FENGARI: 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.
FENGARI
Largest movements
- Receivables after one year -€2.8m
down €2.8m (-100.0%), from €2.8m to €0
- Financial fixed assets +€1.3m
up €1.3m (+63.0%), from €2.1m to €3.4m
- Current investments -€640,756
down €640,756 (-22.3%), from €2.9m to €2.2m
- Reserves -€3.0m
down €3.0m (-35.3%), from €8.5m to €5.5m
- Other debts +€883,977
up €883,977 (+327.9%), from €269,598 to €1.2m
- Financial income -€890,056
down €890,056 (-81.3%), from €1.1m to €204,347
- Taxes -€308,518
down €308,518 (-94.2%), from €327,685 to €19,167
- Gross operating margin -€57,436
down €57,436 (-78.1%), from €73,507 to €16,071
- Depreciation -€1,269
down €1,269 (-18.0%), from €7,065 to €5,796
- Financial charges +€853
up €853 (+9.4%), from €9,093 to €9,946
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 | €8,863,571 | €6,769,043 | -€2.1m | -23.6% |
| Fixed assets | 21/28 | €2,080,896 | €3,383,262 | +€1.3m | +62.6% |
| Tangible fixed assets | 22/27 | €8,965 | €5,469 | -€3,496 | -39.0% |
| Land and buildings | 22 | €1,159 | €0 | -€1,159 | -100.0% |
| Plant, machinery and equipment | 23 | €2,436 | €1,437 | -€999 | -41.0% |
| Furniture and vehicles | 24 | €5,370 | €4,032 | -€1,338 | -24.9% |
| Financial fixed assets | 28 | €2,071,931 | €3,377,794 | +€1.3m | +63.0% |
| Current assets | 29/58 | €6,782,675 | €3,385,781 | -€3.4m | -50.1% |
| Amounts receivable after more than one year | 29 | €2,780,000 | €0 | -€2.8m | -100.0% |
| Other amounts receivable | 291 | €2,780,000 | €0 | -€2.8m | -100.0% |
| Amounts receivable within one year | 40/41 | €100,000 | €71,000 | -€29,000 | -29.0% |
| Other amounts receivable | 41 | €100,000 | €71,000 | -€29,000 | -29.0% |
| Current investments | 50/53 | €2,877,951 | €2,237,195 | -€640,756 | -22.3% |
| Cash at bank and in hand | 54/58 | €922,548 | €950,577 | +€28,029 | +3.0% |
| Deferred charges and accrued income | 490/1 | €102,176 | €127,009 | +€24,833 | +24.3% |
| Total equity and liabilities | 10/49 | €8,863,571 | €6,769,043 | -€2.1m | -23.6% |
| Equity | 10/15 | €8,506,680 | €5,508,657 | -€3.0m | -35.2% |
| Contributions | 10/11 | €6,205 | €6,205 | +€0 | 0.0% |
| Reserves | 13 | €8,500,475 | €5,502,452 | -€3.0m | -35.3% |
| Distributable reserves | 133 | €8,500,475 | €5,502,452 | -€3.0m | -35.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €356,891 | €1,260,386 | +€903,495 | +253.2% |
| Amounts payable within one year | 42/48 | €349,347 | €1,252,164 | +€902,817 | +258.4% |
| Financial debts | 43 | - | €522 | +€522 | |
| Credit institutions | 430/8 | - | €522 | +€522 | |
| Trade debts | 44 | €683 | €3,103 | +€2,420 | +354.4% |
| Suppliers | 440/4 | €683 | €3,103 | +€2,420 | +354.4% |
| Taxes, remuneration and social security | 45 | €79,066 | €94,964 | +€15,898 | +20.1% |
| Taxes | 450/3 | €79,066 | €94,964 | +€15,898 | +20.1% |
| Other amounts payable | 47/48 | €269,598 | €1,153,575 | +€883,977 | +327.9% |
| Accrued charges and deferred income | 492/3 | €7,544 | €8,222 | +€678 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,065 | €5,796 | -€1,269 | -18.0% |
| Other operating charges | 640/8 | €1,013 | €806 | -€207 | -20.4% |
| Gross operating margin | 9900 | €73,507 | €16,071 | -€57,436 | -78.1% |
| Operating profit (loss) | 9901 | €65,429 | €9,469 | -€55,960 | -85.5% |
| Financial income | 75/76B | €1,094,403 | €204,347 | -€890,056 | -81.3% |
| Recurring financial income | 75 | €1,094,403 | €204,347 | -€890,056 | -81.3% |
| Financial charges | 65/66B | €9,093 | €9,946 | +€853 | +9.4% |
| Recurring financial charges | 65 | €9,093 | €9,946 | +€853 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €1,150,739 | €203,871 | -€946,868 | -82.3% |
| Income taxes | 67/77 | €327,685 | €19,167 | -€308,518 | -94.2% |
| Profit (loss) for the period | 9904 | €823,054 | €184,703 | -€638,351 | -77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €823,054 | €184,703 | -€638,351 | -77.6% |
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.