FERRULEX: 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.
FERRULEX
Largest movements
- Tangible fixed assets -€29,983
down €29,983 (-14.6%), from €204,909 to €174,926
of which Land and buildings: -€22,135
- Cash -€8,019
down €8,019 (-4.5%), from €179,617 to €171,599
mainly Trade debts (-€31,250) and Debts after one year (-€27,538)
- Receivables within one year -€6,171
down €6,171 (-17.5%), from €35,234 to €29,063
of which Trade receivables: -€22,703
- Trade debts -€31,250
down €31,250 (-48.7%), from €64,211 to €32,961
- Debts after one year -€27,538
down €27,538 (-11.4%), from €242,500 to €214,963
- Profit (loss) carried forward +€15,840
no longer reported in 2025 (was -€15,840)
- Reserves +€8,201
up €8,201 (+11.0%), from €74,461 to €82,662
- Tax, wage and social debts -€5,381
no longer reported in 2025 (was €5,381)
- Gross operating margin +€67,110
up €67,110 (+1746.7%), from €3,842 to €70,951
- Financial charges -€1,803
down €1,803 (-12.6%), from €14,306 to €12,503
- Financial income -€834
down €834 (-38.8%), from €2,151 to €1,317
- Taxes +€804
up €804 (+319.3%), from €252 to €1,056
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 | €426,678 | €381,556 | -€45,121 | -10.6% |
| Fixed assets | 21/28 | €205,131 | €175,148 | -€29,983 | -14.6% |
| Tangible fixed assets | 22/27 | €204,909 | €174,926 | -€29,983 | -14.6% |
| Land and buildings | 22 | €177,080 | €154,945 | -€22,135 | -12.5% |
| Plant, machinery and equipment | 23 | €11,639 | €9,530 | -€2,110 | -18.1% |
| Furniture and vehicles | 24 | €4,899 | - | -€4,899 | |
| Other tangible fixed assets | 26 | €11,291 | €10,451 | -€840 | -7.4% |
| Financial fixed assets | 28 | €223 | €223 | = | 0.0% |
| Current assets | 29/58 | €221,546 | €206,408 | -€15,138 | -6.8% |
| Amounts receivable within one year | 40/41 | €35,234 | €29,063 | -€6,171 | -17.5% |
| Trade receivables | 40 | €34,841 | €12,138 | -€22,703 | -65.2% |
| Other amounts receivable | 41 | €393 | €16,925 | +€16,532 | +4204.6% |
| Cash at bank and in hand | 54/58 | €179,617 | €171,599 | -€8,019 | -4.5% |
| Deferred charges and accrued income | 490/1 | €6,694 | €5,746 | -€948 | -14.2% |
| Total equity and liabilities | 10/49 | €426,678 | €381,556 | -€45,121 | -10.6% |
| Equity | 10/15 | €78,221 | €102,262 | +€24,041 | +30.7% |
| Contributions | 10/11 | €19,600 | €19,600 | = | 0.0% |
| Reserves | 13 | €74,461 | €82,662 | +€8,201 | +11.0% |
| Distributable reserves | 133 | €74,461 | €82,662 | +€8,201 | +11.0% |
| Profit (loss) carried forward | 14 | -€15,840 | - | +€15,840 | |
| Amounts payable | 17/49 | €348,456 | €279,294 | -€69,162 | -19.8% |
| Amounts payable after more than one year | 17 | €242,500 | €214,963 | -€27,538 | -11.4% |
| Financial debts | 170/4 | €242,500 | €214,963 | -€27,538 | -11.4% |
| Amounts payable within one year | 42/48 | €102,956 | €61,331 | -€41,625 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €28,363 | €27,538 | -€826 | -2.9% |
| Trade debts | 44 | €64,211 | €32,961 | -€31,250 | -48.7% |
| Suppliers | 440/4 | €64,211 | €32,961 | -€31,250 | -48.7% |
| Taxes, remuneration and social security | 45 | €5,381 | - | -€5,381 | |
| Taxes | 450/3 | €5,381 | - | -€5,381 | |
| Other amounts payable | 47/48 | €5,000 | €833 | -€4,167 | -83.3% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,156 | €29,983 | -€172 | -0.6% |
| Other operating charges | 640/8 | €3,779 | €3,852 | +€72 | +1.9% |
| Gross operating margin | 9900 | €3,842 | €70,951 | +€67,110 | +1746.7% |
| Operating profit (loss) | 9901 | -€30,093 | €37,117 | +€67,209 | |
| Financial income | 75/76B | €2,151 | €1,317 | -€834 | -38.8% |
| Recurring financial income | 75 | €2,151 | €1,317 | -€834 | -38.8% |
| Financial charges | 65/66B | €14,306 | €12,503 | -€1,803 | -12.6% |
| Recurring financial charges | 65 | €14,306 | €12,503 | -€1,803 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | -€42,248 | €25,930 | +€68,178 | |
| Income taxes | 67/77 | €252 | €1,056 | +€804 | +319.3% |
| Profit (loss) for the period | 9904 | -€42,500 | €24,874 | +€67,374 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,500 | €24,874 | +€67,374 |
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 1 October 2026 via checked.be.