FIERS PROJECTS: what changed
Two fiscal 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.
What changed
FIERS PROJECTS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€367,476
2024 · €57,573+€309,903
Equity
€995,640
2024 · €628,163+€367,476
Cash
€77,487
2024 · €140,369-€62,882
Balance sheet total
€8.4m
2024 · €8.1m+€376,544
Largest movements
Assets
- Current investments +€838,712
up €838,712 (+416.7%), from €201,285 to €1.0m
- Tangible fixed assets -€395,199
down €395,199 (-5.2%), from €7.7m to €7.3m
of which Land and buildings: -€412,391
Equity and liabilities
- Reserves +€367,135
up €367,135 (+71.8%), from €511,594 to €878,729
of which Tax-exempt reserves: +€343,635
- Debts after one year -€309,756
down €309,756 (-6.8%), from €4.6m to €4.3m
- Other debts +€150,419
up €150,419 (+9.5%), from €1.6m to €1.7m
- Provisions +€114,545
new in 2025: €114,545
- Current portion of long-term debt +€90,823
up €90,823 (+41.5%), from €218,933 to €309,756
Income statement
- Gross operating margin +€655,627
up €655,627 (+163.3%), from €401,464 to €1.1m
- Depreciation +€130,891
up €130,891 (+67.1%), from €195,129 to €326,020
- Financial charges +€94,846
up €94,846 (+90.4%), from €104,907 to €199,753
- Other operating charges +€14,113
up €14,113 (+57.2%), from €24,658 to €38,772
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.
Result 2024
€57,573
Gross operating margin
+€655,627
Depreciation
-€130,891
Other operating charges
-€14,113
Financial income
-€605
Financial charges
-€94,846
Taxes
+€9,276
Deferred taxes and other
-€114,545
Result 2025
€367,476
Cash bridge derived
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.
From operations
+€925,584
Investment
-€769,533
Financing
-€218,933
Cash 2024
€140,369
From operations (derived)
+€925,584
Net result for the year
+€367,476
Depreciation
+€326,020
Smaller working-capital items
-€785
Deferred charges and accrued income
+€4,439
Provisions
+€114,545
Trade debts
-€14,063
Other debts
+€150,419
Accrued charges and deferred income
-€22,467
Investment (derived)
-€769,533
Investment in fixed assets (net)
+€69,179
Current investments
-€838,712
Financing
-€218,933
Debts after one year
-€309,756
Current portion of long-term debt
+€90,823
Cash 2025
€77,487
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,063,699 | €8,440,244 | +€376,544 | +4.7% |
| Fixed assets | 21/28 | €7,664,295 | €7,269,096 | -€395,199 | -5.2% |
| Tangible fixed assets | 22/27 | €7,664,295 | €7,269,096 | -€395,199 | -5.2% |
| Land and buildings | 22 | €7,664,088 | €7,251,698 | -€412,391 | -5.4% |
| Plant, machinery and equipment | 23 | €207 | €0 | -€207 | -100.0% |
| Furniture and vehicles | 24 | - | €17,398 | +€17,398 | |
| Current assets | 29/58 | €399,404 | €1,171,148 | +€771,743 | +193.2% |
| Amounts receivable within one year | 40/41 | €50,143 | €50,495 | +€353 | +0.7% |
| Trade receivables | 40 | €44,943 | €34,491 | -€10,452 | -23.3% |
| Other amounts receivable | 41 | €5,200 | €16,004 | +€10,805 | +207.8% |
| Current investments | 50/53 | €201,285 | €1,039,996 | +€838,712 | +416.7% |
| Cash at bank and in hand | 54/58 | €140,369 | €77,487 | -€62,882 | -44.8% |
| Deferred charges and accrued income | 490/1 | €7,608 | €3,169 | -€4,439 | -58.3% |
| Total equity and liabilities | 10/49 | €8,063,699 | €8,440,244 | +€376,544 | +4.7% |
| Equity | 10/15 | €628,163 | €995,640 | +€367,476 | +58.5% |
| Contributions | 10/11 | €80,800 | €80,800 | = | 0.0% |
| Reserves | 13 | €511,594 | €878,729 | +€367,135 | +71.8% |
| Non-distributable reserves | 130/1 | €8,080 | €8,080 | = | 0.0% |
| Other | 1319 | €8,080 | €8,080 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €343,635 | +€343,635 | |
| Distributable reserves | 133 | €503,514 | €527,014 | +€23,500 | +4.7% |
| Profit (loss) carried forward | 14 | €35,769 | €36,111 | +€341 | +1.0% |
| Provisions and deferred taxes | 16 | - | €114,545 | +€114,545 | |
| Deferred taxes | 168 | - | €114,545 | +€114,545 | |
| Amounts payable | 17/49 | €7,435,536 | €7,330,059 | -€105,477 | -1.4% |
| Amounts payable after more than one year | 17 | €4,576,684 | €4,266,928 | -€309,756 | -6.8% |
| Financial debts | 170/4 | €4,576,684 | €4,266,928 | -€309,756 | -6.8% |
| Amounts payable within one year | 42/48 | €2,828,793 | €3,055,539 | +€226,746 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €218,933 | €309,756 | +€90,823 | +41.5% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €18,982 | €4,919 | -€14,063 | -74.1% |
| Suppliers | 440/4 | €18,982 | €4,919 | -€14,063 | -74.1% |
| Taxes, remuneration and social security | 45 | €6,077 | €5,644 | -€433 | -7.1% |
| Taxes | 450/3 | €6,077 | €5,644 | -€433 | -7.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,584,801 | €1,735,220 | +€150,419 | +9.5% |
| Accrued charges and deferred income | 492/3 | €30,059 | €7,592 | -€22,467 | -74.7% |
| Non-recurring operating income | 76A | €500 | €1,600 | +€1,100 | +220.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,129 | €326,020 | +€130,891 | +67.1% |
| Other operating charges | 640/8 | €24,658 | €38,772 | +€14,113 | +57.2% |
| Gross operating margin | 9900 | €401,464 | €1,057,091 | +€655,627 | +163.3% |
| Operating profit (loss) | 9901 | €181,676 | €692,299 | +€510,622 | +281.1% |
| Financial income | 75/76B | €605 | €0 | -€605 | -100.0% |
| Recurring financial income | 75 | €605 | €0 | -€605 | -100.0% |
| Financial charges | 65/66B | €104,907 | €199,753 | +€94,846 | +90.4% |
| Recurring financial charges | 65 | €104,907 | €199,753 | +€94,846 | +90.4% |
| Profit (loss) for the period before taxes | 9903 | €77,374 | €492,546 | +€415,172 | +536.6% |
| Transfer from deferred taxes | 780 | - | €6,029 | +€6,029 | |
| Transfer to deferred taxes | 680 | - | €120,574 | +€120,574 | |
| Income taxes | 67/77 | €19,800 | €10,524 | -€9,276 | -46.8% |
| Profit (loss) for the period | 9904 | €57,573 | €367,476 | +€309,903 | +538.3% |
| Transfer from tax-exempt reserves | 789 | - | €18,086 | +€18,086 | |
| Transfer to tax-exempt reserves | 689 | - | €361,721 | +€361,721 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,573 | €23,841 | -€33,732 | -58.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.