FELQ: 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.
FELQ
Largest movements
- Cash +€200,413
up €200,413 (+21158.4%), from €947 to €201,360
mainly Current investments (+€151,214) and Depreciation (+€38,242)
- Current investments -€151,214
down €151,214 (-100.0%), from €151,214 to €0
- Tangible fixed assets -€34,338
down €34,338 (-19.9%), from €172,507 to €138,169
of which Furniture and vehicles: -€21,401
- Receivables within one year -€26,550
down €26,550 (-56.9%), from €46,666 to €20,116
of which Trade receivables: -€25,864
- Current portion of long-term debt -€12,635
down €12,635 (-56.9%), from €22,190 to €9,555
- Other debts +€11,955
up €11,955 (+59.9%), from €19,969 to €31,924
- Debts after one year -€9,555
down €9,555 (-100.0%), from €9,555 to €0
- Gross operating margin -€31,772
down €31,772 (-26.1%), from €121,561 to €89,789
- Taxes -€7,947
down €7,947 (-33.6%), from €23,628 to €15,682
- Depreciation +€4,953
up €4,953 (+14.9%), from €33,289 to €38,242
- Financial charges -€2,032
down €2,032 (-52.0%), from €3,909 to €1,877
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 | €373,118 | €361,478 | -€11,640 | -3.1% |
| Fixed assets | 21/28 | €172,507 | €138,169 | -€34,338 | -19.9% |
| Tangible fixed assets | 22/27 | €172,507 | €138,169 | -€34,338 | -19.9% |
| Land and buildings | 22 | €82,416 | €69,933 | -€12,483 | -15.1% |
| Plant, machinery and equipment | 23 | €3,705 | €3,250 | -€454 | -12.3% |
| Furniture and vehicles | 24 | €86,386 | €64,986 | -€21,401 | -24.8% |
| Current assets | 29/58 | €200,611 | €223,309 | +€22,697 | +11.3% |
| Amounts receivable after more than one year | 29 | €0 | €0 | -€0 | -100.0% |
| Other amounts receivable | 291 | €0 | €0 | -€0 | -100.0% |
| Amounts receivable within one year | 40/41 | €46,666 | €20,116 | -€26,550 | -56.9% |
| Trade receivables | 40 | €45,980 | €20,116 | -€25,864 | -56.3% |
| Other amounts receivable | 41 | €686 | €0 | -€686 | -100.0% |
| Current investments | 50/53 | €151,214 | €0 | -€151,214 | -100.0% |
| Cash at bank and in hand | 54/58 | €947 | €201,360 | +€200,413 | +21158.4% |
| Deferred charges and accrued income | 490/1 | €1,784 | €1,833 | +€49 | +2.8% |
| Total equity and liabilities | 10/49 | €373,118 | €361,478 | -€11,640 | -3.1% |
| Equity | 10/15 | €313,932 | €316,910 | +€2,978 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €307,732 | €310,710 | +€2,978 | +1.0% |
| Distributable reserves | 133 | €307,732 | €310,710 | +€2,978 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,186 | €44,568 | -€14,618 | -24.7% |
| Amounts payable after more than one year | 17 | €9,555 | €0 | -€9,555 | -100.0% |
| Financial debts | 170/4 | €9,555 | €0 | -€9,555 | -100.0% |
| Amounts payable within one year | 42/48 | €49,632 | €44,568 | -€5,064 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €22,190 | €9,555 | -€12,635 | -56.9% |
| Financial debts | 43 | €52 | €67 | +€15 | +28.9% |
| Credit institutions | 430/8 | €52 | €67 | +€15 | +28.9% |
| Trade debts | 44 | €1,927 | €1,177 | -€750 | -38.9% |
| Suppliers | 440/4 | €1,927 | €1,177 | -€750 | -38.9% |
| Taxes, remuneration and social security | 45 | €5,493 | €1,845 | -€3,648 | -66.4% |
| Taxes | 450/3 | €5,493 | €1,845 | -€3,648 | -66.4% |
| Other amounts payable | 47/48 | €19,969 | €31,924 | +€11,955 | +59.9% |
| Non-recurring operating income | 76A | €22,314 | €0 | -€22,314 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,289 | €38,242 | +€4,953 | +14.9% |
| Other operating charges | 640/8 | €2,406 | €2,558 | +€152 | +6.3% |
| Gross operating margin | 9900 | €121,561 | €89,789 | -€31,772 | -26.1% |
| Operating profit (loss) | 9901 | €85,866 | €48,988 | -€36,877 | -42.9% |
| Financial income | 75/76B | €1,959 | €902 | -€1,056 | -53.9% |
| Recurring financial income | 75 | €1,959 | €902 | -€1,056 | -53.9% |
| Financial charges | 65/66B | €3,909 | €1,877 | -€2,032 | -52.0% |
| Recurring financial charges | 65 | €3,909 | €1,877 | -€2,032 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €83,915 | €48,014 | -€35,902 | -42.8% |
| Income taxes | 67/77 | €23,628 | €15,682 | -€7,947 | -33.6% |
| Profit (loss) for the period | 9904 | €60,287 | €32,332 | -€27,955 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,287 | €32,332 | -€27,955 | -46.4% |
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 11 October 2026 via checked.be.