FELMAX: 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.
FELMAX
Largest movements
- Receivables within one year -€274,047
down €274,047 (-57.3%), from €478,060 to €204,014
of which Trade receivables: -€415,120
- Current investments +€145,078
up €145,078 (+24.9%), from €583,414 to €728,492
- Tangible fixed assets -€127,832
down €127,832 (-7.4%), from €1.7m to €1.6m
of which Land and buildings: -€64,237
- Tax, wage and social debts -€130,254
down €130,254 (-96.6%), from €134,880 to €4,626
of which Taxes: -€109,868
- Reserves -€114,266
down €114,266 (-4.4%), from €2.6m to €2.5m
of which Distributable reserves: -€112,984
- Other debts +€84,620
up €84,620 (+25.6%), from €331,096 to €415,716
- Debts after one year -€55,199
down €55,199 (-16.1%), from €343,545 to €288,346
- Trade debts -€38,070
down €38,070 (-73.7%), from €51,631 to €13,562
- Gross operating margin -€216,646
down €216,646 (-29.4%), from €737,486 to €520,840
- Financial income +€100,716
up €100,716 (+1122.2%), from €8,975 to €109,691
- Taxes -€47,143
down €47,143 (-29.7%), from €158,990 to €111,847
- Staff costs -€44,860
down €44,860 (-40.6%), from €110,606 to €65,745
- Financial charges +€16,249
up €16,249 (+136.2%), from €11,927 to €28,176
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 | €3,531,954 | €3,280,569 | -€251,385 | -7.1% |
| Fixed assets | 21/28 | €1,719,091 | €1,591,759 | -€127,332 | -7.4% |
| Tangible fixed assets | 22/27 | €1,719,091 | €1,591,259 | -€127,832 | -7.4% |
| Land and buildings | 22 | €1,514,311 | €1,450,074 | -€64,237 | -4.2% |
| Plant, machinery and equipment | 23 | €2,458 | €0 | -€2,458 | -100.0% |
| Furniture and vehicles | 24 | €202,323 | €141,185 | -€61,138 | -30.2% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €1,812,863 | €1,688,810 | -€124,052 | -6.8% |
| Amounts receivable within one year | 40/41 | €478,060 | €204,014 | -€274,047 | -57.3% |
| Trade receivables | 40 | €470,016 | €54,896 | -€415,120 | -88.3% |
| Other amounts receivable | 41 | €8,044 | €149,118 | +€141,074 | +1753.7% |
| Current investments | 50/53 | €583,414 | €728,492 | +€145,078 | +24.9% |
| Cash at bank and in hand | 54/58 | €749,201 | €752,957 | +€3,756 | +0.5% |
| Deferred charges and accrued income | 490/1 | €2,187 | €3,348 | +€1,160 | +53.1% |
| Total equity and liabilities | 10/49 | €3,531,954 | €3,280,569 | -€251,385 | -7.1% |
| Equity | 10/15 | €2,608,181 | €2,493,915 | -€114,266 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,589,581 | €2,475,315 | -€114,266 | -4.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €28,418 | €27,136 | -€1,282 | -4.5% |
| Distributable reserves | 133 | €2,561,163 | €2,448,180 | -€112,984 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,539 | €7,001 | -€539 | -7.1% |
| Deferred taxes | 168 | €7,539 | €7,001 | -€539 | -7.1% |
| Amounts payable | 17/49 | €916,234 | €779,653 | -€136,581 | -14.9% |
| Amounts payable after more than one year | 17 | €343,545 | €288,346 | -€55,199 | -16.1% |
| Financial debts | 170/4 | €343,545 | €288,346 | -€55,199 | -16.1% |
| Amounts payable within one year | 42/48 | €571,623 | €489,103 | -€82,520 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €54,016 | €55,199 | +€1,183 | +2.2% |
| Trade debts | 44 | €51,631 | €13,562 | -€38,070 | -73.7% |
| Suppliers | 440/4 | €51,631 | €13,562 | -€38,070 | -73.7% |
| Taxes, remuneration and social security | 45 | €134,880 | €4,626 | -€130,254 | -96.6% |
| Taxes | 450/3 | €114,495 | €4,626 | -€109,868 | -96.0% |
| Remuneration and social security | 454/9 | €20,386 | €0 | -€20,386 | -100.0% |
| Other amounts payable | 47/48 | €331,096 | €415,716 | +€84,620 | +25.6% |
| Accrued charges and deferred income | 492/3 | €1,066 | €2,204 | +€1,138 | +106.8% |
| Non-recurring operating income | 76A | €19,386 | €11,491 | -€7,894 | -40.7% |
| Remuneration, social security and pensions | 62 | €110,606 | €65,745 | -€44,860 | -40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,602 | €127,348 | +€8,746 | +7.4% |
| Other operating charges | 640/8 | €13,008 | €5,097 | -€7,911 | -60.8% |
| Gross operating margin | 9900 | €737,486 | €520,840 | -€216,646 | -29.4% |
| Operating profit (loss) | 9901 | €495,270 | €322,649 | -€172,620 | -34.9% |
| Financial income | 75/76B | €8,975 | €109,691 | +€100,716 | +1122.2% |
| Recurring financial income | 75 | €8,975 | €109,691 | +€100,716 | +1122.2% |
| Financial charges | 65/66B | €11,927 | €28,176 | +€16,249 | +136.2% |
| Recurring financial charges | 65 | €11,927 | €28,176 | +€16,249 | +136.2% |
| Profit (loss) for the period before taxes | 9903 | €492,318 | €404,164 | -€88,154 | -17.9% |
| Transfer from deferred taxes | 780 | €539 | €539 | = | 0.0% |
| Income taxes | 67/77 | €158,990 | €111,847 | -€47,143 | -29.7% |
| Profit (loss) for the period | 9904 | €333,866 | €292,855 | -€41,011 | -12.3% |
| Transfer from tax-exempt reserves | 789 | €1,282 | €1,282 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €335,148 | €294,137 | -€41,011 | -12.2% |
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 9 October 2026 via checked.be.