FEEL: 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.
FEEL
Largest movements
- Stocks and contracts -€8,950
down €8,950 (-26.2%), from €34,125 to €25,176
- Tangible fixed assets -€7,536
down €7,536 (-20.6%), from €36,550 to €29,013
of which Furniture and vehicles: -€5,734
- Cash +€6,634
up €6,634 (+49.2%), from €13,472 to €20,106
mainly Net result for the year (+€11,290) and Depreciation (+€10,109)
- Receivables within one year +€4,797
up €4,797 (+57.2%), from €8,386 to €13,183
- Reserves +€11,290
up €11,290 (+45.6%), from €24,778 to €36,068
- Debts after one year -€7,281
down €7,281 (-40.3%), from €18,078 to €10,797
- Trade debts -€5,627
down €5,627 (-16.6%), from €33,822 to €28,195
- Tax, wage and social debts -€4,607
no longer reported in 2025 (was €4,607)
- Gross operating margin -€7,099
down €7,099 (-20.0%), from €35,535 to €28,437
- Taxes +€1,170
up €1,170 (+33.5%), from €3,496 to €4,666
- Financial charges -€558
down €558 (-32.1%), from €1,736 to €1,178
of which Non-recurring financial charges: -€602
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 | €92,684 | €87,650 | -€5,033 | -5.4% |
| Fixed assets | 21/28 | €36,550 | €29,013 | -€7,536 | -20.6% |
| Tangible fixed assets | 22/27 | €36,550 | €29,013 | -€7,536 | -20.6% |
| Plant, machinery and equipment | 23 | €9,451 | €7,649 | -€1,802 | -19.1% |
| Furniture and vehicles | 24 | €27,099 | €21,364 | -€5,734 | -21.2% |
| Current assets | 29/58 | €56,134 | €58,637 | +€2,503 | +4.5% |
| Stocks and contracts in progress | 3 | €34,125 | €25,176 | -€8,950 | -26.2% |
| Stocks | 30/36 | €34,125 | €25,176 | -€8,950 | -26.2% |
| Amounts receivable within one year | 40/41 | €8,386 | €13,183 | +€4,797 | +57.2% |
| Other amounts receivable | 41 | €8,386 | €13,183 | +€4,797 | +57.2% |
| Cash at bank and in hand | 54/58 | €13,472 | €20,106 | +€6,634 | +49.2% |
| Deferred charges and accrued income | 490/1 | €151 | €173 | +€21 | +14.2% |
| Total equity and liabilities | 10/49 | €92,684 | €87,650 | -€5,033 | -5.4% |
| Equity | 10/15 | €26,778 | €38,068 | +€11,290 | +42.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €24,778 | €36,068 | +€11,290 | +45.6% |
| Distributable reserves | 133 | €24,778 | €36,068 | +€11,290 | +45.6% |
| Amounts payable | 17/49 | €65,906 | €49,582 | -€16,323 | -24.8% |
| Amounts payable after more than one year | 17 | €18,078 | €10,797 | -€7,281 | -40.3% |
| Financial debts | 170/4 | €18,078 | €10,797 | -€7,281 | -40.3% |
| Amounts payable within one year | 42/48 | €47,828 | €37,859 | -€9,969 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €9,399 | €9,664 | +€265 | +2.8% |
| Trade debts | 44 | €33,822 | €28,195 | -€5,627 | -16.6% |
| Suppliers | 440/4 | €33,822 | €28,195 | -€5,627 | -16.6% |
| Taxes, remuneration and social security | 45 | €4,607 | - | -€4,607 | |
| Taxes | 450/3 | €4,607 | - | -€4,607 | |
| Accrued charges and deferred income | 492/3 | - | €926 | +€926 | |
| Non-recurring operating income | 76A | €10 | €9 | -€1 | -10.9% |
| Remuneration, social security and pensions | 62 | €325 | €347 | +€22 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,014 | €10,109 | +€95 | +1.0% |
| Other operating charges | 640/8 | €883 | €912 | +€30 | +3.4% |
| Non-recurring operating charges | 66A | €7,464 | €23 | -€7,441 | -99.7% |
| Gross operating margin | 9900 | €35,535 | €28,437 | -€7,099 | -20.0% |
| Operating profit (loss) | 9901 | €16,849 | €17,044 | +€196 | +1.2% |
| Financial income | 75/76B | €2 | €90 | +€87 | +4183.7% |
| Recurring financial income | 75 | €2 | €90 | +€87 | +4183.7% |
| Financial charges | 65/66B | €1,736 | €1,178 | -€558 | -32.1% |
| Recurring financial charges | 65 | €1,007 | €1,051 | +€44 | +4.3% |
| Non-recurring financial charges | 66B | €729 | €127 | -€602 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | €15,115 | €15,956 | +€841 | +5.6% |
| Income taxes | 67/77 | €3,496 | €4,666 | +€1,170 | +33.5% |
| Profit (loss) for the period | 9904 | €11,619 | €11,290 | -€329 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,619 | €11,290 | -€329 | -2.8% |
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 6 October 2026 via checked.be.