918 | -€4,774 | -25.5% |
| Remuneration and social security | 454/9 | €1,172,176 | €992,732 | -€179,443 | -15.3% |
| Other amounts payable | 47/48 | - | €1,914 | +€1,914 | |
| Accrued charges and deferred income | 492/3 | €130,019 | €173,135 | +€43,116 | +33.2% |
| Operating income | 70/76A | €5,685,357 | €5,944,148 | +€258,791 | +4.6% |
| Turnover | 70 | €5,685,357 | €5,944,148 | +€258,791 | +4.6% |
| Operating charges | 60/66A | €5,138,917 | €5,385,839 | +€246,922 | +4.8% |
| Services and other goods | 61 | €965,138 | €1,055,469 | +€90,331 | +9.4% |
| Remuneration, social security and pensions | 62 | €4,098,858 | €4,038,507 | -€60,351 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,055 | €278,501 | +€224,446 | +415% |
| Other operating charges | 640/8 | €20,866 | €13,362 | -€7,504 | -36.0% |
| Operating profit (loss) | 9901 | €546,440 | €558,309 | +€11,869 | +2.2% |
| Financial income | 75/76B | €9,997 | €5,187 | -€4,811 | -48.1% |
| Recurring financial income | 75 | €9,997 | €5,187 | -€4,811 | -48.1% |
| Income from current assets | 751 | €9,996 | €4,950 | -€5,046 | -50.5% |
| Other financial income | 752/9 | €1 | €236 | +€235 | +27,054% |
| Financial charges | 65/66B | €12,107 | €16,075 | +€3,967 | +32.8% |
| Recurring financial charges | 65 | €12,107 | €16,075 | +€3,967 | +32.8% |
| Debt charges | 650 | €6,517 | €8,473 | +€1,956 | +30.0% |
| Other financial charges | 652/9 | €5,590 | €7,602 | +€2,012 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €544,330 | €547,421 | +€3,091 | +0.6% |
| Income taxes | 67/77 | €171,691 | €170,403 | -€1,287 | -0.7% |
| Taxes | 670/3 | €171,691 | €170,403 | -€1,287 | -0.7% |
| Profit (loss) for the period | 9904 | €372,639 | €377,018 | +€4,379 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €372,639 | €377,018 | +€4,379 | +1.2% |
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 28 October 2026 via checked.be.