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
- Cash +€59,115
up €59,115 (+29.9%), from €197,487 to €256,602
mainly Net result for the year (+€49,433) and Receivables within one year (+€17,224)
- Deferred charges and accrued income +€17,262
up €17,262 (+1157.5%), from €1,491 to €18,753
- Receivables within one year -€17,224
down €17,224 (-17.5%), from €98,235 to €81,011
of which Trade receivables: -€10,224
- Tangible fixed assets -€10,746
down €10,746 (-6.0%), from €180,412 to €169,666
- Reserves +€49,433
up €49,433 (+12.9%), from €383,162 to €432,595
of which Distributable reserves: +€49,433
- Staff costs -€27,282
no longer reported in 2025 (was €27,282)
- Gross operating margin -€10,722
down €10,722 (-11.6%), from €92,421 to €81,699
- Taxes +€4,785
up €4,785 (+33.9%), from €14,100 to €18,885
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 | €477,688 | €526,094 | +€48,406 | +10.1% |
| Fixed assets | 21/28 | €180,474 | €169,728 | -€10,746 | -6.0% |
| Tangible fixed assets | 22/27 | €180,412 | €169,666 | -€10,746 | -6.0% |
| Land and buildings | 22 | €180,412 | €169,666 | -€10,746 | -6.0% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €297,213 | €356,365 | +€59,152 | +19.9% |
| Amounts receivable within one year | 40/41 | €98,235 | €81,011 | -€17,224 | -17.5% |
| Trade receivables | 40 | €89,835 | €79,611 | -€10,224 | -11.4% |
| Other amounts receivable | 41 | €8,400 | €1,400 | -€7,000 | -83.3% |
| Cash at bank and in hand | 54/58 | €197,487 | €256,602 | +€59,115 | +29.9% |
| Deferred charges and accrued income | 490/1 | €1,491 | €18,753 | +€17,262 | +1157.5% |
| Total equity and liabilities | 10/49 | €477,688 | €526,094 | +€48,406 | +10.1% |
| Equity | 10/15 | €454,949 | €504,382 | +€49,433 | +10.9% |
| Contributions | 10/11 | €71,787 | €71,787 | = | 0.0% |
| Reserves | 13 | €383,162 | €432,595 | +€49,433 | +12.9% |
| Tax-exempt reserves | 132 | €115 | €115 | = | 0.0% |
| Distributable reserves | 133 | €383,047 | €432,480 | +€49,433 | +12.9% |
| Amounts payable | 17/49 | €22,739 | €21,712 | -€1,027 | -4.5% |
| Amounts payable within one year | 42/48 | €20,650 | €20,922 | +€271 | +1.3% |
| Trade debts | 44 | - | €150 | +€150 | |
| Suppliers | 440/4 | - | €150 | +€150 | |
| Taxes, remuneration and social security | 45 | €3,706 | €6,158 | +€2,452 | +66.2% |
| Taxes | 450/3 | €3,706 | €6,158 | +€2,452 | +66.2% |
| Other amounts payable | 47/48 | €16,944 | €14,613 | -€2,331 | -13.8% |
| Accrued charges and deferred income | 492/3 | €2,088 | €790 | -€1,299 | -62.2% |
| Remuneration, social security and pensions | 62 | €27,282 | - | -€27,282 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,142 | €10,746 | -€396 | -3.6% |
| Other operating charges | 640/8 | €1,544 | €1,435 | -€109 | -7.1% |
| Gross operating margin | 9900 | €92,421 | €81,699 | -€10,722 | -11.6% |
| Operating profit (loss) | 9901 | €52,453 | €69,518 | +€17,065 | +32.5% |
| Financial income | 75/76B | €0 | €18 | +€18 | +9578.9% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +9578.9% |
| Financial charges | 65/66B | €1,796 | €1,218 | -€578 | -32.2% |
| Recurring financial charges | 65 | €1,796 | €1,218 | -€578 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €50,657 | €68,318 | +€17,661 | +34.9% |
| Income taxes | 67/77 | €14,100 | €18,885 | +€4,785 | +33.9% |
| Profit (loss) for the period | 9904 | €36,557 | €49,433 | +€12,876 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,557 | €49,433 | +€12,876 | +35.2% |
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 4 October 2026 via checked.be.