FETNAT: 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.
What changed
FETNAT
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€115,826
2024 · €154,427-€38,601
Equity
€946,613
2024 · €830,787+€115,826
Cash
€282,590
2024 · €197,869+€84,721
Balance sheet total
€4.9m
2024 · €5.2m-€306,091
Largest movements
Assets
- Tangible fixed assets -€525,181
down €525,181 (-16.5%), from €3.2m to €2.7m
of which Land and buildings: -€266,611
- Receivables within one year +€157,513
up €157,513 (+10.3%), from €1.5m to €1.7m
of which Other amounts receivable: +€244,161
- Cash +€84,721
up €84,721 (+42.8%), from €197,869 to €282,590
mainly Depreciation (+€535,564) and Net result for the year (+€115,826)
Equity and liabilities
- Debts after one year -€462,551
down €462,551 (-35.2%), from €1.3m to €850,405
- Profit (loss) carried forward +€115,826
up €115,826 (+26.2%), from €442,210 to €558,036
Income statement
- Gross operating margin +€210,230
up €210,230 (+14.8%), from €1.4m to €1.6m
- Write-downs +€156,447
new in 2025: €156,447
- Financial charges +€93,838
up €93,838 (+95.5%), from €98,276 to €192,114
- Staff costs -€82,272
down €82,272 (-13.8%), from €595,123 to €512,851
- Taxes +€55,308
up €55,308, from €0 to €55,308
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.
Result 2024
€154,427
Gross operating margin
+€210,230
Staff costs
+€82,272
Depreciation
-€46,386
Write-downs
-€156,447
Other operating charges
-€2,241
Other operating items
+€9,985
Financial income
+€13,132
Financial charges
-€93,838
Taxes
-€55,308
Result 2025
€115,826
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€567,382
Investment
-€21,206
Financing
-€461,456
Cash 2024
€197,869
From operations (derived)
+€567,382
Net result for the year
+€115,826
Depreciation
+€535,564
Receivables after one year
-€5,575
Receivables within one year
-€157,513
Deferred charges and accrued income
+€39,541
Trade debts
+€46,046
Tax, wage and social debts
+€80
Advances received
-€31,050
Other debts
+€15,492
Accrued charges and deferred income
+€8,970
Investment (derived)
-€21,206
Investment in fixed assets (net)
-€21,206
Financing
-€461,456
Debts after one year
-€462,551
Current portion of long-term debt
+€1,095
Cash 2025
€282,590
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,163,109 | €4,857,018 | -€306,091 | -5.9% |
| Fixed assets | 21/28 | €3,258,285 | €2,743,926 | -€514,359 | -15.8% |
| Intangible fixed assets | 21 | €0 | €10,823 | +€10,823 | |
| Tangible fixed assets | 22/27 | €3,185,938 | €2,660,757 | -€525,181 | -16.5% |
| Land and buildings | 22 | €2,112,317 | €1,845,706 | -€266,611 | -12.6% |
| Plant, machinery and equipment | 23 | €39,134 | €29,119 | -€10,015 | -25.6% |
| Furniture and vehicles | 24 | €27,873 | €24,441 | -€3,432 | -12.3% |
| Leasing and similar rights | 25 | €1,000,415 | €760,315 | -€240,100 | -24.0% |
| Other tangible fixed assets | 26 | €6,200 | €1,175 | -€5,025 | -81.0% |
| Financial fixed assets | 28 | €72,347 | €72,347 | = | 0.0% |
| Current assets | 29/58 | €1,904,825 | €2,113,092 | +€208,268 | +10.9% |
| Amounts receivable after more than one year | 29 | €102,675 | €108,251 | +€5,575 | +5.4% |
| Trade receivables | 290 | €102,675 | €108,251 | +€5,575 | +5.4% |
| Amounts receivable within one year | 40/41 | €1,535,117 | €1,692,630 | +€157,513 | +10.3% |
| Trade receivables | 40 | €174,341 | €87,692 | -€86,649 | -49.7% |
| Other amounts receivable | 41 | €1,360,777 | €1,604,938 | +€244,161 | +17.9% |
| Cash at bank and in hand | 54/58 | €197,869 | €282,590 | +€84,721 | +42.8% |
| Deferred charges and accrued income | 490/1 | €69,163 | €29,622 | -€39,541 | -57.2% |
| Total equity and liabilities | 10/49 | €5,163,109 | €4,857,018 | -€306,091 | -5.9% |
| Equity | 10/15 | €830,787 | €946,613 | +€115,826 | +13.9% |
| Contributions | 10/11 | €353,250 | €353,250 | = | 0.0% |
| Capital | 10 | €353,250 | €353,250 | = | 0.0% |
| Issued capital | 100 | €353,250 | €353,250 | = | 0.0% |
| Reserves | 13 | €35,325 | €35,325 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,325 | €35,325 | = | 0.0% |
| Legal reserve | 130 | €35,325 | €35,325 | = | 0.0% |
| Profit (loss) carried forward | 14 | €442,210 | €558,036 | +€115,826 | +26.2% |
| Investment grants | 15 | €2 | €2 | = | 0.0% |
| Amounts payable | 17/49 | €4,332,323 | €3,910,405 | -€421,918 | -9.7% |
| Amounts payable after more than one year | 17 | €1,312,956 | €850,405 | -€462,551 | -35.2% |
| Financial debts | 170/4 | €1,312,956 | €850,405 | -€462,551 | -35.2% |
| Amounts payable within one year | 42/48 | €2,993,167 | €3,024,831 | +€31,664 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €495,521 | €496,616 | +€1,095 | +0.2% |
| Trade debts | 44 | €1,090,664 | €1,136,710 | +€46,046 | +4.2% |
| Suppliers | 440/4 | €1,090,664 | €1,136,710 | +€46,046 | +4.2% |
| Advances received on contracts in progress | 46 | €89,143 | €58,093 | -€31,050 | -34.8% |
| Taxes, remuneration and social security | 45 | €378,132 | €378,212 | +€80 | 0.0% |
| Taxes | 450/3 | €256,627 | €274,829 | +€18,202 | +7.1% |
| Remuneration and social security | 454/9 | €121,505 | €103,383 | -€18,121 | -14.9% |
| Other amounts payable | 47/48 | €939,708 | €955,200 | +€15,492 | +1.6% |
| Accrued charges and deferred income | 492/3 | €26,200 | €35,170 | +€8,970 | +34.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €595,123 | €512,851 | -€82,272 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €489,178 | €535,564 | +€46,386 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €156,447 | +€156,447 | |
| Other operating charges | 640/8 | €115,316 | €117,557 | +€2,241 | +1.9% |
| Non-recurring operating charges | 66A | €6,530 | -€3,455 | -€9,985 | |
| Gross operating margin | 9900 | €1,424,937 | €1,635,167 | +€210,230 | +14.8% |
| Operating profit (loss) | 9901 | €218,790 | €316,203 | +€97,413 | +44.5% |
| Financial income | 75/76B | €33,913 | €47,045 | +€13,132 | +38.7% |
| Recurring financial income | 75 | €33,913 | €47,045 | +€13,132 | +38.7% |
| Financial charges | 65/66B | €98,276 | €192,114 | +€93,838 | +95.5% |
| Recurring financial charges | 65 | €98,276 | €192,114 | +€93,838 | +95.5% |
| Profit (loss) for the period before taxes | 9903 | €154,427 | €171,134 | +€16,707 | +10.8% |
| Income taxes | 67/77 | €0 | €55,308 | +€55,308 | |
| Profit (loss) for the period | 9904 | €154,427 | €115,826 | -€38,601 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €154,427 | €115,826 | -€38,601 | -25.0% |
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 15 October 2026 via checked.be.