FETBEL: 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.
FETBEL
Largest movements
- Current investments -€1.0m
down €1.0m (-32.0%), from €3.2m to €2.2m
- Financial fixed assets +€989,755
up €989,755 (+5.1%), from €19.3m to €20.3m
- Cash -€382,358
down €382,358 (-62.8%), from €608,622 to €226,264
mainly Investment in fixed assets (net) (-€989,755) and Receivables after one year (-€354,205)
- Receivables after one year +€354,205
up €354,205 (+6.3%), from €5.6m to €5.9m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€276,562
down €276,562 (-54.0%), from €512,087 to €235,526
- Taxes -€68,295
down €68,295 (-59.3%), from €115,133 to €46,837
- Financial charges -€4,500
down €4,500 (-18.2%), from €24,782 to €20,282
of which Financial charges: -€4,000
- Other operating charges -€4,033
down €4,033 (-81.0%), from €4,977 to €944
- Gross operating margin -€3,025
down €3,025 (-10.8%), from -€27,893 to -€30,918
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 | €29,026,656 | €29,029,436 | +€2,781 | 0.0% |
| Fixed assets | 21/28 | €19,335,592 | €20,325,347 | +€989,755 | +5.1% |
| Financial fixed assets | 28 | €19,335,592 | €20,325,347 | +€989,755 | +5.1% |
| Current assets | 29/58 | €9,691,064 | €8,704,090 | -€986,974 | -10.2% |
| Amounts receivable after more than one year | 29 | €5,582,401 | €5,936,606 | +€354,205 | +6.3% |
| Other amounts receivable | 291 | €5,582,401 | €5,936,606 | +€354,205 | +6.3% |
| Amounts receivable within one year | 40/41 | €293,985 | €361,611 | +€67,625 | +23.0% |
| Other amounts receivable | 41 | €293,985 | €361,611 | +€67,625 | +23.0% |
| Current investments | 50/53 | €3,206,056 | €2,179,608 | -€1.0m | -32.0% |
| Cash at bank and in hand | 54/58 | €608,622 | €226,264 | -€382,358 | -62.8% |
| Total equity and liabilities | 10/49 | €29,026,656 | €29,029,436 | +€2,781 | 0.0% |
| Equity | 10/15 | €28,616,918 | €28,753,463 | +€136,544 | +0.5% |
| Contributions | 10/11 | €14,899,200 | €14,899,200 | = | 0.0% |
| Reserves | 13 | €831,610 | €831,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €831,610 | €831,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,886,108 | €13,022,652 | +€136,544 | +1.1% |
| Amounts payable | 17/49 | €409,737 | €275,974 | -€133,764 | -32.6% |
| Amounts payable within one year | 42/48 | €409,737 | €275,974 | -€133,764 | -32.6% |
| Financial debts | 43 | €378,628 | €257,038 | -€121,590 | -32.1% |
| Credit institutions | 430/8 | €378,628 | €257,038 | -€121,590 | -32.1% |
| Trade debts | 44 | €2,913 | €4,194 | +€1,281 | +44.0% |
| Suppliers | 440/4 | €2,913 | €4,194 | +€1,281 | +44.0% |
| Taxes, remuneration and social security | 45 | €25,783 | €14,742 | -€11,041 | -42.8% |
| Taxes | 450/3 | €25,783 | €14,742 | -€11,041 | -42.8% |
| Other amounts payable | 47/48 | €2,414 | €0 | -€2,414 | -100.0% |
| Other operating charges | 640/8 | €4,977 | €944 | -€4,033 | -81.0% |
| Gross operating margin | 9900 | -€27,893 | -€30,918 | -€3,025 | -10.8% |
| Operating profit (loss) | 9901 | -€32,870 | -€31,862 | +€1,009 | +3.1% |
| Financial income | 75/76B | €512,087 | €235,526 | -€276,562 | -54.0% |
| Recurring financial income | 75 | €512,087 | €235,526 | -€276,562 | -54.0% |
| Financial charges | 65/66B | €24,782 | €20,282 | -€4,500 | -18.2% |
| Recurring financial charges | 65 | €24,282 | €20,282 | -€4,000 | -16.5% |
| Non-recurring financial charges | 66B | €500 | - | -€500 | |
| Profit (loss) for the period before taxes | 9903 | €454,435 | €183,382 | -€271,053 | -59.6% |
| Income taxes | 67/77 | €115,133 | €46,837 | -€68,295 | -59.3% |
| Profit (loss) for the period | 9904 | €339,302 | €136,544 | -€202,758 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €339,302 | €136,544 | -€202,758 | -59.8% |
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 6 October 2026 via checked.be.