FEDOR GROUP: 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.
FEDOR GROUP
Largest movements
- Receivables within one year +€81,610
up €81,610 (+46.8%), from €174,507 to €256,116
of which Trade receivables: +€54,505
- Cash +€38,247
up €38,247 (+108.3%), from €35,331 to €73,579
mainly Net result for the year (+€167,593) and Trade debts (+€51,179)
- Tangible fixed assets -€16,621
down €16,621 (-28.4%), from €58,620 to €41,999
of which Furniture and vehicles: -€20,593
- Reserves +€95,693
up €95,693 (+136.9%), from €69,895 to €165,588
- Other debts -€68,118
down €68,118 (-47.1%), from €144,627 to €76,509
- Trade debts +€51,179
new in 2025: €51,179
- Tax, wage and social debts +€31,888
up €31,888 (+118.4%), from €26,932 to €58,820
of which Taxes: +€30,188
- Debts after one year -€9,593
down €9,593 (-53.0%), from €18,097 to €8,504
- Turnover +€303,605
up €303,605 (+35.7%), from €851,139 to €1.2m
- Purchases and services +€224,767
up €224,767 (+35.6%), from €630,551 to €855,318
- Gross operating margin +€78,838
up €78,838 (+35.7%), from €220,588 to €299,426
- Write-downs +€47,335
new in 2025: €47,335
- Taxes +€37,479
up €37,479 (+150.6%), from €24,888 to €62,367
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 | €270,018 | €371,694 | +€101,675 | +37.7% |
| Fixed assets | 21/28 | €58,620 | €41,999 | -€16,621 | -28.4% |
| Tangible fixed assets | 22/27 | €58,620 | €41,999 | -€16,621 | -28.4% |
| Plant, machinery and equipment | 23 | €1,596 | €5,568 | +€3,972 | +248.9% |
| Furniture and vehicles | 24 | €57,024 | €36,431 | -€20,593 | -36.1% |
| Current assets | 29/58 | €211,398 | €329,695 | +€118,297 | +56.0% |
| Amounts receivable within one year | 40/41 | €174,507 | €256,116 | +€81,610 | +46.8% |
| Trade receivables | 40 | €168,625 | €223,130 | +€54,505 | +32.3% |
| Other amounts receivable | 41 | €5,881 | €32,986 | +€27,104 | +460.8% |
| Cash at bank and in hand | 54/58 | €35,331 | €73,579 | +€38,247 | +108.3% |
| Deferred charges and accrued income | 490/1 | €1,560 | - | -€1,560 | |
| Total equity and liabilities | 10/49 | €270,018 | €371,694 | +€101,675 | +37.7% |
| Equity | 10/15 | €71,395 | €167,088 | +€95,693 | +134.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €69,895 | €165,588 | +€95,693 | +136.9% |
| Distributable reserves | 133 | €69,895 | €165,588 | +€95,693 | +136.9% |
| Amounts payable | 17/49 | €198,623 | €204,606 | +€5,983 | +3.0% |
| Amounts payable after more than one year | 17 | €18,097 | €8,504 | -€9,593 | -53.0% |
| Financial debts | 170/4 | €18,097 | €8,504 | -€9,593 | -53.0% |
| Amounts payable within one year | 42/48 | €180,525 | €196,101 | +€15,576 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €8,966 | €9,593 | +€627 | +7.0% |
| Trade debts | 44 | - | €51,179 | +€51,179 | |
| Suppliers | 440/4 | - | €51,179 | +€51,179 | |
| Taxes, remuneration and social security | 45 | €26,932 | €58,820 | +€31,888 | +118.4% |
| Taxes | 450/3 | €26,932 | €57,120 | +€30,188 | +112.1% |
| Remuneration and social security | 454/9 | - | €1,700 | +€1,700 | |
| Other amounts payable | 47/48 | €144,627 | €76,509 | -€68,118 | -47.1% |
| Turnover | 70 | €851,139 | €1,154,744 | +€303,605 | +35.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €630,551 | €855,318 | +€224,767 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,624 | €11,857 | -€1,767 | -13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €47,335 | +€47,335 | |
| Other operating charges | 640/8 | €6,224 | €8,604 | +€2,380 | +38.2% |
| Gross operating margin | 9900 | €220,588 | €299,426 | +€78,838 | +35.7% |
| Operating profit (loss) | 9901 | €200,739 | €231,630 | +€30,890 | +15.4% |
| Financial income | 75/76B | €102 | - | -€102 | |
| Recurring financial income | 75 | €102 | - | -€102 | |
| Financial charges | 65/66B | €1,028 | €1,670 | +€642 | +62.5% |
| Recurring financial charges | 65 | €1,028 | €1,670 | +€642 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | €199,814 | €229,960 | +€30,146 | +15.1% |
| Income taxes | 67/77 | €24,888 | €62,367 | +€37,479 | +150.6% |
| Profit (loss) for the period | 9904 | €174,925 | €167,593 | -€7,333 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €174,925 | €167,593 | -€7,333 | -4.2% |
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 9 October 2026 via checked.be.