FENOS: 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.
FENOS
Largest movements
- Receivables within one year +€64,264
up €64,264 (+65.5%), from €98,060 to €162,324
of which Trade receivables: +€32,915
- Cash -€12,492
down €12,492 (-80.8%), from €15,452 to €2,960
mainly Receivables within one year (-€64,264) and Current portion of long-term debt (-€5,990)
- Tangible fixed assets -€2,313
down €2,313 (-100.0%), from €2,313 to €0
- Financial fixed assets +€1,950
new in 2025: €1,950
- Advances received +€44,633
up €44,633 (+75.2%), from €59,367 to €104,000
- Trade debts +€19,055
up €19,055 (+1993.2%), from €956 to €20,011
- Current portion of long-term debt -€5,990
down €5,990 (-57.0%), from €10,500 to €4,510
- Other debts -€4,439
down €4,439 (-100.0%), from €4,440 to €1
- Tax, wage and social debts -€4,159
down €4,159 (-46.1%), from €9,023 to €4,864
- Staff costs +€33,040
new in 2025: €33,040
- Gross operating margin +€24,961
up €24,961 (+181.4%), from €13,758 to €38,719
- Taxes -€1,813
down €1,813 (-57.4%), from €3,159 to €1,346
- Financial income +€865
new in 2025: €865
- Depreciation -€747
down €747 (-24.4%), from €3,060 to €2,313
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 | €115,824 | €167,234 | +€51,410 | +44.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,313 | €1,950 | -€363 | -15.7% |
| Tangible fixed assets | 22/27 | €2,313 | €0 | -€2,313 | -100.0% |
| Furniture and vehicles | 24 | €2,313 | €0 | -€2,313 | -100.0% |
| Financial fixed assets | 28 | - | €1,950 | +€1,950 | |
| Current assets | 29/58 | €113,512 | €165,284 | +€51,773 | +45.6% |
| Amounts receivable within one year | 40/41 | €98,060 | €162,324 | +€64,264 | +65.5% |
| Trade receivables | 40 | €97,911 | €130,826 | +€32,915 | +33.6% |
| Other amounts receivable | 41 | €149 | €31,498 | +€31,349 | +20974.7% |
| Cash at bank and in hand | 54/58 | €15,452 | €2,960 | -€12,492 | -80.8% |
| Total equity and liabilities | 10/49 | €115,824 | €167,234 | +€51,410 | +44.4% |
| Equity | 10/15 | €31,539 | €33,849 | +€2,310 | +7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,339 | €27,649 | +€2,310 | +9.1% |
| Non-distributable reserves | 130/1 | €48 | €48 | = | 0.0% |
| Reserves not available under the articles | 1311 | €48 | €48 | = | 0.0% |
| Distributable reserves | 133 | €25,290 | €27,601 | +€2,310 | +9.1% |
| Amounts payable | 17/49 | €84,286 | €133,385 | +€49,100 | +58.3% |
| Amounts payable within one year | 42/48 | €84,286 | €133,385 | +€49,100 | +58.3% |
| Current portion of amounts payable after more than one year | 42 | €10,500 | €4,510 | -€5,990 | -57.0% |
| Trade debts | 44 | €956 | €20,011 | +€19,055 | +1993.2% |
| Suppliers | 440/4 | €956 | €20,011 | +€19,055 | +1993.2% |
| Advances received on contracts in progress | 46 | €59,367 | €104,000 | +€44,633 | +75.2% |
| Taxes, remuneration and social security | 45 | €9,023 | €4,864 | -€4,159 | -46.1% |
| Taxes | 450/3 | €9,023 | €4,864 | -€4,159 | -46.1% |
| Other amounts payable | 47/48 | €4,440 | €1 | -€4,439 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €33,040 | +€33,040 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,060 | €2,313 | -€747 | -24.4% |
| Other operating charges | 640/8 | €628 | €244 | -€384 | -61.1% |
| Gross operating margin | 9900 | €13,758 | €38,719 | +€24,961 | +181.4% |
| Operating profit (loss) | 9901 | €10,070 | €3,123 | -€6,948 | -69.0% |
| Financial income | 75/76B | - | €865 | +€865 | |
| Recurring financial income | 75 | - | €865 | +€865 | |
| Financial charges | 65/66B | €72 | €331 | +€259 | +359.2% |
| Recurring financial charges | 65 | €72 | €331 | +€259 | +359.2% |
| Profit (loss) for the period before taxes | 9903 | €9,998 | €3,657 | -€6,342 | -63.4% |
| Income taxes | 67/77 | €3,159 | €1,346 | -€1,813 | -57.4% |
| Profit (loss) for the period | 9904 | €6,839 | €2,311 | -€4,528 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,839 | €2,311 | -€4,528 | -66.2% |
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 29 September 2026 via checked.be.