FELECON: 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.
FELECON
Largest movements
- Receivables within one year -€122,330
down €122,330 (-43.8%), from €279,319 to €156,988
of which Other amounts receivable: -€99,232
- Cash +€56,773
up €56,773 (+31.8%), from €178,254 to €235,027
mainly Net result for the year (+€142,892) and Receivables within one year (+€122,330)
- Stocks and contracts -€47,278
down €47,278 (-37.9%), from €124,610 to €77,332
- Tangible fixed assets +€18,949
up €18,949 (+18.9%), from €100,350 to €119,299
of which Furniture and vehicles: +€34,568
- Trade debts -€71,848
down €71,848 (-66.6%), from €107,830 to €35,982
- Reserves +€32,892
up €32,892 (+11.6%), from €284,611 to €317,503
- Accrued charges and deferred income -€29,797
down €29,797 (-76.2%), from €39,102 to €9,305
- Other debts -€20,000
down €20,000 (-15.4%), from €130,000 to €110,000
- Current portion of long-term debt -€8,750
no longer reported in 2025 (was €8,750)
- Gross operating margin -€57,513
down €57,513 (-21.0%), from €273,463 to €215,950
- Staff costs -€32,885
down €32,885 (-59.9%), from €54,890 to €22,005
- Depreciation +€3,533
up €3,533 (+15.4%), from €22,998 to €26,531
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 | €752,128 | €658,316 | -€93,813 | -12.5% |
| Fixed assets | 21/28 | €100,350 | €119,299 | +€18,949 | +18.9% |
| Tangible fixed assets | 22/27 | €100,350 | €119,299 | +€18,949 | +18.9% |
| Land and buildings | 22 | €89,634 | €74,443 | -€15,192 | -16.9% |
| Plant, machinery and equipment | 23 | €6,098 | €5,671 | -€427 | -7.0% |
| Furniture and vehicles | 24 | €4,618 | €39,186 | +€34,568 | +748.5% |
| Current assets | 29/58 | €651,778 | €539,016 | -€112,762 | -17.3% |
| Amounts receivable after more than one year | 29 | €65,573 | €65,573 | = | 0.0% |
| Other amounts receivable | 291 | €65,573 | €65,573 | = | 0.0% |
| Stocks and contracts in progress | 3 | €124,610 | €77,332 | -€47,278 | -37.9% |
| Stocks | 30/36 | €124,610 | €77,332 | -€47,278 | -37.9% |
| Amounts receivable within one year | 40/41 | €279,319 | €156,988 | -€122,330 | -43.8% |
| Trade receivables | 40 | €179,268 | €156,169 | -€23,099 | -12.9% |
| Other amounts receivable | 41 | €100,051 | €819 | -€99,232 | -99.2% |
| Cash at bank and in hand | 54/58 | €178,254 | €235,027 | +€56,773 | +31.8% |
| Deferred charges and accrued income | 490/1 | €4,022 | €4,096 | +€74 | +1.8% |
| Total equity and liabilities | 10/49 | €752,128 | €658,316 | -€93,813 | -12.5% |
| Equity | 10/15 | €334,611 | €367,503 | +€32,892 | +9.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Outside capital | 11 | - | €50,000 | +€50,000 | |
| Other | 1109/19 | - | €50,000 | +€50,000 | |
| Reserves | 13 | €284,611 | €317,503 | +€32,892 | +11.6% |
| Distributable reserves | 133 | €284,611 | €317,503 | +€32,892 | +11.6% |
| Amounts payable | 17/49 | €417,517 | €290,812 | -€126,705 | -30.3% |
| Amounts payable after more than one year | 17 | €124,640 | €132,580 | +€7,940 | +6.4% |
| Other amounts payable | 178/9 | €124,640 | €132,580 | +€7,940 | +6.4% |
| Amounts payable within one year | 42/48 | €253,775 | €148,927 | -€104,848 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €8,750 | - | -€8,750 | |
| Trade debts | 44 | €107,830 | €35,982 | -€71,848 | -66.6% |
| Suppliers | 440/4 | €107,830 | €35,982 | -€71,848 | -66.6% |
| Taxes, remuneration and social security | 45 | €7,195 | €2,945 | -€4,250 | -59.1% |
| Taxes | 450/3 | €3,679 | €1,441 | -€2,238 | -60.8% |
| Remuneration and social security | 454/9 | €3,516 | €1,504 | -€2,012 | -57.2% |
| Other amounts payable | 47/48 | €130,000 | €110,000 | -€20,000 | -15.4% |
| Accrued charges and deferred income | 492/3 | €39,102 | €9,305 | -€29,797 | -76.2% |
| Non-recurring operating income | 76A | €5,000 | €1,446 | -€3,554 | -71.1% |
| Remuneration, social security and pensions | 62 | €54,890 | €22,005 | -€32,885 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,998 | €26,531 | +€3,533 | +15.4% |
| Other operating charges | 640/8 | €6,814 | €5,557 | -€1,257 | -18.4% |
| Non-recurring operating charges | 66A | €4,869 | - | -€4,869 | |
| Gross operating margin | 9900 | €273,463 | €215,950 | -€57,513 | -21.0% |
| Operating profit (loss) | 9901 | €183,892 | €161,857 | -€22,035 | -12.0% |
| Financial income | 75/76B | €792 | €675 | -€116 | -14.7% |
| Recurring financial income | 75 | €792 | €675 | -€116 | -14.7% |
| Financial charges | 65/66B | €10,460 | €9,686 | -€774 | -7.4% |
| Recurring financial charges | 65 | €10,460 | €9,686 | -€774 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €174,223 | €152,846 | -€21,377 | -12.3% |
| Income taxes | 67/77 | €11,587 | €9,954 | -€1,633 | -14.1% |
| Profit (loss) for the period | 9904 | €162,636 | €142,892 | -€19,744 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €162,636 | €142,892 | -€19,744 | -12.1% |
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 7 October 2026 via checked.be.