FENESTRA: 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.
FENESTRA
Largest movements
- Financial fixed assets +€139,865
up €139,865 (+3.4%), from €4.1m to €4.3m
- Other debts +€3.3m
new in 2025: €3.3m
- Debts after one year -€2.5m
down €2.5m (-100.0%), from €2.5m to €0
- Short-term financial debts -€398,250
down €398,250 (-100.0%), from €398,250 to €0
- Current portion of long-term debt -€237,827
down €237,827 (-100.0%), from €237,827 to €0
- Reserves -€119,595
down €119,595 (-11.4%), from €1.0m to €925,405
- Financial income -€1.2m
down €1.2m (-100.0%), from €1.2m to €0
- Financial charges +€41,201
up €41,201 (+54.2%), from €75,956 to €117,157
- Gross operating margin +€30,035
up €30,035 (+91.4%), from -€32,865 to -€2,830
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 | €4,172,796 | €4,281,827 | +€109,031 | +2.6% |
| Fixed assets | 21/28 | €4,138,943 | €4,278,808 | +€139,865 | +3.4% |
| Financial fixed assets | 28 | €4,138,943 | €4,278,808 | +€139,865 | +3.4% |
| Current assets | 29/58 | €33,852 | €3,018 | -€30,834 | -91.1% |
| Cash at bank and in hand | 54/58 | €33,852 | €3,018 | -€30,834 | -91.1% |
| Total equity and liabilities | 10/49 | €4,172,796 | €4,281,827 | +€109,031 | +2.6% |
| Equity | 10/15 | €1,055,792 | €935,405 | -€120,387 | -11.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,045,000 | €925,405 | -€119,595 | -11.4% |
| Distributable reserves | 133 | €1,045,000 | €925,405 | -€119,595 | -11.4% |
| Profit (loss) carried forward | 14 | €792 | €0 | -€792 | -100.0% |
| Amounts payable | 17/49 | €3,117,004 | €3,346,422 | +€229,418 | +7.4% |
| Amounts payable after more than one year | 17 | €2,480,927 | €0 | -€2.5m | -100.0% |
| Financial debts | 170/4 | €2,480,927 | €0 | -€2.5m | -100.0% |
| Amounts payable within one year | 42/48 | €636,077 | €3,346,422 | +€2.7m | +426.1% |
| Current portion of amounts payable after more than one year | 42 | €237,827 | €0 | -€237,827 | -100.0% |
| Financial debts | 43 | €398,250 | €0 | -€398,250 | -100.0% |
| Credit institutions | 430/8 | €398,250 | €0 | -€398,250 | -100.0% |
| Other amounts payable | 47/48 | - | €3,346,422 | +€3.3m | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€32,865 | -€2,830 | +€30,035 | +91.4% |
| Operating profit (loss) | 9901 | -€33,253 | -€3,230 | +€30,023 | +90.3% |
| Financial income | 75/76B | €1,155,000 | €0 | -€1.2m | -100.0% |
| Recurring financial income | 75 | €1,155,000 | €0 | -€1.2m | -100.0% |
| Financial charges | 65/66B | €75,956 | €117,157 | +€41,201 | +54.2% |
| Recurring financial charges | 65 | €75,956 | €117,157 | +€41,201 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €1,045,792 | -€120,387 | -€1.2m | |
| Profit (loss) for the period | 9904 | €1,045,792 | -€120,387 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,045,792 | -€120,387 | -€1.2m |
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 6 October 2026 via checked.be.