FERRAM: 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.
FERRAM
Largest movements
- Tangible fixed assets -€116,368
down €116,368 (-11.5%), from €1.0m to €896,269
of which Land and buildings: -€107,701
- Receivables within one year -€82,426
down €82,426 (-23.5%), from €351,310 to €268,885
of which Trade receivables: -€121,265
- Cash +€37,362
up €37,362 (+14.2%), from €263,570 to €300,932
mainly Depreciation (+€123,268) and Receivables within one year (+€82,426)
- Debts after one year -€82,498
down €82,498 (-9.9%), from €830,723 to €748,226
- Reserves -€32,507
down €32,507 (-2.9%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€32,507
- Trade debts -€26,229
down €26,229 (-46.9%), from €55,957 to €29,727
- Gross operating margin -€154,216
down €154,216 (-25.4%), from €606,342 to €452,126
- Taxes -€41,231
down €41,231 (-92.1%), from €44,784 to €3,553
- Staff costs +€34,067
up €34,067 (+11.1%), from €307,864 to €341,931
- Depreciation -€10,634
down €10,634 (-7.9%), from €133,902 to €123,268
- Other operating charges -€8,844
down €8,844 (-34.2%), from €25,892 to €17,048
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 | €2,360,950 | €2,213,979 | -€146,971 | -6.2% |
| Fixed assets | 21/28 | €1,012,637 | €896,269 | -€116,368 | -11.5% |
| Tangible fixed assets | 22/27 | €1,012,637 | €896,269 | -€116,368 | -11.5% |
| Land and buildings | 22 | €964,249 | €856,548 | -€107,701 | -11.2% |
| Plant, machinery and equipment | 23 | €8,230 | €11,416 | +€3,186 | +38.7% |
| Furniture and vehicles | 24 | €40,158 | €28,305 | -€11,853 | -29.5% |
| Current assets | 29/58 | €1,348,313 | €1,317,710 | -€30,603 | -2.3% |
| Amounts receivable after more than one year | 29 | €488,831 | €492,476 | +€3,646 | +0.7% |
| Other amounts receivable | 291 | €488,831 | €492,476 | +€3,646 | +0.7% |
| Stocks and contracts in progress | 3 | €203,969 | €211,947 | +€7,978 | +3.9% |
| Stocks | 30/36 | €180,933 | €211,947 | +€31,014 | +17.1% |
| Contracts in progress | 37 | €23,036 | €0 | -€23,036 | -100.0% |
| Amounts receivable within one year | 40/41 | €351,310 | €268,885 | -€82,426 | -23.5% |
| Trade receivables | 40 | €351,310 | €230,045 | -€121,265 | -34.5% |
| Other amounts receivable | 41 | €0 | €38,839 | +€38,839 | |
| Current investments | 50/53 | €40,008 | €40,783 | +€775 | +1.9% |
| Cash at bank and in hand | 54/58 | €263,570 | €300,932 | +€37,362 | +14.2% |
| Deferred charges and accrued income | 490/1 | €625 | €2,687 | +€2,062 | +330.0% |
| Total equity and liabilities | 10/49 | €2,360,950 | €2,213,979 | -€146,971 | -6.2% |
| Equity | 10/15 | €1,243,905 | €1,213,218 | -€30,687 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,102,175 | €1,069,668 | -€32,507 | -2.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €378,546 | €346,039 | -€32,507 | -8.6% |
| Distributable reserves | 133 | €721,769 | €721,769 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,130 | €124,949 | +€1,819 | +1.5% |
| Provisions and deferred taxes | 16 | €119,265 | €108,430 | -€10,836 | -9.1% |
| Deferred taxes | 168 | €119,265 | €108,430 | -€10,836 | -9.1% |
| Amounts payable | 17/49 | €997,779 | €892,332 | -€105,447 | -10.6% |
| Amounts payable after more than one year | 17 | €830,723 | €748,226 | -€82,498 | -9.9% |
| Financial debts | 170/4 | €830,723 | €748,226 | -€82,498 | -9.9% |
| Amounts payable within one year | 42/48 | €167,056 | €144,106 | -€22,950 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €81,022 | €82,498 | +€1,476 | +1.8% |
| Trade debts | 44 | €55,957 | €29,727 | -€26,229 | -46.9% |
| Suppliers | 440/4 | €55,957 | €29,727 | -€26,229 | -46.9% |
| Taxes, remuneration and social security | 45 | €28,360 | €28,225 | -€135 | -0.5% |
| Taxes | 450/3 | €9,218 | €519 | -€8,699 | -94.4% |
| Remuneration and social security | 454/9 | €19,142 | €27,706 | +€8,564 | +44.7% |
| Other amounts payable | 47/48 | €1,718 | €3,656 | +€1,938 | +112.8% |
| Remuneration, social security and pensions | 62 | €307,864 | €341,931 | +€34,067 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,902 | €123,268 | -€10,634 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,181 | €0 | -€4,181 | -100.0% |
| Other operating charges | 640/8 | €25,892 | €17,048 | -€8,844 | -34.2% |
| Gross operating margin | 9900 | €606,342 | €452,126 | -€154,216 | -25.4% |
| Operating profit (loss) | 9901 | €134,504 | -€30,121 | -€164,625 | |
| Financial income | 75/76B | €6,734 | €6,755 | +€21 | +0.3% |
| Recurring financial income | 75 | €6,734 | €6,755 | +€21 | +0.3% |
| Financial charges | 65/66B | €14,948 | €14,603 | -€345 | -2.3% |
| Recurring financial charges | 65 | €14,948 | €14,603 | -€345 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €126,290 | -€37,970 | -€164,260 | |
| Transfer from deferred taxes | 780 | €10,836 | €10,836 | = | 0.0% |
| Income taxes | 67/77 | €44,784 | €3,553 | -€41,231 | -92.1% |
| Profit (loss) for the period | 9904 | €92,341 | -€30,687 | -€123,029 | |
| Transfer from tax-exempt reserves | 789 | €32,507 | €32,507 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,848 | €1,819 | -€123,029 | -98.5% |
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.