FESA SMU: 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.
FESA SMU
Largest movements
- Cash +€10,526
up €10,526 (+12.4%), from €84,983 to €95,508
mainly Net result for the year (+€55,341) and Receivables after one year (+€7,722)
- Receivables after one year -€7,722
down €7,722 (-9.8%), from €79,057 to €71,335
- Tangible fixed assets +€4,084
up €4,084 (+56.2%), from €7,262 to €11,346
of which Other tangible fixed assets: +€4,451
- Receivables within one year -€3,911
down €3,911 (-83.1%), from €4,707 to €796
- Reserves +€55,341
up €55,341 (+61.8%), from €89,595 to €144,936
- Other debts -€54,000
no longer reported in 2025 (was €54,000)
- Tax, wage and social debts +€4,379
new in 2025: €4,379
- Trade debts -€1,966
down €1,966 (-42.8%), from €4,598 to €2,632
- Gross operating margin +€6,806
up €6,806 (+9.6%), from €70,669 to €77,475
- Taxes +€5,175
up €5,175 (+34.0%), from €15,204 to €20,379
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 | €176,008 | €179,762 | +€3,754 | +2.1% |
| Fixed assets | 21/28 | €7,262 | €11,346 | +€4,084 | +56.2% |
| Tangible fixed assets | 22/27 | €7,262 | €11,346 | +€4,084 | +56.2% |
| Furniture and vehicles | 24 | €1,068 | €702 | -€366 | -34.3% |
| Other tangible fixed assets | 26 | €6,193 | €10,644 | +€4,451 | +71.9% |
| Current assets | 29/58 | €168,747 | €168,416 | -€331 | -0.2% |
| Amounts receivable after more than one year | 29 | €79,057 | €71,335 | -€7,722 | -9.8% |
| Other amounts receivable | 291 | €79,057 | €71,335 | -€7,722 | -9.8% |
| Amounts receivable within one year | 40/41 | €4,707 | €796 | -€3,911 | -83.1% |
| Other amounts receivable | 41 | €4,707 | €796 | -€3,911 | -83.1% |
| Cash at bank and in hand | 54/58 | €84,983 | €95,508 | +€10,526 | +12.4% |
| Deferred charges and accrued income | 490/1 | - | €777 | +€777 | |
| Total equity and liabilities | 10/49 | €176,008 | €179,762 | +€3,754 | +2.1% |
| Equity | 10/15 | €117,410 | €172,751 | +€55,341 | +47.1% |
| Contributions | 10/11 | €22,629 | €22,629 | = | 0.0% |
| Reserves | 13 | €89,595 | €144,936 | +€55,341 | +61.8% |
| Distributable reserves | 133 | €89,595 | €144,936 | +€55,341 | +61.8% |
| Profit (loss) carried forward | 14 | €5,186 | €5,186 | +€0 | 0.0% |
| Amounts payable | 17/49 | €58,598 | €7,011 | -€51,587 | -88.0% |
| Amounts payable within one year | 42/48 | €58,598 | €7,011 | -€51,587 | -88.0% |
| Trade debts | 44 | €4,598 | €2,632 | -€1,966 | -42.8% |
| Suppliers | 440/4 | €4,598 | €2,632 | -€1,966 | -42.8% |
| Taxes, remuneration and social security | 45 | - | €4,379 | +€4,379 | |
| Taxes | 450/3 | - | €4,379 | +€4,379 | |
| Other amounts payable | 47/48 | €54,000 | - | -€54,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €1,600 | +€653 | +69.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €70,669 | €77,475 | +€6,806 | +9.6% |
| Operating profit (loss) | 9901 | €69,335 | €75,475 | +€6,140 | +8.9% |
| Financial income | 75/76B | €491 | €481 | -€10 | -1.9% |
| Recurring financial income | 75 | €491 | €481 | -€10 | -1.9% |
| Financial charges | 65/66B | €378 | €236 | -€142 | -37.6% |
| Recurring financial charges | 65 | €378 | €236 | -€142 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €69,448 | €75,720 | +€6,272 | +9.0% |
| Income taxes | 67/77 | €15,204 | €20,379 | +€5,175 | +34.0% |
| Profit (loss) for the period | 9904 | €54,244 | €55,341 | +€1,097 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,244 | €55,341 | +€1,097 | +2.0% |
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 30 October 2026 via checked.be.