FEG: 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.
FEG
Largest movements
- Receivables within one year -€126,873
down €126,873 (-45.8%), from €277,214 to €150,342
of which Trade receivables: -€118,428
- Tangible fixed assets -€65,894
down €65,894 (-20.0%), from €329,899 to €264,005
of which Furniture and vehicles: -€41,284
- Cash +€55,791
up €55,791 (+27.0%), from €206,636 to €262,427
mainly Receivables within one year (+€126,873) and Depreciation (+€83,213)
- Intangible fixed assets +€9,420
new in 2025: €9,420
- Trade debts -€111,231
down €111,231 (-61.1%), from €182,036 to €70,805
- Reserves -€60,865
down €60,865 (-18.7%), from €325,000 to €264,135
- Tax, wage and social debts +€28,551
up €28,551 (+76.6%), from €37,265 to €65,815
of which Remuneration and social security: +€14,683
- Accrued charges and deferred income +€15,201
up €15,201 (+880.1%), from €1,727 to €16,928
- Profit (loss) carried forward -€8,576
down €8,576 (-99.7%), from €8,602 to €26
- Staff costs +€39,044
up €39,044 (+15.7%), from €248,376 to €287,420
- Depreciation -€28,782
down €28,782 (-25.7%), from €111,995 to €83,213
- Gross operating margin +€5,523
up €5,523 (+1.4%), from €397,368 to €402,891
- Taxes -€5,471
down €5,471 (-46.9%), from €11,667 to €6,197
- Other operating charges -€4,410
down €4,410 (-36.7%), from €12,015 to €7,605
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €848,079 | €713,402 | -€134,677 | -15.9% |
| Fixed assets | 21/28 | €330,262 | €273,788 | -€56,474 | -17.1% |
| Intangible fixed assets | 21 | - | €9,420 | +€9,420 | |
| Tangible fixed assets | 22/27 | €329,899 | €264,005 | -€65,894 | -20.0% |
| Land and buildings | 22 | €161,763 | €148,946 | -€12,817 | -7.9% |
| Plant, machinery and equipment | 23 | €33,683 | €25,392 | -€8,290 | -24.6% |
| Furniture and vehicles | 24 | €130,951 | €89,666 | -€41,284 | -31.5% |
| Leasing and similar rights | 25 | €3,502 | - | -€3,502 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €517,817 | €439,614 | -€78,203 | -15.1% |
| Amounts receivable within one year | 40/41 | €277,214 | €150,342 | -€126,873 | -45.8% |
| Trade receivables | 40 | €255,082 | €136,654 | -€118,428 | -46.4% |
| Other amounts receivable | 41 | €22,133 | €13,688 | -€8,444 | -38.2% |
| Cash at bank and in hand | 54/58 | €206,636 | €262,427 | +€55,791 | +27.0% |
| Deferred charges and accrued income | 490/1 | €33,967 | €26,846 | -€7,121 | -21.0% |
| Total equity and liabilities | 10/49 | €848,079 | €713,402 | -€134,677 | -15.9% |
| Equity | 10/15 | €357,769 | €286,899 | -€70,870 | -19.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €325,000 | €264,135 | -€60,865 | -18.7% |
| Distributable reserves | 133 | €325,000 | €264,135 | -€60,865 | -18.7% |
| Profit (loss) carried forward | 14 | €8,602 | €26 | -€8,576 | -99.7% |
| Investment grants | 15 | €18,167 | €16,738 | -€1,429 | -7.9% |
| Amounts payable | 17/49 | €490,310 | €426,503 | -€63,807 | -13.0% |
| Amounts payable after more than one year | 17 | €210,055 | €211,592 | +€1,538 | +0.7% |
| Financial debts | 170/4 | €210,055 | €211,592 | +€1,538 | +0.7% |
| Amounts payable within one year | 42/48 | €278,528 | €197,983 | -€80,546 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €59,227 | €61,362 | +€2,135 | +3.6% |
| Trade debts | 44 | €182,036 | €70,805 | -€111,231 | -61.1% |
| Suppliers | 440/4 | €182,036 | €70,805 | -€111,231 | -61.1% |
| Taxes, remuneration and social security | 45 | €37,265 | €65,815 | +€28,551 | +76.6% |
| Taxes | 450/3 | €13,213 | €27,080 | +€13,868 | +105.0% |
| Remuneration and social security | 454/9 | €24,052 | €38,735 | +€14,683 | +61.0% |
| Accrued charges and deferred income | 492/3 | €1,727 | €16,928 | +€15,201 | +880.1% |
| Remuneration, social security and pensions | 62 | €248,376 | €287,420 | +€39,044 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,995 | €83,213 | -€28,782 | -25.7% |
| Other operating charges | 640/8 | €12,015 | €7,605 | -€4,410 | -36.7% |
| Gross operating margin | 9900 | €397,368 | €402,891 | +€5,523 | +1.4% |
| Operating profit (loss) | 9901 | €24,982 | €24,653 | -€329 | -1.3% |
| Financial income | 75/76B | €2,576 | €1,429 | -€1,147 | -44.5% |
| Recurring financial income | 75 | €2,576 | €1,429 | -€1,147 | -44.5% |
| Financial charges | 65/66B | €8,204 | €8,461 | +€258 | +3.1% |
| Recurring financial charges | 65 | €8,204 | €8,461 | +€258 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €19,354 | €17,620 | -€1,734 | -9.0% |
| Income taxes | 67/77 | €11,667 | €6,197 | -€5,471 | -46.9% |
| Profit (loss) for the period | 9904 | €7,687 | €11,424 | +€3,737 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,687 | €11,424 | +€3,737 | +48.6% |
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 12 October 2026 via checked.be.