FERROMAN: 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.
FERROMAN
Largest movements
- Receivables within one year +€15,567
up €15,567 (+362.2%), from €4,298 to €19,864
of which Trade receivables: +€15,643
- Cash -€14,290
down €14,290 (-45.6%), from €31,322 to €17,033
mainly Receivables within one year (-€15,567) and Investment in fixed assets (net) (-€12,375)
- Trade debts +€12,086
up €12,086 (+589.5%), from €2,050 to €14,136
- Other debts -€9,473
down €9,473 (-76.8%), from €12,329 to €2,856
- Debts after one year -€3,996
down €3,996 (-26.7%), from €14,989 to €10,993
- Reserves +€2,949
up €2,949 (+6.7%), from €44,127 to €47,075
of which Distributable reserves: +€2,949
- Gross operating margin -€9,221
down €9,221 (-29.3%), from €31,486 to €22,265
- Taxes -€2,449
down €2,449 (-69.5%), from €3,522 to €1,074
- Depreciation -€2,021
down €2,021 (-14.0%), from €14,435 to €12,415
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 | €115,472 | €116,758 | +€1,286 | +1.1% |
| Fixed assets | 21/28 | €77,233 | €77,193 | -€40 | -0.1% |
| Tangible fixed assets | 22/27 | €77,233 | €77,193 | -€40 | -0.1% |
| Land and buildings | 22 | €73,196 | €74,201 | +€1,006 | +1.4% |
| Plant, machinery and equipment | 23 | €1,468 | €1,305 | -€163 | -11.1% |
| Furniture and vehicles | 24 | €2,569 | €1,686 | -€883 | -34.4% |
| Current assets | 29/58 | €38,239 | €39,565 | +€1,326 | +3.5% |
| Amounts receivable within one year | 40/41 | €4,298 | €19,864 | +€15,567 | +362.2% |
| Trade receivables | 40 | - | €15,643 | +€15,643 | |
| Other amounts receivable | 41 | €4,298 | €4,221 | -€77 | -1.8% |
| Cash at bank and in hand | 54/58 | €31,322 | €17,033 | -€14,290 | -45.6% |
| Deferred charges and accrued income | 490/1 | €2,619 | €2,668 | +€49 | +1.9% |
| Total equity and liabilities | 10/49 | €115,472 | €116,758 | +€1,286 | +1.1% |
| Equity | 10/15 | €80,474 | €83,423 | +€2,949 | +3.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €44,127 | €47,075 | +€2,949 | +6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €44,127 | €47,075 | +€2,949 | +6.7% |
| Profit (loss) carried forward | 14 | €17,756 | €17,756 | = | 0.0% |
| Amounts payable | 17/49 | €34,998 | €33,335 | -€1,663 | -4.8% |
| Amounts payable after more than one year | 17 | €14,989 | €10,993 | -€3,996 | -26.7% |
| Financial debts | 170/4 | €14,989 | €10,993 | -€3,996 | -26.7% |
| Amounts payable within one year | 42/48 | €19,151 | €21,331 | +€2,180 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €3,928 | €3,996 | +€67 | +1.7% |
| Trade debts | 44 | €2,050 | €14,136 | +€12,086 | +589.5% |
| Suppliers | 440/4 | €2,050 | €14,136 | +€12,086 | +589.5% |
| Taxes, remuneration and social security | 45 | €843 | €343 | -€500 | -59.3% |
| Taxes | 450/3 | €843 | €343 | -€500 | -59.3% |
| Other amounts payable | 47/48 | €12,329 | €2,856 | -€9,473 | -76.8% |
| Accrued charges and deferred income | 492/3 | €859 | €1,011 | +€153 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,435 | €12,415 | -€2,021 | -14.0% |
| Other operating charges | 640/8 | €4,960 | €5,086 | +€126 | +2.5% |
| Gross operating margin | 9900 | €31,486 | €22,265 | -€9,221 | -29.3% |
| Operating profit (loss) | 9901 | €12,091 | €4,765 | -€7,326 | -60.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €624 | €742 | +€118 | +18.9% |
| Recurring financial charges | 65 | €624 | €742 | +€118 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €11,466 | €4,022 | -€7,444 | -64.9% |
| Income taxes | 67/77 | €3,522 | €1,074 | -€2,449 | -69.5% |
| Profit (loss) for the period | 9904 | €7,944 | €2,949 | -€4,995 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,944 | €2,949 | -€4,995 | -62.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.