FERNAND: what changed
Two financial 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.
FERNAND
Largest movements
- Cash -€32,011
down €32,011 (-86.8%), from €36,894 to €4,884
mainly Investment in fixed assets (net) (-€26,863) and Contributions, distributions and other (-€25,000)
- Receivables after one year -€20,849
down €20,849 (-42.4%), from €49,148 to €28,299
- Deferred charges and accrued income +€4,771
up €4,771 (+127.0%), from €3,755 to €8,526
- Tangible fixed assets +€4,684
up €4,684 (+2.0%), from €228,909 to €233,593
of which Land and buildings: +€14,485
- Reserves -€23,733
down €23,733 (-21.2%), from €112,178 to €88,445
of which Distributable reserves: -€23,733
- Trade debts +€17,935
up €17,935 (+795.3%), from €2,255 to €20,190
- Tax, wage and social debts -€15,183
down €15,183 (-83.9%), from €18,087 to €2,904
of which Remuneration and social security: -€7,872
- Current portion of long-term debt -€12,473
down €12,473 (-47.8%), from €26,106 to €13,632
- Debts after one year -€8,421
down €8,421 (-5.6%), from €149,977 to €141,556
- Gross operating margin -€26,766
down €26,766 (-27.9%), from €95,873 to €69,107
- Staff costs -€9,016
down €9,016 (-21.5%), from €41,967 to €32,951
- Other operating charges -€3,508
down €3,508 (-46.8%), from €7,503 to €3,994
- Financial charges +€2,264
up €2,264 (+35.5%), from €6,373 to €8,637
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 | €325,446 | €281,720 | -€43,726 | -13.4% |
| Fixed assets | 21/28 | €230,559 | €235,243 | +€4,684 | +2.0% |
| Tangible fixed assets | 22/27 | €228,909 | €233,593 | +€4,684 | +2.0% |
| Land and buildings | 22 | €180,066 | €194,551 | +€14,485 | +8.0% |
| Plant, machinery and equipment | 23 | €32,329 | €26,017 | -€6,312 | -19.5% |
| Furniture and vehicles | 24 | €2,881 | €1,578 | -€1,302 | -45.2% |
| Other tangible fixed assets | 26 | €13,632 | €11,446 | -€2,186 | -16.0% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €94,887 | €46,478 | -€48,410 | -51.0% |
| Amounts receivable after more than one year | 29 | €49,148 | €28,299 | -€20,849 | -42.4% |
| Other amounts receivable | 291 | €49,148 | €28,299 | -€20,849 | -42.4% |
| Stocks and contracts in progress | 3 | €2,914 | €2,178 | -€737 | -25.3% |
| Stocks | 30/36 | €2,914 | €2,178 | -€737 | -25.3% |
| Amounts receivable within one year | 40/41 | €2,176 | €2,591 | +€415 | +19.1% |
| Trade receivables | 40 | €2,176 | €0 | -€2,176 | -100.0% |
| Other amounts receivable | 41 | €0 | €2,591 | +€2,591 | |
| Cash at bank and in hand | 54/58 | €36,894 | €4,884 | -€32,011 | -86.8% |
| Deferred charges and accrued income | 490/1 | €3,755 | €8,526 | +€4,771 | +127.0% |
| Total equity and liabilities | 10/49 | €325,446 | €281,720 | -€43,726 | -13.4% |
| Equity | 10/15 | €127,058 | €103,325 | -€23,733 | -18.7% |
| Contributions | 10/11 | €14,880 | €14,880 | = | 0.0% |
| Reserves | 13 | €112,178 | €88,445 | -€23,733 | -21.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €112,178 | €88,445 | -€23,733 | -21.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €198,388 | €178,395 | -€19,992 | -10.1% |
| Amounts payable after more than one year | 17 | €149,977 | €141,556 | -€8,421 | -5.6% |
| Financial debts | 170/4 | €149,977 | €141,556 | -€8,421 | -5.6% |
| Amounts payable within one year | 42/48 | €48,411 | €36,839 | -€11,572 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €26,106 | €13,632 | -€12,473 | -47.8% |
| Trade debts | 44 | €2,255 | €20,190 | +€17,935 | +795.3% |
| Suppliers | 440/4 | €2,255 | €20,190 | +€17,935 | +795.3% |
| Advances received on contracts in progress | 46 | €1,963 | €113 | -€1,850 | -94.2% |
| Taxes, remuneration and social security | 45 | €18,087 | €2,904 | -€15,183 | -83.9% |
| Taxes | 450/3 | €10,214 | €2,904 | -€7,311 | -71.6% |
| Remuneration and social security | 454/9 | €7,872 | €0 | -€7,872 | -100.0% |
| Remuneration, social security and pensions | 62 | €41,967 | €32,951 | -€9,016 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,810 | €22,179 | -€631 | -2.8% |
| Other operating charges | 640/8 | €7,503 | €3,994 | -€3,508 | -46.8% |
| Gross operating margin | 9900 | €95,873 | €69,107 | -€26,766 | -27.9% |
| Operating profit (loss) | 9901 | €23,593 | €9,983 | -€13,611 | -57.7% |
| Financial income | 75/76B | €1,861 | €1,608 | -€253 | -13.6% |
| Recurring financial income | 75 | €1,861 | €1,608 | -€253 | -13.6% |
| Financial charges | 65/66B | €6,373 | €8,637 | +€2,264 | +35.5% |
| Recurring financial charges | 65 | €6,373 | €8,637 | +€2,264 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €19,081 | €2,953 | -€16,128 | -84.5% |
| Income taxes | 67/77 | €1,905 | €1,687 | -€218 | -11.5% |
| Profit (loss) for the period | 9904 | €17,176 | €1,267 | -€15,909 | -92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,176 | €1,267 | -€15,909 | -92.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.