FEYNMAN: 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.
FEYNMAN
Largest movements
- Receivables within one year -€103,432
down €103,432 (-45.6%), from €226,901 to €123,468
of which Trade receivables: -€55,023
- Financial fixed assets +€100,000
up €100,000 (+121%), from €82,600 to €182,600
- Tangible fixed assets -€73,184
down €73,184 (-4.7%), from €1.6m to €1.5m
of which Land and buildings: -€58,183
- Cash -€52,560
down €52,560 (-68.4%), from €76,856 to €24,296
mainly Other debts (-€108,512) and Investment in fixed assets (net) (-€93,104)
- Deferred charges and accrued income -€25,533
down €25,533 (-53.7%), from €47,572 to €22,039
- Other debts -€108,512
down €108,512 (-10.7%), from €1.0m to €908,017
- Debts after one year -€56,987
down €56,987 (-5.9%), from €971,458 to €914,471
- Other operating charges -€47,041
down €47,041 (-85.9%), from €54,793 to €7,752
- Financial charges -€25,573
down €25,573 (-62.2%), from €41,082 to €15,509
of which Non-recurring financial charges: -€26,100
- Taxes -€3,870
down €3,870 (-97.3%), from €3,977 to €107
- Depreciation -€2,026
down €2,026 (-3.0%), from €68,314 to €66,288
- Gross operating margin +€954
up €954 (+1.1%), from €90,856 to €91,810
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 | €1,998,305 | €1,843,596 | -€154,709 | -7.7% |
| Fixed assets | 21/28 | €1,646,977 | €1,673,793 | +€26,816 | +1.6% |
| Tangible fixed assets | 22/27 | €1,564,377 | €1,491,193 | -€73,184 | -4.7% |
| Land and buildings | 22 | €1,439,746 | €1,381,564 | -€58,183 | -4.0% |
| Plant, machinery and equipment | 23 | €6,880 | €9,097 | +€2,217 | +32.2% |
| Furniture and vehicles | 24 | €24,411 | €7,193 | -€17,218 | -70.5% |
| Other tangible fixed assets | 26 | €93,339 | €93,339 | = | 0.0% |
| Financial fixed assets | 28 | €82,600 | €182,600 | +€100,000 | +121% |
| Current assets | 29/58 | €351,329 | €169,803 | -€181,526 | -51.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €226,901 | €123,468 | -€103,432 | -45.6% |
| Trade receivables | 40 | €178,038 | €123,015 | -€55,023 | -30.9% |
| Other amounts receivable | 41 | €48,863 | €454 | -€48,409 | -99.1% |
| Cash at bank and in hand | 54/58 | €76,856 | €24,296 | -€52,560 | -68.4% |
| Deferred charges and accrued income | 490/1 | €47,572 | €22,039 | -€25,533 | -53.7% |
| Total equity and liabilities | 10/49 | €1,998,305 | €1,843,596 | -€154,709 | -7.7% |
| Equity | 10/15 | -€96,780 | -€94,902 | +€1,877 | +1.9% |
| Contributions | 10/11 | €125,500 | €125,500 | = | 0.0% |
| Reserves | 13 | €4,692 | €4,692 | = | 0.0% |
| Distributable reserves | 133 | €4,692 | €4,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,972 | -€225,095 | +€1,877 | +0.8% |
| Amounts payable | 17/49 | €2,095,085 | €1,938,498 | -€156,587 | -7.5% |
| Amounts payable after more than one year | 17 | €971,458 | €914,471 | -€56,987 | -5.9% |
| Financial debts | 170/4 | €971,458 | €914,471 | -€56,987 | -5.9% |
| Amounts payable within one year | 42/48 | €1,122,280 | €1,024,028 | -€98,252 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €60,913 | €61,703 | +€790 | +1.3% |
| Trade debts | 44 | €41,792 | €44,407 | +€2,615 | +6.3% |
| Suppliers | 440/4 | €41,792 | €44,407 | +€2,615 | +6.3% |
| Taxes, remuneration and social security | 45 | €3,045 | €9,900 | +€6,854 | +225% |
| Taxes | 450/3 | €3,045 | €9,900 | +€6,854 | +225% |
| Other amounts payable | 47/48 | €1,016,530 | €908,017 | -€108,512 | -10.7% |
| Accrued charges and deferred income | 492/3 | €1,347 | €0 | -€1,347 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,314 | €66,288 | -€2,026 | -3.0% |
| Other operating charges | 640/8 | €54,793 | €7,752 | -€47,041 | -85.9% |
| Non-recurring operating charges | 66A | - | €277 | +€277 | |
| Gross operating margin | 9900 | €90,856 | €91,810 | +€954 | +1.1% |
| Operating profit (loss) | 9901 | -€32,251 | €17,493 | +€49,744 | |
| Financial income | 75/76B | €1 | €1 | +€0 | +3.6% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +3.6% |
| Financial charges | 65/66B | €41,082 | €15,509 | -€25,573 | -62.2% |
| Recurring financial charges | 65 | €14,982 | €15,509 | +€527 | +3.5% |
| Non-recurring financial charges | 66B | €26,100 | €0 | -€26,100 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€73,332 | €1,985 | +€75,317 | |
| Income taxes | 67/77 | €3,977 | €107 | -€3,870 | -97.3% |
| Profit (loss) for the period | 9904 | -€77,310 | €1,877 | +€79,187 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,310 | €1,877 | +€79,187 |
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.