FEMA: 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.
FEMA
Largest movements
- Tangible fixed assets -€12,466
down €12,466 (-4.3%), from €289,875 to €277,409
of which Land and buildings: -€9,550
- Cash +€10,220
up €10,220 (+49.2%), from €20,767 to €30,987
mainly Depreciation (+€12,466) and Trade debts (+€2,765)
- Profit (loss) carried forward -€6,896
down €6,896 (-8.3%), from -€83,192 to -€90,088
- Gross operating margin +€8,753
up €8,753 (+241.9%), from €3,619 to €12,372
- Other operating charges +€3,598
up €3,598 (+119.5%), from €3,011 to €6,609
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 | €330,387 | €330,141 | -€246 | -0.1% |
| Fixed assets | 21/28 | €290,925 | €278,459 | -€12,466 | -4.3% |
| Tangible fixed assets | 22/27 | €289,875 | €277,409 | -€12,466 | -4.3% |
| Land and buildings | 22 | €272,941 | €263,390 | -€9,550 | -3.5% |
| Plant, machinery and equipment | 23 | €16,935 | €14,019 | -€2,915 | -17.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €39,462 | €51,681 | +€12,220 | +31.0% |
| Amounts receivable within one year | 40/41 | €18,695 | €20,695 | +€2,000 | +10.7% |
| Trade receivables | 40 | €14,445 | €16,445 | +€2,000 | +13.8% |
| Other amounts receivable | 41 | €4,250 | €4,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,767 | €30,987 | +€10,220 | +49.2% |
| Total equity and liabilities | 10/49 | €330,387 | €330,141 | -€246 | -0.1% |
| Equity | 10/15 | -€65,219 | -€72,115 | -€6,896 | -10.6% |
| Contributions | 10/11 | €16,113 | €16,113 | = | 0.0% |
| Capital | 10 | €16,113 | - | -€16,113 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Uncalled capital | 101 | €2,479 | - | -€2,479 | |
| Outside capital | 11 | - | €16,113 | +€16,113 | |
| Other | 1109/19 | - | €16,113 | +€16,113 | |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | -€83,192 | -€90,088 | -€6,896 | -8.3% |
| Amounts payable | 17/49 | €395,606 | €402,256 | +€6,650 | +1.7% |
| Amounts payable after more than one year | 17 | €361,085 | €361,085 | = | 0.0% |
| Financial debts | 170/4 | €360,185 | €360,185 | = | 0.0% |
| Other amounts payable | 178/9 | €900 | €900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,521 | €41,171 | +€6,650 | +19.3% |
| Trade debts | 44 | €1,107 | €3,872 | +€2,765 | +249.7% |
| Suppliers | 440/4 | €1,107 | €3,872 | +€2,765 | +249.7% |
| Advances received on contracts in progress | 46 | - | €1,935 | +€1,935 | |
| Other amounts payable | 47/48 | €33,414 | €35,364 | +€1,950 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,466 | €12,466 | = | 0.0% |
| Other operating charges | 640/8 | €3,011 | €6,609 | +€3,598 | +119.5% |
| Gross operating margin | 9900 | €3,619 | €12,372 | +€8,753 | +241.9% |
| Operating profit (loss) | 9901 | -€11,858 | -€6,703 | +€5,155 | +43.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €187 | €193 | +€7 | +3.5% |
| Recurring financial charges | 65 | €187 | €193 | +€7 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,045 | -€6,896 | +€5,148 | +42.7% |
| Profit (loss) for the period | 9904 | -€12,045 | -€6,896 | +€5,148 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,045 | -€6,896 | +€5,148 | +42.7% |
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 28 September 2026 via checked.be.