FELINA: 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.
FELINA
Largest movements
- Current investments +€45,000
up €45,000 (+180%), from €25,000 to €70,000
- Cash -€28,011
down €28,011 (-50.4%), from €55,553 to €27,542
mainly Current investments (-€45,000) and Investment in fixed assets (net) (-€7,295)
- Tangible fixed assets -€11,883
down €11,883 (-11.6%), from €102,030 to €90,146
of which Land and buildings: -€7,411
- Receivables within one year +€5,016
up €5,016 (+627%), from €800 to €5,816
of which Other amounts receivable: +€4,425
- Reserves +€7,201
up €7,201 (+26.7%), from €26,942 to €34,143
of which Distributable reserves: +€7,201
- Trade debts +€2,410
up €2,410 (+81.0%), from €2,977 to €5,387
- Gross operating margin -€18,085
down €18,085 (-33.1%), from €54,707 to €36,623
- Taxes -€4,988
down €4,988 (-48.9%), from €10,200 to €5,213
- Depreciation +€1,542
up €1,542 (+8.7%), from €17,636 to €19,178
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 | €185,062 | €195,370 | +€10,308 | +5.6% |
| Fixed assets | 21/28 | €102,030 | €90,146 | -€11,883 | -11.6% |
| Tangible fixed assets | 22/27 | €102,030 | €90,146 | -€11,883 | -11.6% |
| Land and buildings | 22 | €86,944 | €79,533 | -€7,411 | -8.5% |
| Plant, machinery and equipment | 23 | €3,627 | €2,793 | -€834 | -23.0% |
| Furniture and vehicles | 24 | €8,806 | €5,168 | -€3,638 | -41.3% |
| Other tangible fixed assets | 26 | €2,653 | €2,653 | = | 0.0% |
| Current assets | 29/58 | €83,033 | €105,224 | +€22,191 | +26.7% |
| Amounts receivable within one year | 40/41 | €800 | €5,816 | +€5,016 | +627% |
| Trade receivables | 40 | - | €591 | +€591 | |
| Other amounts receivable | 41 | €800 | €5,225 | +€4,425 | +553% |
| Current investments | 50/53 | €25,000 | €70,000 | +€45,000 | +180% |
| Cash at bank and in hand | 54/58 | €55,553 | €27,542 | -€28,011 | -50.4% |
| Deferred charges and accrued income | 490/1 | €1,680 | €1,867 | +€187 | +11.1% |
| Total equity and liabilities | 10/49 | €185,062 | €195,370 | +€10,308 | +5.6% |
| Equity | 10/15 | €177,533 | €184,734 | +€7,201 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,942 | €34,143 | +€7,201 | +26.7% |
| Tax-exempt reserves | 132 | €246 | €246 | = | 0.0% |
| Distributable reserves | 133 | €26,696 | €33,897 | +€7,201 | +27.0% |
| Profit (loss) carried forward | 14 | €131,991 | €131,991 | = | 0.0% |
| Amounts payable | 17/49 | €7,530 | €10,636 | +€3,107 | +41.3% |
| Amounts payable within one year | 42/48 | €7,530 | €10,636 | +€3,107 | +41.3% |
| Trade debts | 44 | €2,977 | €5,387 | +€2,410 | +81.0% |
| Suppliers | 440/4 | €2,977 | €5,387 | +€2,410 | +81.0% |
| Taxes, remuneration and social security | 45 | €4,206 | €5,249 | +€1,043 | +24.8% |
| Taxes | 450/3 | €4,206 | €5,249 | +€1,043 | +24.8% |
| Other amounts payable | 47/48 | €346 | €0 | -€346 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,636 | €19,178 | +€1,542 | +8.7% |
| Other operating charges | 640/8 | €4,939 | €4,736 | -€203 | -4.1% |
| Gross operating margin | 9900 | €54,707 | €36,623 | -€18,085 | -33.1% |
| Operating profit (loss) | 9901 | €32,133 | €12,709 | -€19,424 | -60.4% |
| Financial income | 75/76B | €453 | €496 | +€43 | +9.4% |
| Recurring financial income | 75 | €453 | €496 | +€43 | +9.4% |
| Financial charges | 65/66B | €647 | €791 | +€144 | +22.2% |
| Recurring financial charges | 65 | €647 | €791 | +€144 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €31,939 | €12,414 | -€19,525 | -61.1% |
| Income taxes | 67/77 | €10,200 | €5,213 | -€4,988 | -48.9% |
| Profit (loss) for the period | 9904 | €21,738 | €7,201 | -€14,537 | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,738 | €7,201 | -€14,537 | -66.9% |
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 25 October 2026 via checked.be.