FELT MANAGEMENT: 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.
FELT MANAGEMENT
Largest movements
- Cash -€322,937
down €322,937 (-68.1%), from €474,457 to €151,520
mainly Other debts (-€481,575) and Debts after one year (-€80,970)
- Receivables within one year -€98,457
down €98,457 (-66.3%), from €148,489 to €50,032
of which Trade receivables: -€99,212
- Tangible fixed assets -€67,492
down €67,492 (-37.5%), from €179,752 to €112,261
of which Furniture and vehicles: -€61,697
- Other debts -€481,575
down €481,575 (-77.2%), from €623,632 to €142,057
- Reserves +€116,026
up €116,026 (+20.1%), from €578,190 to €694,216
- Debts after one year -€80,970
down €80,970 (-8.9%), from €912,814 to €831,844
of which Financial debts: -€145,970
- Financial income -€199,838
down €199,838 (-99.5%), from €200,771 to €933
- Gross operating margin -€87,536
down €87,536 (-21.3%), from €410,457 to €322,920
- Taxes -€30,118
down €30,118 (-46.4%), from €64,942 to €34,824
- Financial charges +€20,940
up €20,940 (+26.1%), from €80,077 to €101,017
- Other operating charges +€13,948
up €13,948 (+661%), from €2,111 to €16,059
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.
Derived cash bridge
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 | €2,343,982 | €1,866,502 | -€477,480 | -20.4% |
| Fixed assets | 21/28 | €1,699,796 | €1,632,305 | -€67,492 | -4.0% |
| Tangible fixed assets | 22/27 | €179,752 | €112,261 | -€67,492 | -37.5% |
| Land and buildings | 22 | €107,940 | €104,580 | -€3,360 | -3.1% |
| Plant, machinery and equipment | 23 | €8,156 | €5,721 | -€2,434 | -29.8% |
| Furniture and vehicles | 24 | €62,406 | €709 | -€61,697 | -98.9% |
| Other tangible fixed assets | 26 | €1,250 | €1,250 | = | 0.0% |
| Financial fixed assets | 28 | €1,520,044 | €1,520,044 | = | 0.0% |
| Current assets | 29/58 | €644,186 | €234,197 | -€409,989 | -63.6% |
| Stocks and contracts in progress | 3 | €18,208 | €27,788 | +€9,580 | +52.6% |
| Stocks | 30/36 | €18,208 | €27,788 | +€9,580 | +52.6% |
| Amounts receivable within one year | 40/41 | €148,489 | €50,032 | -€98,457 | -66.3% |
| Trade receivables | 40 | €113,185 | €13,973 | -€99,212 | -87.7% |
| Other amounts receivable | 41 | €35,304 | €36,059 | +€755 | +2.1% |
| Cash at bank and in hand | 54/58 | €474,457 | €151,520 | -€322,937 | -68.1% |
| Deferred charges and accrued income | 490/1 | €3,031 | €4,857 | +€1,825 | +60.2% |
| Total equity and liabilities | 10/49 | €2,343,982 | €1,866,502 | -€477,480 | -20.4% |
| Equity | 10/15 | €598,190 | €714,216 | +€116,026 | +19.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €578,190 | €694,216 | +€116,026 | +20.1% |
| Distributable reserves | 133 | €578,190 | €694,216 | +€116,026 | +20.1% |
| Amounts payable | 17/49 | €1,745,792 | €1,152,285 | -€593,507 | -34.0% |
| Amounts payable after more than one year | 17 | €912,814 | €831,844 | -€80,970 | -8.9% |
| Financial debts | 170/4 | €577,814 | €431,844 | -€145,970 | -25.3% |
| Other amounts payable | 178/9 | €335,000 | €400,000 | +€65,000 | +19.4% |
| Amounts payable within one year | 42/48 | €822,311 | €303,838 | -€518,473 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €115,227 | €106,123 | -€9,104 | -7.9% |
| Financial debts | 43 | - | €2,007 | +€2,007 | |
| Credit institutions | 430/8 | - | €2,007 | +€2,007 | |
| Trade debts | 44 | €19,611 | €8,908 | -€10,703 | -54.6% |
| Suppliers | 440/4 | €19,611 | €8,908 | -€10,703 | -54.6% |
| Taxes, remuneration and social security | 45 | €63,841 | €44,744 | -€19,098 | -29.9% |
| Taxes | 450/3 | €56,402 | €35,770 | -€20,632 | -36.6% |
| Remuneration and social security | 454/9 | €7,439 | €8,974 | +€1,535 | +20.6% |
| Other amounts payable | 47/48 | €623,632 | €142,057 | -€481,575 | -77.2% |
| Accrued charges and deferred income | 492/3 | €10,667 | €16,603 | +€5,936 | +55.7% |
| Remuneration, social security and pensions | 62 | €50,304 | €47,623 | -€2,680 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,966 | €6,503 | +€537 | +9.0% |
| Other operating charges | 640/8 | €2,111 | €16,059 | +€13,948 | +661% |
| Gross operating margin | 9900 | €410,457 | €322,920 | -€87,536 | -21.3% |
| Operating profit (loss) | 9901 | €352,076 | €252,734 | -€99,342 | -28.2% |
| Financial income | 75/76B | €200,771 | €933 | -€199,838 | -99.5% |
| Recurring financial income | 75 | €200,771 | €933 | -€199,838 | -99.5% |
| Financial charges | 65/66B | €80,077 | €101,017 | +€20,940 | +26.1% |
| Recurring financial charges | 65 | €80,077 | €101,017 | +€20,940 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €472,770 | €152,650 | -€320,119 | -67.7% |
| Income taxes | 67/77 | €64,942 | €34,824 | -€30,118 | -46.4% |
| Profit (loss) for the period | 9904 | €407,828 | €117,826 | -€290,001 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €407,828 | €117,826 | -€290,001 | -71.1% |
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 24 October 2026 via checked.be.