FERASER: 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.
FERASER
Largest movements
- Current investments -€128,512
down €128,512 (-74.9%), from €171,580 to €43,068
- Receivables within one year +€52,642
up €52,642 (+44.4%), from €118,584 to €171,226
of which Other amounts receivable: +€35,754
- Debts after one year -€89,552
down €89,552 (-23.8%), from €376,025 to €286,473
- Trade debts +€25,206
up €25,206 (+258.5%), from €9,750 to €34,956
- Gross operating margin -€62,439
down €62,439 (-18.9%), from €330,567 to €268,128
- Taxes -€32,474
down €32,474, from €28,160 to -€4,314
- Financial income -€27,078
down €27,078 (-97.0%), from €27,905 to €827
- Financial charges +€22,189
up €22,189 (+147.5%), from €15,040 to €37,229
- Staff costs -€12,266
down €12,266 (-6.7%), from €184,103 to €171,837
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 | €1,800,589 | €1,727,156 | -€73,433 | -4.1% |
| Formation expenses | 20 | €31 | - | -€31 | |
| Fixed assets | 21/28 | €1,162,577 | €1,163,030 | +€453 | 0.0% |
| Tangible fixed assets | 22/27 | €1,162,092 | €1,162,545 | +€453 | 0.0% |
| Land and buildings | 22 | €1,145,449 | €1,109,992 | -€35,457 | -3.1% |
| Plant, machinery and equipment | 23 | €1,777 | €1,132 | -€645 | -36.3% |
| Furniture and vehicles | 24 | €14,866 | €51,421 | +€36,555 | +245.9% |
| Financial fixed assets | 28 | €485 | €485 | = | 0.0% |
| Current assets | 29/58 | €637,981 | €564,126 | -€73,855 | -11.6% |
| Stocks and contracts in progress | 3 | €63,511 | €63,511 | = | 0.0% |
| Stocks | 30/36 | €63,511 | €63,511 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €118,584 | €171,226 | +€52,642 | +44.4% |
| Trade receivables | 40 | €110,021 | €126,909 | +€16,888 | +15.3% |
| Other amounts receivable | 41 | €8,563 | €44,317 | +€35,754 | +417.5% |
| Current investments | 50/53 | €171,580 | €43,068 | -€128,512 | -74.9% |
| Cash at bank and in hand | 54/58 | €284,306 | €286,321 | +€2,015 | +0.7% |
| Total equity and liabilities | 10/49 | €1,800,589 | €1,727,156 | -€73,433 | -4.1% |
| Equity | 10/15 | €1,225,669 | €1,223,366 | -€2,303 | -0.2% |
| Contributions | 10/11 | €252,900 | €252,900 | = | 0.0% |
| Capital | 10 | €252,900 | €252,900 | = | 0.0% |
| Issued capital | 100 | €252,900 | €252,900 | = | 0.0% |
| Reserves | 13 | €284,957 | €284,957 | = | 0.0% |
| Non-distributable reserves | 130/1 | €104,600 | €104,600 | = | 0.0% |
| Legal reserve | 130 | €104,600 | €104,600 | = | 0.0% |
| Distributable reserves | 133 | €180,357 | €180,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | €687,812 | €685,509 | -€2,303 | -0.3% |
| Amounts payable | 17/49 | €574,920 | €503,790 | -€71,130 | -12.4% |
| Amounts payable after more than one year | 17 | €376,025 | €286,473 | -€89,552 | -23.8% |
| Financial debts | 170/4 | €376,025 | €286,473 | -€89,552 | -23.8% |
| Amounts payable within one year | 42/48 | €198,895 | €217,317 | +€18,422 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €95,564 | €93,338 | -€2,226 | -2.3% |
| Trade debts | 44 | €9,750 | €34,956 | +€25,206 | +258.5% |
| Suppliers | 440/4 | €9,750 | €34,956 | +€25,206 | +258.5% |
| Taxes, remuneration and social security | 45 | €23,001 | €19,444 | -€3,557 | -15.5% |
| Taxes | 450/3 | €6,392 | €1,841 | -€4,551 | -71.2% |
| Remuneration and social security | 454/9 | €16,609 | €17,603 | +€994 | +6.0% |
| Other amounts payable | 47/48 | €70,580 | €69,579 | -€1,001 | -1.4% |
| Remuneration, social security and pensions | 62 | €184,103 | €171,837 | -€12,266 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,031 | €58,066 | -€965 | -1.6% |
| Other operating charges | 640/8 | €8,217 | €8,440 | +€223 | +2.7% |
| Gross operating margin | 9900 | €330,567 | €268,128 | -€62,439 | -18.9% |
| Operating profit (loss) | 9901 | €79,216 | €29,785 | -€49,431 | -62.4% |
| Financial income | 75/76B | €27,905 | €827 | -€27,078 | -97.0% |
| Recurring financial income | 75 | €27,905 | €827 | -€27,078 | -97.0% |
| Financial charges | 65/66B | €15,040 | €37,229 | +€22,189 | +147.5% |
| Recurring financial charges | 65 | €15,040 | €37,229 | +€22,189 | +147.5% |
| Profit (loss) for the period before taxes | 9903 | €92,081 | -€6,617 | -€98,698 | |
| Income taxes | 67/77 | €28,160 | -€4,314 | -€32,474 | |
| Profit (loss) for the period | 9904 | €63,921 | -€2,303 | -€66,224 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,921 | -€2,303 | -€66,224 |
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 11 October 2026 via checked.be.