FERMAS: 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.
FERMAS
Largest movements
- Tangible fixed assets -€109,436
down €109,436 (-12.4%), from €884,882 to €775,446
of which Land and buildings: -€68,116
- Cash -€38,019
down €38,019 (-27.9%), from €136,152 to €98,132
mainly Debts after one year (-€134,766) and Advances received (-€62,054)
- Receivables within one year +€21,729
up €21,729 (+6.3%), from €346,612 to €368,341
of which Other amounts receivable: +€83,701
- Deferred charges and accrued income -€18,649
down €18,649 (-84.5%), from €22,071 to €3,423
- Debts after one year -€134,766
down €134,766 (-15.7%), from €858,856 to €724,091
- Advances received -€62,054
down €62,054 (-100.0%), from €62,054 to €0
- Trade debts +€36,337
up €36,337 (+23.9%), from €152,193 to €188,530
- Short-term financial debts +€28,183
up €28,183 (+409.1%), from €6,890 to €35,073
- Gross operating margin +€54,207
up €54,207 (+5.5%), from €991,551 to €1.0m
- Staff costs +€15,397
up €15,397 (+1.9%), from €813,774 to €829,172
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 | €1,557,584 | €1,438,036 | -€119,548 | -7.7% |
| Fixed assets | 21/28 | €884,882 | €775,446 | -€109,436 | -12.4% |
| Tangible fixed assets | 22/27 | €884,882 | €775,446 | -€109,436 | -12.4% |
| Land and buildings | 22 | €763,414 | €695,298 | -€68,116 | -8.9% |
| Plant, machinery and equipment | 23 | €82,522 | €59,154 | -€23,368 | -28.3% |
| Furniture and vehicles | 24 | €38,946 | €20,994 | -€17,952 | -46.1% |
| Current assets | 29/58 | €672,701 | €662,589 | -€10,112 | -1.5% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Stocks and contracts in progress | 3 | €167,866 | €182,694 | +€14,828 | +8.8% |
| Stocks | 30/36 | €167,866 | €182,694 | +€14,828 | +8.8% |
| Amounts receivable within one year | 40/41 | €346,612 | €368,341 | +€21,729 | +6.3% |
| Trade receivables | 40 | €249,233 | €187,261 | -€61,972 | -24.9% |
| Other amounts receivable | 41 | €97,379 | €181,079 | +€83,701 | +86.0% |
| Cash at bank and in hand | 54/58 | €136,152 | €98,132 | -€38,019 | -27.9% |
| Deferred charges and accrued income | 490/1 | €22,071 | €3,423 | -€18,649 | -84.5% |
| Total equity and liabilities | 10/49 | €1,557,584 | €1,438,036 | -€119,548 | -7.7% |
| Equity | 10/15 | €303,033 | €304,104 | +€1,070 | +0.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €282,573 | €283,644 | +€1,070 | +0.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €282,573 | €283,644 | +€1,070 | +0.4% |
| Amounts payable | 17/49 | €1,254,550 | €1,133,932 | -€120,618 | -9.6% |
| Amounts payable after more than one year | 17 | €858,856 | €724,091 | -€134,766 | -15.7% |
| Financial debts | 170/4 | €858,856 | €724,091 | -€134,766 | -15.7% |
| Amounts payable within one year | 42/48 | €392,076 | €403,547 | +€11,471 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €145,424 | €146,162 | +€738 | +0.5% |
| Financial debts | 43 | €6,890 | €35,073 | +€28,183 | +409.1% |
| Credit institutions | 430/8 | €6,890 | €35,073 | +€28,183 | +409.1% |
| Trade debts | 44 | €152,193 | €188,530 | +€36,337 | +23.9% |
| Suppliers | 440/4 | €152,193 | €188,530 | +€36,337 | +23.9% |
| Advances received on contracts in progress | 46 | €62,054 | €0 | -€62,054 | -100.0% |
| Taxes, remuneration and social security | 45 | €25,515 | €33,782 | +€8,267 | +32.4% |
| Taxes | 450/3 | €25,515 | €33,782 | +€8,267 | +32.4% |
| Accrued charges and deferred income | 492/3 | €3,618 | €6,295 | +€2,676 | +74.0% |
| Non-recurring operating income | 76A | €34,366 | €0 | -€34,366 | -100.0% |
| Remuneration, social security and pensions | 62 | €813,774 | €829,172 | +€15,397 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,731 | €137,690 | +€1,959 | +1.4% |
| Other operating charges | 640/8 | €10,058 | €16,605 | +€6,547 | +65.1% |
| Non-recurring operating charges | 66A | - | €5,849 | +€5,849 | |
| Gross operating margin | 9900 | €991,551 | €1,045,757 | +€54,207 | +5.5% |
| Operating profit (loss) | 9901 | €31,987 | €56,441 | +€24,454 | +76.4% |
| Financial income | 75/76B | €11,425 | €9,546 | -€1,879 | -16.4% |
| Recurring financial income | 75 | €11,425 | €9,546 | -€1,879 | -16.4% |
| Financial charges | 65/66B | €64,496 | €62,667 | -€1,830 | -2.8% |
| Recurring financial charges | 65 | €64,496 | €62,667 | -€1,830 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,084 | €3,320 | +€24,404 | |
| Income taxes | 67/77 | €299 | €2,250 | +€1,950 | +651.3% |
| Profit (loss) for the period | 9904 | -€21,384 | €1,070 | +€22,454 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,384 | €1,070 | +€22,454 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.