FERRARIUS: 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.
FERRARIUS
Largest movements
- Receivables within one year +€34,113
up €34,113 (+128.1%), from €26,635 to €60,748
of which Trade receivables: +€23,372
- Cash -€14,555
down €14,555 (-59.0%), from €24,691 to €10,136
mainly Debts after one year (-€220,000) and Receivables within one year (-€34,113)
- Other debts +€251,377
up €251,377 (+284.1%), from €88,478 to €339,855
- Debts after one year -€220,000
down €220,000 (-71.0%), from €310,000 to €90,000
of which Other amounts payable: -€200,000
- Tax, wage and social debts -€22,334
down €22,334 (-77.4%), from €28,873 to €6,540
- Short-term financial debts +€12,500
new in 2025: €12,500
- Reserves -€8,794
down €8,794 (-4.0%), from €217,334 to €208,539
- Gross operating margin -€38,922
down €38,922 (-44.4%), from €87,639 to €48,716
- Taxes -€24,398
down €24,398 (-86.2%), from €28,300 to €3,903
- Depreciation +€17,600
up €17,600 (+210.5%), from €8,363 to €25,963
- Financial charges +€1,654
up €1,654 (+7.5%), from €21,914 to €23,568
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 | €855,443 | €876,584 | +€21,141 | +2.5% |
| Fixed assets | 21/28 | €786,937 | €791,647 | +€4,711 | +0.6% |
| Tangible fixed assets | 22/27 | €34,321 | €39,031 | +€4,711 | +13.7% |
| Plant, machinery and equipment | 23 | €4,477 | €3,081 | -€1,395 | -31.2% |
| Furniture and vehicles | 24 | €29,844 | €35,950 | +€6,106 | +20.5% |
| Financial fixed assets | 28 | €752,616 | €752,616 | = | 0.0% |
| Current assets | 29/58 | €68,507 | €84,937 | +€16,430 | +24.0% |
| Stocks and contracts in progress | 3 | €982 | €1,209 | +€227 | +23.1% |
| Stocks | 30/36 | €982 | €1,209 | +€227 | +23.1% |
| Amounts receivable within one year | 40/41 | €26,635 | €60,748 | +€34,113 | +128.1% |
| Trade receivables | 40 | €26,229 | €49,602 | +€23,372 | +89.1% |
| Other amounts receivable | 41 | €406 | €11,147 | +€10,740 | +2645.0% |
| Cash at bank and in hand | 54/58 | €24,691 | €10,136 | -€14,555 | -59.0% |
| Deferred charges and accrued income | 490/1 | €16,198 | €12,845 | -€3,354 | -20.7% |
| Total equity and liabilities | 10/49 | €855,443 | €876,584 | +€21,141 | +2.5% |
| Equity | 10/15 | €385,934 | €377,139 | -€8,794 | -2.3% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €217,334 | €208,539 | -€8,794 | -4.0% |
| Distributable reserves | 133 | €217,334 | €208,539 | -€8,794 | -4.0% |
| Amounts payable | 17/49 | €469,509 | €499,445 | +€29,935 | +6.4% |
| Amounts payable after more than one year | 17 | €310,000 | €90,000 | -€220,000 | -71.0% |
| Financial debts | 170/4 | €110,000 | €90,000 | -€20,000 | -18.2% |
| Other amounts payable | 178/9 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €143,293 | €386,937 | +€243,643 | +170.0% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 43 | - | €12,500 | +€12,500 | |
| Credit institutions | 430/8 | - | €12,500 | +€12,500 | |
| Trade debts | 44 | €5,942 | €8,042 | +€2,100 | +35.3% |
| Suppliers | 440/4 | €5,942 | €8,042 | +€2,100 | +35.3% |
| Taxes, remuneration and social security | 45 | €28,873 | €6,540 | -€22,334 | -77.4% |
| Taxes | 450/3 | €28,873 | €6,540 | -€22,334 | -77.4% |
| Other amounts payable | 47/48 | €88,478 | €339,855 | +€251,377 | +284.1% |
| Accrued charges and deferred income | 492/3 | €16,216 | €22,508 | +€6,292 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,363 | €25,963 | +€17,600 | +210.5% |
| Other operating charges | 640/8 | €2,825 | €2,976 | +€151 | +5.3% |
| Gross operating margin | 9900 | €87,639 | €48,716 | -€38,922 | -44.4% |
| Operating profit (loss) | 9901 | €76,450 | €19,777 | -€56,673 | -74.1% |
| Financial income | 75/76B | - | €565 | +€565 | |
| Recurring financial income | 75 | - | €565 | +€565 | |
| Financial charges | 65/66B | €21,914 | €23,568 | +€1,654 | +7.5% |
| Recurring financial charges | 65 | €21,914 | €23,568 | +€1,654 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €54,537 | -€3,226 | -€57,763 | |
| Income taxes | 67/77 | €28,300 | €3,903 | -€24,398 | -86.2% |
| Profit (loss) for the period | 9904 | €26,236 | -€7,128 | -€33,365 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,236 | -€7,128 | -€33,365 |
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 7 October 2026 via checked.be.