FERO: 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.
FERO
Largest movements
- Cash -€63,880
down €63,880 (-37.6%), from €169,852 to €105,971
mainly Receivables within one year (-€63,850) and Net result for the year (-€48,880)
- Receivables within one year +€63,850
up €63,850 (+1912.6%), from €3,338 to €67,188
of which Other amounts receivable: +€59,216
- Tangible fixed assets -€44,610
down €44,610 (-12.1%), from €368,181 to €323,571
of which Plant, machinery and equipment: -€27,108
- Trade debts +€67,149
up €67,149 (+28.0%), from €239,566 to €306,714
- Profit (loss) carried forward -€48,880
down €48,880 (-610.5%), from -€8,007 to -€56,887
- Other debts -€43,301
no longer reported in 2025 (was €43,301)
- Debts after one year -€17,690
down €17,690 (-27.2%), from €64,952 to €47,261
- Gross operating margin -€53,997
down €53,997 (-8.8%), from €613,186 to €559,190
- Staff costs +€41,897
up €41,897 (+8.3%), from €504,633 to €546,530
- Financial charges +€8,511
up €8,511 (+180.5%), from €4,715 to €13,226
- Financial income +€6,866
up €6,866 (+688.3%), from €997 to €7,863
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 | €597,245 | €549,234 | -€48,012 | -8.0% |
| Fixed assets | 21/28 | €371,331 | €326,721 | -€44,610 | -12.0% |
| Tangible fixed assets | 22/27 | €368,181 | €323,571 | -€44,610 | -12.1% |
| Plant, machinery and equipment | 23 | €243,061 | €215,953 | -€27,108 | -11.2% |
| Furniture and vehicles | 24 | €39,391 | €33,917 | -€5,474 | -13.9% |
| Other tangible fixed assets | 26 | €85,730 | €73,701 | -€12,029 | -14.0% |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €225,914 | €222,513 | -€3,401 | -1.5% |
| Stocks and contracts in progress | 3 | €49,879 | €46,370 | -€3,509 | -7.0% |
| Stocks | 30/36 | €49,879 | €46,370 | -€3,509 | -7.0% |
| Amounts receivable within one year | 40/41 | €3,338 | €67,188 | +€63,850 | +1912.6% |
| Trade receivables | 40 | €3,338 | €7,972 | +€4,634 | +138.8% |
| Other amounts receivable | 41 | - | €59,216 | +€59,216 | |
| Cash at bank and in hand | 54/58 | €169,852 | €105,971 | -€63,880 | -37.6% |
| Deferred charges and accrued income | 490/1 | €2,845 | €2,983 | +€138 | +4.8% |
| Total equity and liabilities | 10/49 | €597,245 | €549,234 | -€48,012 | -8.0% |
| Equity | 10/15 | €12,453 | -€36,427 | -€48,880 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,007 | -€56,887 | -€48,880 | -610.5% |
| Amounts payable | 17/49 | €584,792 | €585,661 | +€868 | +0.1% |
| Amounts payable after more than one year | 17 | €64,952 | €47,261 | -€17,690 | -27.2% |
| Financial debts | 170/4 | €64,952 | €47,261 | -€17,690 | -27.2% |
| Amounts payable within one year | 42/48 | €519,841 | €538,399 | +€18,558 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €17,313 | €17,690 | +€378 | +2.2% |
| Financial debts | 43 | €60 | - | -€60 | |
| Credit institutions | 430/8 | €60 | - | -€60 | |
| Trade debts | 44 | €239,566 | €306,714 | +€67,149 | +28.0% |
| Suppliers | 440/4 | €239,566 | €306,714 | +€67,149 | +28.0% |
| Taxes, remuneration and social security | 45 | €219,602 | €213,995 | -€5,607 | -2.6% |
| Taxes | 450/3 | €113,641 | €64,590 | -€49,051 | -43.2% |
| Remuneration and social security | 454/9 | €105,960 | €149,405 | +€43,444 | +41.0% |
| Other amounts payable | 47/48 | €43,301 | - | -€43,301 | |
| Remuneration, social security and pensions | 62 | €504,633 | €546,530 | +€41,897 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,029 | €51,528 | +€499 | +1.0% |
| Other operating charges | 640/8 | €991 | €4,648 | +€3,657 | +368.9% |
| Gross operating margin | 9900 | €613,186 | €559,190 | -€53,997 | -8.8% |
| Operating profit (loss) | 9901 | €56,533 | -€43,517 | -€100,050 | |
| Financial income | 75/76B | €997 | €7,863 | +€6,866 | +688.3% |
| Recurring financial income | 75 | €997 | €7,863 | +€6,866 | +688.3% |
| Financial charges | 65/66B | €4,715 | €13,226 | +€8,511 | +180.5% |
| Recurring financial charges | 65 | €4,715 | €13,226 | +€8,511 | +180.5% |
| Profit (loss) for the period before taxes | 9903 | €52,815 | -€48,880 | -€101,695 | |
| Profit (loss) for the period | 9904 | €52,815 | -€48,880 | -€101,695 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,815 | -€48,880 | -€101,695 |
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 11 October 2026 via checked.be.