FENICO: 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.
What changed
FENICO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,075
2024 · €366,253-€357,178
Equity
€1.7m
2024 · €1.7m+€9,075
Cash
€82,668
2024 · €101,717-€19,049
Balance sheet total
€9.5m
2024 · €7.0m+€2.5m
Largest movements
Assets
- Tangible fixed assets +€2.6m
up €2.6m (+47.4%), from €5.6m to €8.2m
of which Land and buildings: +€2.4m
- Receivables after one year -€148,862
down €148,862 (-12.9%), from €1.1m to €1.0m
Equity and liabilities
- Debts after one year +€1.7m
up €1.7m (+36.6%), from €4.6m to €6.3m
- Other debts +€605,355
up €605,355 (+1,261%), from €48,000 to €653,355
- Current portion of long-term debt +€142,550
up €142,550 (+30.8%), from €462,335 to €604,885
Income statement
- Gross operating margin -€390,730
down €390,730 (-39.7%), from €984,739 to €594,008
- Depreciation +€187,775
up €187,775 (+159%), from €118,372 to €306,147
- Other operating charges -€107,193
down €107,193 (-54.1%), from €198,079 to €90,886
- Taxes -€20,192
down €20,192 (-77.6%), from €26,013 to €5,821
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.
Result 2024
€366,253
Gross operating margin
-€390,730
Staff costs
+€14
Depreciation
-€187,775
Other operating charges
+€107,193
Financial income
+€224
Financial charges
-€6,514
Taxes
+€20,192
Deferred taxes and other
+€100,218
Result 2025
€9,075
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€1.1m
Investment
-€3.0m
Financing
+€1.8m
Cash 2024
€101,717
From operations (derived)
+€1.1m
Net result for the year
+€9,075
Depreciation
+€306,147
Receivables after one year
+€148,862
Receivables within one year
+€36,828
Smaller working-capital items
+€1,204
Trade debts
+€46,326
Tax, wage and social debts
-€15,828
Other debts
+€605,355
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Financing
+€1.8m
Debts after one year
+€1.7m
Current portion of long-term debt
+€142,550
Cash 2025
€82,668
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,046,241 | €9,516,375 | +€2.5m | +35.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,573,460 | €8,252,333 | +€2.7m | +48.1% |
| Tangible fixed assets | 22/27 | €5,570,533 | €8,209,583 | +€2.6m | +47.4% |
| Land and buildings | 22 | €5,463,025 | €7,912,800 | +€2.4m | +44.8% |
| Plant, machinery and equipment | 23 | €88,259 | €283,783 | +€195,524 | +222% |
| Furniture and vehicles | 24 | €19,249 | €13,000 | -€6,249 | -32.5% |
| Financial fixed assets | 28 | €2,927 | €42,750 | +€39,823 | +1,361% |
| Current assets | 29/58 | €1,472,781 | €1,264,042 | -€208,739 | -14.2% |
| Amounts receivable after more than one year | 29 | €1,149,784 | €1,000,921 | -€148,862 | -12.9% |
| Other amounts receivable | 291 | €1,149,784 | €1,000,921 | -€148,862 | -12.9% |
| Amounts receivable within one year | 40/41 | €217,280 | €180,452 | -€36,828 | -16.9% |
| Trade receivables | 40 | €176 | - | -€176 | |
| Other amounts receivable | 41 | €217,105 | €180,452 | -€36,652 | -16.9% |
| Cash at bank and in hand | 54/58 | €101,717 | €82,668 | -€19,049 | -18.7% |
| Deferred charges and accrued income | 490/1 | €4,000 | - | -€4,000 | |
| Total equity and liabilities | 10/49 | €7,046,241 | €9,516,375 | +€2.5m | +35.1% |
| Equity | 10/15 | €1,701,040 | €1,710,115 | +€9,075 | +0.5% |
| Contributions | 10/11 | €309,234 | €309,234 | = | 0.0% |
| Revaluation surpluses | 12 | €755,808 | €755,808 | = | 0.0% |
| Reserves | 13 | €426,575 | €418,187 | -€8,388 | -2.0% |
| Tax-exempt reserves | 132 | €352,417 | €344,030 | -€8,388 | -2.4% |
| Distributable reserves | 133 | €74,158 | €74,158 | = | 0.0% |
| Profit (loss) carried forward | 14 | €209,423 | €226,885 | +€17,462 | +8.3% |
| Provisions and deferred taxes | 16 | €113,845 | €111,049 | -€2,796 | -2.5% |
| Deferred taxes | 168 | €113,845 | €111,049 | -€2,796 | -2.5% |
| Amounts payable | 17/49 | €5,231,357 | €7,695,211 | +€2.5m | +47.1% |
| Amounts payable after more than one year | 17 | €4,601,631 | €6,287,083 | +€1.7m | +36.6% |
| Financial debts | 170/4 | €4,601,631 | €6,287,083 | +€1.7m | +36.6% |
| Amounts payable within one year | 42/48 | €629,726 | €1,408,128 | +€778,402 | +124% |
| Current portion of amounts payable after more than one year | 42 | €462,335 | €604,885 | +€142,550 | +30.8% |
| Trade debts | 44 | €103,562 | €149,889 | +€46,326 | +44.7% |
| Suppliers | 440/4 | €103,562 | €149,889 | +€46,326 | +44.7% |
| Taxes, remuneration and social security | 45 | €15,828 | - | -€15,828 | |
| Taxes | 450/3 | €15,828 | - | -€15,828 | |
| Other amounts payable | 47/48 | €48,000 | €653,355 | +€605,355 | +1,261% |
| Remuneration, social security and pensions | 62 | €982 | €968 | -€14 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,372 | €306,147 | +€187,775 | +159% |
| Other operating charges | 640/8 | €198,079 | €90,886 | -€107,193 | -54.1% |
| Gross operating margin | 9900 | €984,739 | €594,008 | -€390,730 | -39.7% |
| Operating profit (loss) | 9901 | €667,306 | €196,008 | -€471,298 | -70.6% |
| Financial income | 75/76B | €496 | €721 | +€224 | +45.2% |
| Recurring financial income | 75 | €496 | €721 | +€224 | +45.2% |
| Financial charges | 65/66B | €178,115 | €184,629 | +€6,514 | +3.7% |
| Recurring financial charges | 65 | €178,115 | €184,629 | +€6,514 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €489,687 | €12,100 | -€477,587 | -97.5% |
| Transfer from deferred taxes | 780 | €7,672 | €2,796 | -€4,876 | -63.6% |
| Transfer to deferred taxes | 680 | €105,094 | - | -€105,094 | |
| Income taxes | 67/77 | €26,013 | €5,821 | -€20,192 | -77.6% |
| Profit (loss) for the period | 9904 | €366,253 | €9,075 | -€357,178 | -97.5% |
| Transfer from tax-exempt reserves | 789 | €23,016 | €8,388 | -€14,629 | -63.6% |
| Transfer to tax-exempt reserves | 689 | €315,281 | - | -€315,281 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,988 | €17,462 | -€56,525 | -76.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.