FES: 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.
FES
Largest movements
- Deferred charges and accrued income +€30,000
up €30,000 (+80.0%), from €37,500 to €67,500
- Cash +€10,201
up €10,201 (+10.0%), from €101,516 to €111,717
mainly Net result for the year (+€17,459) and Other debts (+€11,171)
- Reserves +€17,459
up €17,459 (+12.9%), from €134,865 to €152,324
- Other debts +€11,171
up €11,171 (+24.3%), from €45,973 to €57,144
- Tax, wage and social debts +€10,006
up €10,006 (+573%), from €1,745 to €11,751
- Gross operating margin +€32,270
up €32,270 (+477%), from €6,760 to €39,030
- Taxes +€9,726
up €9,726 (+1,075%), from €904 to €10,630
- Depreciation +€962
up €962 (+21.5%), from €4,464 to €5,426
- Financial charges +€939
up €939 (+31.4%), from €2,989 to €3,928
- Other operating charges +€756
up €756 (+91.1%), from €831 to €1,587
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 | €199,136 | €238,434 | +€39,298 | +19.7% |
| Fixed assets | 21/28 | €12,537 | €12,720 | +€183 | +1.5% |
| Tangible fixed assets | 22/27 | €10,737 | €10,920 | +€183 | +1.7% |
| Plant, machinery and equipment | 23 | €1,980 | €5,555 | +€3,575 | +181% |
| Furniture and vehicles | 24 | €8,757 | €5,365 | -€3,391 | -38.7% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €186,600 | €225,714 | +€39,115 | +21.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,584 | €6,497 | -€1,086 | -14.3% |
| Trade receivables | 40 | €5,501 | €4,292 | -€1,209 | -22.0% |
| Other amounts receivable | 41 | €2,082 | €2,205 | +€123 | +5.9% |
| Cash at bank and in hand | 54/58 | €101,516 | €111,717 | +€10,201 | +10.0% |
| Deferred charges and accrued income | 490/1 | €37,500 | €67,500 | +€30,000 | +80.0% |
| Total equity and liabilities | 10/49 | €199,136 | €238,434 | +€39,298 | +19.7% |
| Equity | 10/15 | €147,365 | €164,824 | +€17,459 | +11.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €134,865 | €152,324 | +€17,459 | +12.9% |
| Distributable reserves | 133 | €134,865 | €152,324 | +€17,459 | +12.9% |
| Amounts payable | 17/49 | €51,771 | €73,611 | +€21,839 | +42.2% |
| Amounts payable within one year | 42/48 | €51,771 | €73,611 | +€21,839 | +42.2% |
| Trade debts | 44 | €4,053 | €4,716 | +€662 | +16.3% |
| Suppliers | 440/4 | €4,053 | €4,716 | +€662 | +16.3% |
| Taxes, remuneration and social security | 45 | €1,745 | €11,751 | +€10,006 | +573% |
| Taxes | 450/3 | €1,745 | €11,751 | +€10,006 | +573% |
| Other amounts payable | 47/48 | €45,973 | €57,144 | +€11,171 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,464 | €5,426 | +€962 | +21.5% |
| Other operating charges | 640/8 | €831 | €1,587 | +€756 | +91.1% |
| Gross operating margin | 9900 | €6,760 | €39,030 | +€32,270 | +477% |
| Operating profit (loss) | 9901 | €1,465 | €32,017 | +€30,551 | +2,085% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,989 | €3,928 | +€939 | +31.4% |
| Recurring financial charges | 65 | €2,989 | €3,928 | +€939 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,524 | €28,089 | +€29,613 | |
| Income taxes | 67/77 | €904 | €10,630 | +€9,726 | +1,075% |
| Profit (loss) for the period | 9904 | -€2,428 | €17,459 | +€19,887 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,428 | €17,459 | +€19,887 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.