Fezan: 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.
Fezan
Largest movements
- Tangible fixed assets -€42,719
down €42,719 (-6.8%), from €631,010 to €588,291
of which Land and buildings: -€30,850
- Cash +€23,609
up €23,609 (+40.1%), from €58,857 to €82,466
mainly Depreciation (+€34,440) and Other debts (+€26,201)
- Debts after one year -€45,973
down €45,973 (-9.8%), from €467,430 to €421,457
- Other debts +€26,201
up €26,201 (+24.1%), from €108,495 to €134,696
- Tax, wage and social debts +€22,873
up €22,873 (+79.5%), from €28,765 to €51,638
of which Remuneration and social security: +€23,405
- Trade debts -€10,879
down €10,879 (-15.1%), from €72,078 to €61,199
- Current portion of long-term debt -€8,973
down €8,973 (-29.6%), from €30,269 to €21,297
- Gross operating margin +€120,545
up €120,545 (+177%), from €67,978 to €188,523
- Staff costs +€102,834
up €102,834 (+1,041%), from €9,876 to €112,710
- Taxes +€18,414
up €18,414 (+1,292%), from €1,425 to €19,839
- Other operating charges -€5,133
down €5,133 (-37.0%), from €13,884 to €8,751
- Depreciation +€2,989
up €2,989 (+9.5%), from €31,452 to €34,440
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 | €817,809 | €804,869 | -€12,940 | -1.6% |
| Fixed assets | 21/28 | €631,010 | €588,291 | -€42,719 | -6.8% |
| Tangible fixed assets | 22/27 | €631,010 | €588,291 | -€42,719 | -6.8% |
| Land and buildings | 22 | €599,377 | €568,527 | -€30,850 | -5.1% |
| Plant, machinery and equipment | 23 | €4,927 | €15,908 | +€10,981 | +223% |
| Furniture and vehicles | 24 | €26,706 | €3,857 | -€22,849 | -85.6% |
| Current assets | 29/58 | €186,799 | €216,578 | +€29,779 | +15.9% |
| Stocks and contracts in progress | 3 | €47,750 | €47,750 | = | 0.0% |
| Stocks | 30/36 | €47,750 | €47,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €80,192 | €86,362 | +€6,170 | +7.7% |
| Trade receivables | 40 | €50,677 | €44,595 | -€6,082 | -12.0% |
| Other amounts receivable | 41 | €29,515 | €41,767 | +€12,252 | +41.5% |
| Cash at bank and in hand | 54/58 | €58,857 | €82,466 | +€23,609 | +40.1% |
| Total equity and liabilities | 10/49 | €817,809 | €804,869 | -€12,940 | -1.6% |
| Equity | 10/15 | €110,771 | €114,583 | +€3,812 | +3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €29,860 | €29,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,711 | €78,523 | +€3,812 | +5.1% |
| Amounts payable | 17/49 | €707,038 | €690,286 | -€16,751 | -2.4% |
| Amounts payable after more than one year | 17 | €467,430 | €421,457 | -€45,973 | -9.8% |
| Financial debts | 170/4 | €467,430 | €421,457 | -€45,973 | -9.8% |
| Amounts payable within one year | 42/48 | €239,608 | €268,830 | +€29,222 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €30,269 | €21,297 | -€8,973 | -29.6% |
| Trade debts | 44 | €72,078 | €61,199 | -€10,879 | -15.1% |
| Suppliers | 440/4 | €72,078 | €61,199 | -€10,879 | -15.1% |
| Taxes, remuneration and social security | 45 | €28,765 | €51,638 | +€22,873 | +79.5% |
| Taxes | 450/3 | €6,954 | €6,423 | -€532 | -7.6% |
| Remuneration and social security | 454/9 | €21,811 | €45,216 | +€23,405 | +107% |
| Other amounts payable | 47/48 | €108,495 | €134,696 | +€26,201 | +24.1% |
| Remuneration, social security and pensions | 62 | €9,876 | €112,710 | +€102,834 | +1,041% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,452 | €34,440 | +€2,989 | +9.5% |
| Other operating charges | 640/8 | €13,884 | €8,751 | -€5,133 | -37.0% |
| Gross operating margin | 9900 | €67,978 | €188,523 | +€120,545 | +177% |
| Operating profit (loss) | 9901 | €12,767 | €32,622 | +€19,855 | +156% |
| Financial income | 75/76B | €2,217 | €780 | -€1,437 | -64.8% |
| Recurring financial income | 75 | €2,217 | €780 | -€1,437 | -64.8% |
| Financial charges | 65/66B | €11,340 | €9,751 | -€1,589 | -14.0% |
| Recurring financial charges | 65 | €11,340 | €9,751 | -€1,589 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €3,643 | €23,651 | +€20,007 | +549% |
| Income taxes | 67/77 | €1,425 | €19,839 | +€18,414 | +1,292% |
| Profit (loss) for the period | 9904 | €2,218 | €3,812 | +€1,593 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,218 | €3,812 | +€1,593 | +71.8% |
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 19 October 2026 via checked.be.