FERRAO: 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.
FERRAO
Largest movements
- Receivables within one year -€53,284
down €53,284 (-29.7%), from €179,254 to €125,970
of which Other amounts receivable: -€55,056
- Cash +€17,169
up €17,169 (+241%), from €7,123 to €24,292
mainly Net result for the year (+€87,876) and Receivables within one year (+€53,284)
- Receivables after one year +€6,887
new in 2025: €6,887
- Tangible fixed assets +€5,656
up €5,656 (+53.1%), from €10,645 to €16,301
of which Leasing and similar rights: +€5,503
- Other debts -€41,493
down €41,493 (-31.2%), from €133,000 to €91,507
- Tax, wage and social debts +€27,382
up €27,382 (+85.8%), from €31,896 to €59,278
of which Remuneration and social security: +€18,836
- Trade debts -€4,961
down €4,961 (-53.9%), from €9,199 to €4,238
- Reserves -€3,631
down €3,631 (-100%), from €3,631 to €0
- Current portion of long-term debt -€1,995
down €1,995 (-91.4%), from €2,183 to €188
- Gross operating margin -€44,731
down €44,731 (-18.3%), from €244,579 to €199,848
- Taxes -€8,839
down €8,839 (-18.2%), from €48,656 to €39,817
- Financial charges +€6,385
up €6,385 (+408%), from €1,565 to €7,950
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.
Derived cash bridge
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 | €198,696 | €173,810 | -€24,886 | -12.5% |
| Fixed assets | 21/28 | €10,645 | €16,301 | +€5,656 | +53.1% |
| Tangible fixed assets | 22/27 | €10,645 | €16,301 | +€5,656 | +53.1% |
| Plant, machinery and equipment | 23 | €7,872 | €9,361 | +€1,488 | +18.9% |
| Furniture and vehicles | 24 | €2,773 | €1,438 | -€1,335 | -48.2% |
| Leasing and similar rights | 25 | - | €5,503 | +€5,503 | |
| Current assets | 29/58 | €188,051 | €157,509 | -€30,542 | -16.2% |
| Amounts receivable after more than one year | 29 | - | €6,887 | +€6,887 | |
| Other amounts receivable | 291 | - | €6,887 | +€6,887 | |
| Amounts receivable within one year | 40/41 | €179,254 | €125,970 | -€53,284 | -29.7% |
| Trade receivables | 40 | €27,639 | €29,411 | +€1,771 | +6.4% |
| Other amounts receivable | 41 | €151,615 | €96,559 | -€55,056 | -36.3% |
| Cash at bank and in hand | 54/58 | €7,123 | €24,292 | +€17,169 | +241% |
| Deferred charges and accrued income | 490/1 | €1,674 | €360 | -€1,314 | -78.5% |
| Total equity and liabilities | 10/49 | €198,696 | €173,810 | -€24,886 | -12.5% |
| Equity | 10/15 | €22,231 | €18,600 | -€3,631 | -16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,631 | €0 | -€3,631 | -100% |
| Distributable reserves | 133 | €3,631 | €0 | -€3,631 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €176,465 | €155,210 | -€21,255 | -12.0% |
| Amounts payable after more than one year | 17 | €188 | €0 | -€188 | -100% |
| Financial debts | 170/4 | €188 | €0 | -€188 | -100% |
| Amounts payable within one year | 42/48 | €176,277 | €155,210 | -€21,067 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €2,183 | €188 | -€1,995 | -91.4% |
| Trade debts | 44 | €9,199 | €4,238 | -€4,961 | -53.9% |
| Suppliers | 440/4 | €9,199 | €4,238 | -€4,961 | -53.9% |
| Taxes, remuneration and social security | 45 | €31,896 | €59,278 | +€27,382 | +85.8% |
| Taxes | 450/3 | €23,200 | €31,747 | +€8,546 | +36.8% |
| Remuneration and social security | 454/9 | €8,695 | €27,531 | +€18,836 | +217% |
| Other amounts payable | 47/48 | €133,000 | €91,507 | -€41,493 | -31.2% |
| Non-recurring operating income | 76A | €0 | €7,439 | +€7,439 | |
| Remuneration, social security and pensions | 62 | €61,586 | €63,169 | +€1,583 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,886 | €7,133 | +€2,247 | +46.0% |
| Other operating charges | 640/8 | €783 | €788 | +€5 | +0.7% |
| Gross operating margin | 9900 | €244,579 | €199,848 | -€44,731 | -18.3% |
| Operating profit (loss) | 9901 | €177,325 | €128,759 | -€48,566 | -27.4% |
| Financial income | 75/76B | €6,683 | €6,883 | +€201 | +3.0% |
| Recurring financial income | 75 | €6,683 | €6,883 | +€201 | +3.0% |
| Financial charges | 65/66B | €1,565 | €7,950 | +€6,385 | +408% |
| Recurring financial charges | 65 | €1,565 | €7,950 | +€6,385 | +408% |
| Profit (loss) for the period before taxes | 9903 | €182,442 | €127,692 | -€54,750 | -30.0% |
| Income taxes | 67/77 | €48,656 | €39,817 | -€8,839 | -18.2% |
| Profit (loss) for the period | 9904 | €133,786 | €87,876 | -€45,911 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €133,786 | €87,876 | -€45,911 | -34.3% |
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 17 October 2026 via checked.be.