FENDER: 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.
FENDER
Largest movements
- Cash +€200,824
up €200,824 (+583%), from €34,445 to €235,269
mainly Net result for the year (+€173,414) and Other debts (+€73,204)
- Receivables within one year -€10,531
down €10,531 (-7.3%), from €144,552 to €134,021
of which Trade receivables: -€32,507
- Reserves +€100,211
up €100,211 (+14.9%), from €671,865 to €772,075
of which Distributable reserves: +€100,211
- Other debts +€73,204
up €73,204, from €0 to €73,204
- Tax, wage and social debts +€15,592
up €15,592 (+44.9%), from €34,711 to €50,303
of which Taxes: +€15,592
- Gross operating margin +€49,258
up €49,258 (+23.4%), from €210,779 to €260,037
- Taxes +€22,998
up €22,998 (+41.4%), from €55,515 to €78,513
- Depreciation -€13,736
down €13,736 (-58.9%), from €23,325 to €9,589
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 | €730,740 | €916,489 | +€185,749 | +25.4% |
| Fixed assets | 21/28 | €205,712 | €201,168 | -€4,544 | -2.2% |
| Tangible fixed assets | 22/27 | €205,340 | €200,796 | -€4,544 | -2.2% |
| Land and buildings | 22 | €198,482 | €192,000 | -€6,482 | -3.3% |
| Plant, machinery and equipment | 23 | €2,561 | €1,459 | -€1,102 | -43.0% |
| Furniture and vehicles | 24 | €4,297 | €7,336 | +€3,040 | +70.8% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €525,028 | €715,322 | +€190,293 | +36.2% |
| Amounts receivable after more than one year | 29 | €65,294 | €65,294 | = | 0.0% |
| Other amounts receivable | 291 | €65,294 | €65,294 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €144,552 | €134,021 | -€10,531 | -7.3% |
| Trade receivables | 40 | €67,389 | €34,882 | -€32,507 | -48.2% |
| Other amounts receivable | 41 | €77,163 | €99,140 | +€21,976 | +28.5% |
| Current investments | 50/53 | €280,000 | €280,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,445 | €235,269 | +€200,824 | +583% |
| Deferred charges and accrued income | 490/1 | €738 | €738 | = | 0.0% |
| Total equity and liabilities | 10/49 | €730,740 | €916,489 | +€185,749 | +25.4% |
| Equity | 10/15 | €690,465 | €790,675 | +€100,211 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €671,865 | €772,075 | +€100,211 | +14.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €670,005 | €770,215 | +€100,211 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,275 | €125,814 | +€85,538 | +212% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €40,275 | €125,814 | +€85,538 | +212% |
| Trade debts | 44 | €5,564 | €2,307 | -€3,257 | -58.5% |
| Suppliers | 440/4 | €5,564 | €2,307 | -€3,257 | -58.5% |
| Taxes, remuneration and social security | 45 | €34,711 | €50,303 | +€15,592 | +44.9% |
| Taxes | 450/3 | €34,711 | €50,303 | +€15,592 | +44.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €73,204 | +€73,204 | |
| Non-recurring operating income | 76A | €12,443 | €0 | -€12,443 | -100% |
| Remuneration, social security and pensions | 62 | €117 | €0 | -€117 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,325 | €9,589 | -€13,736 | -58.9% |
| Other operating charges | 640/8 | €3,248 | €1,902 | -€1,345 | -41.4% |
| Gross operating margin | 9900 | €210,779 | €260,037 | +€49,258 | +23.4% |
| Operating profit (loss) | 9901 | €184,090 | €248,546 | +€64,456 | +35.0% |
| Financial income | 75/76B | €6,007 | €5,778 | -€229 | -3.8% |
| Recurring financial income | 75 | €6,007 | €5,778 | -€229 | -3.8% |
| Financial charges | 65/66B | €1,896 | €2,396 | +€500 | +26.4% |
| Recurring financial charges | 65 | €1,896 | €2,396 | +€500 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €188,201 | €251,928 | +€63,727 | +33.9% |
| Income taxes | 67/77 | €55,515 | €78,513 | +€22,998 | +41.4% |
| Profit (loss) for the period | 9904 | €132,686 | €173,414 | +€40,728 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €132,686 | €173,414 | +€40,728 | +30.7% |
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 18 October 2026 via checked.be.