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
- Tangible fixed assets -€119,597
down €119,597 (-7.4%), from €1.6m to €1.5m
of which Land and buildings: -€118,940
- Deferred charges and accrued income -€28,613
down €28,613 (-95.8%), from €29,863 to €1,250
- Debts after one year +€3.7m
new in 2025: €3.7m
- Other debts -€3.6m
no longer reported in 2025 (was €3.6m)
- Profit (loss) carried forward -€209,672
down €209,672 (-7.7%), from -€2.7m to -€2.9m
- Financial charges +€35,707
up €35,707 (+2092.1%), from €1,707 to €37,414
- Gross operating margin -€18,287
down €18,287, from €1,535 to -€16,752
- Other operating charges +€596
up €596 (+1.7%), from €35,314 to €35,909
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 | €1,645,233 | €1,504,435 | -€140,798 | -8.6% |
| Fixed assets | 21/28 | €1,608,320 | €1,488,723 | -€119,597 | -7.4% |
| Tangible fixed assets | 22/27 | €1,608,020 | €1,488,423 | -€119,597 | -7.4% |
| Land and buildings | 22 | €1,606,707 | €1,487,766 | -€118,940 | -7.4% |
| Furniture and vehicles | 24 | €1,313 | €657 | -€657 | -50.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €36,913 | €15,712 | -€21,202 | -57.4% |
| Cash at bank and in hand | 54/58 | €7,050 | €14,462 | +€7,412 | +105.1% |
| Deferred charges and accrued income | 490/1 | €29,863 | €1,250 | -€28,613 | -95.8% |
| Total equity and liabilities | 10/49 | €1,645,233 | €1,504,435 | -€140,798 | -8.6% |
| Equity | 10/15 | -€1,968,219 | -€2,177,890 | -€209,672 | -10.7% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €48,731 | €48,731 | = | 0.0% |
| Non-distributable reserves | 130/1 | €48,731 | €48,731 | = | 0.0% |
| Legal reserve | 130 | €48,731 | €48,731 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,716,950 | -€2,926,622 | -€209,672 | -7.7% |
| Amounts payable | 17/49 | €3,613,452 | €3,682,325 | +€68,873 | +1.9% |
| Amounts payable after more than one year | 17 | - | €3,678,075 | +€3.7m | |
| Other amounts payable | 178/9 | - | €3,678,075 | +€3.7m | |
| Amounts payable within one year | 42/48 | €3,613,452 | €4,250 | -€3.6m | -99.9% |
| Trade debts | 44 | €11,663 | €4,250 | -€7,413 | -63.6% |
| Suppliers | 440/4 | €11,663 | €4,250 | -€7,413 | -63.6% |
| Other amounts payable | 47/48 | €3,601,789 | - | -€3.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,597 | €119,597 | = | 0.0% |
| Other operating charges | 640/8 | €35,314 | €35,909 | +€596 | +1.7% |
| Gross operating margin | 9900 | €1,535 | -€16,752 | -€18,287 | |
| Operating profit (loss) | 9901 | -€153,375 | -€172,258 | -€18,883 | -12.3% |
| Financial charges | 65/66B | €1,707 | €37,414 | +€35,707 | +2092.1% |
| Recurring financial charges | 65 | €1,707 | €37,414 | +€35,707 | +2092.1% |
| Profit (loss) for the period before taxes | 9903 | -€155,082 | -€209,672 | -€54,590 | -35.2% |
| Profit (loss) for the period | 9904 | -€155,082 | -€209,672 | -€54,590 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,082 | -€209,672 | -€54,590 | -35.2% |
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 4 October 2026 via checked.be.