FENNECS: 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.
FENNECS
Largest movements
- Tangible fixed assets -€13,004
down €13,004 (-33.5%), from €38,874 to €25,871
- Cash -€9,534
down €9,534 (-60.1%), from €15,856 to €6,322
mainly Contributions, distributions and other (-€75,323) and Debts after one year (-€7,233)
- Reserves -€51,496
down €51,496 (-75.2%), from €68,477 to €16,981
of which Distributable reserves: -€51,496
- Other debts +€36,342
up €36,342 (+120.2%), from €30,231 to €66,573
- Debts after one year -€7,233
down €7,233 (-8.0%), from €90,377 to €83,144
- Taxes -€2,316
down €2,316 (-16.7%), from €13,910 to €11,594
- Depreciation +€1,247
up €1,247 (+10.6%), from €11,757 to €13,004
- Gross operating margin +€946
up €946 (+1.8%), from €52,663 to €53,609
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 | €224,822 | €201,816 | -€23,007 | -10.2% |
| Fixed assets | 21/28 | €113,874 | €100,871 | -€13,004 | -11.4% |
| Tangible fixed assets | 22/27 | €38,874 | €25,871 | -€13,004 | -33.5% |
| Furniture and vehicles | 24 | €38,874 | €25,871 | -€13,004 | -33.5% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €110,948 | €100,945 | -€10,003 | -9.0% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,092 | €19,623 | -€469 | -2.3% |
| Trade receivables | 40 | €16,862 | €15,276 | -€1,585 | -9.4% |
| Other amounts receivable | 41 | €3,231 | €4,347 | +€1,116 | +34.6% |
| Cash at bank and in hand | 54/58 | €15,856 | €6,322 | -€9,534 | -60.1% |
| Total equity and liabilities | 10/49 | €224,822 | €201,816 | -€23,007 | -10.2% |
| Equity | 10/15 | €87,027 | €35,531 | -€51,496 | -59.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €68,477 | €16,981 | -€51,496 | -75.2% |
| Tax-exempt reserves | 132 | €274 | €274 | = | 0.0% |
| Distributable reserves | 133 | €68,203 | €16,707 | -€51,496 | -75.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €137,795 | €166,284 | +€28,489 | +20.7% |
| Amounts payable after more than one year | 17 | €90,377 | €83,144 | -€7,233 | -8.0% |
| Financial debts | 170/4 | €90,377 | €83,144 | -€7,233 | -8.0% |
| Amounts payable within one year | 42/48 | €46,241 | €81,878 | +€35,637 | +77.1% |
| Current portion of amounts payable after more than one year | 42 | €6,969 | €7,233 | +€264 | +3.8% |
| Trade debts | 44 | €5,733 | €4,350 | -€1,382 | -24.1% |
| Suppliers | 440/4 | €5,733 | €4,350 | -€1,382 | -24.1% |
| Taxes, remuneration and social security | 45 | €3,309 | €3,722 | +€413 | +12.5% |
| Taxes | 450/3 | €3,309 | €2,522 | -€787 | -23.8% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €30,231 | €66,573 | +€36,342 | +120.2% |
| Accrued charges and deferred income | 492/3 | €1,177 | €1,262 | +€85 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,757 | €13,004 | +€1,247 | +10.6% |
| Other operating charges | 640/8 | €2,452 | €2,231 | -€221 | -9.0% |
| Gross operating margin | 9900 | €52,663 | €53,609 | +€946 | +1.8% |
| Operating profit (loss) | 9901 | €38,454 | €38,375 | -€79 | -0.2% |
| Financial income | 75/76B | €123 | €44 | -€79 | -64.4% |
| Recurring financial income | 75 | €123 | €44 | -€79 | -64.4% |
| Financial charges | 65/66B | €3,171 | €2,998 | -€173 | -5.5% |
| Recurring financial charges | 65 | €3,171 | €2,998 | -€173 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €35,406 | €35,421 | +€14 | 0.0% |
| Income taxes | 67/77 | €13,910 | €11,594 | -€2,316 | -16.7% |
| Profit (loss) for the period | 9904 | €21,496 | €23,827 | +€2,331 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,496 | €23,827 | +€2,331 | +10.8% |
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 5 October 2026 via checked.be.