FERWERDA: 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.
FERWERDA
Largest movements
- Tangible fixed assets +€485,866
up €485,866 (+44.4%), from €1.1m to €1.6m
of which Land and buildings: +€444,790
- Current investments -€296,834
down €296,834 (-12.4%), from €2.4m to €2.1m
- Receivables within one year +€98,948
up €98,948 (+135.0%), from €73,283 to €172,231
of which Other amounts receivable: +€49,757
- Debts after one year +€417,153
up €417,153 (+94.4%), from €442,053 to €859,206
- Tax, wage and social debts -€71,085
down €71,085 (-85.2%), from €83,475 to €12,390
of which Taxes: -€71,085
- Trade debts -€54,404
down €54,404 (-44.5%), from €122,363 to €67,959
- Depreciation +€69,028
up €69,028 (+55.5%), from €124,351 to €193,379
- Taxes -€43,082
down €43,082 (-73.5%), from €58,582 to €15,500
- Gross operating margin -€42,627
down €42,627 (-17.2%), from €248,465 to €205,839
- Financial income -€9,281
down €9,281 (-18.0%), from €51,688 to €42,407
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 | €3,725,702 | €4,018,938 | +€293,236 | +7.9% |
| Fixed assets | 21/28 | €1,095,393 | €1,581,259 | +€485,866 | +44.4% |
| Tangible fixed assets | 22/27 | €1,095,393 | €1,581,259 | +€485,866 | +44.4% |
| Land and buildings | 22 | €1,028,142 | €1,472,932 | +€444,790 | +43.3% |
| Plant, machinery and equipment | 23 | €53,250 | €59,070 | +€5,819 | +10.9% |
| Furniture and vehicles | 24 | €14,001 | €49,258 | +€35,257 | +251.8% |
| Current assets | 29/58 | €2,630,309 | €2,437,679 | -€192,630 | -7.3% |
| Amounts receivable within one year | 40/41 | €73,283 | €172,231 | +€98,948 | +135.0% |
| Trade receivables | 40 | €42,946 | €92,136 | +€49,190 | +114.5% |
| Other amounts receivable | 41 | €30,338 | €80,095 | +€49,757 | +164.0% |
| Current investments | 50/53 | €2,396,834 | €2,100,000 | -€296,834 | -12.4% |
| Cash at bank and in hand | 54/58 | €107,733 | €128,327 | +€20,595 | +19.1% |
| Deferred charges and accrued income | 490/1 | €52,460 | €37,121 | -€15,339 | -29.2% |
| Total equity and liabilities | 10/49 | €3,725,702 | €4,018,938 | +€293,236 | +7.9% |
| Equity | 10/15 | €2,845,198 | €2,857,394 | +€12,196 | +0.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €2,780,198 | €2,792,394 | +€12,196 | +0.4% |
| Non-distributable reserves | 130/1 | €24,138 | €24,138 | = | 0.0% |
| Legal reserve | 130 | €24,138 | €24,138 | = | 0.0% |
| Tax-exempt reserves | 132 | €187,426 | €166,161 | -€21,265 | -11.3% |
| Distributable reserves | 133 | €2,568,634 | €2,602,094 | +€33,460 | +1.3% |
| Provisions and deferred taxes | 16 | €104,479 | €97,391 | -€7,088 | -6.8% |
| Deferred taxes | 168 | €104,479 | €97,391 | -€7,088 | -6.8% |
| Amounts payable | 17/49 | €776,025 | €1,064,154 | +€288,128 | +37.1% |
| Amounts payable after more than one year | 17 | €442,053 | €859,206 | +€417,153 | +94.4% |
| Financial debts | 170/4 | €442,053 | €859,206 | +€417,153 | +94.4% |
| Amounts payable within one year | 42/48 | €333,972 | €204,948 | -€129,024 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €121,434 | €124,599 | +€3,165 | +2.6% |
| Trade debts | 44 | €122,363 | €67,959 | -€54,404 | -44.5% |
| Suppliers | 440/4 | €122,363 | €67,959 | -€54,404 | -44.5% |
| Taxes, remuneration and social security | 45 | €83,475 | €12,390 | -€71,085 | -85.2% |
| Taxes | 450/3 | €83,192 | €12,107 | -€71,085 | -85.4% |
| Remuneration and social security | 454/9 | €283 | €283 | = | 0.0% |
| Other amounts payable | 47/48 | €6,700 | - | -€6,700 | |
| Non-recurring operating income | 76A | €65,000 | - | -€65,000 | |
| Remuneration, social security and pensions | 62 | €1,698 | €1,087 | -€611 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,351 | €193,379 | +€69,028 | +55.5% |
| Other operating charges | 640/8 | €15,371 | €15,643 | +€272 | +1.8% |
| Gross operating margin | 9900 | €248,465 | €205,839 | -€42,627 | -17.2% |
| Operating profit (loss) | 9901 | €107,046 | -€4,271 | -€111,316 | |
| Financial income | 75/76B | €51,688 | €42,407 | -€9,281 | -18.0% |
| Recurring financial income | 75 | €51,688 | €42,407 | -€9,281 | -18.0% |
| Financial charges | 65/66B | €19,520 | €17,528 | -€1,992 | -10.2% |
| Recurring financial charges | 65 | €19,520 | €17,528 | -€1,992 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €139,214 | €20,608 | -€118,606 | -85.2% |
| Transfer from deferred taxes | 780 | €7,088 | €7,088 | = | 0.0% |
| Income taxes | 67/77 | €58,582 | €15,500 | -€43,082 | -73.5% |
| Profit (loss) for the period | 9904 | €87,720 | €12,196 | -€75,524 | -86.1% |
| Transfer from tax-exempt reserves | 789 | €21,265 | €21,265 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €108,985 | €33,460 | -€75,524 | -69.3% |
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.