FERHAN: 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.
FERHAN
Largest movements
- Stocks and contracts -€1.8m
down €1.8m (-73.1%), from €2.4m to €657,770
- Current investments -€840,000
down €840,000 (-100.0%), from €840,000 to €0
- Cash +€527,070
up €527,070 (+1134.7%), from €46,449 to €573,519
mainly Stocks and contracts (+€1.8m) and Net result for the year (+€886,204)
- Receivables within one year -€222,996
down €222,996 (-88.8%), from €251,142 to €28,147
of which Other amounts receivable: -€228,398
- Deferred charges and accrued income -€124,026
down €124,026 (-99.6%), from €124,487 to €461
- Advances received -€3.3m
down €3.3m (-100.0%), from €3.3m to €0
- Reserves +€886,204
up €886,204 (+85.9%), from €1.0m to €1.9m
of which Distributable reserves: +€886,204
- Tax, wage and social debts +€98,755
up €98,755 (+170.3%), from €58,000 to €156,754
- Debts after one year -€80,000
down €80,000 (-13.2%), from €607,500 to €527,500
- Gross operating margin +€1.0m
up €1.0m (+231.2%), from €445,435 to €1.5m
- Taxes +€318,334
up €318,334 (+393.4%), from €80,925 to €399,259
- Depreciation +€67,626
up €67,626 (+87.4%), from €77,414 to €145,039
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 | €5,307,433 | €2,934,612 | -€2.4m | -44.7% |
| Fixed assets | 21/28 | €1,600,208 | €1,674,715 | +€74,507 | +4.7% |
| Tangible fixed assets | 22/27 | €1,383,026 | €1,466,034 | +€83,007 | +6.0% |
| Land and buildings | 22 | €548,588 | €720,564 | +€171,976 | +31.3% |
| Furniture and vehicles | 24 | €0 | €119,725 | +€119,725 | |
| Other tangible fixed assets | 26 | €834,438 | €625,745 | -€208,694 | -25.0% |
| Financial fixed assets | 28 | €217,181 | €208,681 | -€8,500 | -3.9% |
| Current assets | 29/58 | €3,707,225 | €1,259,897 | -€2.4m | -66.0% |
| Stocks and contracts in progress | 3 | €2,445,147 | €657,770 | -€1.8m | -73.1% |
| Stocks | 30/36 | €2,445,147 | €657,770 | -€1.8m | -73.1% |
| Amounts receivable within one year | 40/41 | €251,142 | €28,147 | -€222,996 | -88.8% |
| Trade receivables | 40 | €8,275 | €13,677 | +€5,402 | +65.3% |
| Other amounts receivable | 41 | €242,867 | €14,470 | -€228,398 | -94.0% |
| Current investments | 50/53 | €840,000 | €0 | -€840,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €46,449 | €573,519 | +€527,070 | +1134.7% |
| Deferred charges and accrued income | 490/1 | €124,487 | €461 | -€124,026 | -99.6% |
| Total equity and liabilities | 10/49 | €5,307,433 | €2,934,612 | -€2.4m | -44.7% |
| Equity | 10/15 | €1,093,595 | €1,979,799 | +€886,204 | +81.0% |
| 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 | €1,031,595 | €1,917,799 | +€886,204 | +85.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,025,395 | €1,911,599 | +€886,204 | +86.4% |
| Amounts payable | 17/49 | €4,213,837 | €954,812 | -€3.3m | -77.3% |
| Amounts payable after more than one year | 17 | €607,500 | €527,500 | -€80,000 | -13.2% |
| Financial debts | 170/4 | €607,500 | €527,500 | -€80,000 | -13.2% |
| Amounts payable within one year | 42/48 | €3,606,337 | €427,209 | -€3.2m | -88.2% |
| Current portion of amounts payable after more than one year | 42 | €86,198 | €80,000 | -€6,198 | -7.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,101 | €12,161 | +€7,060 | +138.4% |
| Suppliers | 440/4 | €5,101 | €12,161 | +€7,060 | +138.4% |
| Advances received on contracts in progress | 46 | €3,279,542 | €0 | -€3.3m | -100.0% |
| Taxes, remuneration and social security | 45 | €58,000 | €156,754 | +€98,755 | +170.3% |
| Taxes | 450/3 | €58,000 | €156,754 | +€98,755 | +170.3% |
| Other amounts payable | 47/48 | €177,497 | €178,294 | +€797 | +0.4% |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,414 | €145,039 | +€67,626 | +87.4% |
| Other operating charges | 640/8 | €13,647 | €22,488 | +€8,841 | +64.8% |
| Gross operating margin | 9900 | €445,435 | €1,475,151 | +€1.0m | +231.2% |
| Operating profit (loss) | 9901 | €354,375 | €1,307,624 | +€953,249 | +269.0% |
| Financial income | 75/76B | €13,066 | €14,999 | +€1,933 | +14.8% |
| Recurring financial income | 75 | €13,066 | €14,999 | +€1,933 | +14.8% |
| Financial charges | 65/66B | €45,697 | €37,160 | -€8,538 | -18.7% |
| Recurring financial charges | 65 | €45,697 | €37,160 | -€8,538 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €321,744 | €1,285,463 | +€963,720 | +299.5% |
| Income taxes | 67/77 | €80,925 | €399,259 | +€318,334 | +393.4% |
| Profit (loss) for the period | 9904 | €240,818 | €886,204 | +€645,386 | +268.0% |
| Profit (loss) for the period to be appropriated | 9905 | €240,818 | €886,204 | +€645,386 | +268.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.