FERUTIL: 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.
FERUTIL
Largest movements
- Receivables within one year -€145,546
down €145,546 (-28.4%), from €512,768 to €367,223
of which Trade receivables: -€150,843
- Tangible fixed assets -€64,657
down €64,657 (-10.3%), from €628,028 to €563,372
of which Plant, machinery and equipment: -€38,468
- Stocks and contracts +€61,621
up €61,621 (+7.3%), from €843,585 to €905,205
- Cash -€61,300
down €61,300 (-12.1%), from €507,258 to €445,958
mainly Trade debts (-€201,635) and Contributions, distributions and other (-€176,409)
- Trade debts -€201,635
down €201,635 (-58.0%), from €347,402 to €145,767
- Other debts +€159,790
up €159,790 (+76090.5%), from €210 to €160,000
- Profit (loss) carried forward -€146,471
down €146,471 (-9.6%), from €1.5m to €1.4m
- Debts after one year -€25,974
down €25,974 (-34.3%), from €75,828 to €49,855
- Gross operating margin -€137,634
down €137,634 (-18.3%), from €754,134 to €616,501
- Staff costs -€76,268
down €76,268 (-12.7%), from €600,244 to €523,976
- Write-downs -€38,790
down €38,790, from €8,982 to -€29,808
- Financial income +€12,357
up €12,357 (+109.1%), from €11,330 to €23,687
- Depreciation +€7,604
up €7,604 (+10.6%), from €71,936 to €79,540
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 | €2,491,639 | €2,281,757 | -€209,882 | -8.4% |
| Fixed assets | 21/28 | €628,028 | €563,372 | -€64,657 | -10.3% |
| Tangible fixed assets | 22/27 | €628,028 | €563,372 | -€64,657 | -10.3% |
| Land and buildings | 22 | €409,419 | €387,484 | -€21,935 | -5.4% |
| Plant, machinery and equipment | 23 | €200,552 | €162,084 | -€38,468 | -19.2% |
| Furniture and vehicles | 24 | €18,057 | €13,804 | -€4,254 | -23.6% |
| Current assets | 29/58 | €1,863,611 | €1,718,386 | -€145,225 | -7.8% |
| Stocks and contracts in progress | 3 | €843,585 | €905,205 | +€61,621 | +7.3% |
| Stocks | 30/36 | €843,585 | €905,205 | +€61,621 | +7.3% |
| Amounts receivable within one year | 40/41 | €512,768 | €367,223 | -€145,546 | -28.4% |
| Trade receivables | 40 | €354,006 | €203,164 | -€150,843 | -42.6% |
| Other amounts receivable | 41 | €158,762 | €164,059 | +€5,297 | +3.3% |
| Cash at bank and in hand | 54/58 | €507,258 | €445,958 | -€61,300 | -12.1% |
| Total equity and liabilities | 10/49 | €2,491,639 | €2,281,757 | -€209,882 | -8.4% |
| Equity | 10/15 | €1,845,514 | €1,699,042 | -€146,471 | -7.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,521,228 | €1,374,757 | -€146,471 | -9.6% |
| Investment grants | 15 | €49,285 | €49,285 | = | 0.0% |
| Provisions and deferred taxes | 16 | €111,678 | €111,678 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €86,300 | €86,300 | = | 0.0% |
| Environmental obligations | 163 | €86,300 | €86,300 | = | 0.0% |
| Deferred taxes | 168 | €25,378 | €25,378 | = | 0.0% |
| Amounts payable | 17/49 | €534,448 | €471,037 | -€63,411 | -11.9% |
| Amounts payable after more than one year | 17 | €75,828 | €49,855 | -€25,974 | -34.3% |
| Financial debts | 170/4 | €75,828 | €49,855 | -€25,974 | -34.3% |
| Amounts payable within one year | 42/48 | €458,619 | €421,182 | -€37,437 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €27,542 | €25,974 | -€1,568 | -5.7% |
| Trade debts | 44 | €347,402 | €145,767 | -€201,635 | -58.0% |
| Suppliers | 440/4 | €347,402 | €145,767 | -€201,635 | -58.0% |
| Advances received on contracts in progress | 46 | €89 | - | -€89 | |
| Taxes, remuneration and social security | 45 | €83,377 | €89,442 | +€6,064 | +7.3% |
| Taxes | 450/3 | €25,714 | €41,629 | +€15,916 | +61.9% |
| Remuneration and social security | 454/9 | €57,664 | €47,812 | -€9,852 | -17.1% |
| Other amounts payable | 47/48 | €210 | €160,000 | +€159,790 | +76090.5% |
| Remuneration, social security and pensions | 62 | €600,244 | €523,976 | -€76,268 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,936 | €79,540 | +€7,604 | +10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,982 | -€29,808 | -€38,790 | |
| Other operating charges | 640/8 | €23,818 | €25,658 | +€1,839 | +7.7% |
| Non-recurring operating charges | 66A | €150 | €90 | -€60 | -40.0% |
| Gross operating margin | 9900 | €754,134 | €616,501 | -€137,634 | -18.3% |
| Operating profit (loss) | 9901 | €49,004 | €17,045 | -€31,959 | -65.2% |
| Financial income | 75/76B | €11,330 | €23,687 | +€12,357 | +109.1% |
| Recurring financial income | 75 | €11,330 | €23,687 | +€12,357 | +109.1% |
| Financial charges | 65/66B | €10,220 | €10,513 | +€293 | +2.9% |
| Recurring financial charges | 65 | €10,220 | €10,513 | +€293 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €50,114 | €30,220 | -€19,894 | -39.7% |
| Income taxes | 67/77 | €183 | €282 | +€98 | +53.7% |
| Profit (loss) for the period | 9904 | €49,930 | €29,938 | -€19,993 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,930 | €29,938 | -€19,993 | -40.0% |
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 2 October 2026 via checked.be.