FEGEPRO: 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.
FEGEPRO
Largest movements
- Tangible fixed assets -€3.5m
down €3.5m (-27.4%), from €12.6m to €9.2m
of which Land and buildings: -€3.2m
- Receivables within one year -€332,518
down €332,518 (-41.9%), from €794,210 to €461,692
of which Other amounts receivable: -€270,322
- Other debts -€2.7m
down €2.7m (-34.8%), from €7.7m to €5.0m
- Revaluation surpluses -€2.1m
down €2.1m (-100.0%), from €2.1m to €0
- Reserves +€1.3m
up €1.3m (+60.6%), from €2.2m to €3.5m
of which Distributable reserves: +€761,603
- Trade debts -€581,051
down €581,051 (-86.5%), from €671,944 to €90,893
- Debts after one year -€226,862
down €226,862 (-9.6%), from €2.4m to €2.1m
- Gross operating margin +€2.2m
up €2.2m (+529.9%), from €424,626 to €2.7m
- Financial charges +€248,215
up €248,215 (+140.3%), from €176,973 to €425,189
of which Financial charges: +€137,220
- Depreciation +€163,305
up €163,305 (+43.0%), from €379,814 to €543,118
- Financial income +€123,543
up €123,543 (+2820610.3%), from €4 to €123,547
- Staff costs +€89,961
up €89,961 (+51.7%), from €173,919 to €263,879
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 | €15,622,567 | €11,700,643 | -€3.9m | -25.1% |
| Fixed assets | 21/28 | €14,588,420 | €11,124,112 | -€3.5m | -23.7% |
| Tangible fixed assets | 22/27 | €12,649,225 | €9,184,917 | -€3.5m | -27.4% |
| Land and buildings | 22 | €10,941,028 | €7,698,891 | -€3.2m | -29.6% |
| Furniture and vehicles | 24 | €26,022 | €40,851 | +€14,829 | +57.0% |
| Other tangible fixed assets | 26 | €1,680,180 | €1,445,175 | -€235,005 | -14.0% |
| Assets under construction and advance payments | 27 | €1,995 | €0 | -€1,995 | -100.0% |
| Financial fixed assets | 28 | €1,939,195 | €1,939,195 | = | 0.0% |
| Current assets | 29/58 | €1,034,147 | €576,531 | -€457,617 | -44.3% |
| Amounts receivable within one year | 40/41 | €794,210 | €461,692 | -€332,518 | -41.9% |
| Trade receivables | 40 | €97,747 | €35,551 | -€62,196 | -63.6% |
| Other amounts receivable | 41 | €696,463 | €426,141 | -€270,322 | -38.8% |
| Cash at bank and in hand | 54/58 | €210,323 | €114,107 | -€96,215 | -45.7% |
| Deferred charges and accrued income | 490/1 | €29,615 | €731 | -€28,884 | -97.5% |
| Total equity and liabilities | 10/49 | €15,622,567 | €11,700,643 | -€3.9m | -25.1% |
| Equity | 10/15 | €4,316,431 | €3,533,223 | -€783,208 | -18.1% |
| Contributions | 10/11 | €24,955 | €24,955 | = | 0.0% |
| Revaluation surpluses | 12 | €2,107,107 | €0 | -€2.1m | -100.0% |
| Reserves | 13 | €2,184,368 | €3,508,267 | +€1.3m | +60.6% |
| Tax-exempt reserves | 132 | €371,368 | €933,665 | +€562,297 | +151.4% |
| Distributable reserves | 133 | €1,813,000 | €2,574,603 | +€761,603 | +42.0% |
| Provisions and deferred taxes | 16 | €123,789 | €311,222 | +€187,432 | +151.4% |
| Deferred taxes | 168 | €123,789 | €311,222 | +€187,432 | +151.4% |
| Amounts payable | 17/49 | €11,182,347 | €7,856,199 | -€3.3m | -29.7% |
| Amounts payable after more than one year | 17 | €2,362,850 | €2,135,989 | -€226,862 | -9.6% |
| Financial debts | 170/4 | €2,362,850 | €2,135,989 | -€226,862 | -9.6% |
| Amounts payable within one year | 42/48 | €8,638,428 | €5,417,924 | -€3.2m | -37.3% |
| Current portion of amounts payable after more than one year | 42 | €241,984 | €245,615 | +€3,630 | +1.5% |
| Trade debts | 44 | €671,944 | €90,893 | -€581,051 | -86.5% |
| Suppliers | 440/4 | €671,944 | €90,893 | -€581,051 | -86.5% |
| Advances received on contracts in progress | 46 | €942 | €630 | -€312 | -33.2% |
| Taxes, remuneration and social security | 45 | €14,734 | €52,786 | +€38,052 | +258.3% |
| Taxes | 450/3 | - | €31,327 | +€31,327 | |
| Remuneration and social security | 454/9 | €14,734 | €21,458 | +€6,724 | +45.6% |
| Other amounts payable | 47/48 | €7,708,824 | €5,028,002 | -€2.7m | -34.8% |
| Accrued charges and deferred income | 492/3 | €181,069 | €302,286 | +€121,217 | +66.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €173,919 | €263,879 | +€89,961 | +51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €379,814 | €543,118 | +€163,305 | +43.0% |
| Other operating charges | 640/8 | €65,842 | €24,927 | -€40,915 | -62.1% |
| Gross operating margin | 9900 | €424,626 | €2,674,554 | +€2.2m | +529.9% |
| Operating profit (loss) | 9901 | -€194,948 | €1,842,629 | +€2.0m | |
| Financial income | 75/76B | €4 | €123,547 | +€123,543 | +2820610.3% |
| Recurring financial income | 75 | €4 | €123,547 | +€123,543 | +2820610.3% |
| Financial charges | 65/66B | €176,973 | €425,189 | +€248,215 | +140.3% |
| Recurring financial charges | 65 | €176,973 | €314,193 | +€137,220 | +77.5% |
| Non-recurring financial charges | 66B | - | €110,996 | +€110,996 | |
| Profit (loss) for the period before taxes | 9903 | -€371,917 | €1,540,987 | +€1.9m | |
| Transfer from deferred taxes | 780 | €1,749 | €32,568 | +€30,819 | +1762.3% |
| Transfer to deferred taxes | 680 | €0 | €220,000 | +€220,000 | |
| Income taxes | 67/77 | - | €29,655 | +€29,655 | |
| Profit (loss) for the period | 9904 | -€370,168 | €1,323,900 | +€1.7m | |
| Transfer from tax-exempt reserves | 789 | €5,246 | €97,703 | +€92,457 | +1762.3% |
| Transfer to tax-exempt reserves | 689 | €0 | €660,000 | +€660,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€364,922 | €761,603 | +€1.1m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.