Fena: 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.
Fena
Largest movements
- Financial fixed assets +€148,474
up €148,474 (+24.0%), from €619,231 to €767,705
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Tangible fixed assets -€9,903
down €9,903 (-26.4%), from €37,581 to €27,678
- Debts after one year +€85,354
up €85,354 (+364.6%), from €23,412 to €108,766
- Current portion of long-term debt +€15,459
up €15,459 (+146.4%), from €10,556 to €26,016
- Gross operating margin -€28,106
down €28,106 (-59.8%), from €46,994 to €18,887
- Financial income -€14,220
down €14,220 (-92.4%), from €15,382 to €1,162
- Taxes -€6,475
down €6,475 (-85.9%), from €7,535 to €1,060
- Depreciation -€1,843
down €1,843 (-14.3%), from €12,871 to €11,028
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 | €770,929 | €870,287 | +€99,359 | +12.9% |
| Fixed assets | 21/28 | €656,812 | €795,383 | +€138,571 | +21.1% |
| Tangible fixed assets | 22/27 | €37,581 | €27,678 | -€9,903 | -26.4% |
| Furniture and vehicles | 24 | €37,581 | €27,678 | -€9,903 | -26.4% |
| Financial fixed assets | 28 | €619,231 | €767,705 | +€148,474 | +24.0% |
| Current assets | 29/58 | €114,116 | €74,904 | -€39,212 | -34.4% |
| Amounts receivable within one year | 40/41 | €2,580 | €9,289 | +€6,710 | +260.1% |
| Other amounts receivable | 41 | €2,580 | €9,289 | +€6,710 | +260.1% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €61,537 | €65,615 | +€4,078 | +6.6% |
| Total equity and liabilities | 10/49 | €770,929 | €870,287 | +€99,359 | +12.9% |
| Equity | 10/15 | €663,776 | €664,125 | +€350 | +0.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €613,776 | €614,125 | +€350 | +0.1% |
| Tax-exempt reserves | 132 | €2,964 | €2,964 | = | 0.0% |
| Distributable reserves | 133 | €610,812 | €611,162 | +€350 | +0.1% |
| Amounts payable | 17/49 | €107,153 | €206,162 | +€99,009 | +92.4% |
| Amounts payable after more than one year | 17 | €23,412 | €108,766 | +€85,354 | +364.6% |
| Financial debts | 170/4 | €23,412 | €108,766 | +€85,354 | +364.6% |
| Amounts payable within one year | 42/48 | €83,741 | €97,396 | +€13,655 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €10,556 | €26,016 | +€15,459 | +146.4% |
| Trade debts | 44 | €1,319 | €2,101 | +€783 | +59.4% |
| Suppliers | 440/4 | €1,319 | €2,101 | +€783 | +59.4% |
| Taxes, remuneration and social security | 45 | €1,920 | €1,674 | -€246 | -12.8% |
| Taxes | 450/3 | €1,620 | €1,440 | -€180 | -11.1% |
| Remuneration and social security | 454/9 | €300 | €234 | -€66 | -22.2% |
| Other amounts payable | 47/48 | €69,946 | €67,605 | -€2,341 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,871 | €11,028 | -€1,843 | -14.3% |
| Other operating charges | 640/8 | €525 | €995 | +€470 | +89.5% |
| Gross operating margin | 9900 | €46,994 | €18,887 | -€28,106 | -59.8% |
| Operating profit (loss) | 9901 | €33,597 | €6,864 | -€26,733 | -79.6% |
| Financial income | 75/76B | €15,382 | €1,162 | -€14,220 | -92.4% |
| Recurring financial income | 75 | €15,382 | €1,162 | -€14,220 | -92.4% |
| Financial charges | 65/66B | €6,901 | €6,616 | -€285 | -4.1% |
| Recurring financial charges | 65 | €6,901 | €6,616 | -€285 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €42,078 | €1,410 | -€40,668 | -96.6% |
| Income taxes | 67/77 | €7,535 | €1,060 | -€6,475 | -85.9% |
| Profit (loss) for the period | 9904 | €34,543 | €350 | -€34,193 | -99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,543 | €350 | -€34,193 | -99.0% |
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 10 October 2026 via checked.be.