FERHO: what changed
FERHO
Largest movements
- Receivables within one year -€33,171
down €33,171 (-22.2%), from €149,553 to €116,382
of which Trade receivables: -€44,513
- Tangible fixed assets -€11,774
down €11,774 (-10.0%), from €117,464 to €105,691
of which Other tangible fixed assets: -€10,344
- Stocks and contracts -€8,377
down €8,377 (-48.7%), from €17,205 to €8,828
of which Stocks: -€7,599
- Cash -€4,175
down €4,175 (-4.4%), from €94,767 to €90,592
mainly Tax, wage and social debts (-€39,810) and Investment in fixed assets (net) (-€22,601)
- Tax, wage and social debts -€39,810
no longer reported in 2025 (was €39,810)
of which Taxes: -€34,967
- Trade debts -€22,046
down €22,046 (-48.5%), from €45,426 to €23,380
- Debts after one year -€15,161
down €15,161 (-30.3%), from €50,064 to €34,903
- Reserves +€14,273
up €14,273 (+6.4%), from €222,627 to €236,900
of which Distributable reserves: +€14,273
- Other debts +€4,542
new in 2025: €4,542
- Gross operating margin -€75,774
down €75,774 (-55.7%), from €136,005 to €60,231
- Taxes -€23,096
down €23,096 (-81.3%), from €28,413 to €5,316
- Depreciation +€7,611
up €7,611 (+28.4%), from €26,764 to €34,375
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €382,875 | €324,885 | -€57,989 | -15.1% |
| Fixed assets | 21/28 | €117,464 | €105,691 | -€11,774 | -10.0% |
| Tangible fixed assets | 22/27 | €117,464 | €105,691 | -€11,774 | -10.0% |
| Plant, machinery and equipment | 23 | €38,900 | €40,281 | +€1,381 | +3.5% |
| Furniture and vehicles | 24 | €9,799 | €6,988 | -€2,811 | -28.7% |
| Other tangible fixed assets | 26 | €68,765 | €58,421 | -€10,344 | -15.0% |
| Current assets | 29/58 | €265,410 | €219,195 | -€46,215 | -17.4% |
| Stocks and contracts in progress | 3 | €17,205 | €8,828 | -€8,377 | -48.7% |
| Stocks | 30/36 | €16,427 | €8,828 | -€7,599 | -46.3% |
| Contracts in progress | 37 | €778 | - | -€778 | |
| Amounts receivable within one year | 40/41 | €149,553 | €116,382 | -€33,171 | -22.2% |
| Trade receivables | 40 | €145,914 | €101,401 | -€44,513 | -30.5% |
| Other amounts receivable | 41 | €3,639 | €14,981 | +€11,342 | +312% |
| Cash at bank and in hand | 54/58 | €94,767 | €90,592 | -€4,175 | -4.4% |
| Deferred charges and accrued income | 490/1 | €3,885 | €3,393 | -€492 | -12.7% |
| Total equity and liabilities | 10/49 | €382,875 | €324,885 | -€57,989 | -15.1% |
| Equity | 10/15 | €232,627 | €246,900 | +€14,273 | +6.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €222,627 | €236,900 | +€14,273 | +6.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €202,022 | €216,295 | +€14,273 | +7.1% |
| Amounts payable | 17/49 | €150,248 | €77,986 | -€72,262 | -48.1% |
| Amounts payable after more than one year | 17 | €50,064 | €34,903 | -€15,161 | -30.3% |
| Financial debts | 170/4 | €50,064 | €34,903 | -€15,161 | -30.3% |
| Amounts payable within one year | 42/48 | €100,184 | €43,083 | -€57,101 | -57.0% |
| Current portion of amounts payable after more than one year | 42 | €14,949 | €15,161 | +€212 | +1.4% |
| Trade debts | 44 | €45,426 | €23,380 | -€22,046 | -48.5% |
| Suppliers | 440/4 | €45,426 | €23,380 | -€22,046 | -48.5% |
| Taxes, remuneration and social security | 45 | €39,810 | - | -€39,810 | |
| Taxes | 450/3 | €34,967 | - | -€34,967 | |
| Remuneration and social security | 454/9 | €4,843 | - | -€4,843 | |
| Other amounts payable | 47/48 | - | €4,542 | +€4,542 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,764 | €34,375 | +€7,611 | +28.4% |
| Other operating charges | 640/8 | €6,288 | €5,495 | -€793 | -12.6% |
| Gross operating margin | 9900 | €136,005 | €60,231 | -€75,774 | -55.7% |
| Operating profit (loss) | 9901 | €102,953 | €20,360 | -€82,592 | -80.2% |
| Financial income | 75/76B | €349 | €367 | +€18 | +5.2% |
| Recurring financial income | 75 | €349 | €367 | +€18 | +5.2% |
| Financial charges | 65/66B | €1,701 | €1,138 | -€563 | -33.1% |
| Recurring financial charges | 65 | €1,701 | €1,138 | -€563 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €101,600 | €19,589 | -€82,011 | -80.7% |
| Income taxes | 67/77 | €28,413 | €5,316 | -€23,096 | -81.3% |
| Profit (loss) for the period | 9904 | €73,188 | €14,273 | -€58,915 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,188 | €14,273 | -€58,915 | -80.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.