FEN-O: 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.
FEN-O
Largest movements
- Tangible fixed assets +€62,884
up €62,884 (+303%), from €20,746 to €83,630
of which Furniture and vehicles: +€66,021
- Receivables within one year +€14,034
up €14,034 (+24.5%), from €57,290 to €71,324
of which Trade receivables: +€11,779
- Cash -€13,318
down €13,318 (-77.7%), from €17,138 to €3,820
mainly Investment in fixed assets (net) (-€68,942) and Receivables within one year (-€14,034)
- Receivables after one year -€1,968
down €1,968 (-14.4%), from €13,626 to €11,659
- Debts after one year +€55,311
new in 2025: €55,311
- Reserves -€13,045
down €13,045 (-13.1%), from €99,659 to €86,614
- Current portion of long-term debt +€9,953
new in 2025: €9,953
- Trade debts +€8,987
up €8,987 (+2,036%), from €441 to €9,428
- Purchases and services +€98,349
new in 2025: €98,349
- Turnover +€79,762
new in 2025: €79,762
- Gross operating margin -€48,791
down €48,791, from €42,910 to -€5,880
- Taxes -€8,767
down €8,767 (-98.0%), from €8,941 to €174
- Depreciation -€2,074
down €2,074 (-25.5%), from €8,131 to €6,058
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 | €110,100 | €171,473 | +€61,373 | +55.7% |
| Fixed assets | 21/28 | €20,746 | €83,630 | +€62,884 | +303% |
| Tangible fixed assets | 22/27 | €20,746 | €83,630 | +€62,884 | +303% |
| Land and buildings | 22 | €8,354 | €7,775 | -€579 | -6.9% |
| Plant, machinery and equipment | 23 | €10,475 | €7,917 | -€2,558 | -24.4% |
| Furniture and vehicles | 24 | €1,918 | €67,939 | +€66,021 | +3,443% |
| Current assets | 29/58 | €89,354 | €87,843 | -€1,511 | -1.7% |
| Amounts receivable after more than one year | 29 | €13,626 | €11,659 | -€1,968 | -14.4% |
| Other amounts receivable | 291 | €13,626 | €11,659 | -€1,968 | -14.4% |
| Amounts receivable within one year | 40/41 | €57,290 | €71,324 | +€14,034 | +24.5% |
| Trade receivables | 40 | €7,806 | €19,584 | +€11,779 | +151% |
| Other amounts receivable | 41 | €49,484 | €51,740 | +€2,255 | +4.6% |
| Current investments | 50/53 | €248 | €248 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,138 | €3,820 | -€13,318 | -77.7% |
| Deferred charges and accrued income | 490/1 | €1,051 | €792 | -€260 | -24.7% |
| Total equity and liabilities | 10/49 | €110,100 | €171,473 | +€61,373 | +55.7% |
| Equity | 10/15 | €109,659 | €96,614 | -€13,045 | -11.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €99,659 | €86,614 | -€13,045 | -13.1% |
| Distributable reserves | 133 | €99,659 | €86,614 | -€13,045 | -13.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €441 | €74,860 | +€74,418 | +16,857% |
| Amounts payable after more than one year | 17 | - | €55,311 | +€55,311 | |
| Financial debts | 170/4 | - | €55,311 | +€55,311 | |
| Amounts payable within one year | 42/48 | €441 | €19,549 | +€19,108 | +4,328% |
| Current portion of amounts payable after more than one year | 42 | - | €9,953 | +€9,953 | |
| Trade debts | 44 | €441 | €9,428 | +€8,987 | +2,036% |
| Suppliers | 440/4 | €441 | €9,428 | +€8,987 | +2,036% |
| Taxes, remuneration and social security | 45 | €0 | €168 | +€168 | |
| Taxes | 450/3 | €0 | €168 | +€168 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Turnover | 70 | - | €79,762 | +€79,762 | |
| Non-recurring operating income | 76A | - | €7,051 | +€7,051 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €98,349 | +€98,349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,131 | €6,058 | -€2,074 | -25.5% |
| Other operating charges | 640/8 | €1,436 | €904 | -€532 | -37.1% |
| Gross operating margin | 9900 | €42,910 | -€5,880 | -€48,791 | |
| Operating profit (loss) | 9901 | €33,343 | -€12,842 | -€46,185 | |
| Financial income | 75/76B | €666 | €442 | -€224 | -33.7% |
| Recurring financial income | 75 | €666 | €442 | -€224 | -33.7% |
| Financial charges | 65/66B | €221 | €471 | +€249 | +113% |
| Recurring financial charges | 65 | €221 | €471 | +€249 | +113% |
| Profit (loss) for the period before taxes | 9903 | €33,788 | -€12,871 | -€46,658 | |
| Income taxes | 67/77 | €8,941 | €174 | -€8,767 | -98.0% |
| Profit (loss) for the period | 9904 | €24,846 | -€13,045 | -€37,891 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,846 | -€13,045 | -€37,891 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.