FERLOE: 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.
FERLOE
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Cash +€99,336
up €99,336 (+135.0%), from €73,599 to €172,935
mainly Current investments (+€250,000) and Other debts (+€191,129)
- Deferred charges and accrued income +€6,823
up €6,823 (+10.4%), from €65,432 to €72,255
- Reserves -€335,906
no longer reported in 2025 (was €335,906)
- Other debts +€191,129
up €191,129 (+3901.5%), from €4,899 to €196,028
- Gross operating margin +€30,054
up €30,054 (+14.1%), from €212,795 to €242,849
- Taxes +€9,144
up €9,144 (+18.9%), from €48,386 to €57,530
- Financial income +€3,430
new in 2025: €3,430
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 | €389,520 | €245,299 | -€144,221 | -37.0% |
| Fixed assets | 21/28 | €489 | €89 | -€400 | -81.8% |
| Tangible fixed assets | 22/27 | €489 | €89 | -€400 | -81.8% |
| Furniture and vehicles | 24 | €489 | €89 | -€400 | -81.8% |
| Current assets | 29/58 | €389,031 | €245,210 | -€143,821 | -37.0% |
| Amounts receivable within one year | 40/41 | - | €20 | +€20 | |
| Other amounts receivable | 41 | - | €20 | +€20 | |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €73,599 | €172,935 | +€99,336 | +135.0% |
| Deferred charges and accrued income | 490/1 | €65,432 | €72,255 | +€6,823 | +10.4% |
| Total equity and liabilities | 10/49 | €389,520 | €245,299 | -€144,221 | -37.0% |
| Equity | 10/15 | €336,006 | €100 | -€335,906 | -100.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €335,906 | - | -€335,906 | |
| Distributable reserves | 133 | €335,906 | - | -€335,906 | |
| Amounts payable | 17/49 | €53,514 | €245,199 | +€191,685 | +358.2% |
| Amounts payable within one year | 42/48 | €53,314 | €244,443 | +€191,129 | +358.5% |
| Trade debts | 44 | €29 | €29 | = | 0.0% |
| Suppliers | 440/4 | €29 | €29 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €48,386 | €48,386 | = | 0.0% |
| Taxes | 450/3 | €48,386 | €48,386 | = | 0.0% |
| Other amounts payable | 47/48 | €4,899 | €196,028 | +€191,129 | +3901.5% |
| Accrued charges and deferred income | 492/3 | €200 | €756 | +€556 | +278.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €400 | = | 0.0% |
| Other operating charges | 640/8 | €64 | €465 | +€402 | +629.5% |
| Gross operating margin | 9900 | €212,795 | €242,849 | +€30,054 | +14.1% |
| Operating profit (loss) | 9901 | €212,332 | €241,984 | +€29,652 | +14.0% |
| Financial income | 75/76B | - | €3,430 | +€3,430 | |
| Recurring financial income | 75 | - | €3,430 | +€3,430 | |
| Financial charges | 65/66B | €726 | €294 | -€432 | -59.5% |
| Recurring financial charges | 65 | €726 | €294 | -€432 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €211,606 | €245,120 | +€33,514 | +15.8% |
| Income taxes | 67/77 | €48,386 | €57,530 | +€9,144 | +18.9% |
| Profit (loss) for the period | 9904 | €163,220 | €187,590 | +€24,370 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €163,220 | €187,590 | +€24,370 | +14.9% |
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 1 October 2026 via checked.be.