FENICE: 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.
FENICE
Largest movements
- Cash -€79,527
down €79,527 (-53.9%), from €147,419 to €67,892
mainly Other debts (-€174,132) and Contributions, distributions and other (-€135,000)
- Tangible fixed assets +€49,085
up €49,085 (+129.1%), from €38,018 to €87,103
of which Plant, machinery and equipment: +€29,907
- Intangible fixed assets -€41,112
down €41,112 (-19.1%), from €215,784 to €174,671
- Deferred charges and accrued income +€4,182
up €4,182 (+272.9%), from €1,533 to €5,715
- Other debts -€174,132
down €174,132 (-79.1%), from €220,175 to €46,043
- Debts after one year +€130,690
new in 2025: €130,690
- Profit (loss) carried forward -€41,319
down €41,319 (-30.6%), from €135,129 to €93,810
- Tax, wage and social debts +€17,616
new in 2025: €17,616
- Trade debts -€13,925
down €13,925 (-82.3%), from €16,924 to €2,999
- Gross operating margin +€84,514
up €84,514 (+86.7%), from €97,531 to €182,045
- Taxes +€21,277
up €21,277 (+187.6%), from €11,339 to €32,616
- Financial charges -€7,356
down €7,356 (-78.3%), from €9,398 to €2,042
- Depreciation +€5,623
up €5,623 (+11.9%), from €47,198 to €52,821
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 | €409,756 | €342,384 | -€67,372 | -16.4% |
| Fixed assets | 21/28 | €257,143 | €265,116 | +€7,973 | +3.1% |
| Intangible fixed assets | 21 | €215,784 | €174,671 | -€41,112 | -19.1% |
| Tangible fixed assets | 22/27 | €38,018 | €87,103 | +€49,085 | +129.1% |
| Plant, machinery and equipment | 23 | - | €29,907 | +€29,907 | |
| Furniture and vehicles | 24 | €6,451 | €22,226 | +€15,775 | +244.6% |
| Other tangible fixed assets | 26 | €31,567 | €34,970 | +€3,403 | +10.8% |
| Financial fixed assets | 28 | €3,342 | €3,342 | = | 0.0% |
| Current assets | 29/58 | €152,613 | €77,268 | -€75,345 | -49.4% |
| Amounts receivable within one year | 40/41 | €3,661 | €3,661 | -€0 | 0.0% |
| Other amounts receivable | 41 | €3,661 | €3,661 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €147,419 | €67,892 | -€79,527 | -53.9% |
| Deferred charges and accrued income | 490/1 | €1,533 | €5,715 | +€4,182 | +272.9% |
| Total equity and liabilities | 10/49 | €409,756 | €342,384 | -€67,372 | -16.4% |
| Equity | 10/15 | €151,029 | €109,710 | -€41,319 | -27.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €13,900 | €13,900 | = | 0.0% |
| Distributable reserves | 133 | €13,900 | €13,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,129 | €93,810 | -€41,319 | -30.6% |
| Amounts payable | 17/49 | €258,727 | €232,674 | -€26,053 | -10.1% |
| Amounts payable after more than one year | 17 | - | €130,690 | +€130,690 | |
| Financial debts | 170/4 | - | €130,690 | +€130,690 | |
| Amounts payable within one year | 42/48 | €257,727 | €100,984 | -€156,743 | -60.8% |
| Current portion of amounts payable after more than one year | 42 | €20,628 | €34,325 | +€13,697 | +66.4% |
| Trade debts | 44 | €16,924 | €2,999 | -€13,925 | -82.3% |
| Suppliers | 440/4 | €16,924 | €2,999 | -€13,925 | -82.3% |
| Taxes, remuneration and social security | 45 | - | €17,616 | +€17,616 | |
| Taxes | 450/3 | - | €17,616 | +€17,616 | |
| Other amounts payable | 47/48 | €220,175 | €46,043 | -€174,132 | -79.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,198 | €52,821 | +€5,623 | +11.9% |
| Other operating charges | 640/8 | €1,944 | €2,076 | +€132 | +6.8% |
| Gross operating margin | 9900 | €97,531 | €182,045 | +€84,514 | +86.7% |
| Operating profit (loss) | 9901 | €48,390 | €127,149 | +€78,759 | +162.8% |
| Financial income | 75/76B | - | €1,190 | +€1,190 | |
| Recurring financial income | 75 | - | €1,190 | +€1,190 | |
| Financial charges | 65/66B | €9,398 | €2,042 | -€7,356 | -78.3% |
| Recurring financial charges | 65 | €9,398 | €2,042 | -€7,356 | -78.3% |
| Profit (loss) for the period before taxes | 9903 | €38,992 | €126,297 | +€87,305 | +223.9% |
| Income taxes | 67/77 | €11,339 | €32,616 | +€21,277 | +187.6% |
| Profit (loss) for the period | 9904 | €27,653 | €93,681 | +€66,028 | +238.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,653 | €93,681 | +€66,028 | +238.8% |
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 2 October 2026 via checked.be.