FENS KURT: 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.
FENS KURT
Largest movements
- Cash -€105,975
down €105,975 (-57.1%), from €185,536 to €79,561
mainly Contributions, distributions and other (-€116,353) and Investment in fixed assets (net) (-€49,587)
- Tangible fixed assets +€28,787
up €28,787 (+39.3%), from €73,212 to €101,999
of which Furniture and vehicles: +€29,345
- Receivables within one year +€7,376
up €7,376 (+31.6%), from €23,318 to €30,694
of which Other amounts receivable: +€7,376
- Reserves -€61,725
down €61,725 (-58.0%), from €106,402 to €44,677
- Debts after one year -€16,150
down €16,150 (-31.9%), from €50,613 to €34,463
- Other debts +€6,301
up €6,301 (+6.2%), from €102,232 to €108,533
- Gross operating margin -€10,930
down €10,930 (-10.3%), from €105,627 to €94,696
- Taxes -€1,919
down €1,919 (-11.0%), from €17,515 to €15,596
- Financial income -€1,579
down €1,579 (-100%), from €1,579 to €0
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.
Derived cash bridge
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 | €285,616 | €213,751 | -€71,865 | -25.2% |
| Fixed assets | 21/28 | €73,212 | €101,999 | +€28,787 | +39.3% |
| Tangible fixed assets | 22/27 | €73,212 | €101,999 | +€28,787 | +39.3% |
| Plant, machinery and equipment | 23 | €2,084 | €1,526 | -€557 | -26.7% |
| Furniture and vehicles | 24 | €71,128 | €100,473 | +€29,345 | +41.3% |
| Current assets | 29/58 | €212,404 | €111,752 | -€100,652 | -47.4% |
| Amounts receivable within one year | 40/41 | €23,318 | €30,694 | +€7,376 | +31.6% |
| Trade receivables | 40 | €19,360 | €19,360 | = | 0.0% |
| Other amounts receivable | 41 | €3,958 | €11,334 | +€7,376 | +186% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €185,536 | €79,561 | -€105,975 | -57.1% |
| Deferred charges and accrued income | 490/1 | €3,550 | €1,498 | -€2,052 | -57.8% |
| Total equity and liabilities | 10/49 | €285,616 | €213,751 | -€71,865 | -25.2% |
| Equity | 10/15 | €108,402 | €46,677 | -€61,725 | -56.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €106,402 | €44,677 | -€61,725 | -58.0% |
| Distributable reserves | 133 | €106,402 | €44,677 | -€61,725 | -58.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €177,214 | €167,075 | -€10,140 | -5.7% |
| Amounts payable after more than one year | 17 | €50,613 | €34,463 | -€16,150 | -31.9% |
| Financial debts | 170/4 | €50,613 | €34,463 | -€16,150 | -31.9% |
| Amounts payable within one year | 42/48 | €126,601 | €132,612 | +€6,011 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €15,469 | €16,150 | +€681 | +4.4% |
| Trade debts | 44 | €294 | €2,173 | +€1,878 | +638% |
| Suppliers | 440/4 | €294 | €2,173 | +€1,878 | +638% |
| Taxes, remuneration and social security | 45 | €8,605 | €5,756 | -€2,849 | -33.1% |
| Taxes | 450/3 | €5,425 | €2,559 | -€2,866 | -52.8% |
| Remuneration and social security | 454/9 | €3,181 | €3,197 | +€16 | +0.5% |
| Other amounts payable | 47/48 | €102,232 | €108,533 | +€6,301 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,014 | €20,799 | +€785 | +3.9% |
| Other operating charges | 640/8 | €1,113 | €1,062 | -€51 | -4.6% |
| Gross operating margin | 9900 | €105,627 | €94,696 | -€10,930 | -10.3% |
| Operating profit (loss) | 9901 | €84,499 | €72,835 | -€11,664 | -13.8% |
| Financial income | 75/76B | €1,579 | €0 | -€1,579 | -100% |
| Recurring financial income | 75 | €1,579 | €0 | -€1,579 | -100% |
| Financial charges | 65/66B | €3,478 | €2,611 | -€867 | -24.9% |
| Recurring financial charges | 65 | €3,478 | €2,611 | -€867 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €82,600 | €70,224 | -€12,376 | -15.0% |
| Income taxes | 67/77 | €17,515 | €15,596 | -€1,919 | -11.0% |
| Profit (loss) for the period | 9904 | €65,085 | €54,628 | -€10,457 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,085 | €54,628 | -€10,457 | -16.1% |
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 25 October 2026 via checked.be.