FENSE: 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.
FENSE
Largest movements
- Cash +€12,473
up €12,473 (+311%), from €4,008 to €16,481
mainly Tax, wage and social debts (+€7,146) and Net result for the year (+€6,972)
- Current investments +€4,700
up €4,700 (+157%), from €3,000 to €7,700
- Tangible fixed assets -€1,316
down €1,316 (-65.7%), from €2,004 to €688
- Receivables within one year -€1,242
down €1,242 (-4.6%), from €26,753 to €25,511
of which Other amounts receivable: -€1,363
- Tax, wage and social debts +€7,146
up €7,146 (+15,247%), from €47 to €7,193
- Profit (loss) carried forward +€6,972
up €6,972 (+66.2%), from -€10,536 to -€3,564
- Gross operating margin +€9,232
up €9,232 (+453%), from €2,038 to €11,270
- Taxes +€2,565
up €2,565 (+5,472%), from €47 to €2,611
- Financial charges -€174
down €174 (-41.0%), from €425 to €251
- Other operating charges +€120
new in 2025: €120
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 | €35,765 | €50,379 | +€14,615 | +40.9% |
| Fixed assets | 21/28 | €2,004 | €688 | -€1,316 | -65.7% |
| Tangible fixed assets | 22/27 | €2,004 | €688 | -€1,316 | -65.7% |
| Plant, machinery and equipment | 23 | €2,004 | €688 | -€1,316 | -65.7% |
| Current assets | 29/58 | €33,761 | €49,692 | +€15,931 | +47.2% |
| Amounts receivable within one year | 40/41 | €26,753 | €25,511 | -€1,242 | -4.6% |
| Trade receivables | 40 | €1,222 | €1,343 | +€121 | +9.9% |
| Other amounts receivable | 41 | €25,531 | €24,168 | -€1,363 | -5.3% |
| Current investments | 50/53 | €3,000 | €7,700 | +€4,700 | +157% |
| Cash at bank and in hand | 54/58 | €4,008 | €16,481 | +€12,473 | +311% |
| Total equity and liabilities | 10/49 | €35,765 | €50,379 | +€14,615 | +40.9% |
| Equity | 10/15 | €35,718 | €42,690 | +€6,972 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,654 | €27,654 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,794 | €25,794 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,536 | -€3,564 | +€6,972 | +66.2% |
| Amounts payable | 17/49 | €47 | €7,690 | +€7,643 | +16,307% |
| Amounts payable within one year | 42/48 | €47 | €7,690 | +€7,643 | +16,307% |
| Trade debts | 44 | - | €497 | +€497 | |
| Suppliers | 440/4 | - | €497 | +€497 | |
| Taxes, remuneration and social security | 45 | €47 | €7,193 | +€7,146 | +15,247% |
| Taxes | 450/3 | €47 | €7,193 | +€7,146 | +15,247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,310 | €1,316 | +€7 | +0.5% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €2,038 | €11,270 | +€9,232 | +453% |
| Operating profit (loss) | 9901 | €729 | €9,834 | +€9,105 | +1,250% |
| Financial charges | 65/66B | €425 | €251 | -€174 | -41.0% |
| Recurring financial charges | 65 | €425 | €251 | -€174 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €303 | €9,583 | +€9,280 | +3,058% |
| Income taxes | 67/77 | €47 | €2,611 | +€2,565 | +5,472% |
| Profit (loss) for the period | 9904 | €257 | €6,972 | +€6,715 | +2,617% |
| Profit (loss) for the period to be appropriated | 9905 | €257 | €6,972 | +€6,715 | +2,617% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.