FEVAKO: 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.
FEVAKO
Largest movements
- Financial fixed assets -€925,000
no longer reported in 2025 (was €925,000)
- Intangible fixed assets +€100,728
new in 2025: €100,728
- Other debts -€447,354
down €447,354 (-69.0%), from €648,433 to €201,079
- Profit (loss) carried forward -€425,885
down €425,885, from €216,978 to -€208,908
- Debts after one year +€137,070
up €137,070 (+9.3%), from €1.5m to €1.6m
- Current portion of long-term debt -€42,039
down €42,039 (-35.7%), from €117,815 to €75,776
- Financial charges +€923,339
up €923,339 (+1,787%), from €51,672 to €975,012
of which Non-recurring financial charges: +€925,000
- Financial income +€466,964
new in 2025: €466,964
of which Non-recurring financial income: +€461,965
- Depreciation -€97,527
no longer reported in 2025 (was €97,527)
- Gross operating margin -€30,642
down €30,642 (-23.0%), from €133,077 to €102,435
- Other operating charges +€11,195
up €11,195 (+123%), from €9,078 to €20,272
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,911,403 | €2,086,084 | -€825,319 | -28.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,903,321 | €2,079,049 | -€824,272 | -28.4% |
| Intangible fixed assets | 21 | - | €100,728 | +€100,728 | |
| Tangible fixed assets | 22/27 | €1,978,321 | €1,978,321 | = | 0.0% |
| Land and buildings | 22 | €1,978,321 | €1,978,321 | = | 0.0% |
| Financial fixed assets | 28 | €925,000 | - | -€925,000 | |
| Current assets | 29/58 | €8,082 | €7,035 | -€1,046 | -12.9% |
| Amounts receivable within one year | 40/41 | €6,931 | €6,298 | -€633 | -9.1% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €6,931 | €6,298 | -€633 | -9.1% |
| Current investments | 50/53 | €67 | - | -€67 | |
| Cash at bank and in hand | 54/58 | €1,083 | €737 | -€346 | -32.0% |
| Total equity and liabilities | 10/49 | €2,911,403 | €2,086,084 | -€825,319 | -28.3% |
| Equity | 10/15 | €577,082 | €151,196 | -€425,885 | -73.8% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €35,104 | €35,104 | = | 0.0% |
| Distributable reserves | 133 | €35,104 | €35,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,978 | -€208,908 | -€425,885 | |
| Amounts payable | 17/49 | €2,334,321 | €1,934,888 | -€399,433 | -17.1% |
| Amounts payable after more than one year | 17 | €1,469,793 | €1,606,863 | +€137,070 | +9.3% |
| Financial debts | 170/4 | €1,469,793 | €1,606,863 | +€137,070 | +9.3% |
| Amounts payable within one year | 42/48 | €864,528 | €328,025 | -€536,503 | -62.1% |
| Current portion of amounts payable after more than one year | 42 | €117,815 | €75,776 | -€42,039 | -35.7% |
| Trade debts | 44 | €66,164 | €46,677 | -€19,487 | -29.5% |
| Suppliers | 440/4 | €66,164 | €46,677 | -€19,487 | -29.5% |
| Taxes, remuneration and social security | 45 | €32,116 | €4,494 | -€27,623 | -86.0% |
| Taxes | 450/3 | €32,116 | €4,494 | -€27,623 | -86.0% |
| Other amounts payable | 47/48 | €648,433 | €201,079 | -€447,354 | -69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,527 | - | -€97,527 | |
| Other operating charges | 640/8 | €9,078 | €20,272 | +€11,195 | +123% |
| Gross operating margin | 9900 | €133,077 | €102,435 | -€30,642 | -23.0% |
| Operating profit (loss) | 9901 | €26,472 | €82,162 | +€55,691 | +210% |
| Financial income | 75/76B | - | €466,964 | +€466,964 | |
| Recurring financial income | 75 | - | €4,999 | +€4,999 | |
| Non-recurring financial income | 76B | - | €461,965 | +€461,965 | |
| Financial charges | 65/66B | €51,672 | €975,012 | +€923,339 | +1,787% |
| Recurring financial charges | 65 | €51,672 | €50,012 | -€1,661 | -3.2% |
| Non-recurring financial charges | 66B | - | €925,000 | +€925,000 | |
| Profit (loss) for the period before taxes | 9903 | -€25,201 | -€425,885 | -€400,685 | -1,590% |
| Profit (loss) for the period | 9904 | -€25,201 | -€425,885 | -€400,685 | -1,590% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,201 | -€425,885 | -€400,685 | -1,590% |
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 23 October 2026 via checked.be.