FERRARD: 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.
FERRARD
Largest movements
- Cash +€138,531
up €138,531 (+114.3%), from €121,203 to €259,734
mainly Net result for the year (+€99,618) and Receivables within one year (+€99,430)
- Receivables within one year -€99,430
down €99,430 (-38.1%), from €260,797 to €161,367
of which Trade receivables: -€50,426
- Tangible fixed assets -€14,464
down €14,464 (-4.4%), from €330,458 to €315,994
of which Leasing and similar rights: -€16,150
- Deferred charges and accrued income -€7,626
down €7,626 (-69.3%), from €11,002 to €3,376
- Reserves +€99,540
up €99,540 (+34.9%), from €284,959 to €384,499
of which Distributable reserves: +€99,540
- Trade debts -€62,985
no longer reported in 2025 (was €62,985)
- Tax, wage and social debts +€45,698
up €45,698 (+65.8%), from €69,409 to €115,107
of which Taxes: +€34,221
- Debts after one year -€33,430
down €33,430 (-46.7%), from €71,650 to €38,220
- Other debts -€16,026
down €16,026 (-23.9%), from €67,149 to €51,123
- Gross operating margin +€223,824
up €223,824 (+38.5%), from €581,160 to €804,984
- Staff costs +€65,899
up €65,899 (+15.3%), from €430,960 to €496,859
- Other operating charges +€65,681
up €65,681 (+873.8%), from €7,517 to €73,198
- Taxes +€43,525
up €43,525 (+163.4%), from €26,638 to €70,163
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 | €723,460 | €740,471 | +€17,011 | +2.4% |
| Fixed assets | 21/28 | €330,458 | €315,994 | -€14,464 | -4.4% |
| Tangible fixed assets | 22/27 | €330,458 | €315,994 | -€14,464 | -4.4% |
| Land and buildings | 22 | €97,601 | €82,679 | -€14,922 | -15.3% |
| Plant, machinery and equipment | 23 | €74,219 | €61,022 | -€13,197 | -17.8% |
| Furniture and vehicles | 24 | €14,355 | €38,628 | +€24,273 | +169.1% |
| Leasing and similar rights | 25 | €140,397 | €124,247 | -€16,150 | -11.5% |
| Other tangible fixed assets | 26 | €3,886 | €9,418 | +€5,532 | +142.4% |
| Current assets | 29/58 | €393,002 | €424,477 | +€31,475 | +8.0% |
| Amounts receivable within one year | 40/41 | €260,797 | €161,367 | -€99,430 | -38.1% |
| Trade receivables | 40 | €207,010 | €156,584 | -€50,426 | -24.4% |
| Other amounts receivable | 41 | €53,787 | €4,783 | -€49,004 | -91.1% |
| Cash at bank and in hand | 54/58 | €121,203 | €259,734 | +€138,531 | +114.3% |
| Deferred charges and accrued income | 490/1 | €11,002 | €3,376 | -€7,626 | -69.3% |
| Total equity and liabilities | 10/49 | €723,460 | €740,471 | +€17,011 | +2.4% |
| Equity | 10/15 | €390,222 | €489,840 | +€99,618 | +25.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €284,959 | €384,499 | +€99,540 | +34.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €283,100 | €382,640 | +€99,540 | +35.2% |
| Profit (loss) carried forward | 14 | €86,671 | €86,749 | +€78 | +0.1% |
| Amounts payable | 17/49 | €333,238 | €250,631 | -€82,607 | -24.8% |
| Amounts payable after more than one year | 17 | €71,650 | €38,220 | -€33,430 | -46.7% |
| Financial debts | 170/4 | €71,650 | €38,220 | -€33,430 | -46.7% |
| Amounts payable within one year | 42/48 | €241,088 | €199,661 | -€41,427 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €41,545 | €33,431 | -€8,114 | -19.5% |
| Trade debts | 44 | €62,985 | - | -€62,985 | |
| Suppliers | 440/4 | €62,985 | - | -€62,985 | |
| Taxes, remuneration and social security | 45 | €69,409 | €115,107 | +€45,698 | +65.8% |
| Taxes | 450/3 | €27,887 | €62,108 | +€34,221 | +122.7% |
| Remuneration and social security | 454/9 | €41,522 | €52,999 | +€11,477 | +27.6% |
| Other amounts payable | 47/48 | €67,149 | €51,123 | -€16,026 | -23.9% |
| Accrued charges and deferred income | 492/3 | €20,500 | €12,750 | -€7,750 | -37.8% |
| Remuneration, social security and pensions | 62 | €430,960 | €496,859 | +€65,899 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,130 | €60,332 | +€2,202 | +3.8% |
| Other operating charges | 640/8 | €7,517 | €73,198 | +€65,681 | +873.8% |
| Gross operating margin | 9900 | €581,160 | €804,984 | +€223,824 | +38.5% |
| Operating profit (loss) | 9901 | €84,553 | €174,595 | +€90,042 | +106.5% |
| Financial income | 75/76B | €1,991 | €20 | -€1,971 | -99.0% |
| Recurring financial income | 75 | €1,991 | €20 | -€1,971 | -99.0% |
| Financial charges | 65/66B | €6,042 | €4,834 | -€1,208 | -20.0% |
| Recurring financial charges | 65 | €6,042 | €4,834 | -€1,208 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €80,502 | €169,781 | +€89,279 | +110.9% |
| Income taxes | 67/77 | €26,638 | €70,163 | +€43,525 | +163.4% |
| Profit (loss) for the period | 9904 | €53,864 | €99,618 | +€45,754 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,864 | €99,618 | +€45,754 | +84.9% |
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.