FENSCO: 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.
FENSCO
Largest movements
- Cash -€52,068
down €52,068 (-59.2%), from €87,928 to €35,860
mainly Investment in fixed assets (net) (-€61,059) and Contributions, distributions and other (-€57,270)
- Tangible fixed assets +€37,617
up €37,617 (+98.1%), from €38,351 to €75,968
of which Furniture and vehicles: +€38,655
- Receivables within one year -€21,834
down €21,834 (-32.1%), from €67,933 to €46,099
of which Other amounts receivable: -€61,783
- Reserves -€57,270
down €57,270 (-51.2%), from €111,789 to €54,519
- Debts after one year +€20,894
new in 2025: €20,894
- Current portion of long-term debt +€14,553
new in 2025: €14,553
- Other debts -€11,210
down €11,210 (-47.5%), from €23,576 to €12,366
- Tax, wage and social debts -€2,844
down €2,844 (-9.1%), from €31,172 to €28,327
- Depreciation +€10,073
up €10,073 (+75.3%), from €13,369 to €23,442
- Taxes -€5,933
down €5,933 (-46.8%), from €12,675 to €6,742
- Financial income -€5,468
down €5,468 (-93.3%), from €5,859 to €391
- Financial charges +€1,901
up €1,901 (+517.1%), from €368 to €2,269
- Gross operating margin +€1,861
up €1,861 (+5.2%), from €35,460 to €37,321
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 | €194,720 | €159,736 | -€34,984 | -18.0% |
| Fixed assets | 21/28 | €38,351 | €75,968 | +€37,617 | +98.1% |
| Tangible fixed assets | 22/27 | €38,351 | €75,968 | +€37,617 | +98.1% |
| Land and buildings | 22 | €5,439 | €4,276 | -€1,163 | -21.4% |
| Plant, machinery and equipment | 23 | €8,912 | €9,037 | +€124 | +1.4% |
| Furniture and vehicles | 24 | €24,000 | €62,656 | +€38,655 | +161.1% |
| Current assets | 29/58 | €156,369 | €83,768 | -€72,601 | -46.4% |
| Amounts receivable within one year | 40/41 | €67,933 | €46,099 | -€21,834 | -32.1% |
| Trade receivables | 40 | €6,150 | €46,099 | +€39,949 | +649.6% |
| Other amounts receivable | 41 | €61,783 | - | -€61,783 | |
| Cash at bank and in hand | 54/58 | €87,928 | €35,860 | -€52,068 | -59.2% |
| Deferred charges and accrued income | 490/1 | €508 | €1,809 | +€1,301 | +256.2% |
| Total equity and liabilities | 10/49 | €194,720 | €159,736 | -€34,984 | -18.0% |
| Equity | 10/15 | €124,189 | €67,011 | -€57,178 | -46.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €111,789 | €54,519 | -€57,270 | -51.2% |
| Distributable reserves | 133 | €111,789 | €54,519 | -€57,270 | -51.2% |
| Profit (loss) carried forward | 14 | - | €92 | +€92 | |
| Amounts payable | 17/49 | €70,531 | €92,725 | +€22,194 | +31.5% |
| Amounts payable after more than one year | 17 | - | €20,894 | +€20,894 | |
| Financial debts | 170/4 | - | €20,894 | +€20,894 | |
| Amounts payable within one year | 42/48 | €70,531 | €71,831 | +€1,300 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | - | €14,553 | +€14,553 | |
| Trade debts | 44 | €15,783 | €16,585 | +€802 | +5.1% |
| Suppliers | 440/4 | €15,783 | €16,585 | +€802 | +5.1% |
| Taxes, remuneration and social security | 45 | €31,172 | €28,327 | -€2,844 | -9.1% |
| Taxes | 450/3 | €31,172 | €28,327 | -€2,844 | -9.1% |
| Other amounts payable | 47/48 | €23,576 | €12,366 | -€11,210 | -47.5% |
| Non-recurring operating income | 76A | - | €5,691 | +€5,691 | |
| Remuneration, social security and pensions | 62 | €3,703 | €3,840 | +€137 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,369 | €23,442 | +€10,073 | +75.3% |
| Other operating charges | 640/8 | €1,074 | €1,327 | +€253 | +23.6% |
| Gross operating margin | 9900 | €35,460 | €37,321 | +€1,861 | +5.2% |
| Operating profit (loss) | 9901 | €17,314 | €8,712 | -€8,602 | -49.7% |
| Financial income | 75/76B | €5,859 | €391 | -€5,468 | -93.3% |
| Recurring financial income | 75 | €5,859 | €391 | -€5,468 | -93.3% |
| Financial charges | 65/66B | €368 | €2,269 | +€1,901 | +517.1% |
| Recurring financial charges | 65 | €368 | €2,269 | +€1,901 | +517.1% |
| Profit (loss) for the period before taxes | 9903 | €22,805 | €6,834 | -€15,971 | -70.0% |
| Income taxes | 67/77 | €12,675 | €6,742 | -€5,933 | -46.8% |
| Profit (loss) for the period | 9904 | €10,130 | €92 | -€10,038 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,130 | €92 | -€10,038 | -99.1% |
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 8 October 2026 via checked.be.