FELIERS: 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.
FELIERS
Largest movements
- Tangible fixed assets +€70,456
up €70,456 (+9.1%), from €770,896 to €841,352
of which Land and buildings: +€64,019
- Cash -€38,259
down €38,259 (-13.8%), from €277,657 to €239,398
mainly Investment in fixed assets (net) (-€115,230) and Trade debts (-€29,112)
- Reserves +€58,577
up €58,577 (+24.3%), from €240,587 to €299,165
- Trade debts -€29,112
down €29,112 (-76.0%), from €38,324 to €9,213
- Debts after one year -€21,486
down €21,486 (-3.4%), from €639,174 to €617,688
- Tax, wage and social debts +€17,305
up €17,305 (+542.9%), from €3,188 to €20,493
- Current portion of long-term debt +€14,114
up €14,114 (+37.6%), from €37,551 to €51,665
- Gross operating margin +€68,625
up €68,625 (+76.2%), from €90,077 to €158,702
- Taxes +€15,415
up €15,415 (+144.1%), from €10,695 to €26,110
- Depreciation +€7,885
up €7,885 (+21.4%), from €36,889 to €44,774
- Financial charges +€6,011
up €6,011 (+35.2%), from €17,093 to €23,104
- Other operating charges +€5,350
up €5,350 (+157.8%), from €3,390 to €8,740
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 | €1,077,995 | €1,111,406 | +€33,412 | +3.1% |
| Fixed assets | 21/28 | €770,896 | €841,352 | +€70,456 | +9.1% |
| Tangible fixed assets | 22/27 | €770,896 | €841,352 | +€70,456 | +9.1% |
| Land and buildings | 22 | €744,329 | €808,348 | +€64,019 | +8.6% |
| Plant, machinery and equipment | 23 | €14,492 | €16,537 | +€2,044 | +14.1% |
| Furniture and vehicles | 24 | €12,075 | €16,467 | +€4,392 | +36.4% |
| Current assets | 29/58 | €307,099 | €270,055 | -€37,044 | -12.1% |
| Amounts receivable within one year | 40/41 | €27,359 | €26,889 | -€471 | -1.7% |
| Trade receivables | 40 | €19,651 | €26,490 | +€6,839 | +34.8% |
| Other amounts receivable | 41 | €7,708 | €399 | -€7,310 | -94.8% |
| Cash at bank and in hand | 54/58 | €277,657 | €239,398 | -€38,259 | -13.8% |
| Deferred charges and accrued income | 490/1 | €2,083 | €3,768 | +€1,686 | +80.9% |
| Total equity and liabilities | 10/49 | €1,077,995 | €1,111,406 | +€33,412 | +3.1% |
| Equity | 10/15 | €252,987 | €311,565 | +€58,577 | +23.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €240,587 | €299,165 | +€58,577 | +24.3% |
| Distributable reserves | 133 | €240,587 | €299,165 | +€58,577 | +24.3% |
| Amounts payable | 17/49 | €825,007 | €799,842 | -€25,166 | -3.1% |
| Amounts payable after more than one year | 17 | €639,174 | €617,688 | -€21,486 | -3.4% |
| Financial debts | 170/4 | €639,174 | €617,688 | -€21,486 | -3.4% |
| Amounts payable within one year | 42/48 | €181,094 | €175,373 | -€5,721 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €37,551 | €51,665 | +€14,114 | +37.6% |
| Financial debts | 43 | €2,671 | - | -€2,671 | |
| Credit institutions | 430/8 | €2,671 | - | -€2,671 | |
| Trade debts | 44 | €38,324 | €9,213 | -€29,112 | -76.0% |
| Suppliers | 440/4 | €38,324 | €9,213 | -€29,112 | -76.0% |
| Advances received on contracts in progress | 46 | - | €7,200 | +€7,200 | |
| Taxes, remuneration and social security | 45 | €3,188 | €20,493 | +€17,305 | +542.9% |
| Taxes | 450/3 | €3,188 | €20,493 | +€17,305 | +542.9% |
| Other amounts payable | 47/48 | €99,360 | €86,803 | -€12,558 | -12.6% |
| Accrued charges and deferred income | 492/3 | €4,739 | €6,781 | +€2,042 | +43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,889 | €44,774 | +€7,885 | +21.4% |
| Other operating charges | 640/8 | €3,390 | €8,740 | +€5,350 | +157.8% |
| Gross operating margin | 9900 | €90,077 | €158,702 | +€68,625 | +76.2% |
| Operating profit (loss) | 9901 | €49,797 | €105,188 | +€55,390 | +111.2% |
| Financial income | 75/76B | €6,023 | €3,436 | -€2,587 | -42.9% |
| Recurring financial income | 75 | €6,023 | €3,436 | -€2,587 | -42.9% |
| Financial charges | 65/66B | €17,093 | €23,104 | +€6,011 | +35.2% |
| Recurring financial charges | 65 | €17,093 | €23,104 | +€6,011 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €38,727 | €85,520 | +€46,793 | +120.8% |
| Income taxes | 67/77 | €10,695 | €26,110 | +€15,415 | +144.1% |
| Profit (loss) for the period | 9904 | €28,032 | €59,410 | +€31,378 | +111.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,032 | €59,410 | +€31,378 | +111.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.