FEEM GROUP: 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.
FEEM GROUP
Largest movements
- Stocks and contracts +€56,359
up €56,359 (+130.1%), from €43,312 to €99,672
- Receivables within one year -€16,143
down €16,143 (-85.5%), from €18,881 to €2,738
of which Other amounts receivable: -€14,961
- Intangible fixed assets -€9,170
down €9,170 (-32.4%), from €28,292 to €19,122
- Cash +€2,106
up €2,106 (+13.3%), from €15,845 to €17,951
mainly Other debts (+€51,877) and Receivables within one year (+€16,143)
- Other debts +€51,877
up €51,877 (+348.7%), from €14,879 to €66,756
- Trade debts -€20,051
down €20,051 (-97.4%), from €20,584 to €533
- Reserves +€12,092
new in 2025: €12,092
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Tax, wage and social debts +€3,384
new in 2025: €3,384
- Gross operating margin -€7,619
down €7,619 (-21.0%), from €36,320 to €28,701
- Taxes +€3,241
up €3,241, from -€17 to €3,223
- Depreciation +€1,804
up €1,804 (+17.7%), from €10,168 to €11,972
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 | €111,337 | €144,968 | +€33,631 | +30.2% |
| Fixed assets | 21/28 | €32,692 | €23,134 | -€9,559 | -29.2% |
| Intangible fixed assets | 21 | €28,292 | €19,122 | -€9,170 | -32.4% |
| Tangible fixed assets | 22/27 | €4,400 | €4,011 | -€389 | -8.8% |
| Plant, machinery and equipment | 23 | €4,400 | €2,200 | -€2,200 | -50.0% |
| Furniture and vehicles | 24 | - | €1,811 | +€1,811 | |
| Current assets | 29/58 | €78,645 | €121,834 | +€43,189 | +54.9% |
| Stocks and contracts in progress | 3 | €43,312 | €99,672 | +€56,359 | +130.1% |
| Stocks | 30/36 | €43,312 | €99,672 | +€56,359 | +130.1% |
| Amounts receivable within one year | 40/41 | €18,881 | €2,738 | -€16,143 | -85.5% |
| Trade receivables | 40 | €3,920 | €2,738 | -€1,182 | -30.2% |
| Other amounts receivable | 41 | €14,961 | - | -€14,961 | |
| Cash at bank and in hand | 54/58 | €15,845 | €17,951 | +€2,106 | +13.3% |
| Deferred charges and accrued income | 490/1 | €607 | €1,473 | +€867 | +142.8% |
| Total equity and liabilities | 10/49 | €111,337 | €144,968 | +€33,631 | +30.2% |
| Equity | 10/15 | €59,637 | €72,092 | +€12,454 | +20.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | - | €12,092 | +€12,092 | |
| Distributable reserves | 133 | - | €12,092 | +€12,092 | |
| Profit (loss) carried forward | 14 | -€363 | - | +€363 | |
| Amounts payable | 17/49 | €51,700 | €72,876 | +€21,176 | +41.0% |
| Amounts payable after more than one year | 17 | €2,134 | - | -€2,134 | |
| Financial debts | 170/4 | €2,134 | - | -€2,134 | |
| Amounts payable within one year | 42/48 | €49,566 | €72,807 | +€23,241 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €4,103 | €2,134 | -€1,969 | -48.0% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Other loans | 439 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €20,584 | €533 | -€20,051 | -97.4% |
| Suppliers | 440/4 | €20,584 | €533 | -€20,051 | -97.4% |
| Taxes, remuneration and social security | 45 | - | €3,384 | +€3,384 | |
| Taxes | 450/3 | - | €3,384 | +€3,384 | |
| Other amounts payable | 47/48 | €14,879 | €66,756 | +€51,877 | +348.7% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,168 | €11,972 | +€1,804 | +17.7% |
| Other operating charges | 640/8 | €193 | €229 | +€36 | +18.4% |
| Gross operating margin | 9900 | €36,320 | €28,701 | -€7,619 | -21.0% |
| Operating profit (loss) | 9901 | €25,959 | €16,500 | -€9,459 | -36.4% |
| Financial charges | 65/66B | €733 | €823 | +€89 | +12.2% |
| Recurring financial charges | 65 | €733 | €823 | +€89 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €25,225 | €15,677 | -€9,548 | -37.8% |
| Income taxes | 67/77 | -€17 | €3,223 | +€3,241 | |
| Profit (loss) for the period | 9904 | €25,242 | €12,454 | -€12,788 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,242 | €12,454 | -€12,788 | -50.7% |
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.