Fo Le Fer: 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.
Fo Le Fer
Largest movements
- Receivables within one year -€109,673
down €109,673 (-49.3%), from €222,518 to €112,845
of which Trade receivables: -€106,646
- Stocks and contracts +€84,945
up €84,945 (+83.9%), from €101,287 to €186,232
of which Stocks: +€72,205
- Cash +€76,147
up €76,147 (+405%), from €18,783 to €94,930
mainly Accrued charges and deferred income (+€127,730) and Receivables within one year (+€109,673)
- Tangible fixed assets -€19,270
down €19,270 (-23.0%), from €83,666 to €64,397
of which Plant, machinery and equipment: -€10,660
- Deferred charges and accrued income -€10,303
down €10,303 (-42.9%), from €24,042 to €13,739
- Trade debts -€142,583
down €142,583 (-70.4%), from €202,535 to €59,952
- Accrued charges and deferred income +€127,730
new in 2025: €127,730
- Other debts +€68,003
up €68,003 (+436%), from €15,603 to €83,606
- Debts after one year -€42,676
down €42,676 (-15.5%), from €275,763 to €233,087
of which Financial debts: -€42,676
- Advances received +€31,000
new in 2025: €31,000
- Gross operating margin +€309,946
up €309,946 (+917%), from €33,802 to €343,748
- Staff costs -€30,978
down €30,978 (-10.5%), from €295,124 to €264,146
- Other operating charges -€19,603
down €19,603 (-74.9%), from €26,176 to €6,573
- Financial charges -€3,519
down €3,519 (-14.6%), from €24,134 to €20,615
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 | €484,363 | €497,691 | +€13,327 | +2.8% |
| Fixed assets | 21/28 | €117,734 | €89,945 | -€27,789 | -23.6% |
| Intangible fixed assets | 21 | €34,068 | €25,548 | -€8,519 | -25.0% |
| Tangible fixed assets | 22/27 | €83,666 | €64,397 | -€19,270 | -23.0% |
| Plant, machinery and equipment | 23 | €49,878 | €39,217 | -€10,660 | -21.4% |
| Furniture and vehicles | 24 | €6,983 | €3,914 | -€3,068 | -43.9% |
| Other tangible fixed assets | 26 | €26,806 | €21,265 | -€5,541 | -20.7% |
| Current assets | 29/58 | €366,630 | €407,746 | +€41,116 | +11.2% |
| Stocks and contracts in progress | 3 | €101,287 | €186,232 | +€84,945 | +83.9% |
| Stocks | 30/36 | €101,287 | €173,492 | +€72,205 | +71.3% |
| Contracts in progress | 37 | - | €12,740 | +€12,740 | |
| Amounts receivable within one year | 40/41 | €222,518 | €112,845 | -€109,673 | -49.3% |
| Trade receivables | 40 | €213,958 | €107,312 | -€106,646 | -49.8% |
| Other amounts receivable | 41 | €8,560 | €5,533 | -€3,027 | -35.4% |
| Cash at bank and in hand | 54/58 | €18,783 | €94,930 | +€76,147 | +405% |
| Deferred charges and accrued income | 490/1 | €24,042 | €13,739 | -€10,303 | -42.9% |
| Total equity and liabilities | 10/49 | €484,363 | €497,691 | +€13,327 | +2.8% |
| Equity | 10/15 | -€293,433 | -€276,520 | +€16,914 | +5.8% |
| Contributions | 10/11 | €156,154 | €156,154 | = | 0.0% |
| Reserves | 13 | €28,119 | €28,119 | = | 0.0% |
| Distributable reserves | 133 | €28,119 | €28,119 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€477,707 | -€460,793 | +€16,914 | +3.5% |
| Amounts payable | 17/49 | €777,797 | €774,210 | -€3,586 | -0.5% |
| Amounts payable after more than one year | 17 | €275,763 | €233,087 | -€42,676 | -15.5% |
| Financial debts | 170/4 | €90,143 | €47,467 | -€42,676 | -47.3% |
| Other amounts payable | 178/9 | €185,620 | €185,620 | = | 0.0% |
| Amounts payable within one year | 42/48 | €502,033 | €413,393 | -€88,640 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €52,361 | €42,676 | -€9,685 | -18.5% |
| Financial debts | 43 | €117,126 | €101,210 | -€15,917 | -13.6% |
| Credit institutions | 430/8 | €117,126 | €101,210 | -€15,917 | -13.6% |
| Trade debts | 44 | €202,535 | €59,952 | -€142,583 | -70.4% |
| Suppliers | 440/4 | €202,535 | €59,952 | -€142,583 | -70.4% |
| Advances received on contracts in progress | 46 | - | €31,000 | +€31,000 | |
| Taxes, remuneration and social security | 45 | €114,408 | €94,950 | -€19,458 | -17.0% |
| Taxes | 450/3 | €15,256 | €9,528 | -€5,728 | -37.5% |
| Remuneration and social security | 454/9 | €99,152 | €85,422 | -€13,730 | -13.8% |
| Other amounts payable | 47/48 | €15,603 | €83,606 | +€68,003 | +436% |
| Accrued charges and deferred income | 492/3 | - | €127,730 | +€127,730 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €295,124 | €264,146 | -€30,978 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,710 | €33,789 | -€2,921 | -8.0% |
| Other operating charges | 640/8 | €26,176 | €6,573 | -€19,603 | -74.9% |
| Gross operating margin | 9900 | €33,802 | €343,748 | +€309,946 | +917% |
| Operating profit (loss) | 9901 | -€324,208 | €39,240 | +€363,448 | |
| Financial income | 75/76B | €668 | €1,013 | +€345 | +51.6% |
| Recurring financial income | 75 | €668 | €1,013 | +€345 | +51.6% |
| Financial charges | 65/66B | €24,134 | €20,615 | -€3,519 | -14.6% |
| Recurring financial charges | 65 | €24,134 | €20,615 | -€3,519 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€347,674 | €19,638 | +€367,312 | |
| Income taxes | 67/77 | €1,291 | €2,724 | +€1,433 | +111% |
| Profit (loss) for the period | 9904 | -€348,966 | €16,914 | +€365,879 | |
| Profit (loss) for the period to be appropriated | 9905 | -€348,966 | €16,914 | +€365,879 |
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 26 October 2026 via checked.be.