FEL: 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.
FEL
Largest movements
- Current investments +€49,591
up €49,591 (+26.7%), from €185,575 to €235,166
- Tangible fixed assets -€31,893
down €31,893 (-10.5%), from €305,157 to €273,263
- Other debts +€307,625
up €307,625 (+389.6%), from €78,963 to €386,588
- Reserves -€267,171
down €267,171 (-34.2%), from €780,299 to €513,127
of which Distributable reserves: -€267,171
- Tax, wage and social debts -€27,633
down €27,633 (-78.3%), from €35,288 to €7,656
of which Taxes: -€28,471
- Gross operating margin -€86,548
down €86,548 (-24.6%), from €352,446 to €265,897
- Taxes -€28,126
down €28,126 (-31.5%), from €89,222 to €61,096
- Staff costs +€4,712
up €4,712 (+11.8%), from €39,959 to €44,671
- Other operating charges +€3,571
up €3,571 (+83.5%), from €4,279 to €7,850
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 | €933,767 | €940,988 | +€7,221 | +0.8% |
| Fixed assets | 21/28 | €305,207 | €273,313 | -€31,893 | -10.4% |
| Tangible fixed assets | 22/27 | €305,157 | €273,263 | -€31,893 | -10.5% |
| Land and buildings | 22 | €231,515 | €220,418 | -€11,096 | -4.8% |
| Plant, machinery and equipment | 23 | €36,385 | €29,362 | -€7,022 | -19.3% |
| Furniture and vehicles | 24 | €37,258 | €23,483 | -€13,775 | -37.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €628,560 | €667,674 | +€39,114 | +6.2% |
| Amounts receivable within one year | 40/41 | €19,194 | €14,196 | -€4,998 | -26.0% |
| Trade receivables | 40 | €4,543 | €3,225 | -€1,318 | -29.0% |
| Other amounts receivable | 41 | €14,651 | €10,971 | -€3,680 | -25.1% |
| Current investments | 50/53 | €185,575 | €235,166 | +€49,591 | +26.7% |
| Cash at bank and in hand | 54/58 | €412,451 | €404,502 | -€7,950 | -1.9% |
| Deferred charges and accrued income | 490/1 | €11,339 | €13,810 | +€2,471 | +21.8% |
| Total equity and liabilities | 10/49 | €933,767 | €940,988 | +€7,221 | +0.8% |
| Equity | 10/15 | €792,699 | €525,527 | -€267,171 | -33.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €780,299 | €513,127 | -€267,171 | -34.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €780,299 | €513,127 | -€267,171 | -34.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €141,068 | €415,461 | +€274,393 | +194.5% |
| Amounts payable within one year | 42/48 | €140,338 | €415,461 | +€275,123 | +196.0% |
| Financial debts | 43 | €5,100 | €5,090 | -€10 | -0.2% |
| Credit institutions | 430/8 | €5,100 | €5,090 | -€10 | -0.2% |
| Trade debts | 44 | €20,986 | €16,127 | -€4,860 | -23.2% |
| Suppliers | 440/4 | €20,986 | €16,127 | -€4,860 | -23.2% |
| Taxes, remuneration and social security | 45 | €35,288 | €7,656 | -€27,633 | -78.3% |
| Taxes | 450/3 | €28,471 | €0 | -€28,471 | -100.0% |
| Remuneration and social security | 454/9 | €6,817 | €7,656 | +€839 | +12.3% |
| Other amounts payable | 47/48 | €78,963 | €386,588 | +€307,625 | +389.6% |
| Accrued charges and deferred income | 492/3 | €730 | €0 | -€730 | -100.0% |
| Remuneration, social security and pensions | 62 | €39,959 | €44,671 | +€4,712 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,227 | €36,377 | +€151 | +0.4% |
| Other operating charges | 640/8 | €4,279 | €7,850 | +€3,571 | +83.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €352,446 | €265,897 | -€86,548 | -24.6% |
| Operating profit (loss) | 9901 | €271,981 | €176,999 | -€94,983 | -34.9% |
| Financial income | 75/76B | €1,953 | €5,158 | +€3,205 | +164.1% |
| Recurring financial income | 75 | €1,953 | €5,158 | +€3,205 | +164.1% |
| Financial charges | 65/66B | €2,296 | €1,644 | -€652 | -28.4% |
| Recurring financial charges | 65 | €2,296 | €1,644 | -€652 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €271,639 | €180,513 | -€91,126 | -33.5% |
| Income taxes | 67/77 | €89,222 | €61,096 | -€28,126 | -31.5% |
| Profit (loss) for the period | 9904 | €182,416 | €119,417 | -€63,000 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €182,416 | €119,417 | -€63,000 | -34.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.