Feuilletage: what changed
Feuilletage
Largest movements
- Receivables within one year +€23,309
up €23,309 (+338%), from €6,901 to €30,209
of which Other amounts receivable: +€23,846
- Cash +€21,126
up €21,126 (+79.4%), from €26,602 to €47,728
mainly Net result for the year (+€46,030) and Depreciation (+€19,721)
- Tangible fixed assets -€18,474
down €18,474 (-14.2%), from €130,223 to €111,749
of which Plant, machinery and equipment: -€11,084
- Reserves +€46,030
up €46,030 (+64.6%), from €71,283 to €117,313
- Debts after one year -€16,643
down €16,643 (-35.2%), from €47,284 to €30,641
- Tax, wage and social debts +€5,708
up €5,708 (+136%), from €4,212 to €9,920
of which Taxes: +€5,275
- Trade debts -€5,643
down €5,643 (-46.4%), from €12,155 to €6,512
- Gross operating margin +€12,942
up €12,942 (+13.5%), from €95,951 to €108,893
- Taxes +€3,787
up €3,787 (+42.4%), from €8,923 to €12,710
- Financial charges -€2,445
down €2,445 (-45.1%), from €5,426 to €2,981
- Other operating charges +€2,066
up €2,066 (+200%), from €1,031 to €3,098
- Staff costs -€1,550
down €1,550 (-5.8%), from €26,628 to €25,078
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,725 | €189,686 | +€25,961 | +15.9% |
| Fixed assets | 21/28 | €130,223 | €111,749 | -€18,474 | -14.2% |
| Tangible fixed assets | 22/27 | €130,223 | €111,749 | -€18,474 | -14.2% |
| Plant, machinery and equipment | 23 | €34,484 | €23,399 | -€11,084 | -32.1% |
| Furniture and vehicles | 24 | €6,906 | €6,350 | -€556 | -8.1% |
| Other tangible fixed assets | 26 | €88,833 | €82,000 | -€6,833 | -7.7% |
| Current assets | 29/58 | €33,502 | €77,937 | +€44,435 | +133% |
| Amounts receivable within one year | 40/41 | €6,901 | €30,209 | +€23,309 | +338% |
| Trade receivables | 40 | €4,754 | €4,217 | -€537 | -11.3% |
| Other amounts receivable | 41 | €2,147 | €25,993 | +€23,846 | +1,111% |
| Cash at bank and in hand | 54/58 | €26,602 | €47,728 | +€21,126 | +79.4% |
| Total equity and liabilities | 10/49 | €163,725 | €189,686 | +€25,961 | +15.9% |
| Equity | 10/15 | €76,283 | €122,313 | +€46,030 | +60.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €71,283 | €117,313 | +€46,030 | +64.6% |
| Distributable reserves | 133 | €71,283 | €117,313 | +€46,030 | +64.6% |
| Amounts payable | 17/49 | €87,442 | €67,373 | -€20,069 | -23.0% |
| Amounts payable after more than one year | 17 | €47,284 | €30,641 | -€16,643 | -35.2% |
| Financial debts | 170/4 | €47,284 | €30,641 | -€16,643 | -35.2% |
| Amounts payable within one year | 42/48 | €40,159 | €36,732 | -€3,427 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €21,987 | €20,299 | -€1,688 | -7.7% |
| Trade debts | 44 | €12,155 | €6,512 | -€5,643 | -46.4% |
| Suppliers | 440/4 | €12,155 | €6,512 | -€5,643 | -46.4% |
| Taxes, remuneration and social security | 45 | €4,212 | €9,920 | +€5,708 | +136% |
| Taxes | 450/3 | €1,275 | €6,550 | +€5,275 | +414% |
| Remuneration and social security | 454/9 | €2,937 | €3,370 | +€433 | +14.8% |
| Other amounts payable | 47/48 | €1,804 | €0 | -€1,804 | -100% |
| Remuneration, social security and pensions | 62 | €26,628 | €25,078 | -€1,550 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,033 | €19,721 | +€688 | +3.6% |
| Other operating charges | 640/8 | €1,031 | €3,098 | +€2,066 | +200% |
| Non-recurring operating charges | 66A | €271 | €0 | -€271 | -100% |
| Gross operating margin | 9900 | €95,951 | €108,893 | +€12,942 | +13.5% |
| Operating profit (loss) | 9901 | €48,987 | €60,996 | +€12,009 | +24.5% |
| Financial income | 75/76B | €0 | €726 | +€725 | +219,830% |
| Recurring financial income | 75 | €0 | €726 | +€725 | +219,830% |
| Financial charges | 65/66B | €5,426 | €2,981 | -€2,445 | -45.1% |
| Recurring financial charges | 65 | €5,426 | €2,981 | -€2,445 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €43,562 | €58,741 | +€15,179 | +34.8% |
| Income taxes | 67/77 | €8,923 | €12,710 | +€3,787 | +42.4% |
| Profit (loss) for the period | 9904 | €34,638 | €46,030 | +€11,392 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,638 | €46,030 | +€11,392 | +32.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.