FEFSON: 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.
FEFSON
Largest movements
- Receivables within one year -€17,384
down €17,384 (-51.1%), from €34,007 to €16,623
of which Trade receivables: -€17,743
- Cash +€16,727
up €16,727 (+43.7%), from €38,251 to €54,978
mainly Receivables within one year (+€17,384) and Depreciation (+€15,872)
- Tangible fixed assets -€8,466
down €8,466 (-15.4%), from €55,110 to €46,644
of which Furniture and vehicles: -€7,330
- Deferred charges and accrued income -€5,622
down €5,622 (-44.2%), from €12,726 to €7,104
- Tax, wage and social debts -€8,608
down €8,608 (-86.7%), from €9,928 to €1,321
- Reserves -€3,778
down €3,778 (-3.5%), from €106,632 to €102,854
of which Distributable reserves: -€3,778
- Trade debts -€3,147
down €3,147 (-81.8%), from €3,847 to €700
- Gross operating margin +€4,164
up €4,164 (+21.0%), from €19,808 to €23,972
- Depreciation +€2,565
up €2,565 (+19.3%), from €13,308 to €15,872
- Taxes +€1,842
up €1,842 (+149.4%), from €1,232 to €3,074
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 | €140,121 | €125,375 | -€14,745 | -10.5% |
| Fixed assets | 21/28 | €55,137 | €46,671 | -€8,466 | -15.4% |
| Tangible fixed assets | 22/27 | €55,110 | €46,644 | -€8,466 | -15.4% |
| Plant, machinery and equipment | 23 | €6,125 | €4,989 | -€1,136 | -18.5% |
| Furniture and vehicles | 24 | €48,985 | €41,656 | -€7,330 | -15.0% |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €84,984 | €78,705 | -€6,279 | -7.4% |
| Amounts receivable within one year | 40/41 | €34,007 | €16,623 | -€17,384 | -51.1% |
| Trade receivables | 40 | €34,007 | €16,264 | -€17,743 | -52.2% |
| Other amounts receivable | 41 | - | €359 | +€359 | |
| Cash at bank and in hand | 54/58 | €38,251 | €54,978 | +€16,727 | +43.7% |
| Deferred charges and accrued income | 490/1 | €12,726 | €7,104 | -€5,622 | -44.2% |
| Total equity and liabilities | 10/49 | €140,121 | €125,375 | -€14,745 | -10.5% |
| Equity | 10/15 | €125,269 | €121,491 | -€3,778 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,632 | €102,854 | -€3,778 | -3.5% |
| Tax-exempt reserves | 132 | €327 | €327 | = | 0.0% |
| Distributable reserves | 133 | €106,305 | €102,527 | -€3,778 | -3.6% |
| Profit (loss) carried forward | 14 | €37 | €37 | = | 0.0% |
| Amounts payable | 17/49 | €14,852 | €3,884 | -€10,967 | -73.8% |
| Amounts payable after more than one year | 17 | €1,076 | €1,863 | +€787 | +73.1% |
| Other amounts payable | 178/9 | €1,076 | €1,863 | +€787 | +73.1% |
| Amounts payable within one year | 42/48 | €13,775 | €2,021 | -€11,754 | -85.3% |
| Trade debts | 44 | €3,847 | €700 | -€3,147 | -81.8% |
| Suppliers | 440/4 | €3,847 | €700 | -€3,147 | -81.8% |
| Taxes, remuneration and social security | 45 | €9,928 | €1,321 | -€8,608 | -86.7% |
| Taxes | 450/3 | €9,928 | €1,321 | -€8,608 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,308 | €15,872 | +€2,565 | +19.3% |
| Other operating charges | 640/8 | €664 | €753 | +€88 | +13.3% |
| Gross operating margin | 9900 | €19,808 | €23,972 | +€4,164 | +21.0% |
| Operating profit (loss) | 9901 | €5,836 | €7,347 | +€1,511 | +25.9% |
| Financial income | 75/76B | €163 | €172 | +€9 | +5.5% |
| Recurring financial income | 75 | €163 | €172 | +€9 | +5.5% |
| Financial charges | 65/66B | €112 | €222 | +€111 | +99.1% |
| Recurring financial charges | 65 | €112 | €222 | +€111 | +99.1% |
| Profit (loss) for the period before taxes | 9903 | €5,887 | €7,296 | +€1,409 | +23.9% |
| Income taxes | 67/77 | €1,232 | €3,074 | +€1,842 | +149.4% |
| Profit (loss) for the period | 9904 | €4,655 | €4,222 | -€432 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,655 | €4,222 | -€432 | -9.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.