Felmaker: 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.
Felmaker
Largest movements
- Cash +€28,376
up €28,376 (+143.3%), from €19,800 to €48,176
mainly Net result for the year (+€31,962) and Receivables within one year (+€991)
- Receivables within one year -€991
down €991 (-11.7%), from €8,460 to €7,469
of which Trade receivables: -€984
- Reserves +€31,962
up €31,962 (+197.9%), from €16,152 to €48,113
- Tax, wage and social debts -€4,416
down €4,416 (-44.8%), from €9,859 to €5,443
- Gross operating margin +€18,775
up €18,775 (+83.3%), from €22,529 to €41,304
- Taxes +€2,170
up €2,170 (+34.7%), from €6,258 to €8,428
- Depreciation +€748
up €748 (+938.5%), from €80 to €827
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 | €31,138 | €58,546 | +€27,408 | +88.0% |
| Fixed assets | 21/28 | €2,355 | €2,335 | -€20 | -0.9% |
| Tangible fixed assets | 22/27 | €2,355 | €2,335 | -€20 | -0.9% |
| Furniture and vehicles | 24 | €2,355 | €2,335 | -€20 | -0.9% |
| Current assets | 29/58 | €28,783 | €56,211 | +€27,428 | +95.3% |
| Amounts receivable within one year | 40/41 | €8,460 | €7,469 | -€991 | -11.7% |
| Trade receivables | 40 | €7,550 | €6,566 | -€984 | -13.0% |
| Other amounts receivable | 41 | €910 | €903 | -€7 | -0.8% |
| Cash at bank and in hand | 54/58 | €19,800 | €48,176 | +€28,376 | +143.3% |
| Deferred charges and accrued income | 490/1 | €523 | €566 | +€43 | +8.2% |
| Total equity and liabilities | 10/49 | €31,138 | €58,546 | +€27,408 | +88.0% |
| Equity | 10/15 | €20,152 | €52,113 | +€31,962 | +158.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €16,152 | €48,113 | +€31,962 | +197.9% |
| Distributable reserves | 133 | €16,152 | €48,113 | +€31,962 | +197.9% |
| Amounts payable | 17/49 | €10,987 | €6,433 | -€4,554 | -41.5% |
| Amounts payable within one year | 42/48 | €10,984 | €6,433 | -€4,551 | -41.4% |
| Trade debts | 44 | €1,125 | €989 | -€135 | -12.0% |
| Suppliers | 440/4 | €1,125 | €989 | -€135 | -12.0% |
| Taxes, remuneration and social security | 45 | €9,859 | €5,443 | -€4,416 | -44.8% |
| Taxes | 450/3 | €9,859 | €5,443 | -€4,416 | -44.8% |
| Accrued charges and deferred income | 492/3 | €3 | €0 | -€3 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80 | €827 | +€748 | +938.5% |
| Other operating charges | 640/8 | €50 | €0 | -€50 | -100.0% |
| Gross operating margin | 9900 | €22,529 | €41,304 | +€18,775 | +83.3% |
| Operating profit (loss) | 9901 | €22,400 | €40,477 | +€18,077 | +80.7% |
| Financial income | 75/76B | €15 | €0 | -€15 | -99.8% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -99.8% |
| Financial charges | 65/66B | €5 | €87 | +€83 | +1713.5% |
| Recurring financial charges | 65 | €5 | €87 | +€83 | +1713.5% |
| Profit (loss) for the period before taxes | 9903 | €22,410 | €40,390 | +€17,980 | +80.2% |
| Income taxes | 67/77 | €6,258 | €8,428 | +€2,170 | +34.7% |
| Profit (loss) for the period | 9904 | €16,152 | €31,962 | +€15,810 | +97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,152 | €31,962 | +€15,810 | +97.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.