FENCE PARTNERS: 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.
FENCE PARTNERS
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Cash +€240,350
up €240,350 (+249%), from €96,409 to €336,758
mainly Net result for the year (+€822,298) and Current investments (+€400,000)
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Reserves +€822,298
up €822,298 (+128%), from €641,061 to €1.5m
- Other debts -€400,000
down €400,000 (-100%), from €400,000 to €0
- Debts after one year +€286,568
up €286,568 (+7.4%), from €3.9m to €4.2m
- Financial income +€456,175
up €456,175 (+126%), from €361,087 to €817,262
- Gross operating margin +€56,279
up €56,279 (+55.7%), from €101,065 to €157,344
- Financial charges +€14,238
up €14,238 (+10.4%), from €137,331 to €151,569
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 | €19,545,276 | €19,386,798 | -€158,478 | -0.8% |
| Fixed assets | 21/28 | €19,027,841 | €19,027,841 | = | 0.0% |
| Financial fixed assets | 28 | €19,027,841 | €19,027,841 | = | 0.0% |
| Current assets | 29/58 | €517,435 | €358,957 | -€158,478 | -30.6% |
| Amounts receivable within one year | 40/41 | €19,028 | €21,638 | +€2,610 | +13.7% |
| Trade receivables | 40 | €16,133 | €16,133 | = | 0.0% |
| Other amounts receivable | 41 | €2,895 | €5,505 | +€2,610 | +90.1% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €96,409 | €336,758 | +€240,350 | +249% |
| Deferred charges and accrued income | 490/1 | €1,998 | €561 | -€1,437 | -71.9% |
| Total equity and liabilities | 10/49 | €19,545,276 | €19,386,798 | -€158,478 | -0.8% |
| Equity | 10/15 | €13,669,487 | €14,491,786 | +€822,298 | +6.0% |
| Contributions | 10/11 | €13,028,426 | €13,028,426 | = | 0.0% |
| Reserves | 13 | €641,061 | €1,463,360 | +€822,298 | +128% |
| Distributable reserves | 133 | €641,061 | €1,463,360 | +€822,298 | +128% |
| Amounts payable | 17/49 | €5,875,789 | €4,895,013 | -€980,776 | -16.7% |
| Amounts payable after more than one year | 17 | €3,876,179 | €4,162,747 | +€286,568 | +7.4% |
| Financial debts | 170/4 | €3,876,179 | €4,162,747 | +€286,568 | +7.4% |
| Amounts payable within one year | 42/48 | €1,989,019 | €721,791 | -€1.3m | -63.7% |
| Current portion of amounts payable after more than one year | 42 | €579,981 | €713,432 | +€133,451 | +23.0% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €1,668 | €128 | -€1,540 | -92.3% |
| Suppliers | 440/4 | €1,668 | €128 | -€1,540 | -92.3% |
| Taxes, remuneration and social security | 45 | €7,370 | €8,231 | +€861 | +11.7% |
| Taxes | 450/3 | €7,370 | €8,231 | +€861 | +11.7% |
| Other amounts payable | 47/48 | €400,000 | €0 | -€400,000 | -100% |
| Accrued charges and deferred income | 492/3 | €10,590 | €10,475 | -€115 | -1.1% |
| Other operating charges | 640/8 | €901 | €739 | -€162 | -17.9% |
| Gross operating margin | 9900 | €101,065 | €157,344 | +€56,279 | +55.7% |
| Operating profit (loss) | 9901 | €100,164 | €156,605 | +€56,441 | +56.3% |
| Financial income | 75/76B | €361,087 | €817,262 | +€456,175 | +126% |
| Recurring financial income | 75 | €361,087 | €817,262 | +€456,175 | +126% |
| Financial charges | 65/66B | €137,331 | €151,569 | +€14,238 | +10.4% |
| Recurring financial charges | 65 | €137,331 | €151,569 | +€14,238 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €323,921 | €822,298 | +€498,377 | +154% |
| Profit (loss) for the period | 9904 | €323,921 | €822,298 | +€498,377 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €323,921 | €822,298 | +€498,377 | +154% |
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 23 October 2026 via checked.be.