FENCIT: 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.
FENCIT
Largest movements
- Receivables within one year +€147,273
up €147,273 (+61.1%), from €241,185 to €388,458
of which Other amounts receivable: +€88,945
- Tangible fixed assets -€33,770
down €33,770 (-16.5%), from €204,685 to €170,914
of which Plant, machinery and equipment: -€33,804
- Cash -€32,426
down €32,426 (-64.5%), from €50,307 to €17,882
mainly Receivables within one year (-€147,273) and Investment in fixed assets (net) (-€24,680)
- Stocks and contracts -€23,435
down €23,435 (-6.1%), from €383,610 to €360,175
of which Stocks: -€24,090
- Trade debts +€37,521
up €37,521 (+16.2%), from €231,813 to €269,334
- Tax, wage and social debts +€29,717
up €29,717 (+27.0%), from €110,075 to €139,792
of which Taxes: +€25,780
- Debts after one year -€18,853
down €18,853 (-55.1%), from €34,201 to €15,348
- Reserves +€17,248
up €17,248 (+2.8%), from €608,184 to €625,432
of which Distributable reserves: +€17,248
- Gross operating margin +€56,924
up €56,924 (+7.0%), from €817,276 to €874,200
- Staff costs +€53,353
up €53,353 (+7.3%), from €728,117 to €781,470
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 | €1,089,378 | €1,147,072 | +€57,694 | +5.3% |
| Fixed assets | 21/28 | €204,685 | €170,914 | -€33,770 | -16.5% |
| Tangible fixed assets | 22/27 | €204,685 | €170,914 | -€33,770 | -16.5% |
| Land and buildings | 22 | €106,635 | €103,520 | -€3,115 | -2.9% |
| Plant, machinery and equipment | 23 | €98,050 | €64,246 | -€33,804 | -34.5% |
| Furniture and vehicles | 24 | - | €3,149 | +€3,149 | |
| Current assets | 29/58 | €884,694 | €976,158 | +€91,464 | +10.3% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €383,610 | €360,175 | -€23,435 | -6.1% |
| Stocks | 30/36 | €362,445 | €338,355 | -€24,090 | -6.6% |
| Contracts in progress | 37 | €21,165 | €21,820 | +€655 | +3.1% |
| Amounts receivable within one year | 40/41 | €241,185 | €388,458 | +€147,273 | +61.1% |
| Trade receivables | 40 | €55,948 | €114,277 | +€58,329 | +104.3% |
| Other amounts receivable | 41 | €185,237 | €274,181 | +€88,945 | +48.0% |
| Current investments | 50/53 | €3,523 | €3,523 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €50,307 | €17,882 | -€32,426 | -64.5% |
| Deferred charges and accrued income | 490/1 | €6,069 | €6,120 | +€52 | +0.9% |
| Total equity and liabilities | 10/49 | €1,089,378 | €1,147,072 | +€57,694 | +5.3% |
| Equity | 10/15 | €686,498 | €703,746 | +€17,248 | +2.5% |
| Contributions | 10/11 | €78,314 | €78,314 | = | 0.0% |
| Capital | 10 | €78,314 | €78,314 | = | 0.0% |
| Issued capital | 100 | €78,314 | €78,314 | = | 0.0% |
| Reserves | 13 | €608,184 | €625,432 | +€17,248 | +2.8% |
| Non-distributable reserves | 130/1 | €7,831 | €7,831 | = | 0.0% |
| Legal reserve | 130 | €7,831 | €7,831 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,632 | €17,632 | = | 0.0% |
| Distributable reserves | 133 | €582,720 | €599,968 | +€17,248 | +3.0% |
| Amounts payable | 17/49 | €402,880 | €443,326 | +€40,446 | +10.0% |
| Amounts payable after more than one year | 17 | €34,201 | €15,348 | -€18,853 | -55.1% |
| Financial debts | 170/4 | €34,201 | €15,348 | -€18,853 | -55.1% |
| Amounts payable within one year | 42/48 | €368,679 | €427,978 | +€59,299 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €26,792 | €18,853 | -€7,939 | -29.6% |
| Trade debts | 44 | €231,813 | €269,334 | +€37,521 | +16.2% |
| Suppliers | 440/4 | €231,813 | €269,334 | +€37,521 | +16.2% |
| Taxes, remuneration and social security | 45 | €110,075 | €139,792 | +€29,717 | +27.0% |
| Taxes | 450/3 | €14,371 | €40,151 | +€25,780 | +179.4% |
| Remuneration and social security | 454/9 | €95,704 | €99,641 | +€3,936 | +4.1% |
| Non-recurring operating income | 76A | - | €9,000 | +€9,000 | |
| Remuneration, social security and pensions | 62 | €728,117 | €781,470 | +€53,353 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,220 | €58,451 | +€231 | +0.4% |
| Other operating charges | 640/8 | €14,923 | €15,416 | +€493 | +3.3% |
| Gross operating margin | 9900 | €817,276 | €874,200 | +€56,924 | +7.0% |
| Operating profit (loss) | 9901 | €16,016 | €18,862 | +€2,846 | +17.8% |
| Financial income | 75/76B | €10,772 | €10,484 | -€288 | -2.7% |
| Recurring financial income | 75 | €10,772 | €10,484 | -€288 | -2.7% |
| Financial charges | 65/66B | €4,985 | €6,338 | +€1,354 | +27.2% |
| Recurring financial charges | 65 | €4,985 | €6,338 | +€1,354 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €21,804 | €23,008 | +€1,204 | +5.5% |
| Income taxes | 67/77 | €6,220 | €5,760 | -€460 | -7.4% |
| Profit (loss) for the period | 9904 | €15,584 | €17,248 | +€1,664 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,584 | €17,248 | +€1,664 | +10.7% |
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 7 October 2026 via checked.be.