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
- Receivables within one year +€345,275
up €345,275 (+135.8%), from €254,250 to €599,524
of which Other amounts receivable: +€382,979
- Cash -€222,971
down €222,971 (-41.3%), from €539,594 to €316,622
mainly Receivables within one year (-€345,275) and Tax, wage and social debts (-€18,753)
- Tangible fixed assets -€69,099
down €69,099 (-25.5%), from €270,449 to €201,351
of which Furniture and vehicles: -€41,632
- Reserves +€73,667
up €73,667 (+8.1%), from €912,233 to €985,901
- Trade debts +€25,705
up €25,705 (+993.4%), from €2,587 to €28,292
- Tax, wage and social debts -€18,753
down €18,753 (-69.3%), from €27,073 to €8,319
of which Taxes: -€21,703
- Debts after one year -€13,879
down €13,879 (-17.2%), from €80,757 to €66,878
of which Financial debts: -€13,879
- Gross operating margin -€281,034
down €281,034 (-61.1%), from €460,057 to €179,024
- Taxes -€78,322
down €78,322 (-73.8%), from €106,194 to €27,872
- Staff costs -€17,727
down €17,727 (-66.4%), from €26,704 to €8,977
- Financial income +€15,102
up €15,102 (+110.4%), from €13,677 to €28,778
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 | €1,130,889 | €1,194,504 | +€63,615 | +5.6% |
| Fixed assets | 21/28 | €270,499 | €201,400 | -€69,099 | -25.5% |
| Tangible fixed assets | 22/27 | €270,449 | €201,351 | -€69,099 | -25.5% |
| Land and buildings | 22 | €101,432 | €84,443 | -€16,989 | -16.7% |
| Plant, machinery and equipment | 23 | €36,580 | €26,102 | -€10,478 | -28.6% |
| Furniture and vehicles | 24 | €132,437 | €90,805 | -€41,632 | -31.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €860,390 | €993,104 | +€132,714 | +15.4% |
| Stocks and contracts in progress | 3 | €50,754 | €61,543 | +€10,789 | +21.3% |
| Stocks | 30/36 | €50,754 | €61,543 | +€10,789 | +21.3% |
| Amounts receivable within one year | 40/41 | €254,250 | €599,524 | +€345,275 | +135.8% |
| Trade receivables | 40 | €60,969 | €23,264 | -€37,704 | -61.8% |
| Other amounts receivable | 41 | €193,281 | €576,260 | +€382,979 | +198.1% |
| Cash at bank and in hand | 54/58 | €539,594 | €316,622 | -€222,971 | -41.3% |
| Deferred charges and accrued income | 490/1 | €15,793 | €15,415 | -€378 | -2.4% |
| Total equity and liabilities | 10/49 | €1,130,889 | €1,194,504 | +€63,615 | +5.6% |
| Equity | 10/15 | €993,083 | €1,066,751 | +€73,667 | +7.4% |
| Contributions | 10/11 | €80,850 | €80,850 | = | 0.0% |
| Reserves | 13 | €912,233 | €985,901 | +€73,667 | +8.1% |
| Distributable reserves | 133 | €912,233 | €985,901 | +€73,667 | +8.1% |
| Amounts payable | 17/49 | €137,806 | €127,754 | -€10,052 | -7.3% |
| Amounts payable after more than one year | 17 | €80,757 | €66,878 | -€13,879 | -17.2% |
| Financial debts | 170/4 | €80,757 | €66,878 | -€13,879 | -17.2% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €56,398 | €60,408 | +€4,010 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €13,634 | €13,879 | +€245 | +1.8% |
| Trade debts | 44 | €2,587 | €28,292 | +€25,705 | +993.4% |
| Suppliers | 440/4 | €2,587 | €28,292 | +€25,705 | +993.4% |
| Taxes, remuneration and social security | 45 | €27,073 | €8,319 | -€18,753 | -69.3% |
| Taxes | 450/3 | €26,823 | €5,119 | -€21,703 | -80.9% |
| Remuneration and social security | 454/9 | €250 | €3,200 | +€2,950 | +1180.0% |
| Other amounts payable | 47/48 | €13,104 | €9,916 | -€3,187 | -24.3% |
| Accrued charges and deferred income | 492/3 | €651 | €468 | -€183 | -28.1% |
| Remuneration, social security and pensions | 62 | €26,704 | €8,977 | -€17,727 | -66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,099 | €82,706 | -€3,393 | -3.9% |
| Other operating charges | 640/8 | €10,030 | €10,592 | +€562 | +5.6% |
| Non-recurring operating charges | 66A | - | €713 | +€713 | |
| Gross operating margin | 9900 | €460,057 | €179,024 | -€281,034 | -61.1% |
| Operating profit (loss) | 9901 | €337,225 | €76,035 | -€261,190 | -77.5% |
| Financial income | 75/76B | €13,677 | €28,778 | +€15,102 | +110.4% |
| Recurring financial income | 75 | €13,677 | €28,778 | +€15,102 | +110.4% |
| Financial charges | 65/66B | €3,817 | €3,274 | -€543 | -14.2% |
| Recurring financial charges | 65 | €3,817 | €3,274 | -€543 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €347,084 | €101,539 | -€245,545 | -70.7% |
| Income taxes | 67/77 | €106,194 | €27,872 | -€78,322 | -73.8% |
| Profit (loss) for the period | 9904 | €240,890 | €73,667 | -€167,223 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €240,890 | €73,667 | -€167,223 | -69.4% |
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 8 October 2026 via checked.be.