FENNEK: 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.
FENNEK
Largest movements
- Cash -€25,220
down €25,220 (-11.0%), from €229,407 to €204,187
mainly Contributions, distributions and other (-€79,561) and Receivables within one year (-€19,709)
- Receivables within one year +€19,709
up €19,709 (+128.7%), from €15,317 to €35,025
of which Trade receivables: +€20,893
- Tangible fixed assets +€4,071
up €4,071 (+191.5%), from €2,126 to €6,197
of which Furniture and vehicles: +€2,613
- Tax, wage and social debts -€9,530
down €9,530 (-37.9%), from €25,131 to €15,601
of which Taxes: -€11,245
- Other debts +€7,189
up €7,189 (+9.9%), from €72,372 to €79,561
- Gross operating margin +€9,837
up €9,837 (+10.5%), from €93,866 to €103,704
- Taxes +€2,419
up €2,419 (+12.9%), from €18,816 to €21,235
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 | €249,698 | €248,360 | -€1,338 | -0.5% |
| Fixed assets | 21/28 | €2,126 | €6,197 | +€4,071 | +191.5% |
| Tangible fixed assets | 22/27 | €2,126 | €6,197 | +€4,071 | +191.5% |
| Plant, machinery and equipment | 23 | - | €1,458 | +€1,458 | |
| Furniture and vehicles | 24 | €2,126 | €4,739 | +€2,613 | +123.0% |
| Current assets | 29/58 | €247,572 | €242,163 | -€5,409 | -2.2% |
| Amounts receivable within one year | 40/41 | €15,317 | €35,025 | +€19,709 | +128.7% |
| Trade receivables | 40 | €14,133 | €35,025 | +€20,893 | +147.8% |
| Other amounts receivable | 41 | €1,184 | - | -€1,184 | |
| Cash at bank and in hand | 54/58 | €229,407 | €204,187 | -€25,220 | -11.0% |
| Deferred charges and accrued income | 490/1 | €2,849 | €2,951 | +€102 | +3.6% |
| Total equity and liabilities | 10/49 | €249,698 | €248,360 | -€1,338 | -0.5% |
| Equity | 10/15 | €152,157 | €152,157 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €147,157 | €147,157 | = | 0.0% |
| Distributable reserves | 133 | €147,157 | €147,157 | = | 0.0% |
| Amounts payable | 17/49 | €97,540 | €96,202 | -€1,338 | -1.4% |
| Amounts payable within one year | 42/48 | €97,540 | €95,803 | -€1,738 | -1.8% |
| Trade debts | 44 | €38 | €641 | +€603 | +1603.9% |
| Suppliers | 440/4 | €38 | €641 | +€603 | +1603.9% |
| Taxes, remuneration and social security | 45 | €25,131 | €15,601 | -€9,530 | -37.9% |
| Taxes | 450/3 | €25,131 | €13,886 | -€11,245 | -44.7% |
| Remuneration and social security | 454/9 | - | €1,715 | +€1,715 | |
| Other amounts payable | 47/48 | €72,372 | €79,561 | +€7,189 | +9.9% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,154 | €2,292 | -€862 | -27.3% |
| Other operating charges | 640/8 | €497 | €499 | +€2 | +0.4% |
| Gross operating margin | 9900 | €93,866 | €103,704 | +€9,837 | +10.5% |
| Operating profit (loss) | 9901 | €90,215 | €100,913 | +€10,698 | +11.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €148 | €117 | -€31 | -21.1% |
| Recurring financial charges | 65 | €148 | €117 | -€31 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €90,068 | €100,796 | +€10,729 | +11.9% |
| Income taxes | 67/77 | €18,816 | €21,235 | +€2,419 | +12.9% |
| Profit (loss) for the period | 9904 | €71,251 | €79,561 | +€8,310 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,251 | €79,561 | +€8,310 | +11.7% |
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 10 October 2026 via checked.be.