FERPAVAGE: 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.
FERPAVAGE
Largest movements
- Cash +€41,582
up €41,582 (+131.9%), from €31,517 to €73,099
mainly Net result for the year (+€43,615) and Depreciation (+€25,155)
- Receivables within one year +€18,592
up €18,592 (+26.7%), from €69,506 to €88,099
of which Trade receivables: +€27,955
- Tangible fixed assets +€13,969
up €13,969 (+19.8%), from €70,591 to €84,561
- Deferred charges and accrued income +€2,952
up €2,952 (+223.5%), from €1,321 to €4,273
- Profit (loss) carried forward +€43,615
up €43,615 (+32.1%), from €135,918 to €179,533
- Debts after one year +€18,804
up €18,804 (+98.6%), from €19,063 to €37,867
- Current portion of long-term debt +€7,776
up €7,776 (+91.5%), from €8,497 to €16,273
- Trade debts +€5,349
up €5,349 (+131.6%), from €4,065 to €9,414
- Gross operating margin -€116,164
down €116,164 (-58.1%), from €199,906 to €83,743
- Taxes -€29,508
down €29,508 (-73.5%), from €40,163 to €10,655
- Depreciation +€4,773
up €4,773 (+23.4%), from €20,382 to €25,155
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 | €175,596 | €252,237 | +€76,641 | +43.6% |
| Formation expenses | 20 | €1,461 | €1,006 | -€455 | -31.1% |
| Fixed assets | 21/28 | €71,791 | €85,761 | +€13,969 | +19.5% |
| Tangible fixed assets | 22/27 | €70,591 | €84,561 | +€13,969 | +19.8% |
| Furniture and vehicles | 24 | €70,591 | €84,561 | +€13,969 | +19.8% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €102,344 | €165,471 | +€63,126 | +61.7% |
| Amounts receivable within one year | 40/41 | €69,506 | €88,099 | +€18,592 | +26.7% |
| Trade receivables | 40 | €42,463 | €70,418 | +€27,955 | +65.8% |
| Other amounts receivable | 41 | €27,043 | €17,680 | -€9,363 | -34.6% |
| Cash at bank and in hand | 54/58 | €31,517 | €73,099 | +€41,582 | +131.9% |
| Deferred charges and accrued income | 490/1 | €1,321 | €4,273 | +€2,952 | +223.5% |
| Total equity and liabilities | 10/49 | €175,596 | €252,237 | +€76,641 | +43.6% |
| Equity | 10/15 | €138,918 | €182,533 | +€43,615 | +31.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,918 | €179,533 | +€43,615 | +32.1% |
| Amounts payable | 17/49 | €36,678 | €69,704 | +€33,026 | +90.0% |
| Amounts payable after more than one year | 17 | €19,063 | €37,867 | +€18,804 | +98.6% |
| Financial debts | 170/4 | €19,063 | €37,867 | +€18,804 | +98.6% |
| Amounts payable within one year | 42/48 | €17,615 | €31,837 | +€14,222 | +80.7% |
| Current portion of amounts payable after more than one year | 42 | €8,497 | €16,273 | +€7,776 | +91.5% |
| Trade debts | 44 | €4,065 | €9,414 | +€5,349 | +131.6% |
| Suppliers | 440/4 | €4,065 | €9,414 | +€5,349 | +131.6% |
| Taxes, remuneration and social security | 45 | €5,053 | €6,150 | +€1,097 | +21.7% |
| Taxes | 450/3 | - | €1,050 | +€1,050 | |
| Remuneration and social security | 454/9 | €5,053 | €5,100 | +€47 | +0.9% |
| Remuneration, social security and pensions | 62 | €1,034 | €1,632 | +€598 | +57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,382 | €25,155 | +€4,773 | +23.4% |
| Other operating charges | 640/8 | €862 | €770 | -€92 | -10.7% |
| Gross operating margin | 9900 | €199,906 | €83,743 | -€116,164 | -58.1% |
| Operating profit (loss) | 9901 | €177,628 | €56,186 | -€121,442 | -68.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,547 | €1,916 | +€369 | +23.9% |
| Recurring financial charges | 65 | €1,547 | €1,916 | +€369 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €176,081 | €54,270 | -€121,811 | -69.2% |
| Income taxes | 67/77 | €40,163 | €10,655 | -€29,508 | -73.5% |
| Profit (loss) for the period | 9904 | €135,918 | €43,615 | -€92,303 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €135,918 | €43,615 | -€92,303 | -67.9% |
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 3 October 2026 via checked.be.