FEJEC: 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.
FEJEC
Largest movements
- Financial fixed assets +€4.4m
new in 2025: €4.4m
- Tangible fixed assets -€256,821
down €256,821 (-7.0%), from €3.7m to €3.4m
of which Land and buildings: -€267,592
- Current investments -€184,421
down €184,421 (-56.7%), from €325,000 to €140,579
- Intangible fixed assets -€119,417
down €119,417 (-57.3%), from €208,491 to €89,074
- Debts after one year +€1.8m
up €1.8m (+51.8%), from €3.5m to €5.3m
- Other debts +€1.7m
up €1.7m (+580.6%), from €286,949 to €2.0m
- Reserves +€239,500
up €239,500 (+29.6%), from €810,160 to €1.0m
- Trade debts +€136,499
up €136,499 (+71.7%), from €190,288 to €326,787
- Current portion of long-term debt +€130,607
up €130,607 (+26.8%), from €487,936 to €618,542
- Staff costs +€89,306
up €89,306 (+10.8%), from €824,792 to €914,099
- Gross operating margin -€38,989
down €38,989 (-2.1%), from €1.8m to €1.8m
- Taxes -€38,484
down €38,484 (-24.7%), from €155,950 to €117,466
- Financial income +€26,820
up €26,820 (+58.4%), from €45,959 to €72,779
- Financial charges +€21,449
up €21,449 (+19.3%), from €111,168 to €132,617
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 | €6,549,908 | €10,508,038 | +€4.0m | +60.4% |
| Fixed assets | 21/28 | €3,883,448 | €7,956,730 | +€4.1m | +104.9% |
| Intangible fixed assets | 21 | €208,491 | €89,074 | -€119,417 | -57.3% |
| Tangible fixed assets | 22/27 | €3,674,956 | €3,418,136 | -€256,821 | -7.0% |
| Land and buildings | 22 | €3,641,269 | €3,373,677 | -€267,592 | -7.3% |
| Plant, machinery and equipment | 23 | €3,723 | €2,392 | -€1,331 | -35.7% |
| Furniture and vehicles | 24 | €28,833 | €41,749 | +€12,915 | +44.8% |
| Other tangible fixed assets | 26 | €1,130 | €318 | -€813 | -71.9% |
| Financial fixed assets | 28 | - | €4,449,521 | +€4.4m | |
| Current assets | 29/58 | €2,666,460 | €2,551,308 | -€115,152 | -4.3% |
| Stocks and contracts in progress | 3 | €2,079,227 | €2,057,658 | -€21,569 | -1.0% |
| Stocks | 30/36 | €2,079,227 | €2,057,658 | -€21,569 | -1.0% |
| Amounts receivable within one year | 40/41 | €17,730 | €101,636 | +€83,906 | +473.2% |
| Trade receivables | 40 | €17,730 | €101,636 | +€83,906 | +473.2% |
| Current investments | 50/53 | €325,000 | €140,579 | -€184,421 | -56.7% |
| Cash at bank and in hand | 54/58 | €244,502 | €229,195 | -€15,308 | -6.3% |
| Deferred charges and accrued income | 490/1 | - | €22,241 | +€22,241 | |
| Total equity and liabilities | 10/49 | €6,549,908 | €10,508,038 | +€4.0m | +60.4% |
| Equity | 10/15 | €1,894,575 | €2,134,128 | +€239,553 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €810,160 | €1,049,660 | +€239,500 | +29.6% |
| Distributable reserves | 133 | €810,160 | €1,049,660 | +€239,500 | +29.6% |
| Profit (loss) carried forward | 14 | €1,065,815 | €1,065,868 | +€53 | 0.0% |
| Amounts payable | 17/49 | €4,655,332 | €8,373,910 | +€3.7m | +79.9% |
| Amounts payable after more than one year | 17 | €3,522,523 | €5,348,714 | +€1.8m | +51.8% |
| Financial debts | 170/4 | €3,522,523 | €5,348,714 | +€1.8m | +51.8% |
| Amounts payable within one year | 42/48 | €1,132,810 | €3,025,196 | +€1.9m | +167.1% |
| Current portion of amounts payable after more than one year | 42 | €487,936 | €618,542 | +€130,607 | +26.8% |
| Trade debts | 44 | €190,288 | €326,787 | +€136,499 | +71.7% |
| Suppliers | 440/4 | €190,288 | €326,787 | +€136,499 | +71.7% |
| Taxes, remuneration and social security | 45 | €167,637 | €126,889 | -€40,748 | -24.3% |
| Taxes | 450/3 | €80,587 | €49,983 | -€30,604 | -38.0% |
| Remuneration and social security | 454/9 | €87,050 | €76,905 | -€10,144 | -11.7% |
| Other amounts payable | 47/48 | €286,949 | €1,952,977 | +€1.7m | +580.6% |
| Non-recurring operating income | 76A | €2,254 | €968 | -€1,286 | -57.1% |
| Remuneration, social security and pensions | 62 | €824,792 | €914,099 | +€89,306 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €412,090 | €405,538 | -€6,552 | -1.6% |
| Other operating charges | 640/8 | €43,147 | €43,020 | -€126 | -0.3% |
| Gross operating margin | 9900 | €1,818,502 | €1,779,513 | -€38,989 | -2.1% |
| Operating profit (loss) | 9901 | €538,473 | €416,856 | -€121,617 | -22.6% |
| Financial income | 75/76B | €45,959 | €72,779 | +€26,820 | +58.4% |
| Recurring financial income | 75 | €45,959 | €72,779 | +€26,820 | +58.4% |
| Financial charges | 65/66B | €111,168 | €132,617 | +€21,449 | +19.3% |
| Recurring financial charges | 65 | €111,168 | €132,617 | +€21,449 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €473,264 | €357,018 | -€116,246 | -24.6% |
| Income taxes | 67/77 | €155,950 | €117,466 | -€38,484 | -24.7% |
| Profit (loss) for the period | 9904 | €317,315 | €239,553 | -€77,762 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €317,315 | €239,553 | -€77,762 | -24.5% |
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 30 September 2026 via checked.be.