FELUSE: what changed
Two fiscal 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.
FELUSE
Largest movements
- Financial fixed assets +€396,154
up €396,154 (+125.7%), from €315,176 to €711,330
- Current investments +€267,795
up €267,795 (+86.2%), from €310,518 to €578,313
- Receivables within one year +€98,398
up €98,398 (+485.5%), from €20,269 to €118,667
of which Other amounts receivable: +€88,398
- Debts after one year +€316,273
up €316,273 (+281.8%), from €112,240 to €428,513
- Reserves +€267,571
up €267,571 (+53.8%), from €497,776 to €765,347
- Current portion of long-term debt +€90,303
up €90,303 (+358.2%), from €25,208 to €115,511
- Short-term financial debts +€44,017
new in 2025: €44,017
- Tax, wage and social debts +€27,057
up €27,057 (+202.9%), from €13,333 to €40,391
- Gross operating margin +€88,345
up €88,345 (+72.4%), from €121,988 to €210,333
- Financial income +€84,043
up €84,043 (+108.7%), from €77,347 to €161,391
- Taxes +€34,943
up €34,943 (+88.0%), from €39,705 to €74,647
- Financial charges +€4,230
up €4,230 (+75.7%), from €5,590 to €9,820
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 | €923,710 | €1,698,446 | +€774,736 | +83.9% |
| Fixed assets | 21/28 | €544,129 | €942,688 | +€398,559 | +73.2% |
| Tangible fixed assets | 22/27 | €228,953 | €231,358 | +€2,406 | +1.1% |
| Land and buildings | 22 | €221,408 | €223,726 | +€2,318 | +1.0% |
| Plant, machinery and equipment | 23 | €4,055 | €3,085 | -€970 | -23.9% |
| Furniture and vehicles | 24 | €2,164 | €2,046 | -€118 | -5.4% |
| Other tangible fixed assets | 26 | €1,326 | €2,501 | +€1,175 | +88.6% |
| Financial fixed assets | 28 | €315,176 | €711,330 | +€396,154 | +125.7% |
| Current assets | 29/58 | €379,581 | €755,758 | +€376,177 | +99.1% |
| Amounts receivable within one year | 40/41 | €20,269 | €118,667 | +€98,398 | +485.5% |
| Trade receivables | 40 | €10,000 | €20,000 | +€10,000 | +100.0% |
| Other amounts receivable | 41 | €10,269 | €98,667 | +€88,398 | +860.8% |
| Current investments | 50/53 | €310,518 | €578,313 | +€267,795 | +86.2% |
| Cash at bank and in hand | 54/58 | €46,858 | €56,802 | +€9,945 | +21.2% |
| Deferred charges and accrued income | 490/1 | €1,937 | €1,976 | +€40 | +2.1% |
| Total equity and liabilities | 10/49 | €923,710 | €1,698,446 | +€774,736 | +83.9% |
| Equity | 10/15 | €757,776 | €1,025,347 | +€267,571 | +35.3% |
| Contributions | 10/11 | €260,000 | €260,000 | = | 0.0% |
| Reserves | 13 | €497,776 | €765,347 | +€267,571 | +53.8% |
| Distributable reserves | 133 | €497,776 | €765,347 | +€267,571 | +53.8% |
| Amounts payable | 17/49 | €165,934 | €673,099 | +€507,165 | +305.6% |
| Amounts payable after more than one year | 17 | €112,240 | €428,513 | +€316,273 | +281.8% |
| Financial debts | 170/4 | €112,240 | €428,513 | +€316,273 | +281.8% |
| Amounts payable within one year | 42/48 | €53,694 | €244,586 | +€190,892 | +355.5% |
| Current portion of amounts payable after more than one year | 42 | €25,208 | €115,511 | +€90,303 | +358.2% |
| Financial debts | 43 | - | €44,017 | +€44,017 | |
| Credit institutions | 430/8 | - | €44,017 | +€44,017 | |
| Trade debts | 44 | - | €15,811 | +€15,811 | |
| Suppliers | 440/4 | - | €15,811 | +€15,811 | |
| Taxes, remuneration and social security | 45 | €13,333 | €40,391 | +€27,057 | +202.9% |
| Taxes | 450/3 | €13,333 | €40,391 | +€27,057 | +202.9% |
| Other amounts payable | 47/48 | €15,152 | €28,856 | +€13,704 | +90.4% |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,562 | €18,417 | +€855 | +4.9% |
| Other operating charges | 640/8 | €3,144 | €1,268 | -€1,875 | -59.7% |
| Gross operating margin | 9900 | €121,988 | €210,333 | +€88,345 | +72.4% |
| Operating profit (loss) | 9901 | €101,282 | €190,648 | +€89,366 | +88.2% |
| Financial income | 75/76B | €77,347 | €161,391 | +€84,043 | +108.7% |
| Recurring financial income | 75 | €77,347 | €161,391 | +€84,043 | +108.7% |
| Financial charges | 65/66B | €5,590 | €9,820 | +€4,230 | +75.7% |
| Recurring financial charges | 65 | €5,590 | €9,820 | +€4,230 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €173,039 | €342,218 | +€169,179 | +97.8% |
| Income taxes | 67/77 | €39,705 | €74,647 | +€34,943 | +88.0% |
| Profit (loss) for the period | 9904 | €133,334 | €267,571 | +€134,237 | +100.7% |
| Profit (loss) for the period to be appropriated | 9905 | €133,334 | €267,571 | +€134,237 | +100.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.