FEZO: 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.
FEZO
Largest movements
- Receivables within one year -€61,359
down €61,359 (-35.8%), from €171,478 to €110,119
of which Other amounts receivable: -€60,574
- Tangible fixed assets -€8,737
down €8,737 (-23.9%), from €36,502 to €27,765
of which Furniture and vehicles: -€9,531
- Cash +€2,355
up €2,355 (+20.5%), from €11,509 to €13,864
mainly Receivables within one year (+€61,359) and Net result for the year (+€17,014)
- Reserves -€58,647
down €58,647 (-33.8%), from €173,332 to €114,685
- Debts after one year -€10,504
down €10,504 (-59.0%), from €17,817 to €7,314
- Tax, wage and social debts +€2,687
new in 2025: €2,687
of which Remuneration and social security: +€2,000
- Depreciation +€1,501
up €1,501 (+11.5%), from €13,043 to €14,543
- Other operating charges -€931
down €931 (-52.1%), from €1,786 to €855
- Gross operating margin -€845
down €845 (-1.9%), from €43,549 to €42,704
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 | €222,679 | €154,349 | -€68,330 | -30.7% |
| Fixed assets | 21/28 | €36,502 | €27,765 | -€8,737 | -23.9% |
| Tangible fixed assets | 22/27 | €36,502 | €27,765 | -€8,737 | -23.9% |
| Land and buildings | 22 | €666 | €539 | -€127 | -19.1% |
| Plant, machinery and equipment | 23 | €2,968 | €3,889 | +€921 | +31.0% |
| Furniture and vehicles | 24 | €32,868 | €23,337 | -€9,531 | -29.0% |
| Current assets | 29/58 | €186,177 | €126,585 | -€59,592 | -32.0% |
| Stocks and contracts in progress | 3 | €3,190 | €2,602 | -€588 | -18.4% |
| Stocks | 30/36 | €3,190 | €2,602 | -€588 | -18.4% |
| Amounts receivable within one year | 40/41 | €171,478 | €110,119 | -€61,359 | -35.8% |
| Trade receivables | 40 | €785 | - | -€785 | |
| Other amounts receivable | 41 | €170,693 | €110,119 | -€60,574 | -35.5% |
| Cash at bank and in hand | 54/58 | €11,509 | €13,864 | +€2,355 | +20.5% |
| Total equity and liabilities | 10/49 | €222,679 | €154,349 | -€68,330 | -30.7% |
| Equity | 10/15 | €191,932 | €133,285 | -€58,647 | -30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €173,332 | €114,685 | -€58,647 | -33.8% |
| Distributable reserves | 133 | €173,332 | €114,685 | -€58,647 | -33.8% |
| Amounts payable | 17/49 | €30,747 | €21,065 | -€9,682 | -31.5% |
| Amounts payable after more than one year | 17 | €17,817 | €7,314 | -€10,504 | -59.0% |
| Financial debts | 170/4 | €17,817 | €7,314 | -€10,504 | -59.0% |
| Amounts payable within one year | 42/48 | €12,930 | €13,751 | +€821 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €10,188 | €10,504 | +€316 | +3.1% |
| Financial debts | 43 | €1,714 | - | -€1,714 | |
| Credit institutions | 430/8 | €1,714 | - | -€1,714 | |
| Trade debts | 44 | €1,027 | €560 | -€467 | -45.4% |
| Suppliers | 440/4 | €1,027 | €560 | -€467 | -45.4% |
| Taxes, remuneration and social security | 45 | - | €2,687 | +€2,687 | |
| Taxes | 450/3 | - | €687 | +€687 | |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,043 | €14,543 | +€1,501 | +11.5% |
| Other operating charges | 640/8 | €1,786 | €855 | -€931 | -52.1% |
| Gross operating margin | 9900 | €43,549 | €42,704 | -€845 | -1.9% |
| Operating profit (loss) | 9901 | €28,721 | €27,306 | -€1,415 | -4.9% |
| Financial income | 75/76B | €129 | €92 | -€37 | -28.5% |
| Recurring financial income | 75 | €129 | €92 | -€37 | -28.5% |
| Financial charges | 65/66B | €1,709 | €1,515 | -€194 | -11.4% |
| Recurring financial charges | 65 | €1,709 | €1,515 | -€194 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €27,141 | €25,883 | -€1,258 | -4.6% |
| Income taxes | 67/77 | €9,203 | €8,869 | -€334 | -3.6% |
| Profit (loss) for the period | 9904 | €17,938 | €17,014 | -€923 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,938 | €17,014 | -€923 | -5.1% |
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 28 October 2026 via checked.be.