FELINE: 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.
FELINE
Largest movements
- Stocks and contracts -€196,950
down €196,950 (-24.1%), from €818,622 to €621,672
- Receivables within one year +€118,646
up €118,646 (+114.6%), from €103,505 to €222,151
of which Trade receivables: +€106,314
- Cash -€66,578
down €66,578 (-62.8%), from €106,088 to €39,510
mainly Debts after one year (-€385,945) and Receivables within one year (-€118,646)
- Tangible fixed assets -€39,043
down €39,043 (-29.8%), from €131,061 to €92,018
of which Furniture and vehicles: -€30,792
- Debts after one year -€385,945
down €385,945 (-41.6%), from €928,294 to €542,349
- Trade debts +€116,251
up €116,251 (+1110.1%), from €10,472 to €126,723
- Profit (loss) carried forward +€66,645
up €66,645 (+56.4%), from -€118,174 to -€51,529
- Tax, wage and social debts +€19,773
up €19,773 (+48.5%), from €40,742 to €60,515
of which Taxes: +€27,484
- Staff costs -€64,654
down €64,654 (-27.3%), from €236,462 to €171,807
- Gross operating margin -€58,480
down €58,480 (-15.1%), from €388,190 to €329,710
- Other operating charges -€36,470
down €36,470 (-94.7%), from €38,500 to €2,030
- Taxes +€26,564
up €26,564 (+733.2%), from €3,623 to €30,187
- Depreciation -€5,084
down €5,084 (-16.8%), from €30,199 to €25,115
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 | €1,171,933 | €988,929 | -€183,004 | -15.6% |
| Fixed assets | 21/28 | €131,061 | €92,018 | -€39,043 | -29.8% |
| Tangible fixed assets | 22/27 | €131,061 | €92,018 | -€39,043 | -29.8% |
| Land and buildings | 22 | €33,790 | €29,089 | -€4,701 | -13.9% |
| Plant, machinery and equipment | 23 | €13,112 | €9,562 | -€3,550 | -27.1% |
| Furniture and vehicles | 24 | €84,159 | €53,367 | -€30,792 | -36.6% |
| Current assets | 29/58 | €1,040,873 | €896,911 | -€143,962 | -13.8% |
| Stocks and contracts in progress | 3 | €818,622 | €621,672 | -€196,950 | -24.1% |
| Stocks | 30/36 | €818,622 | €621,672 | -€196,950 | -24.1% |
| Amounts receivable within one year | 40/41 | €103,505 | €222,151 | +€118,646 | +114.6% |
| Trade receivables | 40 | €102,023 | €208,337 | +€106,314 | +104.2% |
| Other amounts receivable | 41 | €1,481 | €13,813 | +€12,332 | +832.4% |
| Current investments | 50/53 | €219 | €219 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €106,088 | €39,510 | -€66,578 | -62.8% |
| Deferred charges and accrued income | 490/1 | €12,439 | €13,360 | +€921 | +7.4% |
| Total equity and liabilities | 10/49 | €1,171,933 | €988,929 | -€183,004 | -15.6% |
| Equity | 10/15 | -€56,014 | €10,631 | +€66,645 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €160 | €160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €160 | €160 | = | 0.0% |
| Legal reserve | 130 | €160 | €160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,174 | -€51,529 | +€66,645 | +56.4% |
| Amounts payable | 17/49 | €1,227,948 | €978,298 | -€249,649 | -20.3% |
| Amounts payable after more than one year | 17 | €928,294 | €542,349 | -€385,945 | -41.6% |
| Financial debts | 170/4 | €928,294 | €542,349 | -€385,945 | -41.6% |
| Amounts payable within one year | 42/48 | €299,654 | €435,949 | +€136,295 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 43 | - | €271 | +€271 | |
| Credit institutions | 430/8 | - | €271 | +€271 | |
| Trade debts | 44 | €10,472 | €126,723 | +€116,251 | +1110.1% |
| Suppliers | 440/4 | €10,472 | €126,723 | +€116,251 | +1110.1% |
| Taxes, remuneration and social security | 45 | €40,742 | €60,515 | +€19,773 | +48.5% |
| Taxes | 450/3 | €28,259 | €55,744 | +€27,484 | +97.3% |
| Remuneration and social security | 454/9 | €12,483 | €4,772 | -€7,711 | -61.8% |
| Other amounts payable | 47/48 | €98,440 | €98,440 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €11,778 | €28,473 | +€16,695 | +141.8% |
| Remuneration, social security and pensions | 62 | €236,462 | €171,807 | -€64,654 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,199 | €25,115 | -€5,084 | -16.8% |
| Other operating charges | 640/8 | €38,500 | €2,030 | -€36,470 | -94.7% |
| Non-recurring operating charges | 66A | - | €26,669 | +€26,669 | |
| Gross operating margin | 9900 | €388,190 | €329,710 | -€58,480 | -15.1% |
| Operating profit (loss) | 9901 | €83,029 | €104,089 | +€21,060 | +25.4% |
| Financial income | 75/76B | €586 | €647 | +€61 | +10.4% |
| Recurring financial income | 75 | €586 | €647 | +€61 | +10.4% |
| Financial charges | 65/66B | €10,732 | €7,905 | -€2,827 | -26.3% |
| Recurring financial charges | 65 | €10,732 | €7,905 | -€2,827 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €72,883 | €96,831 | +€23,948 | +32.9% |
| Income taxes | 67/77 | €3,623 | €30,187 | +€26,564 | +733.2% |
| Profit (loss) for the period | 9904 | €69,261 | €66,645 | -€2,616 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,261 | €66,645 | -€2,616 | -3.8% |
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 9 October 2026 via checked.be.