FETTWEIS: 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.
FETTWEIS
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+882.2%), from €204,516 to €2.0m
of which Land and buildings: +€1.8m
- Receivables within one year +€568,451
up €568,451 (+247.6%), from €229,577 to €798,028
of which Trade receivables: +€562,624
- Stocks and contracts -€156,942
down €156,942 (-17.5%), from €896,497 to €739,555
- Deferred charges and accrued income +€136,825
up €136,825 (+155.1%), from €88,225 to €225,050
- Cash +€104,096
up €104,096 (+111.3%), from €93,555 to €197,651
mainly Short-term financial debts (+€900,000) and Debts after one year (+€783,771)
- Short-term financial debts +€900,000
up €900,000 (+900.0%), from €100,000 to €1.0m
- Debts after one year +€783,771
up €783,771 (+209.0%), from €375,095 to €1.2m
- Trade debts +€495,919
up €495,919 (+279.4%), from €177,472 to €673,391
- Other debts +€169,000
up €169,000 (+42.4%), from €398,212 to €567,211
- Tax, wage and social debts +€59,132
up €59,132 (+2221.0%), from €2,662 to €61,794
of which Taxes: +€52,657
- Gross operating margin -€70,836
down €70,836 (-25.1%), from €281,716 to €210,880
- Depreciation +€46,694
up €46,694 (+179.1%), from €26,073 to €72,767
- Staff costs +€17,636
up €17,636 (+63.4%), from €27,813 to €45,448
- Taxes -€10,775
down €10,775 (-43.0%), from €25,046 to €14,271
- Write-downs +€9,914
up €9,914, from -€6,174 to €3,740
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 | €1,515,970 | €3,972,930 | +€2.5m | +162.1% |
| Fixed assets | 21/28 | €208,115 | €2,012,645 | +€1.8m | +867.1% |
| Intangible fixed assets | 21 | €1,542 | €986 | -€556 | -36.1% |
| Tangible fixed assets | 22/27 | €204,516 | €2,008,744 | +€1.8m | +882.2% |
| Land and buildings | 22 | €173,974 | €1,980,594 | +€1.8m | +1038.4% |
| Plant, machinery and equipment | 23 | €3,910 | €8,236 | +€4,325 | +110.6% |
| Furniture and vehicles | 24 | €26,632 | €19,915 | -€6,717 | -25.2% |
| Financial fixed assets | 28 | €2,058 | €2,916 | +€858 | +41.7% |
| Current assets | 29/58 | €1,307,854 | €1,960,285 | +€652,430 | +49.9% |
| Stocks and contracts in progress | 3 | €896,497 | €739,555 | -€156,942 | -17.5% |
| Stocks | 30/36 | €896,497 | €739,555 | -€156,942 | -17.5% |
| Amounts receivable within one year | 40/41 | €229,577 | €798,028 | +€568,451 | +247.6% |
| Trade receivables | 40 | €223,762 | €786,386 | +€562,624 | +251.4% |
| Other amounts receivable | 41 | €5,816 | €11,642 | +€5,827 | +100.2% |
| Cash at bank and in hand | 54/58 | €93,555 | €197,651 | +€104,096 | +111.3% |
| Deferred charges and accrued income | 490/1 | €88,225 | €225,050 | +€136,825 | +155.1% |
| Total equity and liabilities | 10/49 | €1,515,970 | €3,972,930 | +€2.5m | +162.1% |
| Equity | 10/15 | €418,982 | €463,697 | +€44,715 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €398,522 | €443,237 | +€44,715 | +11.2% |
| Amounts payable | 17/49 | €1,096,987 | €3,509,233 | +€2.4m | +219.9% |
| Amounts payable after more than one year | 17 | €375,095 | €1,158,866 | +€783,771 | +209.0% |
| Financial debts | 170/4 | €375,095 | €1,158,866 | +€783,771 | +209.0% |
| Amounts payable within one year | 42/48 | €721,435 | €2,345,965 | +€1.6m | +225.2% |
| Current portion of amounts payable after more than one year | 42 | €43,089 | €43,569 | +€481 | +1.1% |
| Financial debts | 43 | €100,000 | €1,000,000 | +€900,000 | +900.0% |
| Credit institutions | 430/8 | €100,000 | €1,000,000 | +€900,000 | +900.0% |
| Trade debts | 44 | €177,472 | €673,391 | +€495,919 | +279.4% |
| Suppliers | 440/4 | €177,472 | €673,391 | +€495,919 | +279.4% |
| Taxes, remuneration and social security | 45 | €2,662 | €61,794 | +€59,132 | +2221.0% |
| Taxes | 450/3 | €146 | €52,803 | +€52,657 | +35953.1% |
| Remuneration and social security | 454/9 | €2,516 | €8,991 | +€6,475 | +257.3% |
| Other amounts payable | 47/48 | €398,212 | €567,211 | +€169,000 | +42.4% |
| Accrued charges and deferred income | 492/3 | €458 | €4,402 | +€3,944 | +861.1% |
| Non-recurring operating income | 76A | €12,000 | €0 | -€12,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €27,813 | €45,448 | +€17,636 | +63.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,073 | €72,767 | +€46,694 | +179.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,174 | €3,740 | +€9,914 | |
| Other operating charges | 640/8 | €9,749 | €10,229 | +€480 | +4.9% |
| Non-recurring operating charges | 66A | - | €119 | +€119 | |
| Gross operating margin | 9900 | €281,716 | €210,880 | -€70,836 | -25.1% |
| Operating profit (loss) | 9901 | €224,254 | €78,577 | -€145,678 | -65.0% |
| Financial income | 75/76B | €1,089 | €1,191 | +€102 | +9.4% |
| Recurring financial income | 75 | €1,089 | €1,191 | +€102 | +9.4% |
| Financial charges | 65/66B | €22,163 | €20,781 | -€1,382 | -6.2% |
| Recurring financial charges | 65 | €22,163 | €20,781 | -€1,382 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €203,180 | €58,986 | -€144,194 | -71.0% |
| Income taxes | 67/77 | €25,046 | €14,271 | -€10,775 | -43.0% |
| Profit (loss) for the period | 9904 | €178,134 | €44,715 | -€133,419 | -74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €178,134 | €44,715 | -€133,419 | -74.9% |
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.