FEMA PROJECTS: 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 PROJECTS
Largest movements
- Current investments -€257,107
down €257,107 (-100.0%), from €257,107 to €0
- Cash +€182,327
up €182,327 (+280.7%), from €64,949 to €247,276
mainly Current investments (+€257,107) and Net result for the year (+€21,958)
- Receivables within one year +€26,805
up €26,805 (+3104.5%), from €863 to €27,668
of which Trade receivables: +€23,275
- Tangible fixed assets +€15,987
up €15,987 (+152.2%), from €10,505 to €26,491
- Reserves -€52,720
down €52,720 (-16.5%), from €319,061 to €266,341
of which Distributable reserves: -€52,720
- Other debts +€21,390
up €21,390 (+3732.9%), from €573 to €21,963
- Trade debts -€6,723
down €6,723 (-73.2%), from €9,180 to €2,457
- Tax, wage and social debts +€5,290
up €5,290 (+795.8%), from €665 to €5,954
- Gross operating margin +€14,107
up €14,107 (+76.8%), from €18,378 to €32,485
- Financial income -€3,280
down €3,280 (-35.1%), from €9,358 to €6,078
- Depreciation -€3,159
down €3,159 (-47.8%), from €6,615 to €3,456
- Taxes +€1,486
up €1,486 (+18.7%), from €7,944 to €9,430
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 | €335,678 | €302,915 | -€32,763 | -9.8% |
| Fixed assets | 21/28 | €10,505 | €26,491 | +€15,987 | +152.2% |
| Tangible fixed assets | 22/27 | €10,505 | €26,491 | +€15,987 | +152.2% |
| Furniture and vehicles | 24 | €10,505 | €26,491 | +€15,987 | +152.2% |
| Current assets | 29/58 | €325,173 | €276,424 | -€48,749 | -15.0% |
| Amounts receivable within one year | 40/41 | €863 | €27,668 | +€26,805 | +3104.5% |
| Trade receivables | 40 | €0 | €23,275 | +€23,275 | |
| Other amounts receivable | 41 | €863 | €4,393 | +€3,530 | +408.8% |
| Current investments | 50/53 | €257,107 | €0 | -€257,107 | -100.0% |
| Cash at bank and in hand | 54/58 | €64,949 | €247,276 | +€182,327 | +280.7% |
| Deferred charges and accrued income | 490/1 | €2,255 | €1,480 | -€775 | -34.4% |
| Total equity and liabilities | 10/49 | €335,678 | €302,915 | -€32,763 | -9.8% |
| Equity | 10/15 | €325,261 | €272,541 | -€52,720 | -16.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €319,061 | €266,341 | -€52,720 | -16.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €317,201 | €264,481 | -€52,720 | -16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,417 | €30,375 | +€19,958 | +191.6% |
| Amounts payable within one year | 42/48 | €10,417 | €30,375 | +€19,958 | +191.6% |
| Trade debts | 44 | €9,180 | €2,457 | -€6,723 | -73.2% |
| Suppliers | 440/4 | €9,180 | €2,457 | -€6,723 | -73.2% |
| Taxes, remuneration and social security | 45 | €665 | €5,954 | +€5,290 | +795.8% |
| Taxes | 450/3 | €665 | €5,954 | +€5,290 | +795.8% |
| Other amounts payable | 47/48 | €573 | €21,963 | +€21,390 | +3732.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,615 | €3,456 | -€3,159 | -47.8% |
| Other operating charges | 640/8 | €511 | €664 | +€152 | +29.8% |
| Non-recurring operating charges | 66A | €0 | €2,944 | +€2,944 | |
| Gross operating margin | 9900 | €18,378 | €32,485 | +€14,107 | +76.8% |
| Operating profit (loss) | 9901 | €11,252 | €25,422 | +€14,170 | +125.9% |
| Financial income | 75/76B | €9,358 | €6,078 | -€3,280 | -35.1% |
| Recurring financial income | 75 | €9,358 | €6,078 | -€3,280 | -35.1% |
| Financial charges | 65/66B | €57 | €112 | +€55 | +97.3% |
| Recurring financial charges | 65 | €57 | €112 | +€55 | +97.3% |
| Profit (loss) for the period before taxes | 9903 | €20,553 | €31,388 | +€10,835 | +52.7% |
| Income taxes | 67/77 | €7,944 | €9,430 | +€1,486 | +18.7% |
| Profit (loss) for the period | 9904 | €12,609 | €21,958 | +€9,349 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,609 | €21,958 | +€9,349 | +74.1% |
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.