MD FERIN: 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.
MD FERIN
Largest movements
- Tangible fixed assets +€47,827
up €47,827 (+32.7%), from €146,254 to €194,082
of which Furniture and vehicles: +€51,000
- Cash -€27,965
down €27,965 (-37.2%), from €75,167 to €47,202
mainly Investment in fixed assets (net) (-€64,190) and Contributions, distributions and other (-€30,000)
- Receivables within one year +€11,509
up €11,509 (+112%), from €10,277 to €21,786
of which Trade receivables: +€9,985
- Profit (loss) carried forward -€25,286
down €25,286 (-32.6%), from €77,620 to €52,334
- Debts after one year +€22,150
up €22,150 (+23.5%), from €94,117 to €116,268
- Trade debts +€13,094
up €13,094 (+175%), from €7,473 to €20,566
- Other debts +€8,723
up €8,723 (+488%), from €1,789 to €10,512
- Current portion of long-term debt +€4,901
up €4,901 (+25.7%), from €19,080 to €23,981
- Turnover -€189,128
no longer reported in 2025 (was €189,128)
- Purchases and services -€128,488
no longer reported in 2025 (was €128,488)
- Gross operating margin -€29,671
down €29,671 (-48.9%), from €60,640 to €30,969
- Taxes -€12,433
down €12,433 (-83.6%), from €14,875 to €2,442
- Depreciation +€9,610
up €9,610 (+142%), from €6,752 to €16,362
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 | €233,084 | €264,683 | +€31,600 | +13.6% |
| Fixed assets | 21/28 | €146,254 | €194,082 | +€47,827 | +32.7% |
| Tangible fixed assets | 22/27 | €146,254 | €194,082 | +€47,827 | +32.7% |
| Land and buildings | 22 | €129,568 | €126,396 | -€3,172 | -2.4% |
| Furniture and vehicles | 24 | €16,686 | €67,686 | +€51,000 | +306% |
| Current assets | 29/58 | €86,829 | €70,602 | -€16,227 | -18.7% |
| Amounts receivable within one year | 40/41 | €10,277 | €21,786 | +€11,509 | +112% |
| Trade receivables | 40 | €10,277 | €20,261 | +€9,985 | +97.2% |
| Other amounts receivable | 41 | - | €1,525 | +€1,525 | |
| Cash at bank and in hand | 54/58 | €75,167 | €47,202 | -€27,965 | -37.2% |
| Deferred charges and accrued income | 490/1 | €1,385 | €1,614 | +€229 | +16.5% |
| Total equity and liabilities | 10/49 | €233,084 | €264,683 | +€31,600 | +13.6% |
| Equity | 10/15 | €84,440 | €59,154 | -€25,286 | -29.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,620 | €52,334 | -€25,286 | -32.6% |
| Amounts payable | 17/49 | €148,643 | €205,529 | +€56,886 | +38.3% |
| Amounts payable after more than one year | 17 | €94,117 | €116,268 | +€22,150 | +23.5% |
| Financial debts | 170/4 | €94,117 | €116,268 | +€22,150 | +23.5% |
| Amounts payable within one year | 42/48 | €43,455 | €73,394 | +€29,940 | +68.9% |
| Current portion of amounts payable after more than one year | 42 | €19,080 | €23,981 | +€4,901 | +25.7% |
| Trade debts | 44 | €7,473 | €20,566 | +€13,094 | +175% |
| Suppliers | 440/4 | €7,473 | €20,566 | +€13,094 | +175% |
| Taxes, remuneration and social security | 45 | €15,113 | €18,335 | +€3,222 | +21.3% |
| Taxes | 450/3 | €15,113 | €18,335 | +€3,222 | +21.3% |
| Other amounts payable | 47/48 | €1,789 | €10,512 | +€8,723 | +488% |
| Accrued charges and deferred income | 492/3 | €11,071 | €15,867 | +€4,796 | +43.3% |
| Turnover | 70 | €189,128 | - | -€189,128 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €128,488 | - | -€128,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,752 | €16,362 | +€9,610 | +142% |
| Other operating charges | 640/8 | €1,039 | €2,581 | +€1,542 | +148% |
| Gross operating margin | 9900 | €60,640 | €30,969 | -€29,671 | -48.9% |
| Operating profit (loss) | 9901 | €52,849 | €12,025 | -€40,823 | -77.2% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €3,500 | €4,879 | +€1,380 | +39.4% |
| Recurring financial charges | 65 | €3,500 | €4,879 | +€1,380 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | €49,349 | €7,156 | -€42,193 | -85.5% |
| Income taxes | 67/77 | €14,875 | €2,442 | -€12,433 | -83.6% |
| Profit (loss) for the period | 9904 | €34,474 | €4,714 | -€29,760 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,474 | €4,714 | -€29,760 | -86.3% |
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 18 October 2026 via checked.be.