FEGARDER: 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.
FEGARDER
Largest movements
- Stocks and contracts -€551,507
down €551,507 (-13.2%), from €4.2m to €3.6m
- Cash -€197,695
down €197,695 (-73.8%), from €267,778 to €70,084
mainly Short-term financial debts (-€505,575) and Receivables within one year (-€112,256)
- Receivables within one year +€112,256
up €112,256 (+445%), from €25,244 to €137,500
of which Trade receivables: +€123,500
- Short-term financial debts -€505,575
down €505,575 (-17.9%), from €2.8m to €2.3m
of which Other loans: -€505,740
- Reserves -€98,024
down €98,024 (-21.3%), from €459,581 to €361,557
of which Distributable reserves: -€98,024
- Financial income -€140,000
down €140,000 (-100.0%), from €140,000 to €0
- Gross operating margin -€80,862
down €80,862, from €55,955 to -€24,906
- Financial charges -€37,572
down €37,572 (-36.1%), from €104,149 to €66,577
- Other operating charges +€6,250
up €6,250 (+2,149%), from €291 to €6,541
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 | €7,023,265 | €6,390,651 | -€632,614 | -9.0% |
| Fixed assets | 21/28 | €2,556,843 | €2,556,843 | = | 0.0% |
| Financial fixed assets | 28 | €2,556,843 | €2,556,843 | = | 0.0% |
| Current assets | 29/58 | €4,466,422 | €3,833,808 | -€632,614 | -14.2% |
| Stocks and contracts in progress | 3 | €4,166,042 | €3,614,535 | -€551,507 | -13.2% |
| Stocks | 30/36 | €4,166,042 | €3,614,535 | -€551,507 | -13.2% |
| Amounts receivable within one year | 40/41 | €25,244 | €137,500 | +€112,256 | +445% |
| Trade receivables | 40 | €14,000 | €137,500 | +€123,500 | +882% |
| Other amounts receivable | 41 | €11,244 | €0 | -€11,244 | -100% |
| Cash at bank and in hand | 54/58 | €267,778 | €70,084 | -€197,695 | -73.8% |
| Deferred charges and accrued income | 490/1 | €7,358 | €11,689 | +€4,331 | +58.9% |
| Total equity and liabilities | 10/49 | €7,023,265 | €6,390,651 | -€632,614 | -9.0% |
| Equity | 10/15 | €1,359,868 | €1,261,845 | -€98,024 | -7.2% |
| Contributions | 10/11 | €900,288 | €900,288 | = | 0.0% |
| Capital | 10 | €900,288 | €900,288 | = | 0.0% |
| Issued capital | 100 | €900,288 | €900,288 | = | 0.0% |
| Reserves | 13 | €459,581 | €361,557 | -€98,024 | -21.3% |
| Non-distributable reserves | 130/1 | €38,401 | €38,401 | = | 0.0% |
| Legal reserve | 130 | €38,401 | €38,401 | = | 0.0% |
| Distributable reserves | 133 | €421,179 | €323,155 | -€98,024 | -23.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,663,397 | €5,128,807 | -€534,590 | -9.4% |
| Amounts payable within one year | 42/48 | €5,663,134 | €5,128,766 | -€534,368 | -9.4% |
| Financial debts | 43 | €2,828,366 | €2,322,791 | -€505,575 | -17.9% |
| Credit institutions | 430/8 | €5,866 | €6,032 | +€166 | +2.8% |
| Other loans | 439 | €2,822,500 | €2,316,760 | -€505,740 | -17.9% |
| Trade debts | 44 | €0 | €8,641 | +€8,641 | |
| Suppliers | 440/4 | €0 | €8,641 | +€8,641 | |
| Taxes, remuneration and social security | 45 | €4,258 | €2,585 | -€1,673 | -39.3% |
| Taxes | 450/3 | €4,258 | €2,585 | -€1,673 | -39.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,830,510 | €2,794,748 | -€35,762 | -1.3% |
| Accrued charges and deferred income | 492/3 | €263 | €41 | -€222 | -84.3% |
| Other operating charges | 640/8 | €291 | €6,541 | +€6,250 | +2,149% |
| Gross operating margin | 9900 | €55,955 | -€24,906 | -€80,862 | |
| Operating profit (loss) | 9901 | €55,664 | -€31,447 | -€87,112 | |
| Financial income | 75/76B | €140,000 | €0 | -€140,000 | -100.0% |
| Recurring financial income | 75 | €140,000 | €0 | -€140,000 | -100.0% |
| Financial charges | 65/66B | €104,149 | €66,577 | -€37,572 | -36.1% |
| Recurring financial charges | 65 | €104,149 | €66,577 | -€37,572 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €91,516 | -€98,024 | -€189,539 | |
| Profit (loss) for the period | 9904 | €91,516 | -€98,024 | -€189,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,516 | -€98,024 | -€189,539 |
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 23 October 2026 via checked.be.