Feli: 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.
Feli
Largest movements
- Cash +€16,397
up €16,397 (+60.1%), from €27,269 to €43,666
mainly Net result for the year (+€69,035) and Depreciation (+€4,256)
- Reserves +€200,410
up €200,410 (+10,775%), from €1,860 to €202,270
of which Distributable reserves: +€200,410
- Profit (loss) carried forward -€131,375
no longer reported in 2025 (was €131,375)
- Trade debts -€22,210
down €22,210 (-96.9%), from €22,913 to €703
- Other debts -€19,462
down €19,462 (-13.4%), from €145,589 to €126,127
- Debts after one year -€7,019
no longer reported in 2025 (was €7,019)
- Gross operating margin +€55,513
up €55,513 (+115%), from €48,370 to €103,883
- Taxes +€14,647
up €14,647 (+117%), from €12,472 to €27,118
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.
Derived cash bridge
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 | €341,801 | €358,862 | +€17,061 | +5.0% |
| Fixed assets | 21/28 | €287,504 | €285,628 | -€1,876 | -0.7% |
| Tangible fixed assets | 22/27 | €14,967 | €13,091 | -€1,876 | -12.5% |
| Plant, machinery and equipment | 23 | - | €1,259 | +€1,259 | |
| Furniture and vehicles | 24 | €3,732 | €2,513 | -€1,219 | -32.7% |
| Other tangible fixed assets | 26 | €11,235 | €9,318 | -€1,917 | -17.1% |
| Financial fixed assets | 28 | €272,538 | €272,538 | = | 0.0% |
| Current assets | 29/58 | €54,297 | €73,234 | +€18,937 | +34.9% |
| Amounts receivable within one year | 40/41 | €25,018 | €27,490 | +€2,471 | +9.9% |
| Trade receivables | 40 | €23,930 | €26,339 | +€2,409 | +10.1% |
| Other amounts receivable | 41 | €1,088 | €1,150 | +€62 | +5.7% |
| Cash at bank and in hand | 54/58 | €27,269 | €43,666 | +€16,397 | +60.1% |
| Deferred charges and accrued income | 490/1 | €2,010 | €2,079 | +€69 | +3.4% |
| Total equity and liabilities | 10/49 | €341,801 | €358,862 | +€17,061 | +5.0% |
| Equity | 10/15 | €151,835 | €220,870 | +€69,035 | +45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €202,270 | +€200,410 | +10,775% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €200,410 | +€200,410 | |
| Profit (loss) carried forward | 14 | €131,375 | - | -€131,375 | |
| Amounts payable | 17/49 | €189,966 | €137,992 | -€51,974 | -27.4% |
| Amounts payable after more than one year | 17 | €7,019 | - | -€7,019 | |
| Financial debts | 170/4 | €7,019 | - | -€7,019 | |
| Amounts payable within one year | 42/48 | €182,947 | €137,992 | -€44,955 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €11,879 | €7,019 | -€4,860 | -40.9% |
| Trade debts | 44 | €22,913 | €703 | -€22,210 | -96.9% |
| Suppliers | 440/4 | €22,913 | €703 | -€22,210 | -96.9% |
| Taxes, remuneration and social security | 45 | €2,566 | €4,144 | +€1,577 | +61.5% |
| Taxes | 450/3 | €2,566 | €4,144 | +€1,577 | +61.5% |
| Other amounts payable | 47/48 | €145,589 | €126,127 | -€19,462 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,854 | €4,256 | +€402 | +10.4% |
| Other operating charges | 640/8 | €2,275 | €2,265 | -€10 | -0.4% |
| Gross operating margin | 9900 | €48,370 | €103,883 | +€55,513 | +115% |
| Operating profit (loss) | 9901 | €42,241 | €97,361 | +€55,120 | +130% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,925% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,925% |
| Financial charges | 65/66B | €1,666 | €1,208 | -€457 | -27.4% |
| Recurring financial charges | 65 | €1,666 | €1,208 | -€457 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €40,576 | €96,154 | +€55,578 | +137% |
| Income taxes | 67/77 | €12,472 | €27,118 | +€14,647 | +117% |
| Profit (loss) for the period | 9904 | €28,104 | €69,035 | +€40,931 | +146% |
| Profit (loss) for the period to be appropriated | 9905 | €28,104 | €69,035 | +€40,931 | +146% |
Source: filed annual accounts (NBB), financial 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 October 2026 via checked.be.