FEDRAC: 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.
What changed
FEDRAC
NACE 70.100, Activities of head offices
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,993
2024 · €1.4m-€1.4m
Equity
€2.4m
2024 · €2.4m+€10,993
Cash
€316
2024 · €298+€18
Balance sheet total
€5.7m
2024 · €5.0m+€717,539
Largest movements
Assets
- Receivables after one year +€556,325
up €556,325 (+25.9%), from €2.2m to €2.7m
- Receivables within one year +€209,849
up €209,849 (+158.3%), from €132,537 to €342,385
of which Other amounts receivable: +€108,471
Equity and liabilities
- Other debts +€684,684
up €684,684 (+883.0%), from €77,542 to €762,226
Income statement
- Gross operating margin -€1.9m
down €1.9m (-92.8%), from €2.1m to €150,488
- Taxes -€478,862
down €478,862 (-100.0%), from €478,862 to €0
- Financial charges -€27,866
down €27,866 (-29.4%), from €94,670 to €66,804
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.
Result 2024
€1.4m
Gross operating margin
-€1.9m
Staff costs
+€2,397
Depreciation
+€390
Other operating charges
+€15,449
Other operating items
+€2,837
Financial income
-€5,962
Financial charges
+€27,866
Taxes
+€478,862
Result 2025
€10,993
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.
From operations
-€14,572
Investment
€0
Financing
+€14,590
Cash 2024
€298
From operations (derived)
-€14,572
Net result for the year
+€10,993
Depreciation
+€49,787
Receivables after one year
-€556,325
Receivables within one year
-€209,849
Deferred charges and accrued income
-€1,135
Provisions
-€2,602
Trade debts
+€34,973
Tax, wage and social debts
+€13,757
Other debts
+€684,684
Accrued charges and deferred income
-€38,857
Financing
+€14,590
Debts after one year
-€7,254
Current portion of long-term debt
+€29,144
Short-term financial debts
-€7,299
Cash 2025
€316
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,025,923 | €5,743,462 | +€717,539 | +14.3% |
| Fixed assets | 21/28 | €2,738,026 | €2,688,239 | -€49,787 | -1.8% |
| Tangible fixed assets | 22/27 | €1,736,072 | €1,686,285 | -€49,787 | -2.9% |
| Land and buildings | 22 | €1,693,563 | €1,660,266 | -€33,297 | -2.0% |
| Furniture and vehicles | 24 | €1,330 | €779 | -€550 | -41.4% |
| Leasing and similar rights | 25 | €41,180 | €25,239 | -€15,940 | -38.7% |
| Financial fixed assets | 28 | €1,001,954 | €1,001,954 | = | 0.0% |
| Current assets | 29/58 | €2,287,897 | €3,055,223 | +€767,326 | +33.5% |
| Amounts receivable after more than one year | 29 | €2,150,000 | €2,706,325 | +€556,325 | +25.9% |
| Other amounts receivable | 291 | €2,150,000 | €2,706,325 | +€556,325 | +25.9% |
| Amounts receivable within one year | 40/41 | €132,537 | €342,385 | +€209,849 | +158.3% |
| Trade receivables | 40 | €42,137 | €143,514 | +€101,378 | +240.6% |
| Other amounts receivable | 41 | €90,400 | €198,871 | +€108,471 | +120.0% |
| Cash at bank and in hand | 54/58 | €298 | €316 | +€18 | +6.0% |
| Deferred charges and accrued income | 490/1 | €5,063 | €6,197 | +€1,135 | +22.4% |
| Total equity and liabilities | 10/49 | €5,025,923 | €5,743,462 | +€717,539 | +14.3% |
| Equity | 10/15 | €2,430,253 | €2,441,247 | +€10,993 | +0.5% |
| Contributions | 10/11 | €80,600 | €80,600 | = | 0.0% |
| Capital | 10 | €80,600 | €80,600 | = | 0.0% |
| Issued capital | 100 | €80,600 | €80,600 | = | 0.0% |
| Reserves | 13 | €892,809 | €885,004 | -€7,805 | -0.9% |
| Non-distributable reserves | 130/1 | €8,060 | €8,060 | = | 0.0% |
| Legal reserve | 130 | €8,060 | €8,060 | = | 0.0% |
| Tax-exempt reserves | 132 | €144,438 | €136,634 | -€7,805 | -5.4% |
| Distributable reserves | 133 | €740,311 | €740,311 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,456,844 | €1,475,642 | +€18,798 | +1.3% |
| Provisions and deferred taxes | 16 | €48,146 | €45,545 | -€2,602 | -5.4% |
| Deferred taxes | 168 | €48,146 | €45,545 | -€2,602 | -5.4% |
| Amounts payable | 17/49 | €2,547,524 | €3,256,671 | +€709,147 | +27.8% |
| Amounts payable after more than one year | 17 | €2,136,499 | €2,129,245 | -€7,254 | -0.3% |
| Financial debts | 170/4 | €2,136,499 | €2,129,245 | -€7,254 | -0.3% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €372,168 | €1,127,426 | +€755,258 | +202.9% |
| Current portion of amounts payable after more than one year | 42 | €110,196 | €139,339 | +€29,144 | +26.4% |
| Financial debts | 43 | €23,628 | €16,328 | -€7,299 | -30.9% |
| Credit institutions | 430/8 | €23,628 | €16,328 | -€7,299 | -30.9% |
| Trade debts | 44 | €116,631 | €151,604 | +€34,973 | +30.0% |
| Suppliers | 440/4 | €116,631 | €151,604 | +€34,973 | +30.0% |
| Taxes, remuneration and social security | 45 | €44,172 | €57,929 | +€13,757 | +31.1% |
| Taxes | 450/3 | €44,172 | €57,929 | +€13,757 | +31.1% |
| Other amounts payable | 47/48 | €77,542 | €762,226 | +€684,684 | +883.0% |
| Accrued charges and deferred income | 492/3 | €38,857 | €0 | -€38,857 | -100.0% |
| Non-recurring operating income | 76A | €1,918,992 | €0 | -€1.9m | -100.0% |
| Remuneration, social security and pensions | 62 | €6,684 | €4,287 | -€2,397 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,177 | €49,787 | -€390 | -0.8% |
| Other operating charges | 640/8 | €36,992 | €21,542 | -€15,449 | -41.8% |
| Non-recurring operating charges | 66A | €2,512 | -€325 | -€2,837 | |
| Gross operating margin | 9900 | €2,080,396 | €150,488 | -€1.9m | -92.8% |
| Operating profit (loss) | 9901 | €1,984,030 | €75,196 | -€1.9m | -96.2% |
| Financial income | 75/76B | €5,962 | €0 | -€5,962 | -100.0% |
| Recurring financial income | 75 | €5,962 | €0 | -€5,962 | -100.0% |
| Financial charges | 65/66B | €94,670 | €66,804 | -€27,866 | -29.4% |
| Recurring financial charges | 65 | €94,670 | €66,804 | -€27,866 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €1,895,322 | €8,392 | -€1.9m | -99.6% |
| Transfer from deferred taxes | 780 | €2,602 | €2,602 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €478,862 | €0 | -€478,862 | -100.0% |
| Profit (loss) for the period | 9904 | €1,419,061 | €10,993 | -€1.4m | -99.2% |
| Transfer from tax-exempt reserves | 789 | €37,783 | €7,805 | -€29,978 | -79.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,456,844 | €18,798 | -€1.4m | -98.7% |
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 9 October 2026 via checked.be.