Le Fermoir: 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.
Le Fermoir
Largest movements
- Receivables within one year -€102,733
down €102,733 (-27.3%), from €376,144 to €273,411
of which Trade receivables: -€113,117
- Tangible fixed assets -€60,307
down €60,307 (-13.3%), from €454,463 to €394,156
- Stocks and contracts +€39,574
up €39,574 (+13.8%), from €286,230 to €325,804
- Cash +€37,251
up €37,251 (+40.2%), from €92,763 to €130,014
mainly Receivables within one year (+€102,733) and Short-term financial debts (+€102,422)
- Short-term financial debts +€102,422
up €102,422 (+39.6%), from €258,333 to €360,756
- Trade debts -€101,285
down €101,285 (-46.8%), from €216,340 to €115,055
- Current portion of long-term debt -€49,366
down €49,366 (-50.9%), from €97,066 to €47,700
- Debts after one year -€42,885
down €42,885 (-19.2%), from €223,213 to €180,328
- Accrued charges and deferred income +€24,400
new in 2025: €24,400
- Gross operating margin +€142,899
up €142,899 (+24.0%), from €595,275 to €738,174
- Depreciation -€40,418
down €40,418 (-40.1%), from €100,725 to €60,307
- Staff costs +€18,811
up €18,811 (+3.1%), from €598,550 to €617,361
- Write-downs -€18,810
down €18,810, from €11,841 to -€6,969
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,579,109 | €1,480,151 | -€98,958 | -6.3% |
| Fixed assets | 21/28 | €802,549 | €742,242 | -€60,307 | -7.5% |
| Tangible fixed assets | 22/27 | €454,463 | €394,156 | -€60,307 | -13.3% |
| Land and buildings | 22 | €354,862 | €339,726 | -€15,136 | -4.3% |
| Plant, machinery and equipment | 23 | €29,289 | €19,737 | -€9,552 | -32.6% |
| Furniture and vehicles | 24 | €38,128 | €25,742 | -€12,386 | -32.5% |
| Leasing and similar rights | 25 | €32,184 | €8,950 | -€23,233 | -72.2% |
| Financial fixed assets | 28 | €348,086 | €348,086 | = | 0.0% |
| Current assets | 29/58 | €776,560 | €737,909 | -€38,651 | -5.0% |
| Stocks and contracts in progress | 3 | €286,230 | €325,804 | +€39,574 | +13.8% |
| Stocks | 30/36 | €286,230 | €325,804 | +€39,574 | +13.8% |
| Amounts receivable within one year | 40/41 | €376,144 | €273,411 | -€102,733 | -27.3% |
| Trade receivables | 40 | €376,144 | €263,026 | -€113,117 | -30.1% |
| Other amounts receivable | 41 | €0 | €10,384 | +€10,384 | |
| Cash at bank and in hand | 54/58 | €92,763 | €130,014 | +€37,251 | +40.2% |
| Deferred charges and accrued income | 490/1 | €21,424 | €8,681 | -€12,743 | -59.5% |
| Total equity and liabilities | 10/49 | €1,579,109 | €1,480,151 | -€98,958 | -6.3% |
| Equity | 10/15 | €288,402 | €275,754 | -€12,649 | -4.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €3,478 | €3,478 | = | 0.0% |
| Reserves | 13 | €54,958 | €54,958 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,034 | -€282,682 | -€12,649 | -4.7% |
| Amounts payable | 17/49 | €1,290,707 | €1,204,397 | -€86,309 | -6.7% |
| Amounts payable after more than one year | 17 | €223,213 | €180,328 | -€42,885 | -19.2% |
| Financial debts | 170/4 | €223,213 | €180,328 | -€42,885 | -19.2% |
| Amounts payable within one year | 42/48 | €1,067,494 | €999,669 | -€67,825 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €97,066 | €47,700 | -€49,366 | -50.9% |
| Financial debts | 43 | €258,333 | €360,756 | +€102,422 | +39.6% |
| Credit institutions | 430/8 | €258,333 | €360,756 | +€102,422 | +39.6% |
| Trade debts | 44 | €216,340 | €115,055 | -€101,285 | -46.8% |
| Suppliers | 440/4 | €216,340 | €115,055 | -€101,285 | -46.8% |
| Advances received on contracts in progress | 46 | €3,606 | - | -€3,606 | |
| Taxes, remuneration and social security | 45 | €99,178 | €98,539 | -€639 | -0.6% |
| Taxes | 450/3 | €18,904 | €13,847 | -€5,057 | -26.8% |
| Remuneration and social security | 454/9 | €80,274 | €84,692 | +€4,418 | +5.5% |
| Other amounts payable | 47/48 | €392,971 | €377,619 | -€15,351 | -3.9% |
| Accrued charges and deferred income | 492/3 | - | €24,400 | +€24,400 | |
| Non-recurring operating income | 76A | - | €3,618 | +€3,618 | |
| Remuneration, social security and pensions | 62 | €598,550 | €617,361 | +€18,811 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,725 | €60,307 | -€40,418 | -40.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,841 | -€6,969 | -€18,810 | |
| Other operating charges | 640/8 | €48,076 | €47,494 | -€581 | -1.2% |
| Gross operating margin | 9900 | €595,275 | €738,174 | +€142,899 | +24.0% |
| Operating profit (loss) | 9901 | -€163,917 | €19,981 | +€183,897 | |
| Financial income | 75/76B | €11 | €3,893 | +€3,882 | +35289.2% |
| Recurring financial income | 75 | €11 | €3,893 | +€3,882 | +35289.2% |
| Financial charges | 65/66B | €38,639 | €35,641 | -€2,998 | -7.8% |
| Recurring financial charges | 65 | €38,639 | €35,641 | -€2,998 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€202,544 | -€11,767 | +€190,777 | +94.2% |
| Income taxes | 67/77 | €841 | €881 | +€40 | +4.8% |
| Profit (loss) for the period | 9904 | -€203,385 | -€12,649 | +€190,737 | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€203,385 | -€12,649 | +€190,737 | +93.8% |
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 11 October 2026 via checked.be.