FELVO: 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.
FELVO
Largest movements
- Receivables within one year -€35,380
down €35,380 (-71.0%), from €49,836 to €14,456
of which Trade receivables: -€32,100
- Tangible fixed assets -€26,335
down €26,335 (-32.0%), from €82,336 to €56,002
of which Furniture and vehicles: -€19,623
- Receivables after one year -€8,000
down €8,000 (-100.0%), from €8,000 to €0
- Cash -€6,700
down €6,700 (-24.7%), from €27,101 to €20,401
mainly Trade debts (-€24,715) and Net result for the year (-€19,030)
- Trade debts -€24,715
down €24,715 (-96.0%), from €25,751 to €1,036
- Reserves -€18,860
down €18,860 (-11.0%), from €171,798 to €152,938
- Profit (loss) carried forward -€17,170
down €17,170, from €13,558 to -€3,613
- Tax, wage and social debts -€13,485
down €13,485 (-100.0%), from €13,485 to €0
- Debts after one year -€3,085
down €3,085 (-43.4%), from €7,114 to €4,029
- Gross operating margin -€52,053
down €52,053 (-89.5%), from €58,174 to €6,121
- Taxes -€13,184
down €13,184, from €13,064 to -€120
- Depreciation +€6,940
up €6,940 (+35.8%), from €19,395 to €26,335
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 | €261,607 | €184,453 | -€77,154 | -29.5% |
| Fixed assets | 21/28 | €82,336 | €56,002 | -€26,335 | -32.0% |
| Tangible fixed assets | 22/27 | €82,336 | €56,002 | -€26,335 | -32.0% |
| Plant, machinery and equipment | 23 | €996 | €0 | -€996 | -100.0% |
| Furniture and vehicles | 24 | €70,955 | €51,332 | -€19,623 | -27.7% |
| Other tangible fixed assets | 26 | €10,385 | €4,669 | -€5,716 | -55.0% |
| Current assets | 29/58 | €179,271 | €128,451 | -€50,820 | -28.3% |
| Amounts receivable after more than one year | 29 | €8,000 | €0 | -€8,000 | -100.0% |
| Other amounts receivable | 291 | €8,000 | €0 | -€8,000 | -100.0% |
| Stocks and contracts in progress | 3 | €2,452 | €2,279 | -€173 | -7.1% |
| Stocks | 30/36 | €2,452 | €2,279 | -€173 | -7.1% |
| Amounts receivable within one year | 40/41 | €49,836 | €14,456 | -€35,380 | -71.0% |
| Trade receivables | 40 | €37,426 | €5,326 | -€32,100 | -85.8% |
| Other amounts receivable | 41 | €12,410 | €9,130 | -€3,279 | -26.4% |
| Current investments | 50/53 | €89,997 | €89,997 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,101 | €20,401 | -€6,700 | -24.7% |
| Deferred charges and accrued income | 490/1 | €1,885 | €1,318 | -€567 | -30.1% |
| Total equity and liabilities | 10/49 | €261,607 | €184,453 | -€77,154 | -29.5% |
| Equity | 10/15 | €203,955 | €167,925 | -€36,030 | -17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,798 | €152,938 | -€18,860 | -11.0% |
| Distributable reserves | 133 | €171,798 | €152,938 | -€18,860 | -11.0% |
| Profit (loss) carried forward | 14 | €13,558 | -€3,613 | -€17,170 | |
| Amounts payable | 17/49 | €57,652 | €16,528 | -€41,124 | -71.3% |
| Amounts payable after more than one year | 17 | €7,114 | €4,029 | -€3,085 | -43.4% |
| Financial debts | 170/4 | €7,114 | €4,029 | -€3,085 | -43.4% |
| Amounts payable within one year | 42/48 | €50,538 | €12,499 | -€38,040 | -75.3% |
| Current portion of amounts payable after more than one year | 42 | €2,966 | €3,085 | +€118 | +4.0% |
| Trade debts | 44 | €25,751 | €1,036 | -€24,715 | -96.0% |
| Suppliers | 440/4 | €25,751 | €1,036 | -€24,715 | -96.0% |
| Taxes, remuneration and social security | 45 | €13,485 | €0 | -€13,485 | -100.0% |
| Taxes | 450/3 | €13,485 | €0 | -€13,485 | -100.0% |
| Other amounts payable | 47/48 | €8,336 | €8,378 | +€42 | +0.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €21,388 | - | -€21,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,395 | €26,335 | +€6,940 | +35.8% |
| Gross operating margin | 9900 | €58,174 | €6,121 | -€52,053 | -89.5% |
| Operating profit (loss) | 9901 | €38,779 | -€20,214 | -€58,993 | |
| Financial income | 75/76B | €1,741 | €1,602 | -€139 | -8.0% |
| Recurring financial income | 75 | €1,741 | €1,602 | -€139 | -8.0% |
| Financial charges | 65/66B | €678 | €538 | -€139 | -20.6% |
| Recurring financial charges | 65 | €678 | €538 | -€139 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €39,843 | -€19,150 | -€58,993 | |
| Income taxes | 67/77 | €13,064 | -€120 | -€13,184 | |
| Profit (loss) for the period | 9904 | €26,779 | -€19,030 | -€45,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,779 | -€19,030 | -€45,809 |
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 3 October 2026 via checked.be.