FENOFRA: 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.
FENOFRA
Largest movements
- Cash -€38,534
down €38,534 (-50.0%), from €77,101 to €38,567
mainly Net result for the year (-€29,928) and Debts after one year (-€27,210)
- Intangible fixed assets -€22,864
down €22,864 (-20.4%), from €112,275 to €89,411
- Stocks and contracts -€9,072
down €9,072 (-10.1%), from €89,580 to €80,508
- Tangible fixed assets -€6,157
down €6,157 (-14.9%), from €41,338 to €35,181
- Profit (loss) carried forward -€29,928
down €29,928 (-42.9%), from -€69,752 to -€99,680
- Debts after one year -€27,210
down €27,210 (-30.4%), from €89,425 to €62,215
- Trade debts -€11,426
down €11,426 (-5.9%), from €192,285 to €180,859
- Gross operating margin -€25,518
down €25,518 (-21.5%), from €118,469 to €92,951
- Staff costs -€8,651
down €8,651 (-10.0%), from €86,332 to €77,681
- Other operating charges +€1,431
up €1,431 (+183.7%), from €779 to €2,210
- Financial charges +€1,334
up €1,334 (+14.8%), from €8,997 to €10,330
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 | €343,192 | €270,133 | -€73,059 | -21.3% |
| Formation expenses | 20 | €846 | €552 | -€294 | -34.7% |
| Fixed assets | 21/28 | €169,987 | €140,966 | -€29,021 | -17.1% |
| Intangible fixed assets | 21 | €112,275 | €89,411 | -€22,864 | -20.4% |
| Tangible fixed assets | 22/27 | €41,338 | €35,181 | -€6,157 | -14.9% |
| Plant, machinery and equipment | 23 | €19,031 | €17,005 | -€2,027 | -10.6% |
| Furniture and vehicles | 24 | €6,025 | €3,761 | -€2,264 | -37.6% |
| Other tangible fixed assets | 26 | €16,282 | €14,416 | -€1,866 | -11.5% |
| Financial fixed assets | 28 | €16,374 | €16,374 | = | 0.0% |
| Current assets | 29/58 | €172,359 | €128,614 | -€43,745 | -25.4% |
| Stocks and contracts in progress | 3 | €89,580 | €80,508 | -€9,072 | -10.1% |
| Stocks | 30/36 | €89,580 | €80,508 | -€9,072 | -10.1% |
| Amounts receivable within one year | 40/41 | €5,211 | €5,861 | +€650 | +12.5% |
| Trade receivables | 40 | - | €3,445 | +€3,445 | |
| Other amounts receivable | 41 | €5,211 | €2,416 | -€2,795 | -53.6% |
| Cash at bank and in hand | 54/58 | €77,101 | €38,567 | -€38,534 | -50.0% |
| Deferred charges and accrued income | 490/1 | €467 | €3,678 | +€3,211 | +687.6% |
| Total equity and liabilities | 10/49 | €343,192 | €270,133 | -€73,059 | -21.3% |
| Equity | 10/15 | -€9,752 | -€39,680 | -€29,928 | -306.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,752 | -€99,680 | -€29,928 | -42.9% |
| Amounts payable | 17/49 | €352,944 | €309,813 | -€43,131 | -12.2% |
| Amounts payable after more than one year | 17 | €89,425 | €62,215 | -€27,210 | -30.4% |
| Financial debts | 170/4 | €89,425 | €62,215 | -€27,210 | -30.4% |
| Amounts payable within one year | 42/48 | €263,518 | €247,598 | -€15,921 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €22,601 | €23,210 | +€609 | +2.7% |
| Trade debts | 44 | €192,285 | €180,859 | -€11,426 | -5.9% |
| Suppliers | 440/4 | €192,285 | €180,859 | -€11,426 | -5.9% |
| Taxes, remuneration and social security | 45 | €9,948 | €6,520 | -€3,428 | -34.5% |
| Taxes | 450/3 | €1,936 | €1,815 | -€121 | -6.3% |
| Remuneration and social security | 454/9 | €8,012 | €4,705 | -€3,307 | -41.3% |
| Other amounts payable | 47/48 | €38,685 | €37,009 | -€1,676 | -4.3% |
| Remuneration, social security and pensions | 62 | €86,332 | €77,681 | -€8,651 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,518 | €34,236 | +€718 | +2.1% |
| Other operating charges | 640/8 | €779 | €2,210 | +€1,431 | +183.7% |
| Gross operating margin | 9900 | €118,469 | €92,951 | -€25,518 | -21.5% |
| Operating profit (loss) | 9901 | -€2,160 | -€21,176 | -€19,016 | -880.4% |
| Financial income | 75/76B | €934 | €1,578 | +€644 | +69.0% |
| Recurring financial income | 75 | €934 | €1,578 | +€644 | +69.0% |
| Financial charges | 65/66B | €8,997 | €10,330 | +€1,334 | +14.8% |
| Recurring financial charges | 65 | €8,997 | €10,330 | +€1,334 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,223 | -€29,928 | -€19,705 | -192.8% |
| Profit (loss) for the period | 9904 | -€10,223 | -€29,928 | -€19,705 | -192.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,223 | -€29,928 | -€19,705 | -192.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.