FERO V: 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 V
Largest movements
- Current investments +€501,021
up €501,021 (+250.5%), from €200,023 to €701,044
- Stocks and contracts -€137,910
down €137,910 (-26.0%), from €531,068 to €393,158
- Receivables within one year +€112,704
up €112,704 (+29.6%), from €380,585 to €493,289
of which Trade receivables: +€112,704
- Cash +€29,947
up €29,947 (+4.3%), from €693,156 to €723,103
mainly Net result for the year (+€509,163) and Stocks and contracts (+€137,910)
- Reserves +€487,132
up €487,132 (+31.2%), from €1.6m to €2.1m
of which Distributable reserves: +€487,132
- Trade debts -€37,799
down €37,799 (-13.9%), from €272,900 to €235,101
- Tax, wage and social debts +€36,325
up €36,325 (+54.0%), from €67,298 to €103,623
of which Taxes: +€24,270
- Gross operating margin +€461,107
up €461,107 (+77.3%), from €596,688 to €1.1m
- Taxes +€146,297
up €146,297 (+167.3%), from €87,428 to €233,725
- Staff costs +€12,625
up €12,625 (+4.7%), from €268,311 to €280,936
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 | €1,911,039 | €2,396,344 | +€485,305 | +25.4% |
| Fixed assets | 21/28 | €104,578 | €82,253 | -€22,325 | -21.3% |
| Tangible fixed assets | 22/27 | €104,328 | €82,003 | -€22,325 | -21.4% |
| Plant, machinery and equipment | 23 | €17,252 | €11,029 | -€6,223 | -36.1% |
| Furniture and vehicles | 24 | €55,226 | €43,482 | -€11,745 | -21.3% |
| Other tangible fixed assets | 26 | €31,850 | €27,492 | -€4,357 | -13.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,806,462 | €2,314,091 | +€507,630 | +28.1% |
| Stocks and contracts in progress | 3 | €531,068 | €393,158 | -€137,910 | -26.0% |
| Stocks | 30/36 | €531,068 | €393,158 | -€137,910 | -26.0% |
| Amounts receivable within one year | 40/41 | €380,585 | €493,289 | +€112,704 | +29.6% |
| Trade receivables | 40 | €368,003 | €480,707 | +€112,704 | +30.6% |
| Other amounts receivable | 41 | €12,582 | €12,582 | = | 0.0% |
| Current investments | 50/53 | €200,023 | €701,044 | +€501,021 | +250.5% |
| Cash at bank and in hand | 54/58 | €693,156 | €723,103 | +€29,947 | +4.3% |
| Deferred charges and accrued income | 490/1 | €1,630 | €3,498 | +€1,868 | +114.6% |
| Total equity and liabilities | 10/49 | €1,911,039 | €2,396,344 | +€485,305 | +25.4% |
| Equity | 10/15 | €1,569,595 | €2,056,727 | +€487,132 | +31.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,563,395 | €2,050,527 | +€487,132 | +31.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,544,645 | €2,031,777 | +€487,132 | +31.5% |
| Amounts payable | 17/49 | €341,445 | €339,618 | -€1,827 | -0.5% |
| Amounts payable within one year | 42/48 | €340,198 | €339,264 | -€934 | -0.3% |
| Trade debts | 44 | €272,900 | €235,101 | -€37,799 | -13.9% |
| Suppliers | 440/4 | €272,900 | €235,101 | -€37,799 | -13.9% |
| Taxes, remuneration and social security | 45 | €67,298 | €103,623 | +€36,325 | +54.0% |
| Taxes | 450/3 | €35,466 | €59,736 | +€24,270 | +68.4% |
| Remuneration and social security | 454/9 | €31,831 | €43,886 | +€12,055 | +37.9% |
| Other amounts payable | 47/48 | - | €540 | +€540 | |
| Accrued charges and deferred income | 492/3 | €1,247 | €354 | -€893 | -71.6% |
| Remuneration, social security and pensions | 62 | €268,311 | €280,936 | +€12,625 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,226 | €27,447 | -€4,779 | -14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,930 | €3,262 | +€1,332 | +69.0% |
| Other operating charges | 640/8 | €7,802 | €7,919 | +€118 | +1.5% |
| Gross operating margin | 9900 | €596,688 | €1,057,795 | +€461,107 | +77.3% |
| Operating profit (loss) | 9901 | €286,420 | €738,230 | +€451,811 | +157.7% |
| Financial income | 75/76B | €568 | €6,085 | +€5,517 | +972.1% |
| Recurring financial income | 75 | €568 | €6,085 | +€5,517 | +972.1% |
| Financial charges | 65/66B | €764 | €1,427 | +€663 | +86.8% |
| Recurring financial charges | 65 | €764 | €1,427 | +€663 | +86.8% |
| Profit (loss) for the period before taxes | 9903 | €286,223 | €742,888 | +€456,665 | +159.5% |
| Income taxes | 67/77 | €87,428 | €233,725 | +€146,297 | +167.3% |
| Profit (loss) for the period | 9904 | €198,795 | €509,163 | +€310,368 | +156.1% |
| Profit (loss) for the period to be appropriated | 9905 | €198,795 | €509,163 | +€310,368 | +156.1% |
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 9 October 2026 via checked.be.