Ferudath: 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.
Ferudath
Largest movements
- Stocks and contracts +€9,945
up €9,945 (+17.7%), from €56,179 to €66,124
- Receivables within one year +€5,807
up €5,807 (+95.2%), from €6,097 to €11,903
of which Trade receivables: +€5,259
- Tangible fixed assets -€3,048
down €3,048 (-44.2%), from €6,902 to €3,855
of which Plant, machinery and equipment: -€2,401
- Reserves +€22,104
new in 2025: €22,104
- Debts after one year -€12,461
down €12,461 (-19.2%), from €64,995 to €52,534
of which Financial debts: -€12,461
- Short-term financial debts +€4,615
new in 2025: €4,615
- Other debts -€2,369
down €2,369 (-18.3%), from €12,937 to €10,568
- Profit (loss) carried forward -€1,722
down €1,722 (-100%), from €1,722 to €0
- Taxes +€6,952
up €6,952 (+323%), from €2,155 to €9,108
- Depreciation -€5,461
down €5,461 (-50.7%), from €10,770 to €5,308
- Gross operating margin +€4,502
up €4,502 (+13.4%), from €33,566 to €38,068
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,598 | €104,815 | +€11,218 | +12.0% |
| Fixed assets | 21/28 | €12,010 | €7,962 | -€4,048 | -33.7% |
| Intangible fixed assets | 21 | €2,258 | €1,258 | -€1,000 | -44.3% |
| Tangible fixed assets | 22/27 | €6,902 | €3,855 | -€3,048 | -44.2% |
| Plant, machinery and equipment | 23 | €3,979 | €1,579 | -€2,401 | -60.3% |
| Furniture and vehicles | 24 | €1,957 | €1,676 | -€281 | -14.4% |
| Other tangible fixed assets | 26 | €967 | €600 | -€366 | -37.9% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €81,588 | €96,853 | +€15,266 | +18.7% |
| Stocks and contracts in progress | 3 | €56,179 | €66,124 | +€9,945 | +17.7% |
| Stocks | 30/36 | €56,179 | €66,124 | +€9,945 | +17.7% |
| Amounts receivable within one year | 40/41 | €6,097 | €11,903 | +€5,807 | +95.2% |
| Trade receivables | 40 | €5,752 | €11,011 | +€5,259 | +91.4% |
| Other amounts receivable | 41 | €345 | €892 | +€548 | +159% |
| Cash at bank and in hand | 54/58 | €17,922 | €18,380 | +€458 | +2.6% |
| Deferred charges and accrued income | 490/1 | €1,391 | €446 | -€945 | -67.9% |
| Total equity and liabilities | 10/49 | €93,598 | €104,815 | +€11,218 | +12.0% |
| Equity | 10/15 | €1,772 | €22,154 | +€20,383 | +1,151% |
| Contributions | 10/11 | €50 | €50 | = | 0.0% |
| Reserves | 13 | - | €22,104 | +€22,104 | |
| Distributable reserves | 133 | - | €22,104 | +€22,104 | |
| Profit (loss) carried forward | 14 | €1,722 | €0 | -€1,722 | -100% |
| Amounts payable | 17/49 | €91,826 | €82,661 | -€9,165 | -10.0% |
| Amounts payable after more than one year | 17 | €64,995 | €52,534 | -€12,461 | -19.2% |
| Financial debts | 170/4 | €57,245 | €44,784 | -€12,461 | -21.8% |
| Other amounts payable | 178/9 | €7,750 | €7,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,831 | €30,127 | +€3,296 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €4,410 | €4,461 | +€51 | +1.2% |
| Financial debts | 43 | - | €4,615 | +€4,615 | |
| Credit institutions | 430/8 | - | €4,615 | +€4,615 | |
| Trade debts | 44 | €2,296 | €2,589 | +€293 | +12.7% |
| Suppliers | 440/4 | €2,296 | €2,589 | +€293 | +12.7% |
| Taxes, remuneration and social security | 45 | €7,188 | €7,894 | +€707 | +9.8% |
| Taxes | 450/3 | €7,188 | €7,894 | +€707 | +9.8% |
| Other amounts payable | 47/48 | €12,937 | €10,568 | -€2,369 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,770 | €5,308 | -€5,461 | -50.7% |
| Other operating charges | 640/8 | €1,041 | €944 | -€97 | -9.3% |
| Non-recurring operating charges | 66A | €234 | €113 | -€121 | -51.7% |
| Gross operating margin | 9900 | €33,566 | €38,068 | +€4,502 | +13.4% |
| Operating profit (loss) | 9901 | €21,521 | €31,702 | +€10,181 | +47.3% |
| Financial income | 75/76B | €553 | €440 | -€112 | -20.3% |
| Recurring financial income | 75 | €553 | €440 | -€112 | -20.3% |
| Financial charges | 65/66B | €925 | €898 | -€26 | -2.9% |
| Recurring financial charges | 65 | €925 | €898 | -€26 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €21,149 | €31,244 | +€10,095 | +47.7% |
| Income taxes | 67/77 | €2,155 | €9,108 | +€6,952 | +323% |
| Profit (loss) for the period | 9904 | €18,994 | €22,137 | +€3,143 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,994 | €22,137 | +€3,143 | +16.5% |
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 25 October 2026 via checked.be.