FENOMA: 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.
FENOMA
Largest movements
- Receivables within one year -€776,965
down €776,965 (-75.3%), from €1.0m to €254,457
of which Trade receivables: -€811,588
- Cash -€225,353
down €225,353 (-56.7%), from €397,542 to €172,189
mainly Trade debts (-€1.0m) and Investment in fixed assets (net) (-€279,205)
- Tangible fixed assets +€197,892
up €197,892 (+8.1%), from €2.4m to €2.6m
of which Furniture and vehicles: +€115,211
- Trade debts -€1.0m
down €1.0m (-99.9%), from €1.0m to €1,079
- Reserves +€160,315
up €160,315 (+23.1%), from €695,202 to €855,517
of which Distributable reserves: +€177,195
- Gross operating margin +€481,784
up €481,784 (+431.5%), from €111,650 to €593,434
- Other operating charges +€215,123
up €215,123 (+1809.0%), from €11,892 to €227,015
- Taxes +€79,212
up €79,212 (+1423.9%), from €5,563 to €84,775
- Financial charges +€34,153
up €34,153 (+267.7%), from €12,758 to €46,910
- Depreciation +€34,029
up €34,029 (+72.0%), from €47,284 to €81,313
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 | €3,876,402 | €3,073,204 | -€803,198 | -20.7% |
| Fixed assets | 21/28 | €2,444,453 | €2,642,344 | +€197,892 | +8.1% |
| Tangible fixed assets | 22/27 | €2,436,953 | €2,634,844 | +€197,892 | +8.1% |
| Land and buildings | 22 | €2,417,226 | €2,519,634 | +€102,408 | +4.2% |
| Furniture and vehicles | 24 | - | €115,211 | +€115,211 | |
| Assets under construction and advance payments | 27 | €19,727 | €0 | -€19,727 | -100.0% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €1,431,949 | €430,860 | -€1.0m | -69.9% |
| Amounts receivable within one year | 40/41 | €1,031,422 | €254,457 | -€776,965 | -75.3% |
| Trade receivables | 40 | €1,026,133 | €214,545 | -€811,588 | -79.1% |
| Other amounts receivable | 41 | €5,289 | €39,912 | +€34,623 | +654.6% |
| Cash at bank and in hand | 54/58 | €397,542 | €172,189 | -€225,353 | -56.7% |
| Deferred charges and accrued income | 490/1 | €2,985 | €4,213 | +€1,228 | +41.1% |
| Total equity and liabilities | 10/49 | €3,876,402 | €3,073,204 | -€803,198 | -20.7% |
| Equity | 10/15 | €859,202 | €1,019,517 | +€160,315 | +18.7% |
| Contributions | 10/11 | €164,000 | €164,000 | = | 0.0% |
| Capital | 10 | €164,000 | €164,000 | = | 0.0% |
| Issued capital | 100 | €164,000 | €164,000 | = | 0.0% |
| Reserves | 13 | €695,202 | €855,517 | +€160,315 | +23.1% |
| Non-distributable reserves | 130/1 | €16,400 | €16,400 | = | 0.0% |
| Legal reserve | 130 | €16,400 | €16,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €368,104 | €351,224 | -€16,879 | -4.6% |
| Distributable reserves | 133 | €310,698 | €487,893 | +€177,195 | +57.0% |
| Provisions and deferred taxes | 16 | €150,352 | €143,458 | -€6,894 | -4.6% |
| Deferred taxes | 168 | €150,352 | €143,458 | -€6,894 | -4.6% |
| Amounts payable | 17/49 | €2,866,848 | €1,910,229 | -€956,619 | -33.4% |
| Amounts payable after more than one year | 17 | €1,791,460 | €1,770,870 | -€20,590 | -1.1% |
| Financial debts | 170/4 | €1,791,460 | €1,770,870 | -€20,590 | -1.1% |
| Amounts payable within one year | 42/48 | €1,073,458 | €102,589 | -€970,868 | -90.4% |
| Current portion of amounts payable after more than one year | 42 | €54,397 | €65,188 | +€10,790 | +19.8% |
| Trade debts | 44 | €1,009,710 | €1,079 | -€1.0m | -99.9% |
| Suppliers | 440/4 | €1,009,710 | €1,079 | -€1.0m | -99.9% |
| Taxes, remuneration and social security | 45 | €4,580 | €30,059 | +€25,479 | +556.3% |
| Taxes | 450/3 | €4,580 | €30,059 | +€25,479 | +556.3% |
| Other amounts payable | 47/48 | €4,770 | €6,264 | +€1,494 | +31.3% |
| Accrued charges and deferred income | 492/3 | €1,930 | €36,770 | +€34,840 | +1805.2% |
| Non-recurring operating income | 76A | €62,114 | €0 | -€62,114 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,284 | €81,313 | +€34,029 | +72.0% |
| Other operating charges | 640/8 | €11,892 | €227,015 | +€215,123 | +1809.0% |
| Non-recurring operating charges | 66A | €41,238 | €0 | -€41,238 | -100.0% |
| Gross operating margin | 9900 | €111,650 | €593,434 | +€481,784 | +431.5% |
| Operating profit (loss) | 9901 | €11,236 | €285,107 | +€273,870 | +2437.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €12,758 | €46,910 | +€34,153 | +267.7% |
| Recurring financial charges | 65 | €12,758 | €46,910 | +€34,153 | +267.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,521 | €238,196 | +€239,718 | |
| Transfer from deferred taxes | 780 | €6,894 | €6,894 | = | 0.0% |
| Income taxes | 67/77 | €5,563 | €84,775 | +€79,212 | +1423.9% |
| Profit (loss) for the period | 9904 | -€190 | €160,315 | +€160,506 | |
| Transfer from tax-exempt reserves | 789 | €16,879 | €16,879 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,689 | €177,195 | +€160,506 | +961.7% |
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 9 October 2026 via checked.be.