FENIBEL: 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.
FENIBEL
Largest movements
- Stocks and contracts +€318,554
up €318,554 (+63.7%), from €499,773 to €818,327
- Receivables within one year -€219,971
down €219,971 (-89.6%), from €245,369 to €25,398
of which Other amounts receivable: -€219,971
- Cash +€138,038
up €138,038 (+62.1%), from €222,154 to €360,192
mainly Net result for the year (+€223,873) and Receivables within one year (+€219,971)
- Tangible fixed assets -€39,148
down €39,148 (-4.2%), from €927,696 to €888,548
- Reserves +€223,873
up €223,873 (+13.7%), from €1.6m to €1.9m
of which Distributable reserves: +€223,873
- Gross operating margin -€53,718
down €53,718 (-13.4%), from €400,885 to €347,166
- Taxes -€9,618
down €9,618 (-11.2%), from €85,891 to €76,273
- Depreciation -€8,073
down €8,073 (-17.1%), from €47,221 to €39,148
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 | €3,084,649 | €3,284,599 | +€199,950 | +6.5% |
| Fixed assets | 21/28 | €1,116,788 | €1,077,640 | -€39,148 | -3.5% |
| Tangible fixed assets | 22/27 | €927,696 | €888,548 | -€39,148 | -4.2% |
| Land and buildings | 22 | €927,696 | €888,548 | -€39,148 | -4.2% |
| Financial fixed assets | 28 | €189,093 | €189,093 | = | 0.0% |
| Current assets | 29/58 | €1,967,860 | €2,206,958 | +€239,098 | +12.2% |
| Stocks and contracts in progress | 3 | €499,773 | €818,327 | +€318,554 | +63.7% |
| Stocks | 30/36 | €499,773 | €818,327 | +€318,554 | +63.7% |
| Amounts receivable within one year | 40/41 | €245,369 | €25,398 | -€219,971 | -89.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €245,369 | €25,398 | -€219,971 | -89.6% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €222,154 | €360,192 | +€138,038 | +62.1% |
| Deferred charges and accrued income | 490/1 | €565 | €3,042 | +€2,477 | +438.5% |
| Total equity and liabilities | 10/49 | €3,084,649 | €3,284,599 | +€199,950 | +6.5% |
| Equity | 10/15 | €3,023,114 | €3,246,987 | +€223,873 | +7.4% |
| Contributions | 10/11 | €1,391,944 | €1,391,944 | = | 0.0% |
| Reserves | 13 | €1,631,170 | €1,855,043 | +€223,873 | +13.7% |
| Tax-exempt reserves | 132 | €53,754 | €53,754 | = | 0.0% |
| Distributable reserves | 133 | €1,577,416 | €1,801,289 | +€223,873 | +14.2% |
| Amounts payable | 17/49 | €61,535 | €37,612 | -€23,923 | -38.9% |
| Amounts payable within one year | 42/48 | €61,366 | €37,612 | -€23,754 | -38.7% |
| Trade debts | 44 | €2,565 | €1,815 | -€750 | -29.2% |
| Suppliers | 440/4 | €2,565 | €1,815 | -€750 | -29.2% |
| Taxes, remuneration and social security | 45 | €24,381 | €0 | -€24,381 | -100.0% |
| Taxes | 450/3 | €24,381 | €0 | -€24,381 | -100.0% |
| Other amounts payable | 47/48 | €34,420 | €35,797 | +€1,377 | +4.0% |
| Accrued charges and deferred income | 492/3 | €169 | €0 | -€169 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,221 | €39,148 | -€8,073 | -17.1% |
| Other operating charges | 640/8 | €33,987 | €35,050 | +€1,063 | +3.1% |
| Gross operating margin | 9900 | €400,885 | €347,166 | -€53,718 | -13.4% |
| Operating profit (loss) | 9901 | €319,676 | €272,968 | -€46,708 | -14.6% |
| Financial income | 75/76B | €26,702 | €28,811 | +€2,109 | +7.9% |
| Recurring financial income | 75 | €26,702 | €28,811 | +€2,109 | +7.9% |
| Financial charges | 65/66B | €1,365 | €1,632 | +€267 | +19.6% |
| Recurring financial charges | 65 | €1,365 | €1,632 | +€267 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €345,013 | €300,146 | -€44,866 | -13.0% |
| Income taxes | 67/77 | €85,891 | €76,273 | -€9,618 | -11.2% |
| Profit (loss) for the period | 9904 | €259,121 | €223,873 | -€35,248 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €259,121 | €223,873 | -€35,248 | -13.6% |
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 12 October 2026 via checked.be.