FENCER: 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.
What changed
FENCER
NACE 69.101, Activities of lawyers
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€941,459
2024 · €769,613+€171,846
Equity
€72,095
2024 · €71,726+€369
Cash
€858,024
2024 · €858,545-€521
Balance sheet total
€2.6m
2024 · €2.5m+€70,129
Largest movements
Assets
- Receivables within one year +€76,746
up €76,746 (+5.6%), from €1.4m to €1.5m
of which Trade receivables: +€64,784
Equity and liabilities
- Trade debts +€204,873
up €204,873 (+36.9%), from €554,870 to €759,742
- Accrued charges and deferred income -€160,110
down €160,110 (-22.0%), from €726,266 to €566,157
- Other debts +€72,320
up €72,320 (+8.3%), from €868,770 to €941,090
- Debts after one year -€40,284
down €40,284 (-18.1%), from €222,758 to €182,474
Income statement
- Gross operating margin +€262,930
up €262,930 (+23.2%), from €1.1m to €1.4m
- Staff costs +€96,552
up €96,552 (+37.1%), from €259,990 to €356,542
- Financial income +€16,195
up €16,195 (+492.9%), from €3,285 to €19,480
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.
Result 2024
€769,613
Gross operating margin
+€262,930
Staff costs
-€96,552
Depreciation
-€5,040
Write-downs
-€785
Other operating charges
-€2,263
Financial income
+€16,195
Financial charges
+€2,666
Taxes
-€5,305
Result 2025
€941,459
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.
From operations
+€1.0m
Investment
-€27,790
Financing
-€979,736
Cash 2024
€858,545
From operations (derived)
+€1.0m
Net result for the year
+€941,459
Depreciation
+€42,834
Receivables within one year
-€76,746
Deferred charges and accrued income
-€8,947
Trade debts
+€204,873
Tax, wage and social debts
-€8,677
Other debts
+€72,320
Accrued charges and deferred income
-€160,110
Investment (derived)
-€27,790
Investment in fixed assets (net)
-€27,790
Financing
-€979,736
Debts after one year
-€40,284
Current portion of long-term debt
+€1,637
Contributions, distributions and other
-€941,090
Cash 2025
€858,024
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,547,037 | €2,617,166 | +€70,129 | +2.8% |
| Fixed assets | 21/28 | €283,588 | €268,544 | -€15,044 | -5.3% |
| Intangible fixed assets | 21 | €2,983 | €1,679 | -€1,304 | -43.7% |
| Tangible fixed assets | 22/27 | €280,579 | €266,839 | -€13,740 | -4.9% |
| Plant, machinery and equipment | 23 | €8,595 | €23,399 | +€14,805 | +172.3% |
| Furniture and vehicles | 24 | €34,978 | €30,952 | -€4,027 | -11.5% |
| Other tangible fixed assets | 26 | €237,006 | €212,488 | -€24,518 | -10.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €2,263,449 | €2,348,622 | +€85,173 | +3.8% |
| Amounts receivable within one year | 40/41 | €1,374,686 | €1,451,433 | +€76,746 | +5.6% |
| Trade receivables | 40 | €1,336,293 | €1,401,076 | +€64,784 | +4.8% |
| Other amounts receivable | 41 | €38,394 | €50,356 | +€11,962 | +31.2% |
| Cash at bank and in hand | 54/58 | €858,545 | €858,024 | -€521 | -0.1% |
| Deferred charges and accrued income | 490/1 | €30,218 | €39,165 | +€8,947 | +29.6% |
| Total equity and liabilities | 10/49 | €2,547,037 | €2,617,166 | +€70,129 | +2.8% |
| Equity | 10/15 | €71,726 | €72,095 | +€369 | +0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,726 | €52,095 | +€369 | +0.7% |
| Amounts payable | 17/49 | €2,475,311 | €2,545,071 | +€69,760 | +2.8% |
| Amounts payable after more than one year | 17 | €222,758 | €182,474 | -€40,284 | -18.1% |
| Financial debts | 170/4 | €222,758 | €182,474 | -€40,284 | -18.1% |
| Amounts payable within one year | 42/48 | €1,526,287 | €1,796,440 | +€270,153 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €38,646 | €40,284 | +€1,637 | +4.2% |
| Trade debts | 44 | €554,870 | €759,742 | +€204,873 | +36.9% |
| Suppliers | 440/4 | €554,870 | €759,742 | +€204,873 | +36.9% |
| Taxes, remuneration and social security | 45 | €64,001 | €55,324 | -€8,677 | -13.6% |
| Taxes | 450/3 | €34,417 | €16,374 | -€18,043 | -52.4% |
| Remuneration and social security | 454/9 | €29,583 | €38,950 | +€9,366 | +31.7% |
| Other amounts payable | 47/48 | €868,770 | €941,090 | +€72,320 | +8.3% |
| Accrued charges and deferred income | 492/3 | €726,266 | €566,157 | -€160,110 | -22.0% |
| Remuneration, social security and pensions | 62 | €259,990 | €356,542 | +€96,552 | +37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,794 | €42,834 | +€5,040 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,574 | €18,360 | +€785 | +4.5% |
| Other operating charges | 640/8 | €19,017 | €21,280 | +€2,263 | +11.9% |
| Gross operating margin | 9900 | €1,132,693 | €1,395,623 | +€262,930 | +23.2% |
| Operating profit (loss) | 9901 | €798,318 | €956,608 | +€158,290 | +19.8% |
| Financial income | 75/76B | €3,285 | €19,480 | +€16,195 | +492.9% |
| Recurring financial income | 75 | €3,285 | €19,480 | +€16,195 | +492.9% |
| Financial charges | 65/66B | €24,722 | €22,057 | -€2,666 | -10.8% |
| Recurring financial charges | 65 | €24,722 | €22,057 | -€2,666 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €776,881 | €954,032 | +€177,150 | +22.8% |
| Income taxes | 67/77 | €7,268 | €12,573 | +€5,305 | +73.0% |
| Profit (loss) for the period | 9904 | €769,613 | €941,459 | +€171,846 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €769,613 | €941,459 | +€171,846 | +22.3% |
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 3 October 2026 via checked.be.