FEND: 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.
FEND
Largest movements
- Receivables after one year +€32,322
up €32,322 (+40.8%), from €79,293 to €111,616
- Cash +€29,687
up €29,687 (+65.7%), from €45,174 to €74,861
mainly Net result for the year (+€178,406) and Receivables within one year (+€10,293)
- Reserves +€178,000
up €178,000 (+37.7%), from €472,000 to €650,000
- Debts after one year -€129,368
down €129,368 (-5.5%), from €2.3m to €2.2m
of which Financial debts: -€85,059
- Gross operating margin +€65,959
up €65,959 (+324%), from €20,357 to €86,316
- Taxes +€6,538
up €6,538 (+6,151%), from €106 to €6,645
- Financial charges -€2,221
down €2,221 (-9.1%), from €24,280 to €22,059
- Other operating charges +€1,051
up €1,051 (+461%), from €228 to €1,279
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 | €2,894,171 | €2,946,592 | +€52,421 | +1.8% |
| Fixed assets | 21/28 | €2,748,250 | €2,748,250 | = | 0.0% |
| Financial fixed assets | 28 | €2,748,250 | €2,748,250 | = | 0.0% |
| Current assets | 29/58 | €145,921 | €198,342 | +€52,421 | +35.9% |
| Amounts receivable after more than one year | 29 | €79,293 | €111,616 | +€32,322 | +40.8% |
| Other amounts receivable | 291 | €79,293 | €111,616 | +€32,322 | +40.8% |
| Amounts receivable within one year | 40/41 | €20,691 | €10,398 | -€10,293 | -49.7% |
| Trade receivables | 40 | €20,691 | €10,398 | -€10,293 | -49.7% |
| Cash at bank and in hand | 54/58 | €45,174 | €74,861 | +€29,687 | +65.7% |
| Deferred charges and accrued income | 490/1 | €762 | €1,468 | +€705 | +92.5% |
| Total equity and liabilities | 10/49 | €2,894,171 | €2,946,592 | +€52,421 | +1.8% |
| Equity | 10/15 | €475,041 | €653,447 | +€178,406 | +37.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €472,000 | €650,000 | +€178,000 | +37.7% |
| Distributable reserves | 133 | €472,000 | €650,000 | +€178,000 | +37.7% |
| Profit (loss) carried forward | 14 | €41 | €447 | +€406 | +1,001% |
| Amounts payable | 17/49 | €2,419,130 | €2,293,145 | -€125,985 | -5.2% |
| Amounts payable after more than one year | 17 | €2,331,684 | €2,202,315 | -€129,368 | -5.5% |
| Financial debts | 170/4 | €612,487 | €527,428 | -€85,059 | -13.9% |
| Other amounts payable | 178/9 | €1,719,197 | €1,674,887 | -€44,309 | -2.6% |
| Amounts payable within one year | 42/48 | €87,446 | €90,829 | +€3,383 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €81,355 | €85,059 | +€3,704 | +4.6% |
| Trade debts | 44 | €1,583 | €0 | -€1,583 | -100% |
| Suppliers | 440/4 | €1,583 | €0 | -€1,583 | -100% |
| Taxes, remuneration and social security | 45 | €4,415 | €5,770 | +€1,355 | +30.7% |
| Taxes | 450/3 | €4,415 | €5,770 | +€1,355 | +30.7% |
| Other amounts payable | 47/48 | €94 | €0 | -€94 | -100% |
| Other operating charges | 640/8 | €228 | €1,279 | +€1,051 | +461% |
| Gross operating margin | 9900 | €20,357 | €86,316 | +€65,959 | +324% |
| Operating profit (loss) | 9901 | €20,129 | €85,037 | +€64,908 | +322% |
| Financial income | 75/76B | €122,422 | €122,073 | -€349 | -0.3% |
| Recurring financial income | 75 | €122,422 | €122,073 | -€349 | -0.3% |
| Financial charges | 65/66B | €24,280 | €22,059 | -€2,221 | -9.1% |
| Recurring financial charges | 65 | €24,280 | €22,059 | -€2,221 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €118,271 | €185,051 | +€66,779 | +56.5% |
| Income taxes | 67/77 | €106 | €6,645 | +€6,538 | +6,151% |
| Profit (loss) for the period | 9904 | €118,165 | €178,406 | +€60,241 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,165 | €178,406 | +€60,241 | +51.0% |
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 22 October 2026 via checked.be.