FELI DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Receivables within one year +€26,875
up €26,875 (+8.6%), from €314,312 to €341,187
of which Trade receivables: +€18,650
- Stocks and contracts +€6,681
up €6,681 (+12.0%), from €55,872 to €62,553
- Cash +€5,854
up €5,854 (+7.6%), from €76,948 to €82,803
mainly Trade debts (+€43,345) and Net result for the year (+€26,349)
- Trade debts +€43,345
up €43,345 (+38.1%), from €113,652 to €156,997
- Reserves +€26,349
up €26,349 (+11.0%), from €239,980 to €266,328
of which Distributable reserves: +€26,349
- Tax, wage and social debts -€20,946
down €20,946 (-54.0%), from €38,819 to €17,873
- Accrued charges and deferred income -€8,222
down €8,222 (-44.5%), from €18,462 to €10,239
- Gross operating margin -€70,225
down €70,225 (-41.2%), from €170,286 to €100,061
- Taxes -€19,129
down €19,129 (-67.3%), from €28,406 to €9,277
- Staff costs +€3,889
up €3,889 (+8.2%), from €47,711 to €51,600
- Financial charges -€3,325
down €3,325 (-35.1%), from €9,483 to €6,158
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 | €534,859 | €576,052 | +€41,193 | +7.7% |
| Fixed assets | 21/28 | €86,224 | €87,969 | +€1,745 | +2.0% |
| Tangible fixed assets | 22/27 | €84,618 | €86,364 | +€1,745 | +2.1% |
| Land and buildings | 22 | €67,392 | €67,052 | -€340 | -0.5% |
| Plant, machinery and equipment | 23 | €15,877 | €16,212 | +€335 | +2.1% |
| Furniture and vehicles | 24 | €1,349 | €3,100 | +€1,751 | +130% |
| Financial fixed assets | 28 | €1,605 | €1,605 | = | 0.0% |
| Current assets | 29/58 | €448,636 | €488,083 | +€39,447 | +8.8% |
| Stocks and contracts in progress | 3 | €55,872 | €62,553 | +€6,681 | +12.0% |
| Stocks | 30/36 | €55,872 | €62,553 | +€6,681 | +12.0% |
| Amounts receivable within one year | 40/41 | €314,312 | €341,187 | +€26,875 | +8.6% |
| Trade receivables | 40 | €225,397 | €244,047 | +€18,650 | +8.3% |
| Other amounts receivable | 41 | €88,915 | €97,139 | +€8,224 | +9.2% |
| Cash at bank and in hand | 54/58 | €76,948 | €82,803 | +€5,854 | +7.6% |
| Deferred charges and accrued income | 490/1 | €1,503 | €1,540 | +€37 | +2.5% |
| Total equity and liabilities | 10/49 | €534,859 | €576,052 | +€41,193 | +7.7% |
| Equity | 10/15 | €363,926 | €390,275 | +€26,349 | +7.2% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €239,980 | €266,328 | +€26,349 | +11.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €220,148 | €246,497 | +€26,349 | +12.0% |
| Amounts payable | 17/49 | €170,933 | €185,777 | +€14,844 | +8.7% |
| Amounts payable within one year | 42/48 | €152,471 | €175,538 | +€23,066 | +15.1% |
| Financial debts | 43 | - | €667 | +€667 | |
| Credit institutions | 430/8 | - | €667 | +€667 | |
| Trade debts | 44 | €113,652 | €156,997 | +€43,345 | +38.1% |
| Suppliers | 440/4 | €113,652 | €156,997 | +€43,345 | +38.1% |
| Taxes, remuneration and social security | 45 | €38,819 | €17,873 | -€20,946 | -54.0% |
| Taxes | 450/3 | €38,819 | €17,873 | -€20,946 | -54.0% |
| Accrued charges and deferred income | 492/3 | €18,462 | €10,239 | -€8,222 | -44.5% |
| Remuneration, social security and pensions | 62 | €47,711 | €51,600 | +€3,889 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,677 | €4,042 | -€1,635 | -28.8% |
| Other operating charges | 640/8 | €7,674 | €8,057 | +€383 | +5.0% |
| Gross operating margin | 9900 | €170,286 | €100,061 | -€70,225 | -41.2% |
| Operating profit (loss) | 9901 | €109,224 | €36,362 | -€72,862 | -66.7% |
| Financial income | 75/76B | €5,382 | €5,421 | +€39 | +0.7% |
| Recurring financial income | 75 | €5,382 | €5,421 | +€39 | +0.7% |
| Financial charges | 65/66B | €9,483 | €6,158 | -€3,325 | -35.1% |
| Recurring financial charges | 65 | €9,483 | €6,158 | -€3,325 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €105,124 | €35,626 | -€69,498 | -66.1% |
| Income taxes | 67/77 | €28,406 | €9,277 | -€19,129 | -67.3% |
| Profit (loss) for the period | 9904 | €76,718 | €26,349 | -€50,369 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €76,718 | €26,349 | -€50,369 | -65.7% |
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 18 October 2026 via checked.be.