FEKAGA: 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.
What changed
FEKAGA
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€355,238
2024 · -€59,225+€414,463
Equity
€4.0m
2024 · €3.7m+€355,238
Cash
€53,484
2024 · €109,947-€56,463
Balance sheet total
€6.7m
2024 · €9.8m-€3.1m
Largest movements
Assets
- Financial fixed assets -€2.9m
down €2.9m (-46.3%), from €6.3m to €3.4m
Equity and liabilities
- Other debts -€3.4m
down €3.4m (-79.6%), from €4.3m to €883,782
- Profit (loss) carried forward +€230,144
no longer reported in 2025 (was -€230,144)
- Tax, wage and social debts +€166,816
up €166,816 (+1486.9%), from €11,219 to €178,035
of which Taxes: +€167,490
- Reserves +€125,093
up €125,093 (+28.5%), from €438,329 to €563,422
Income statement
- Financial income +€499,085
up €499,085 (+595.6%), from €83,801 to €582,886
of which Non-recurring financial income: +€554,213
- Gross operating margin -€138,198
down €138,198 (-65.4%), from €211,397 to €73,198
- Financial charges -€86,039
down €86,039 (-48.0%), from €179,115 to €93,076
- Taxes +€36,573
up €36,573 (+61.3%), from €59,696 to €96,269
- Other operating charges +€11,741
up €11,741 (+80.4%), from €14,605 to €26,346
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.
Result 2024
-€59,225
Gross operating margin
-€138,198
Staff costs
-€1,732
Depreciation
+€300
Other operating charges
-€11,741
Other operating items
+€17,283
Financial income
+€499,085
Financial charges
+€86,039
Taxes
-€36,573
Result 2025
€355,238
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.
From operations
-€2.9m
Investment
+€2.9m
Financing
-€68,167
Cash 2024
€109,947
From operations (derived)
-€2.9m
Net result for the year
+€355,238
Depreciation
+€63,537
Receivables within one year
+€28,228
Deferred charges and accrued income
-€223
Trade debts
-€57,573
Tax, wage and social debts
+€166,816
Other debts
-€3.4m
Accrued charges and deferred income
-€10,987
Investment (derived)
+€2.9m
Investment in fixed assets (net)
+€2.9m
Current investments
-€4,765
Financing
-€68,167
Debts after one year
-€62,800
Current portion of long-term debt
-€5,376
Short-term financial debts
+€9
Cash 2025
€53,484
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,771,928 | €6,715,522 | -€3.1m | -31.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,962,932 | €4,986,229 | -€3.0m | -37.4% |
| Tangible fixed assets | 22/27 | €1,666,192 | €1,603,489 | -€62,702 | -3.8% |
| Land and buildings | 22 | €1,613,163 | €1,564,082 | -€49,081 | -3.0% |
| Plant, machinery and equipment | 23 | €42,185 | €33,373 | -€8,813 | -20.9% |
| Furniture and vehicles | 24 | €10,843 | €6,034 | -€4,809 | -44.3% |
| Financial fixed assets | 28 | €6,296,740 | €3,382,740 | -€2.9m | -46.3% |
| Current assets | 29/58 | €1,808,997 | €1,729,293 | -€79,704 | -4.4% |
| Amounts receivable within one year | 40/41 | €445,129 | €416,901 | -€28,228 | -6.3% |
| Trade receivables | 40 | €21,162 | €36,272 | +€15,110 | +71.4% |
| Other amounts receivable | 41 | €423,967 | €380,629 | -€43,338 | -10.2% |
| Current investments | 50/53 | €1,249,893 | €1,254,657 | +€4,765 | +0.4% |
| Cash at bank and in hand | 54/58 | €109,947 | €53,484 | -€56,463 | -51.4% |
| Deferred charges and accrued income | 490/1 | €4,028 | €4,251 | +€223 | +5.5% |
| Total equity and liabilities | 10/49 | €9,771,928 | €6,715,522 | -€3.1m | -31.3% |
| Equity | 10/15 | €3,677,923 | €4,033,161 | +€355,238 | +9.7% |
| Contributions | 10/11 | €3,469,739 | €3,469,739 | = | 0.0% |
| Reserves | 13 | €438,329 | €563,422 | +€125,093 | +28.5% |
| Distributable reserves | 133 | €438,329 | €563,422 | +€125,093 | +28.5% |
| Profit (loss) carried forward | 14 | -€230,144 | - | +€230,144 | |
| Amounts payable | 17/49 | €6,094,005 | €2,682,361 | -€3.4m | -56.0% |
| Amounts payable after more than one year | 17 | €1,584,401 | €1,521,601 | -€62,800 | -4.0% |
| Financial debts | 170/4 | €1,578,701 | €1,518,301 | -€60,400 | -3.8% |
| Other amounts payable | 178/9 | €5,700 | €3,300 | -€2,400 | -42.1% |
| Amounts payable within one year | 42/48 | €4,464,069 | €1,126,212 | -€3.3m | -74.8% |
| Current portion of amounts payable after more than one year | 42 | €64,736 | €59,359 | -€5,376 | -8.3% |
| Financial debts | 43 | €74 | €84 | +€9 | +12.8% |
| Credit institutions | 430/8 | €74 | €84 | +€9 | +12.8% |
| Trade debts | 44 | €62,525 | €4,952 | -€57,573 | -92.1% |
| Suppliers | 440/4 | €62,525 | €4,952 | -€57,573 | -92.1% |
| Taxes, remuneration and social security | 45 | €11,219 | €178,035 | +€166,816 | +1486.9% |
| Taxes | 450/3 | €8,087 | €175,576 | +€167,490 | +2071.2% |
| Remuneration and social security | 454/9 | €3,133 | €2,459 | -€674 | -21.5% |
| Other amounts payable | 47/48 | €4,325,514 | €883,782 | -€3.4m | -79.6% |
| Accrued charges and deferred income | 492/3 | €45,535 | €34,548 | -€10,987 | -24.1% |
| Non-recurring operating income | 76A | €147,569 | - | -€147,569 | |
| Remuneration, social security and pensions | 62 | €19,886 | €21,618 | +€1,732 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,837 | €63,537 | -€300 | -0.5% |
| Other operating charges | 640/8 | €14,605 | €26,346 | +€11,741 | +80.4% |
| Non-recurring operating charges | 66A | €17,283 | - | -€17,283 | |
| Gross operating margin | 9900 | €211,397 | €73,198 | -€138,198 | -65.4% |
| Operating profit (loss) | 9901 | €95,786 | -€38,303 | -€134,089 | |
| Financial income | 75/76B | €83,801 | €582,886 | +€499,085 | +595.6% |
| Recurring financial income | 75 | €83,801 | €28,673 | -€55,127 | -65.8% |
| Non-recurring financial income | 76B | - | €554,213 | +€554,213 | |
| Financial charges | 65/66B | €179,115 | €93,076 | -€86,039 | -48.0% |
| Recurring financial charges | 65 | €179,115 | €93,076 | -€86,039 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €471 | €451,507 | +€451,036 | +95688.1% |
| Income taxes | 67/77 | €59,696 | €96,269 | +€36,573 | +61.3% |
| Profit (loss) for the period | 9904 | -€59,225 | €355,238 | +€414,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,225 | €355,238 | +€414,463 |
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 5 October 2026 via checked.be.