FEREL 6: 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.
FEREL 6
Largest movements
- Tangible fixed assets -€183,445
down €183,445 (-7.0%), from €2.6m to €2.4m
of which Land and buildings: -€180,283
- Profit (loss) carried forward -€224,106
down €224,106 (-13.4%), from -€1.7m to -€1.9m
- Debts after one year +€31,669
up €31,669 (+1.2%), from €2.6m to €2.6m
of which Other amounts payable: +€103,810
- Gross operating margin -€6,722
down €6,722 (-14.8%), from €45,563 to €38,840
- Financial charges -€2,884
down €2,884 (-4.0%), from €71,255 to €68,371
- Other operating charges -€2,493
down €2,493 (-18.3%), from €13,623 to €11,130
- Depreciation -€523
down €523 (-0.3%), from €183,968 to €183,445
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 | €2,623,127 | €2,436,624 | -€186,503 | -7.1% |
| Fixed assets | 21/28 | €2,607,620 | €2,424,174 | -€183,445 | -7.0% |
| Tangible fixed assets | 22/27 | €2,607,620 | €2,424,174 | -€183,445 | -7.0% |
| Land and buildings | 22 | €2,604,318 | €2,424,034 | -€180,283 | -6.9% |
| Furniture and vehicles | 24 | €3,302 | €140 | -€3,162 | -95.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €15,508 | €12,450 | -€3,058 | -19.7% |
| Amounts receivable within one year | 40/41 | €5,883 | €170 | -€5,713 | -97.1% |
| Trade receivables | 40 | €5,883 | - | -€5,883 | |
| Other amounts receivable | 41 | - | €170 | +€170 | |
| Cash at bank and in hand | 54/58 | €9,625 | €12,279 | +€2,655 | +27.6% |
| Total equity and liabilities | 10/49 | €2,623,127 | €2,436,624 | -€186,503 | -7.1% |
| Equity | 10/15 | -€147,820 | -€371,926 | -€224,106 | -152% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,504,394 | €1,504,394 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,670,814 | -€1,894,920 | -€224,106 | -13.4% |
| Amounts payable | 17/49 | €2,770,947 | €2,808,550 | +€37,602 | +1.4% |
| Amounts payable after more than one year | 17 | €2,596,647 | €2,628,316 | +€31,669 | +1.2% |
| Financial debts | 170/4 | €1,684,137 | €1,611,996 | -€72,141 | -4.3% |
| Other amounts payable | 178/9 | €912,510 | €1,016,320 | +€103,810 | +11.4% |
| Amounts payable within one year | 42/48 | €174,300 | €180,234 | +€5,934 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €69,483 | €72,141 | +€2,658 | +3.8% |
| Trade debts | 44 | €46,047 | €49,799 | +€3,753 | +8.1% |
| Suppliers | 440/4 | €46,047 | €49,799 | +€3,753 | +8.1% |
| Taxes, remuneration and social security | 45 | €6,455 | €416 | -€6,038 | -93.6% |
| Taxes | 450/3 | €467 | - | -€467 | |
| Remuneration and social security | 454/9 | €5,987 | €416 | -€5,571 | -93.0% |
| Other amounts payable | 47/48 | €52,316 | €57,878 | +€5,561 | +10.6% |
| Non-recurring operating income | 76A | €1,862 | - | -€1,862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,968 | €183,445 | -€523 | -0.3% |
| Other operating charges | 640/8 | €13,623 | €11,130 | -€2,493 | -18.3% |
| Gross operating margin | 9900 | €45,563 | €38,840 | -€6,722 | -14.8% |
| Operating profit (loss) | 9901 | -€152,028 | -€155,734 | -€3,706 | -2.4% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €71,255 | €68,371 | -€2,884 | -4.0% |
| Recurring financial charges | 65 | €71,255 | €68,371 | -€2,884 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€223,279 | -€224,106 | -€827 | -0.4% |
| Profit (loss) for the period | 9904 | -€223,279 | -€224,106 | -€827 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€223,279 | -€224,106 | -€827 | -0.4% |
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 30 October 2026 via checked.be.