FERC: 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.
FERC
Largest movements
- Receivables within one year -€280,837
down €280,837 (-34.6%), from €811,390 to €530,553
of which Other amounts receivable: -€227,354
- Tangible fixed assets -€26,062
down €26,062 (-9.2%), from €284,238 to €258,177
- Debts after one year -€277,413
down €277,413 (-23.2%), from €1.2m to €916,518
- Trade debts -€28,220
down €28,220 (-70.7%), from €39,895 to €11,675
- Financial income -€19,407
down €19,407 (-39.0%), from €49,789 to €30,382
- Financial charges -€9,431
down €9,431 (-15.9%), from €59,224 to €49,793
- Other operating charges -€2,864
down €2,864 (-12.2%), from €23,447 to €20,583
- Gross operating margin -€2,503
down €2,503 (-1.8%), from €139,844 to €137,341
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 | €1,896,915 | €1,589,790 | -€307,125 | -16.2% |
| Fixed assets | 21/28 | €1,084,238 | €1,058,177 | -€26,062 | -2.4% |
| Tangible fixed assets | 22/27 | €284,238 | €258,177 | -€26,062 | -9.2% |
| Land and buildings | 22 | €284,238 | €258,177 | -€26,062 | -9.2% |
| Financial fixed assets | 28 | €800,000 | €800,000 | = | 0.0% |
| Current assets | 29/58 | €812,677 | €531,613 | -€281,063 | -34.6% |
| Amounts receivable within one year | 40/41 | €811,390 | €530,553 | -€280,837 | -34.6% |
| Trade receivables | 40 | €57,364 | €3,881 | -€53,483 | -93.2% |
| Other amounts receivable | 41 | €754,026 | €526,672 | -€227,354 | -30.2% |
| Cash at bank and in hand | 54/58 | €1,287 | €1,060 | -€226 | -17.6% |
| Total equity and liabilities | 10/49 | €1,896,915 | €1,589,790 | -€307,125 | -16.2% |
| Equity | 10/15 | €316,133 | €316,722 | +€590 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,933 | €248,522 | +€590 | +0.2% |
| Amounts payable | 17/49 | €1,580,782 | €1,273,067 | -€307,715 | -19.5% |
| Amounts payable after more than one year | 17 | €1,193,932 | €916,518 | -€277,413 | -23.2% |
| Financial debts | 170/4 | €1,193,932 | €916,518 | -€277,413 | -23.2% |
| Amounts payable within one year | 42/48 | €385,037 | €354,983 | -€30,055 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €262,951 | €272,613 | +€9,662 | +3.7% |
| Trade debts | 44 | €39,895 | €11,675 | -€28,220 | -70.7% |
| Suppliers | 440/4 | €39,895 | €11,675 | -€28,220 | -70.7% |
| Taxes, remuneration and social security | 45 | €2,331 | €1,725 | -€606 | -26.0% |
| Taxes | 450/3 | €2,331 | €1,725 | -€606 | -26.0% |
| Other amounts payable | 47/48 | €79,860 | €68,970 | -€10,890 | -13.6% |
| Accrued charges and deferred income | 492/3 | €1,813 | €1,566 | -€247 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,062 | €26,062 | = | 0.0% |
| Other operating charges | 640/8 | €23,447 | €20,583 | -€2,864 | -12.2% |
| Gross operating margin | 9900 | €139,844 | €137,341 | -€2,503 | -1.8% |
| Operating profit (loss) | 9901 | €90,335 | €90,696 | +€361 | +0.4% |
| Financial income | 75/76B | €49,789 | €30,382 | -€19,407 | -39.0% |
| Recurring financial income | 75 | €49,789 | €30,382 | -€19,407 | -39.0% |
| Financial charges | 65/66B | €59,224 | €49,793 | -€9,431 | -15.9% |
| Recurring financial charges | 65 | €59,224 | €49,793 | -€9,431 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €80,900 | €71,285 | -€9,615 | -11.9% |
| Income taxes | 67/77 | €2,331 | €1,725 | -€606 | -26.0% |
| Profit (loss) for the period | 9904 | €78,569 | €69,560 | -€9,010 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,569 | €69,560 | -€9,010 | -11.5% |
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 9 October 2026 via checked.be.