FELSPAR: 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.
FELSPAR
Largest movements
- Cash +€101,569
up €101,569 (+467.4%), from €21,733 to €123,302
mainly Net result for the year (+€149,680) and Other debts (+€53,756)
- Receivables within one year +€93,869
up €93,869 (+274.9%), from €34,149 to €128,018
of which Trade receivables: +€105,598
- Deferred charges and accrued income -€9,729
down €9,729 (-77.6%), from €12,533 to €2,804
- Tangible fixed assets -€8,169
down €8,169 (-31.6%), from €25,819 to €17,650
of which Furniture and vehicles: -€5,171
- Other debts +€53,756
up €53,756 (+268.8%), from €20,000 to €73,756
- Reserves +€50,000
up €50,000 (+250.0%), from €20,000 to €70,000
- Tax, wage and social debts +€45,632
up €45,632 (+257.9%), from €17,694 to €63,326
- Short-term financial debts +€40,000
new in 2025: €40,000
- Accrued charges and deferred income -€11,564
down €11,564 (-72.2%), from €16,017 to €4,453
- Gross operating margin +€139,883
up €139,883 (+190.4%), from €73,471 to €213,354
- Taxes +€40,018
up €40,018 (+357.5%), from €11,195 to €51,214
- Write-downs -€12,124
down €12,124 (-100.0%), from €12,124 to €0
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 | €94,233 | €271,774 | +€177,541 | +188.4% |
| Fixed assets | 21/28 | €25,819 | €17,650 | -€8,169 | -31.6% |
| Tangible fixed assets | 22/27 | €25,819 | €17,650 | -€8,169 | -31.6% |
| Plant, machinery and equipment | 23 | €2,029 | €1,260 | -€769 | -37.9% |
| Furniture and vehicles | 24 | €11,635 | €6,464 | -€5,171 | -44.4% |
| Other tangible fixed assets | 26 | €12,156 | €9,926 | -€2,229 | -18.3% |
| Current assets | 29/58 | €68,414 | €254,124 | +€185,710 | +271.4% |
| Amounts receivable within one year | 40/41 | €34,149 | €128,018 | +€93,869 | +274.9% |
| Trade receivables | 40 | €19,822 | €125,420 | +€105,598 | +532.7% |
| Other amounts receivable | 41 | €14,326 | €2,598 | -€11,729 | -81.9% |
| Cash at bank and in hand | 54/58 | €21,733 | €123,302 | +€101,569 | +467.4% |
| Deferred charges and accrued income | 490/1 | €12,533 | €2,804 | -€9,729 | -77.6% |
| Total equity and liabilities | 10/49 | €94,233 | €271,774 | +€177,541 | +188.4% |
| Equity | 10/15 | €40,517 | €90,197 | +€49,680 | +122.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Distributable reserves | 133 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Profit (loss) carried forward | 14 | €1,917 | €1,597 | -€320 | -16.7% |
| Amounts payable | 17/49 | €53,716 | €181,577 | +€127,861 | +238.0% |
| Amounts payable within one year | 42/48 | €37,699 | €177,124 | +€139,425 | +369.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Other loans | 439 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €5 | €42 | +€37 | +766.5% |
| Suppliers | 440/4 | €5 | €42 | +€37 | +766.5% |
| Taxes, remuneration and social security | 45 | €17,694 | €63,326 | +€45,632 | +257.9% |
| Taxes | 450/3 | €17,694 | €63,326 | +€45,632 | +257.9% |
| Other amounts payable | 47/48 | €20,000 | €73,756 | +€53,756 | +268.8% |
| Accrued charges and deferred income | 492/3 | €16,017 | €4,453 | -€11,564 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,592 | €9,754 | +€163 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,124 | €0 | -€12,124 | -100.0% |
| Other operating charges | 640/8 | €2,309 | €2,670 | +€360 | +15.6% |
| Gross operating margin | 9900 | €73,471 | €213,354 | +€139,883 | +190.4% |
| Operating profit (loss) | 9901 | €49,446 | €200,930 | +€151,484 | +306.4% |
| Financial income | 75/76B | €564 | €19 | -€544 | -96.6% |
| Recurring financial income | 75 | €564 | €19 | -€544 | -96.6% |
| Financial charges | 65/66B | €201 | €56 | -€145 | -72.3% |
| Recurring financial charges | 65 | €201 | €56 | -€145 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | €49,809 | €200,894 | +€151,085 | +303.3% |
| Income taxes | 67/77 | €11,195 | €51,214 | +€40,018 | +357.5% |
| Profit (loss) for the period | 9904 | €38,614 | €149,680 | +€111,066 | +287.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,614 | €149,680 | +€111,066 | +287.6% |
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 12 October 2026 via checked.be.