FEM HRM: 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.
FEM HRM
Largest movements
- Current investments -€80,000
down €80,000 (-100%), from €80,000 to €0
- Receivables within one year -€52,200
down €52,200 (-44.7%), from €116,692 to €64,492
of which Trade receivables: -€64,073
- Cash +€42,041
up €42,041 (+51.0%), from €82,383 to €124,424
mainly Other debts (+€201,698) and Current investments (+€80,000)
- Deferred charges and accrued income -€19,632
down €19,632 (-56.2%), from €34,921 to €15,288
- Tangible fixed assets -€15,315
down €15,315 (-3.0%), from €504,972 to €489,658
of which Land and buildings: -€13,002
- Reserves -€330,677
down €330,677 (-86.7%), from €381,235 to €50,558
- Other debts +€201,698
up €201,698 (+226%), from €89,067 to €290,765
- Debts after one year -€31,090
down €31,090 (-11.1%), from €280,657 to €249,567
- Tax, wage and social debts +€22,957
up €22,957 (+90.5%), from €25,359 to €48,316
of which Taxes: +€21,233
- Trade debts +€11,757
up €11,757 (+135%), from €8,717 to €20,475
- Gross operating margin -€88,116
down €88,116 (-48.0%), from €183,635 to €95,519
- Taxes -€19,252
down €19,252 (-51.6%), from €37,296 to €18,044
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 | €818,969 | €693,862 | -€125,107 | -15.3% |
| Fixed assets | 21/28 | €504,972 | €489,658 | -€15,315 | -3.0% |
| Tangible fixed assets | 22/27 | €504,972 | €489,658 | -€15,315 | -3.0% |
| Land and buildings | 22 | €497,950 | €484,947 | -€13,002 | -2.6% |
| Plant, machinery and equipment | 23 | €3,977 | €2,228 | -€1,748 | -44.0% |
| Other tangible fixed assets | 26 | €3,046 | €2,482 | -€564 | -18.5% |
| Current assets | 29/58 | €313,996 | €204,204 | -€109,792 | -35.0% |
| Amounts receivable within one year | 40/41 | €116,692 | €64,492 | -€52,200 | -44.7% |
| Trade receivables | 40 | €108,511 | €44,438 | -€64,073 | -59.0% |
| Other amounts receivable | 41 | €8,181 | €20,054 | +€11,873 | +145% |
| Current investments | 50/53 | €80,000 | €0 | -€80,000 | -100% |
| Cash at bank and in hand | 54/58 | €82,383 | €124,424 | +€42,041 | +51.0% |
| Deferred charges and accrued income | 490/1 | €34,921 | €15,288 | -€19,632 | -56.2% |
| Total equity and liabilities | 10/49 | €818,969 | €693,862 | -€125,107 | -15.3% |
| Equity | 10/15 | €384,235 | €53,558 | -€330,677 | -86.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €381,235 | €50,558 | -€330,677 | -86.7% |
| Distributable reserves | 133 | €381,235 | €50,558 | -€330,677 | -86.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €434,733 | €640,304 | +€205,570 | +47.3% |
| Amounts payable after more than one year | 17 | €280,657 | €249,567 | -€31,090 | -11.1% |
| Financial debts | 170/4 | €280,657 | €249,567 | -€31,090 | -11.1% |
| Amounts payable within one year | 42/48 | €153,986 | €390,647 | +€236,660 | +154% |
| Current portion of amounts payable after more than one year | 42 | €30,843 | €31,090 | +€248 | +0.8% |
| Trade debts | 44 | €8,717 | €20,475 | +€11,757 | +135% |
| Suppliers | 440/4 | €8,717 | €20,475 | +€11,757 | +135% |
| Taxes, remuneration and social security | 45 | €25,359 | €48,316 | +€22,957 | +90.5% |
| Taxes | 450/3 | €25,133 | €46,366 | +€21,233 | +84.5% |
| Remuneration and social security | 454/9 | €226 | €1,950 | +€1,724 | +763% |
| Other amounts payable | 47/48 | €89,067 | €290,765 | +€201,698 | +226% |
| Accrued charges and deferred income | 492/3 | €90 | €90 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,856 | €14,111 | +€255 | +1.8% |
| Other operating charges | 640/8 | €1,841 | €3,611 | +€1,770 | +96.1% |
| Gross operating margin | 9900 | €183,635 | €95,519 | -€88,116 | -48.0% |
| Operating profit (loss) | 9901 | €167,937 | €77,797 | -€90,140 | -53.7% |
| Financial income | 75/76B | €1,918 | €1,284 | -€634 | -33.1% |
| Recurring financial income | 75 | €1,918 | €1,284 | -€634 | -33.1% |
| Financial charges | 65/66B | €9,942 | €11,714 | +€1,772 | +17.8% |
| Recurring financial charges | 65 | €9,942 | €11,714 | +€1,772 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €159,914 | €67,367 | -€92,547 | -57.9% |
| Income taxes | 67/77 | €37,296 | €18,044 | -€19,252 | -51.6% |
| Profit (loss) for the period | 9904 | €122,618 | €49,323 | -€73,296 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €122,618 | €49,323 | -€73,296 | -59.8% |
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 25 October 2026 via checked.be.