FERHAT & SALIH: 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 & SALIH
Largest movements
- Cash +€3,089
up €3,089 (+3.0%), from €101,910 to €104,999
mainly Net result for the year (+€10,594) and Stocks and contracts (+€1,266)
- Receivables within one year +€1,464
up €1,464 (+175.7%), from €833 to €2,297
- Stocks and contracts -€1,266
no longer reported in 2025 (was €1,266)
- Profit (loss) carried forward +€10,594
up €10,594 (+54.5%), from €19,422 to €30,015
- Tax, wage and social debts -€3,655
no longer reported in 2025 (was €3,655)
- Trade debts -€3,003
down €3,003 (-77.9%), from €3,854 to €851
- Turnover -€8,614
down €8,614 (-5.7%), from €151,214 to €142,599
- Purchases and services -€6,017
down €6,017 (-4.5%), from €132,531 to €126,514
- Gross operating margin -€2,597
down €2,597 (-13.9%), from €18,683 to €16,086
- Taxes -€2,569
down €2,569 (-40.1%), from €6,404 to €3,835
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 | €104,009 | €107,944 | +€3,935 | +3.8% |
| Current assets | 29/58 | €104,009 | €107,944 | +€3,935 | +3.8% |
| Stocks and contracts in progress | 3 | €1,266 | - | -€1,266 | |
| Stocks | 30/36 | €1,266 | - | -€1,266 | |
| Amounts receivable within one year | 40/41 | €833 | €2,297 | +€1,464 | +175.7% |
| Other amounts receivable | 41 | €833 | €2,297 | +€1,464 | +175.7% |
| Cash at bank and in hand | 54/58 | €101,910 | €104,999 | +€3,089 | +3.0% |
| Deferred charges and accrued income | 490/1 | - | €648 | +€648 | |
| Total equity and liabilities | 10/49 | €104,009 | €107,944 | +€3,935 | +3.8% |
| Equity | 10/15 | €96,499 | €107,093 | +€10,594 | +11.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €27,078 | €27,078 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,078 | €4,078 | = | 0.0% |
| Legal reserve | 130 | €4,078 | €4,078 | = | 0.0% |
| Distributable reserves | 133 | €23,000 | €23,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,422 | €30,015 | +€10,594 | +54.5% |
| Amounts payable | 17/49 | €7,510 | €851 | -€6,658 | -88.7% |
| Amounts payable within one year | 42/48 | €7,510 | €851 | -€6,658 | -88.7% |
| Trade debts | 44 | €3,854 | €851 | -€3,003 | -77.9% |
| Suppliers | 440/4 | €3,854 | €851 | -€3,003 | -77.9% |
| Taxes, remuneration and social security | 45 | €3,655 | - | -€3,655 | |
| Taxes | 450/3 | €3,655 | - | -€3,655 | |
| Turnover | 70 | €151,214 | €142,599 | -€8,614 | -5.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €132,531 | €126,514 | -€6,017 | -4.5% |
| Other operating charges | 640/8 | €857 | €1,369 | +€512 | +59.7% |
| Gross operating margin | 9900 | €18,683 | €16,086 | -€2,597 | -13.9% |
| Operating profit (loss) | 9901 | €17,826 | €14,717 | -€3,109 | -17.4% |
| Financial charges | 65/66B | €462 | €289 | -€173 | -37.5% |
| Recurring financial charges | 65 | €462 | €289 | -€173 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €17,364 | €14,429 | -€2,936 | -16.9% |
| Income taxes | 67/77 | €6,404 | €3,835 | -€2,569 | -40.1% |
| Profit (loss) for the period | 9904 | €10,960 | €10,594 | -€366 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,960 | €10,594 | -€366 | -3.3% |
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 6 October 2026 via checked.be.