FEG-PARTNER: 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-PARTNER
Largest movements
- Receivables within one year +€761,316
up €761,316 (+171.6%), from €443,752 to €1.2m
of which Trade receivables: +€758,991
- Tangible fixed assets +€658,796
up €658,796 (+33.1%), from €2.0m to €2.6m
of which Plant, machinery and equipment: +€394,859
- Debts after one year +€511,805
up €511,805 (+35.2%), from €1.5m to €2.0m
- Trade debts +€381,672
up €381,672 (+84.0%), from €454,623 to €836,295
- Profit (loss) carried forward +€323,938
up €323,938 (+162.1%), from €199,826 to €523,764
- Tax, wage and social debts +€126,885
up €126,885 (+311.1%), from €40,782 to €167,668
of which Taxes: +€127,249
- Short-term financial debts +€59,749
up €59,749 (+30.4%), from €196,317 to €256,066
- Gross operating margin +€458,742
up €458,742 (+74.9%), from €612,620 to €1.1m
- Taxes +€66,883
new in 2025: €66,883
- Depreciation +€63,504
up €63,504 (+36.7%), from €173,225 to €236,729
- Other operating charges +€46,075
up €46,075 (+270.2%), from €17,052 to €63,127
- Staff costs +€32,684
up €32,684 (+12.4%), from €262,653 to €295,336
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 | €2,436,426 | €3,883,436 | +€1.4m | +59.4% |
| Fixed assets | 21/28 | €1,989,623 | €2,648,419 | +€658,796 | +33.1% |
| Tangible fixed assets | 22/27 | €1,989,125 | €2,647,921 | +€658,796 | +33.1% |
| Land and buildings | 22 | €562,777 | €693,940 | +€131,164 | +23.3% |
| Plant, machinery and equipment | 23 | €769,501 | €1,164,361 | +€394,859 | +51.3% |
| Furniture and vehicles | 24 | €512,006 | €666,632 | +€154,626 | +30.2% |
| Other tangible fixed assets | 26 | €144,841 | €122,988 | -€21,853 | -15.1% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €446,803 | €1,235,017 | +€788,214 | +176.4% |
| Amounts receivable within one year | 40/41 | €443,752 | €1,205,068 | +€761,316 | +171.6% |
| Trade receivables | 40 | €418,090 | €1,177,081 | +€758,991 | +181.5% |
| Other amounts receivable | 41 | €25,662 | €27,986 | +€2,325 | +9.1% |
| Cash at bank and in hand | 54/58 | €1,934 | €28,850 | +€26,917 | +1391.9% |
| Deferred charges and accrued income | 490/1 | €1,118 | €1,099 | -€18 | -1.6% |
| Total equity and liabilities | 10/49 | €2,436,426 | €3,883,436 | +€1.4m | +59.4% |
| Equity | 10/15 | €228,426 | €552,364 | +€323,938 | +141.8% |
| Contributions | 10/11 | €28,600 | €28,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,826 | €523,764 | +€323,938 | +162.1% |
| Amounts payable | 17/49 | €2,208,000 | €3,331,072 | +€1.1m | +50.9% |
| Amounts payable after more than one year | 17 | €1,453,925 | €1,965,730 | +€511,805 | +35.2% |
| Financial debts | 170/4 | €1,453,925 | €1,965,730 | +€511,805 | +35.2% |
| Amounts payable within one year | 42/48 | €754,075 | €1,365,342 | +€611,267 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €26,661 | €85,867 | +€59,206 | +222.1% |
| Financial debts | 43 | €196,317 | €256,066 | +€59,749 | +30.4% |
| Credit institutions | 430/8 | €196,317 | €256,066 | +€59,749 | +30.4% |
| Trade debts | 44 | €454,623 | €836,295 | +€381,672 | +84.0% |
| Suppliers | 440/4 | €454,623 | €836,295 | +€381,672 | +84.0% |
| Taxes, remuneration and social security | 45 | €40,782 | €167,668 | +€126,885 | +311.1% |
| Taxes | 450/3 | €40,419 | €167,668 | +€127,249 | +314.8% |
| Remuneration and social security | 454/9 | €363 | - | -€363 | |
| Other amounts payable | 47/48 | €35,692 | €19,446 | -€16,246 | -45.5% |
| Non-recurring operating income | 76A | €10,614 | €4,877 | -€5,737 | -54.1% |
| Remuneration, social security and pensions | 62 | €262,653 | €295,336 | +€32,684 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,225 | €236,729 | +€63,504 | +36.7% |
| Other operating charges | 640/8 | €17,052 | €63,127 | +€46,075 | +270.2% |
| Non-recurring operating charges | 66A | - | €826 | +€826 | |
| Gross operating margin | 9900 | €612,620 | €1,071,362 | +€458,742 | +74.9% |
| Operating profit (loss) | 9901 | €159,691 | €475,344 | +€315,653 | +197.7% |
| Financial income | 75/76B | €21 | €1,525 | +€1,504 | +7195.1% |
| Recurring financial income | 75 | €21 | €1,525 | +€1,504 | +7195.1% |
| Financial charges | 65/66B | €70,506 | €86,048 | +€15,542 | +22.0% |
| Recurring financial charges | 65 | €70,506 | €86,048 | +€15,542 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €89,206 | €390,821 | +€301,615 | +338.1% |
| Income taxes | 67/77 | - | €66,883 | +€66,883 | |
| Profit (loss) for the period | 9904 | €89,206 | €323,938 | +€234,732 | +263.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,206 | €323,938 | +€234,732 | +263.1% |
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.