Ferro: 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.
What changed
Ferro
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,134
2024 · €432,524-€409,391
Equity
€5.2m
2024 · €5.2m+€23,134
Cash
€1.4m
2024 · €971,720+€378,862
Balance sheet total
€8.0m
2024 · €7.7m+€231,607
Largest movements
Assets
- Cash +€378,862
up €378,862 (+39.0%), from €971,720 to €1.4m
mainly Debts after one year (+€150,000) and Deferred charges and accrued income (+€148,272)
- Deferred charges and accrued income -€148,272
down €148,272 (-67.4%), from €220,105 to €71,833
Equity and liabilities
- Debts after one year +€150,000
up €150,000 (+100%), from €150,000 to €300,000
Income statement
- Gross operating margin -€253,020
down €253,020 (-57.7%), from €438,474 to €185,454
- Financial income -€207,632
down €207,632 (-74.3%), from €279,466 to €71,834
- Financial charges -€37,470
down €37,470 (-21.7%), from €172,308 to €134,838
- Taxes -€25,597
down €25,597 (-74.8%), from €34,230 to €8,633
- Staff costs +€8,832
up €8,832, from -€8,832 to €0
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.
Result 2024
€432,524
Gross operating margin
-€253,020
Staff costs
-€8,832
Depreciation
-€2,872
Other operating charges
-€101
Financial income
-€207,632
Financial charges
+€37,470
Taxes
+€25,597
Result 2025
€23,134
raises the resultlowers the result
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.
From operations
+€260,155
Investment
-€31,293
Financing
+€150,000
Cash 2024
€971,720
From operations (derived)
+€260,155
Net result for the year
+€23,134
Depreciation
+€87,469
Receivables after one year
-€17,000
Receivables within one year
-€40,194
Deferred charges and accrued income
+€148,272
Trade debts
+€5,232
Tax, wage and social debts
-€22,239
Other debts
+€32,001
Accrued charges and deferred income
+€43,479
Investment (derived)
-€31,293
Investment in fixed assets (net)
-€31,293
Financing
+€150,000
Debts after one year
+€150,000
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,746,994 | €7,978,601 | +€231,607 | +3.0% |
| Fixed assets | 21/28 | €6,488,637 | €6,432,460 | -€56,177 | -0.9% |
| Intangible fixed assets | 21 | €79,890 | €59,890 | -€20,000 | -25.0% |
| Tangible fixed assets | 22/27 | €274,590 | €238,413 | -€36,177 | -13.2% |
| Plant, machinery and equipment | 23 | €196,929 | €163,980 | -€32,950 | -16.7% |
| Furniture and vehicles | 24 | €77,660 | €74,433 | -€3,227 | -4.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €6,134,157 | €6,134,157 | = | 0.0% |
| Current assets | 29/58 | €1,258,357 | €1,546,141 | +€287,784 | +22.9% |
| Amounts receivable after more than one year | 29 | - | €17,000 | +€17,000 | |
| Other amounts receivable | 291 | - | €17,000 | +€17,000 | |
| Amounts receivable within one year | 40/41 | €66,532 | €106,726 | +€40,194 | +60.4% |
| Trade receivables | 40 | €66,425 | €69,575 | +€3,150 | +4.7% |
| Other amounts receivable | 41 | €107 | €37,151 | +€37,044 | +34,543% |
| Cash at bank and in hand | 54/58 | €971,720 | €1,350,582 | +€378,862 | +39.0% |
| Deferred charges and accrued income | 490/1 | €220,105 | €71,833 | -€148,272 | -67.4% |
| Total equity and liabilities | 10/49 | €7,746,994 | €7,978,601 | +€231,607 | +3.0% |
| Equity | 10/15 | €5,192,805 | €5,215,939 | +€23,134 | +0.4% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €4,937,805 | €4,960,939 | +€23,134 | +0.5% |
| Distributable reserves | 133 | €4,937,805 | €4,960,939 | +€23,134 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,554,189 | €2,762,662 | +€208,474 | +8.2% |
| Amounts payable after more than one year | 17 | €150,000 | €300,000 | +€150,000 | +100% |
| Financial debts | 170/4 | €150,000 | €300,000 | +€150,000 | +100% |
| Amounts payable within one year | 42/48 | €2,332,500 | €2,347,494 | +€14,995 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €9,928 | €15,161 | +€5,232 | +52.7% |
| Suppliers | 440/4 | €9,928 | €15,161 | +€5,232 | +52.7% |
| Taxes, remuneration and social security | 45 | €26,479 | €4,240 | -€22,239 | -84.0% |
| Taxes | 450/3 | €26,479 | €4,240 | -€22,239 | -84.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,296,093 | €2,328,094 | +€32,001 | +1.4% |
| Accrued charges and deferred income | 492/3 | €71,689 | €115,168 | +€43,479 | +60.6% |
| Remuneration, social security and pensions | 62 | -€8,832 | €0 | +€8,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,598 | €87,469 | +€2,872 | +3.4% |
| Other operating charges | 640/8 | €3,112 | €3,213 | +€101 | +3.2% |
| Gross operating margin | 9900 | €438,474 | €185,454 | -€253,020 | -57.7% |
| Operating profit (loss) | 9901 | €359,596 | €94,771 | -€264,825 | -73.6% |
| Financial income | 75/76B | €279,466 | €71,834 | -€207,632 | -74.3% |
| Recurring financial income | 75 | €279,466 | €71,834 | -€207,632 | -74.3% |
| Financial charges | 65/66B | €172,308 | €134,838 | -€37,470 | -21.7% |
| Recurring financial charges | 65 | €172,308 | €134,838 | -€37,470 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €466,754 | €31,767 | -€434,987 | -93.2% |
| Income taxes | 67/77 | €34,230 | €8,633 | -€25,597 | -74.8% |
| Profit (loss) for the period | 9904 | €432,524 | €23,134 | -€409,391 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €432,524 | €23,134 | -€409,391 | -94.7% |
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 20 October 2026 via checked.be.