Feso: 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.
Feso
Largest movements
- Cash -€7,339
down €7,339 (-10.4%), from €70,570 to €63,231
mainly Contributions, distributions and other (-€16,889) and Receivables within one year (-€2,604)
- Receivables within one year +€2,604
up €2,604 (+20.1%), from €12,982 to €15,586
of which Other amounts receivable: +€3,260
- Reserves -€11,623
down €11,623 (-18.1%), from €64,065 to €52,442
- Other debts +€2,702
up €2,702 (+1682.1%), from €161 to €2,862
- Advances received +€2,649
new in 2025: €2,649
- Tax, wage and social debts +€1,082
up €1,082 (+14.3%), from €7,545 to €8,627
- Gross operating margin -€21,184
down €21,184 (-68.0%), from €31,161 to €9,976
- Taxes -€5,918
down €5,918 (-71.0%), from €8,330 to €2,412
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 | €88,076 | €82,995 | -€5,081 | -5.8% |
| Fixed assets | 21/28 | €3,859 | €3,430 | -€430 | -11.1% |
| Tangible fixed assets | 22/27 | €2,274 | €1,845 | -€430 | -18.9% |
| Plant, machinery and equipment | 23 | - | €995 | +€995 | |
| Furniture and vehicles | 24 | €1,824 | €625 | -€1,200 | -65.8% |
| Other tangible fixed assets | 26 | €450 | €225 | -€225 | -50.0% |
| Financial fixed assets | 28 | €1,585 | €1,585 | = | 0.0% |
| Current assets | 29/58 | €84,216 | €79,565 | -€4,651 | -5.5% |
| Amounts receivable within one year | 40/41 | €12,982 | €15,586 | +€2,604 | +20.1% |
| Trade receivables | 40 | €11,185 | €10,529 | -€656 | -5.9% |
| Other amounts receivable | 41 | €1,797 | €5,057 | +€3,260 | +181.4% |
| Cash at bank and in hand | 54/58 | €70,570 | €63,231 | -€7,339 | -10.4% |
| Deferred charges and accrued income | 490/1 | €664 | €748 | +€84 | +12.6% |
| Total equity and liabilities | 10/49 | €88,076 | €82,995 | -€5,081 | -5.8% |
| Equity | 10/15 | €76,465 | €64,842 | -€11,623 | -15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €64,065 | €52,442 | -€11,623 | -18.1% |
| Distributable reserves | 133 | €64,065 | €52,442 | -€11,623 | -18.1% |
| Amounts payable | 17/49 | €11,611 | €18,153 | +€6,542 | +56.3% |
| Amounts payable within one year | 42/48 | €11,611 | €18,153 | +€6,542 | +56.3% |
| Trade debts | 44 | €3,905 | €4,014 | +€109 | +2.8% |
| Suppliers | 440/4 | €3,905 | €4,014 | +€109 | +2.8% |
| Advances received on contracts in progress | 46 | - | €2,649 | +€2,649 | |
| Taxes, remuneration and social security | 45 | €7,545 | €8,627 | +€1,082 | +14.3% |
| Taxes | 450/3 | €7,545 | €8,627 | +€1,082 | +14.3% |
| Other amounts payable | 47/48 | €161 | €2,862 | +€2,702 | +1682.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €1,650 | -€17 | -1.0% |
| Other operating charges | 640/8 | €896 | €850 | -€46 | -5.1% |
| Gross operating margin | 9900 | €31,161 | €9,976 | -€21,184 | -68.0% |
| Operating profit (loss) | 9901 | €28,598 | €7,476 | -€21,122 | -73.9% |
| Financial income | 75/76B | €304 | €363 | +€59 | +19.6% |
| Recurring financial income | 75 | €304 | €363 | +€59 | +19.6% |
| Financial charges | 65/66B | €162 | €162 | +€0 | +0.2% |
| Recurring financial charges | 65 | €162 | €162 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €28,740 | €7,678 | -€21,062 | -73.3% |
| Income taxes | 67/77 | €8,330 | €2,412 | -€5,918 | -71.0% |
| Profit (loss) for the period | 9904 | €20,410 | €5,266 | -€15,144 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,410 | €5,266 | -€15,144 | -74.2% |
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 10 October 2026 via checked.be.