FELCOM: 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.
FELCOM
Largest movements
- Current investments +€30,000
new in 2026: €30,000
- Cash +€26,971
up €26,971 (+660%), from €4,084 to €31,055
mainly Net result for the year (+€68,088) and Investment in fixed assets (net) (+€22,883)
- Financial fixed assets -€22,883
down €22,883 (-2.0%), from €1.2m to €1.1m
- Receivables within one year -€15,513
down €15,513 (-39.3%), from €39,500 to €23,988
of which Trade receivables: -€15,513
- Debts after one year -€68,729
down €68,729 (-11.9%), from €577,196 to €508,468
of which Financial debts: -€85,530
- Reserves +€68,088
up €68,088 (+14.2%), from €479,897 to €547,985
- Tax, wage and social debts +€18,057
up €18,057 (+96.7%), from €18,670 to €36,726
- Financial income -€96,375
down €96,375 (-99.9%), from €96,490 to €114
- Gross operating margin +€32,661
up €32,661 (+40.1%), from €81,450 to €114,111
- Taxes +€9,856
up €9,856 (+72.5%), from €13,597 to €23,453
- Financial charges -€6,690
down €6,690 (-24.0%), from €27,927 to €21,237
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,197,054 | €1,215,698 | +€18,644 | +1.6% |
| Fixed assets | 21/28 | €1,153,232 | €1,129,568 | -€23,664 | -2.1% |
| Tangible fixed assets | 22/27 | €1,266 | €485 | -€780 | -61.7% |
| Furniture and vehicles | 24 | €1,266 | €485 | -€780 | -61.7% |
| Financial fixed assets | 28 | €1,151,966 | €1,129,083 | -€22,883 | -2.0% |
| Current assets | 29/58 | €43,822 | €86,130 | +€42,308 | +96.5% |
| Amounts receivable within one year | 40/41 | €39,500 | €23,988 | -€15,513 | -39.3% |
| Trade receivables | 40 | €39,500 | €23,988 | -€15,513 | -39.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €4,084 | €31,055 | +€26,971 | +660% |
| Deferred charges and accrued income | 490/1 | €238 | €1,088 | +€850 | +357% |
| Total equity and liabilities | 10/49 | €1,197,054 | €1,215,698 | +€18,644 | +1.6% |
| Equity | 10/15 | €509,897 | €577,985 | +€68,088 | +13.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €479,897 | €547,985 | +€68,088 | +14.2% |
| Distributable reserves | 133 | €479,897 | €547,985 | +€68,088 | +14.2% |
| Amounts payable | 17/49 | €687,157 | €637,713 | -€49,443 | -7.2% |
| Amounts payable after more than one year | 17 | €577,196 | €508,468 | -€68,729 | -11.9% |
| Financial debts | 170/4 | €538,744 | €453,214 | -€85,530 | -15.9% |
| Other amounts payable | 178/9 | €38,453 | €55,254 | +€16,801 | +43.7% |
| Amounts payable within one year | 42/48 | €103,512 | €126,183 | +€22,671 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €84,807 | €85,530 | +€723 | +0.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €35 | €3,927 | +€3,892 | +11,110% |
| Suppliers | 440/4 | €35 | €3,927 | +€3,892 | +11,110% |
| Taxes, remuneration and social security | 45 | €18,670 | €36,726 | +€18,057 | +96.7% |
| Taxes | 450/3 | €18,670 | €36,726 | +€18,057 | +96.7% |
| Accrued charges and deferred income | 492/3 | €6,448 | €3,063 | -€3,386 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €780 | €780 | = | 0.0% |
| Other operating charges | 640/8 | €941 | €668 | -€274 | -29.1% |
| Gross operating margin | 9900 | €81,450 | €114,111 | +€32,661 | +40.1% |
| Operating profit (loss) | 9901 | €79,728 | €112,663 | +€32,935 | +41.3% |
| Financial income | 75/76B | €96,490 | €114 | -€96,375 | -99.9% |
| Recurring financial income | 75 | €96,490 | €114 | -€96,375 | -99.9% |
| Financial charges | 65/66B | €27,927 | €21,237 | -€6,690 | -24.0% |
| Recurring financial charges | 65 | €27,927 | €21,237 | -€6,690 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €148,291 | €91,541 | -€56,750 | -38.3% |
| Income taxes | 67/77 | €13,597 | €23,453 | +€9,856 | +72.5% |
| Profit (loss) for the period | 9904 | €134,694 | €68,088 | -€66,606 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €134,694 | €68,088 | -€66,606 | -49.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.