Ferromex Belgium: what changed
Ferromex Belgium
Largest movements
- Receivables after one year +€4.8m
up €4.8m (+167%), from €2.9m to €7.7m
- Financial fixed assets -€707,960
down €707,960 (-100%), from €707,960 to €0
- Current investments -€359,212
down €359,212 (-4.5%), from €8.0m to €7.6m
- Cash -€289,279
down €289,279 (-38.1%), from €758,996 to €469,718
mainly Receivables after one year (-€4.8m) and Contributions, distributions and other (-€1.2m)
- Deferred charges and accrued income -€172,898
down €172,898 (-53.4%), from €323,662 to €150,764
- Reserves +€2.1m
up €2.1m (+16.0%), from €13.1m to €15.2m
of which Distributable reserves: +€1.1m
- Other debts +€510,323
up €510,323 (+269%), from €189,890 to €700,213
- Tax, wage and social debts +€479,350
up €479,350 (+389%), from €123,370 to €602,720
- Financial income +€3.0m
up €3.0m (+172%), from €1.8m to €4.8m
- Taxes +€982,412
up €982,412 (+250%), from €393,118 to €1.4m
- Financial charges +€15,770
up €15,770 (+24.9%), from €63,417 to €79,187
of which Financial charges: +€15,770
- Gross operating margin -€6,492
down €6,492 (-41.6%), from -€15,592 to -€22,084
- Depreciation +€6,410
up €6,410 (+12.9%), from €49,536 to €55,946
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,565,608 | €16,653,529 | +€3.1m | +22.8% |
| Fixed assets | 21/28 | €1,445,585 | €684,189 | -€761,396 | -52.7% |
| Tangible fixed assets | 22/27 | €737,624 | €684,189 | -€53,435 | -7.2% |
| Land and buildings | 22 | €645,532 | €612,144 | -€33,389 | -5.2% |
| Plant, machinery and equipment | 23 | €7,690 | €5,836 | -€1,854 | -24.1% |
| Furniture and vehicles | 24 | €84,402 | €66,209 | -€18,193 | -21.6% |
| Financial fixed assets | 28 | €707,960 | €0 | -€707,960 | -100% |
| Current assets | 29/58 | €12,120,024 | €15,969,340 | +€3.8m | +31.8% |
| Amounts receivable after more than one year | 29 | €2,870,745 | €7,670,907 | +€4.8m | +167% |
| Other amounts receivable | 291 | €2,870,745 | €7,670,907 | +€4.8m | +167% |
| Amounts receivable within one year | 40/41 | €178,413 | €48,956 | -€129,457 | -72.6% |
| Trade receivables | 40 | €800 | €800 | = | 0.0% |
| Other amounts receivable | 41 | €177,613 | €48,156 | -€129,457 | -72.9% |
| Current investments | 50/53 | €7,988,207 | €7,628,996 | -€359,212 | -4.5% |
| Cash at bank and in hand | 54/58 | €758,996 | €469,718 | -€289,279 | -38.1% |
| Deferred charges and accrued income | 490/1 | €323,662 | €150,764 | -€172,898 | -53.4% |
| Total equity and liabilities | 10/49 | €13,565,608 | €16,653,529 | +€3.1m | +22.8% |
| Equity | 10/15 | €13,235,500 | €15,335,936 | +€2.1m | +15.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €13,135,500 | €15,235,936 | +€2.1m | +16.0% |
| Tax-exempt reserves | 132 | - | €997,770 | +€997,770 | |
| Distributable reserves | 133 | €13,135,500 | €14,238,166 | +€1.1m | +8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €330,109 | €1,317,593 | +€987,484 | +299% |
| Amounts payable within one year | 42/48 | €315,531 | €1,304,000 | +€988,469 | +313% |
| Financial debts | 43 | €20 | €20 | = | 0.0% |
| Credit institutions | 430/8 | €20 | €20 | = | 0.0% |
| Trade debts | 44 | €2,252 | €1,047 | -€1,204 | -53.5% |
| Suppliers | 440/4 | €2,252 | €1,047 | -€1,204 | -53.5% |
| Taxes, remuneration and social security | 45 | €123,370 | €602,720 | +€479,350 | +389% |
| Taxes | 450/3 | €123,370 | €602,720 | +€479,350 | +389% |
| Other amounts payable | 47/48 | €189,890 | €700,213 | +€510,323 | +269% |
| Accrued charges and deferred income | 492/3 | €14,577 | €13,593 | -€984 | -6.8% |
| Non-recurring operating income | 76A | €16,000 | €0 | -€16,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,536 | €55,946 | +€6,410 | +12.9% |
| Other operating charges | 640/8 | €4,595 | €4,429 | -€166 | -3.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€15,592 | -€22,084 | -€6,492 | -41.6% |
| Operating profit (loss) | 9901 | -€69,723 | -€82,459 | -€12,736 | -18.3% |
| Financial income | 75/76B | €1,759,955 | €4,795,507 | +€3.0m | +172% |
| Recurring financial income | 75 | €1,759,955 | €4,795,507 | +€3.0m | +172% |
| Financial charges | 65/66B | €63,417 | €79,187 | +€15,770 | +24.9% |
| Recurring financial charges | 65 | €63,417 | €79,187 | +€15,770 | +24.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,626,815 | €4,633,861 | +€3.0m | +185% |
| Income taxes | 67/77 | €393,118 | €1,375,530 | +€982,412 | +250% |
| Profit (loss) for the period | 9904 | €1,233,698 | €3,258,331 | +€2.0m | +164% |
| Transfer to tax-exempt reserves | 689 | - | €997,770 | +€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,233,698 | €2,260,561 | +€1.0m | +83.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.