FERHAT MANAGEMENT: what changed
Two fiscal 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.
FERHAT MANAGEMENT
Largest movements
- Receivables within one year +€18,536
up €18,536 (+84.9%), from €21,828 to €40,364
- Cash -€10,739
down €10,739 (-45.6%), from €23,532 to €12,793
mainly Receivables within one year (-€18,536) and Investment in fixed assets (net) (-€3,383)
- Tangible fixed assets +€3,157
new in 2025: €3,157
- Profit (loss) carried forward +€10,977
up €10,977 (+55.3%), from €19,841 to €30,818
- Tax, wage and social debts -€569
down €569 (-2.5%), from €22,971 to €22,402
- Gross operating margin -€11,848
down €11,848 (-46.0%), from €25,758 to €13,910
- Taxes -€1,986
down €1,986 (-35.2%), from €5,648 to €3,662
- Financial income +€1,735
up €1,735 (+226.7%), from €766 to €2,501
- Other operating charges +€472
up €472 (+48.3%), from €977 to €1,449
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 | €45,360 | €56,314 | +€10,954 | +24.1% |
| Fixed assets | 21/28 | - | €3,157 | +€3,157 | |
| Tangible fixed assets | 22/27 | - | €3,157 | +€3,157 | |
| Furniture and vehicles | 24 | - | €3,157 | +€3,157 | |
| Current assets | 29/58 | €45,360 | €53,157 | +€7,797 | +17.2% |
| Amounts receivable within one year | 40/41 | €21,828 | €40,364 | +€18,536 | +84.9% |
| Other amounts receivable | 41 | €21,828 | €40,364 | +€18,536 | +84.9% |
| Cash at bank and in hand | 54/58 | €23,532 | €12,793 | -€10,739 | -45.6% |
| Total equity and liabilities | 10/49 | €45,360 | €56,314 | +€10,954 | +24.1% |
| Equity | 10/15 | €21,841 | €32,818 | +€10,977 | +50.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,841 | €30,818 | +€10,977 | +55.3% |
| Amounts payable | 17/49 | €23,519 | €23,496 | -€23 | -0.1% |
| Amounts payable within one year | 42/48 | €23,519 | €23,496 | -€23 | -0.1% |
| Trade debts | 44 | €548 | €1,094 | +€546 | +99.8% |
| Suppliers | 440/4 | €548 | €1,094 | +€546 | +99.8% |
| Taxes, remuneration and social security | 45 | €22,971 | €22,402 | -€569 | -2.5% |
| Taxes | 450/3 | €22,971 | €22,402 | -€569 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €226 | +€226 | |
| Other operating charges | 640/8 | €977 | €1,449 | +€472 | +48.3% |
| Gross operating margin | 9900 | €25,758 | €13,910 | -€11,848 | -46.0% |
| Operating profit (loss) | 9901 | €24,781 | €12,236 | -€12,546 | -50.6% |
| Financial income | 75/76B | €766 | €2,501 | +€1,735 | +226.7% |
| Recurring financial income | 75 | €766 | €2,501 | +€1,735 | +226.7% |
| Financial charges | 65/66B | €58 | €98 | +€41 | +70.5% |
| Recurring financial charges | 65 | €58 | €98 | +€41 | +70.5% |
| Profit (loss) for the period before taxes | 9903 | €25,489 | €14,639 | -€10,851 | -42.6% |
| Income taxes | 67/77 | €5,648 | €3,662 | -€1,986 | -35.2% |
| Profit (loss) for the period | 9904 | €19,841 | €10,977 | -€8,865 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,841 | €10,977 | -€8,865 | -44.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.