FEETRA: 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.
FEETRA
Largest movements
- Stocks and contracts +€143,606
up €143,606 (+7.3%), from €2.0m to €2.1m
- Tangible fixed assets +€97,638
up €97,638 (+131%), from €74,551 to €172,189
of which Other tangible fixed assets: +€88,179
- Receivables within one year +€69,820
up €69,820 (+90.9%), from €76,795 to €146,615
of which Trade receivables: +€106,774
- Cash +€56,192
up €56,192 (+38.3%), from €146,781 to €202,973
mainly Net result for the year (+€289,959) and Short-term financial debts (+€81,158)
- Reserves +€150,000
up €150,000 (+38.5%), from €390,000 to €540,000
- Profit (loss) carried forward +€139,959
up €139,959 (+16.8%), from €833,711 to €973,670
- Tax, wage and social debts -€86,513
down €86,513 (-94.9%), from €91,195 to €4,682
of which Taxes: -€90,353
- Short-term financial debts +€81,158
up €81,158 (+19.4%), from €418,842 to €500,000
of which Credit institutions: +€466,158
- Advances received +€48,813
new in 2025: €48,813
- Gross operating margin +€93,105
up €93,105 (+22.6%), from €412,532 to €505,637
- Taxes -€66,744
down €66,744 (-49.4%), from €135,048 to €68,304
- Staff costs +€39,462
up €39,462 (+58.0%), from €67,983 to €107,445
- Financial income +€35,383
up €35,383 (+31,313%), from €113 to €35,496
of which Non-recurring financial income: +€35,267
- Other operating charges -€7,436
down €7,436 (-58.6%), from €12,696 to €5,260
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 | €2,256,993 | €2,635,382 | +€378,389 | +16.8% |
| Fixed assets | 21/28 | €74,551 | €172,189 | +€97,638 | +131% |
| Tangible fixed assets | 22/27 | €74,551 | €172,189 | +€97,638 | +131% |
| Plant, machinery and equipment | 23 | €52,351 | €36,843 | -€15,508 | -29.6% |
| Furniture and vehicles | 24 | €22,200 | €47,167 | +€24,967 | +112% |
| Other tangible fixed assets | 26 | - | €88,179 | +€88,179 | |
| Current assets | 29/58 | €2,182,442 | €2,463,192 | +€280,750 | +12.9% |
| Stocks and contracts in progress | 3 | €1,958,866 | €2,102,472 | +€143,606 | +7.3% |
| Stocks | 30/36 | €1,958,866 | €2,102,472 | +€143,606 | +7.3% |
| Amounts receivable within one year | 40/41 | €76,795 | €146,615 | +€69,820 | +90.9% |
| Trade receivables | 40 | - | €106,774 | +€106,774 | |
| Other amounts receivable | 41 | €76,795 | €39,841 | -€36,954 | -48.1% |
| Cash at bank and in hand | 54/58 | €146,781 | €202,973 | +€56,192 | +38.3% |
| Deferred charges and accrued income | 490/1 | - | €11,132 | +€11,132 | |
| Total equity and liabilities | 10/49 | €2,256,993 | €2,635,382 | +€378,389 | +16.8% |
| Equity | 10/15 | €1,242,311 | €1,532,270 | +€289,959 | +23.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €390,000 | €540,000 | +€150,000 | +38.5% |
| Distributable reserves | 133 | €390,000 | €540,000 | +€150,000 | +38.5% |
| Profit (loss) carried forward | 14 | €833,711 | €973,670 | +€139,959 | +16.8% |
| Amounts payable | 17/49 | €1,014,682 | €1,103,112 | +€88,430 | +8.7% |
| Amounts payable within one year | 42/48 | €1,014,682 | €1,103,112 | +€88,430 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | - | €33,700 | +€33,700 | |
| Financial debts | 43 | €418,842 | €500,000 | +€81,158 | +19.4% |
| Credit institutions | 430/8 | €33,842 | €500,000 | +€466,158 | +1,377% |
| Other loans | 439 | €385,000 | - | -€385,000 | |
| Trade debts | 44 | €203,637 | €188,620 | -€15,017 | -7.4% |
| Suppliers | 440/4 | €203,637 | €188,620 | -€15,017 | -7.4% |
| Advances received on contracts in progress | 46 | - | €48,813 | +€48,813 | |
| Taxes, remuneration and social security | 45 | €91,195 | €4,682 | -€86,513 | -94.9% |
| Taxes | 450/3 | €91,195 | €842 | -€90,353 | -99.1% |
| Remuneration and social security | 454/9 | - | €3,840 | +€3,840 | |
| Other amounts payable | 47/48 | €301,008 | €327,296 | +€26,288 | +8.7% |
| Remuneration, social security and pensions | 62 | €67,983 | €107,445 | +€39,462 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,330 | €27,715 | +€3,385 | +13.9% |
| Other operating charges | 640/8 | €12,696 | €5,260 | -€7,436 | -58.6% |
| Gross operating margin | 9900 | €412,532 | €505,637 | +€93,105 | +22.6% |
| Operating profit (loss) | 9901 | €307,523 | €365,218 | +€57,695 | +18.8% |
| Financial income | 75/76B | €113 | €35,496 | +€35,383 | +31,313% |
| Recurring financial income | 75 | €113 | €229 | +€116 | +103% |
| Non-recurring financial income | 76B | - | €35,267 | +€35,267 | |
| Financial charges | 65/66B | €42,822 | €42,451 | -€371 | -0.9% |
| Recurring financial charges | 65 | €42,822 | €42,048 | -€774 | -1.8% |
| Non-recurring financial charges | 66B | - | €402 | +€402 | |
| Profit (loss) for the period before taxes | 9903 | €264,814 | €358,263 | +€93,449 | +35.3% |
| Income taxes | 67/77 | €135,048 | €68,304 | -€66,744 | -49.4% |
| Profit (loss) for the period | 9904 | €129,766 | €289,959 | +€160,193 | +123% |
| Transfer to tax-exempt reserves | 689 | €120,000 | - | -€120,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,766 | €289,959 | +€280,193 | +2,869% |
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 26 October 2026 via checked.be.