FENO: 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.
FENO
Largest movements
- Cash +€82,243
up €82,243 (+154.9%), from €53,099 to €135,342
mainly Net result for the year (+€179,560) and Trade debts (+€56,153)
- Tangible fixed assets +€62,507
up €62,507 (+565.6%), from €11,052 to €73,559
of which Furniture and vehicles: +€54,041
- Receivables within one year +€61,838
up €61,838 (+48.9%), from €126,476 to €188,314
of which Other amounts receivable: +€65,639
- Financial fixed assets +€40,000
up €40,000 (+25.0%), from €160,000 to €200,000
- Deferred charges and accrued income -€17,965
down €17,965 (-5.1%), from €349,886 to €331,921
- Reserves +€122,574
up €122,574 (+53.0%), from €231,211 to €353,785
- Trade debts +€56,153
up €56,153 (+848.2%), from €6,620 to €62,774
- Other debts +€54,630
up €54,630 (+2319.3%), from €2,355 to €56,985
- Debts after one year -€39,508
down €39,508 (-10.7%), from €369,941 to €330,433
- Tax, wage and social debts +€20,009
up €20,009 (+52.8%), from €37,865 to €57,874
of which Taxes: +€18,835
- Gross operating margin +€84,778
up €84,778 (+38.8%), from €218,543 to €303,321
- Taxes +€24,174
up €24,174 (+36.5%), from €66,218 to €90,392
- Financial charges +€10,278
up €10,278 (+102.1%), from €10,065 to €20,342
- Staff costs +€7,168
new in 2025: €7,168
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 | €700,513 | €929,136 | +€228,623 | +32.6% |
| Fixed assets | 21/28 | €171,052 | €273,559 | +€102,507 | +59.9% |
| Tangible fixed assets | 22/27 | €11,052 | €73,559 | +€62,507 | +565.6% |
| Plant, machinery and equipment | 23 | €3,368 | €11,835 | +€8,467 | +251.4% |
| Furniture and vehicles | 24 | €7,684 | €61,724 | +€54,041 | +703.3% |
| Financial fixed assets | 28 | €160,000 | €200,000 | +€40,000 | +25.0% |
| Current assets | 29/58 | €529,461 | €655,577 | +€126,116 | +23.8% |
| Amounts receivable within one year | 40/41 | €126,476 | €188,314 | +€61,838 | +48.9% |
| Trade receivables | 40 | €3,801 | - | -€3,801 | |
| Other amounts receivable | 41 | €122,676 | €188,314 | +€65,639 | +53.5% |
| Cash at bank and in hand | 54/58 | €53,099 | €135,342 | +€82,243 | +154.9% |
| Deferred charges and accrued income | 490/1 | €349,886 | €331,921 | -€17,965 | -5.1% |
| Total equity and liabilities | 10/49 | €700,513 | €929,136 | +€228,623 | +32.6% |
| Equity | 10/15 | €231,211 | €353,785 | +€122,574 | +53.0% |
| Reserves | 13 | €231,211 | €353,785 | +€122,574 | +53.0% |
| Distributable reserves | 133 | €231,211 | €353,785 | +€122,574 | +53.0% |
| Amounts payable | 17/49 | €469,302 | €575,351 | +€106,049 | +22.6% |
| Amounts payable after more than one year | 17 | €369,941 | €330,433 | -€39,508 | -10.7% |
| Financial debts | 170/4 | €369,941 | €330,433 | -€39,508 | -10.7% |
| Amounts payable within one year | 42/48 | €99,246 | €244,848 | +€145,602 | +146.7% |
| Current portion of amounts payable after more than one year | 42 | €40,389 | €41,305 | +€916 | +2.3% |
| Financial debts | 43 | €12,016 | €25,910 | +€13,894 | +115.6% |
| Credit institutions | 430/8 | €12,016 | €25,910 | +€13,894 | +115.6% |
| Trade debts | 44 | €6,620 | €62,774 | +€56,153 | +848.2% |
| Suppliers | 440/4 | €6,620 | €62,774 | +€56,153 | +848.2% |
| Taxes, remuneration and social security | 45 | €37,865 | €57,874 | +€20,009 | +52.8% |
| Taxes | 450/3 | €37,791 | €56,627 | +€18,835 | +49.8% |
| Remuneration and social security | 454/9 | €74 | €1,247 | +€1,173 | +1584.7% |
| Other amounts payable | 47/48 | €2,355 | €56,985 | +€54,630 | +2319.3% |
| Accrued charges and deferred income | 492/3 | €116 | €70 | -€45 | -39.3% |
| Non-recurring operating income | 76A | - | €9,999 | +€9,999 | |
| Remuneration, social security and pensions | 62 | - | €7,168 | +€7,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,623 | €4,988 | +€1,365 | +37.7% |
| Other operating charges | 640/8 | €992 | €896 | -€96 | -9.7% |
| Gross operating margin | 9900 | €218,543 | €303,321 | +€84,778 | +38.8% |
| Operating profit (loss) | 9901 | €213,928 | €290,269 | +€76,340 | +35.7% |
| Financial income | 75/76B | €52 | €26 | -€27 | -51.1% |
| Recurring financial income | 75 | €52 | €26 | -€27 | -51.1% |
| Financial charges | 65/66B | €10,065 | €20,342 | +€10,278 | +102.1% |
| Recurring financial charges | 65 | €10,065 | €20,342 | +€10,278 | +102.1% |
| Profit (loss) for the period before taxes | 9903 | €203,916 | €269,952 | +€66,036 | +32.4% |
| Income taxes | 67/77 | €66,218 | €90,392 | +€24,174 | +36.5% |
| Profit (loss) for the period | 9904 | €137,698 | €179,560 | +€41,862 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €137,698 | €179,560 | +€41,862 | +30.4% |
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.