FEMAJA: 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.
FEMAJA
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-78.2%), from €2.0m to €438,285
of which Other amounts receivable: -€1.6m
- Financial fixed assets +€1.2m
up €1.2m (+47.7%), from €2.5m to €3.7m
- Tangible fixed assets +€803,296
up €803,296 (+65.6%), from €1.2m to €2.0m
of which Land and buildings: +€748,842
- Deferred charges and accrued income +€770,805
up €770,805 (+32,623%), from €2,363 to €773,168
- Cash +€399,245
up €399,245 (+5,348%), from €7,465 to €406,710
mainly Receivables within one year (+€1.6m) and Debts after one year (+€1.3m)
- Debts after one year +€1.3m
up €1.3m (+177%), from €722,674 to €2.0m
- Other debts +€379,684
up €379,684 (+1,542%), from €24,618 to €404,302
- Reserves +€306,133
up €306,133 (+10.6%), from €2.9m to €3.2m
of which Distributable reserves: +€239,793
- Trade debts +€239,170
up €239,170 (+14,068%), from €1,700 to €240,870
- Short-term financial debts -€219,600
down €219,600 (-100%), from €219,600 to €0
- Financial income +€379,621
up €379,621 (+90.5%), from €419,441 to €799,062
- Gross operating margin -€69,259
down €69,259 (-98.7%), from €70,194 to €934
- Other operating charges +€41,119
up €41,119 (+117%), from €35,200 to €76,319
- Financial charges -€28,380
down €28,380 (-36.2%), from €78,346 to €49,966
- Taxes +€27,965
up €27,965 (+96.7%), from €28,915 to €56,880
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 | €6,924,615 | €9,071,731 | +€2.1m | +31.0% |
| Fixed assets | 21/28 | €3,756,453 | €6,028,451 | +€2.3m | +60.5% |
| Intangible fixed assets | 21 | - | €261,404 | +€261,404 | |
| Tangible fixed assets | 22/27 | €1,223,777 | €2,027,074 | +€803,296 | +65.6% |
| Land and buildings | 22 | €1,223,777 | €1,972,619 | +€748,842 | +61.2% |
| Furniture and vehicles | 24 | - | €2,455 | +€2,455 | |
| Other tangible fixed assets | 26 | - | €52,000 | +€52,000 | |
| Financial fixed assets | 28 | €2,532,676 | €3,739,973 | +€1.2m | +47.7% |
| Current assets | 29/58 | €3,168,162 | €3,043,280 | -€124,881 | -3.9% |
| Stocks and contracts in progress | 3 | €468,257 | €708,297 | +€240,040 | +51.3% |
| Stocks | 30/36 | €468,257 | €708,297 | +€240,040 | +51.3% |
| Amounts receivable within one year | 40/41 | €2,013,665 | €438,285 | -€1.6m | -78.2% |
| Trade receivables | 40 | - | €22,059 | +€22,059 | |
| Other amounts receivable | 41 | €2,013,665 | €416,226 | -€1.6m | -79.3% |
| Current investments | 50/53 | €676,412 | €716,820 | +€40,408 | +6.0% |
| Cash at bank and in hand | 54/58 | €7,465 | €406,710 | +€399,245 | +5,348% |
| Deferred charges and accrued income | 490/1 | €2,363 | €773,168 | +€770,805 | +32,623% |
| Total equity and liabilities | 10/49 | €6,924,615 | €9,071,731 | +€2.1m | +31.0% |
| Equity | 10/15 | €5,875,354 | €6,181,487 | +€306,133 | +5.2% |
| Contributions | 10/11 | €1,666,762 | €1,666,762 | = | 0.0% |
| Reserves | 13 | €2,890,210 | €3,196,343 | +€306,133 | +10.6% |
| Non-distributable reserves | 130/1 | €76,095 | €76,095 | = | 0.0% |
| Reserves not available under the articles | 1311 | €76,095 | €76,095 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €66,340 | +€66,340 | |
| Distributable reserves | 133 | €2,814,115 | €3,053,908 | +€239,793 | +8.5% |
| Profit (loss) carried forward | 14 | €1,318,383 | €1,318,383 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €34,160 | +€34,160 | |
| Deferred taxes | 168 | - | €34,160 | +€34,160 | |
| Amounts payable | 17/49 | €1,049,261 | €2,856,084 | +€1.8m | +172% |
| Amounts payable after more than one year | 17 | €722,674 | €2,001,493 | +€1.3m | +177% |
| Financial debts | 170/4 | €722,674 | €2,001,493 | +€1.3m | +177% |
| Amounts payable within one year | 42/48 | €326,587 | €854,591 | +€528,004 | +162% |
| Current portion of amounts payable after more than one year | 42 | €48,645 | €110,498 | +€61,853 | +127% |
| Financial debts | 43 | €219,600 | €0 | -€219,600 | -100% |
| Credit institutions | 430/8 | €219,600 | €0 | -€219,600 | -100% |
| Trade debts | 44 | €1,700 | €240,870 | +€239,170 | +14,068% |
| Suppliers | 440/4 | €1,700 | €240,870 | +€239,170 | +14,068% |
| Taxes, remuneration and social security | 45 | €32,025 | €98,921 | +€66,896 | +209% |
| Taxes | 450/3 | €29,000 | €96,682 | +€67,682 | +233% |
| Remuneration and social security | 454/9 | €3,024 | €2,239 | -€786 | -26.0% |
| Other amounts payable | 47/48 | €24,618 | €404,302 | +€379,684 | +1,542% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €24,975 | €25,517 | +€541 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,196 | €49,742 | +€17,545 | +54.5% |
| Other operating charges | 640/8 | €35,200 | €76,319 | +€41,119 | +117% |
| Gross operating margin | 9900 | €70,194 | €934 | -€69,259 | -98.7% |
| Operating profit (loss) | 9901 | -€22,178 | -€150,643 | -€128,465 | -579% |
| Financial income | 75/76B | €419,441 | €799,062 | +€379,621 | +90.5% |
| Recurring financial income | 75 | €419,441 | €799,062 | +€379,621 | +90.5% |
| Financial charges | 65/66B | €78,346 | €49,966 | -€28,380 | -36.2% |
| Recurring financial charges | 65 | €78,346 | €49,966 | -€28,380 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €318,917 | €598,453 | +€279,536 | +87.7% |
| Transfer from deferred taxes | 780 | - | €9,253 | +€9,253 | |
| Income taxes | 67/77 | €28,915 | €56,880 | +€27,965 | +96.7% |
| Profit (loss) for the period | 9904 | €290,002 | €550,827 | +€260,825 | +89.9% |
| Transfer from tax-exempt reserves | 789 | - | €17,971 | +€17,971 | |
| Profit (loss) for the period to be appropriated | 9905 | €290,002 | €568,798 | +€278,796 | +96.1% |
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 14 October 2026 via checked.be.