R&N FERONSTREE: what changed
What changed
R&N FERONSTREE
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€1.5m
2024 · -€3.2m+€1.7m
Equity
€3.1m
2024 · €4.6m-€1.5m
Cash
€86,233
2024 · €1.8m-€1.8m
Balance sheet total
€27.0m
2024 · €26.0m+€1.0m
Largest movements
Assets
- Tangible fixed assets +€7.3m
up €7.3m (+1,048%), from €694,554 to €8.0m
- Stocks and contracts -€6.8m
down €6.8m (-31.0%), from €22.0m to €15.1m
- Receivables within one year +€2.3m
up €2.3m (+161%), from €1.4m to €3.8m
of which Trade receivables: +€2.3m
- Cash -€1.8m
down €1.8m (-95.3%), from €1.8m to €86,233
mainly Investment in fixed assets (net) (-€7.5m) and Receivables within one year (-€2.3m)
Equity and liabilities
- Trade debts +€2.0m
up €2.0m (+568%), from €352,749 to €2.4m
- Profit (loss) carried forward -€1.5m
down €1.5m (-28.1%), from -€5.4m to -€6.9m
- Other debts +€554,213
up €554,213 (+13.9%), from €4.0m to €4.6m
Income statement
- Write-downs -€2.1m
down €2.1m (-100%), from €2.1m to €0
- Gross operating margin -€227,199
down €227,199 (-660%), from -€34,414 to -€261,613
- Depreciation +€174,350
up €174,350 (+380%), from €45,923 to €220,273
- Financial charges -€100,061
down €100,061 (-12.3%), from €811,272 to €711,211
- Other operating charges +€73,117
up €73,117 (+29.0%), from €252,181 to €325,298
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€3.2m
Gross operating margin
-€227,199
Depreciation
-€174,350
Write-downs
+€2.1m
Other operating charges
-€73,117
Financial income
+€2,192
Financial charges
+€100,061
Taxes
-€657
Result 2025
-€1.5m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€5.7m
Investment
-€7.5m
Financing
€0
Cash 2024
€1.8m
From operations (derived)
+€5.7m
Net result for the year
-€1.5m
Depreciation
+€220,273
Stocks and contracts
+€6.8m
Receivables within one year
-€2.3m
Deferred charges and accrued income
+€11,002
Trade debts
+€2.0m
Tax, wage and social debts
-€236,018
Other debts
+€554,213
Accrued charges and deferred income
+€229,844
Investment (derived)
-€7.5m
Investment in fixed assets (net)
-€7.5m
Cash 2025
€86,233
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,955,678 | €26,992,027 | +€1.0m | +4.0% |
| Formation expenses | 20 | €8,215 | €5,974 | -€2,242 | -27.3% |
| Fixed assets | 21/28 | €694,554 | €7,974,904 | +€7.3m | +1,048% |
| Tangible fixed assets | 22/27 | €694,554 | €7,974,904 | +€7.3m | +1,048% |
| Land and buildings | 22 | €694,554 | €7,974,904 | +€7.3m | +1,048% |
| Current assets | 29/58 | €25,252,909 | €19,011,150 | -€6.2m | -24.7% |
| Stocks and contracts in progress | 3 | €21,951,399 | €15,147,375 | -€6.8m | -31.0% |
| Stocks | 30/36 | €21,951,399 | €15,147,375 | -€6.8m | -31.0% |
| Amounts receivable within one year | 40/41 | €1,445,119 | €3,776,432 | +€2.3m | +161% |
| Trade receivables | 40 | €1,445,119 | €3,772,773 | +€2.3m | +161% |
| Other amounts receivable | 41 | €0 | €3,659 | +€3,659 | |
| Cash at bank and in hand | 54/58 | €1,844,279 | €86,233 | -€1.8m | -95.3% |
| Deferred charges and accrued income | 490/1 | €12,112 | €1,110 | -€11,002 | -90.8% |
| Total equity and liabilities | 10/49 | €25,955,678 | €26,992,027 | +€1.0m | +4.0% |
| Equity | 10/15 | €4,599,050 | €3,082,188 | -€1.5m | -33.0% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,403,950 | -€6,920,812 | -€1.5m | -28.1% |
| Amounts payable | 17/49 | €21,356,628 | €23,909,839 | +€2.6m | +12.0% |
| Amounts payable after more than one year | 17 | €11,464,000 | €11,464,000 | = | 0.0% |
| Financial debts | 170/4 | €11,464,000 | €11,464,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,887,237 | €12,210,604 | +€2.3m | +23.5% |
| Financial debts | 43 | €5,300,000 | €5,300,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,300,000 | €5,300,000 | = | 0.0% |
| Trade debts | 44 | €352,749 | €2,357,921 | +€2.0m | +568% |
| Suppliers | 440/4 | €352,749 | €2,357,921 | +€2.0m | +568% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €236,485 | €468 | -€236,018 | -99.8% |
| Taxes | 450/3 | €236,485 | €468 | -€236,018 | -99.8% |
| Other amounts payable | 47/48 | €3,998,002 | €4,552,215 | +€554,213 | +13.9% |
| Accrued charges and deferred income | 492/3 | €5,391 | €235,235 | +€229,844 | +4,263% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,923 | €220,273 | +€174,350 | +380% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,076,334 | €0 | -€2.1m | -100% |
| Other operating charges | 640/8 | €252,181 | €325,298 | +€73,117 | +29.0% |
| Gross operating margin | 9900 | -€34,414 | -€261,613 | -€227,199 | -660% |
| Operating profit (loss) | 9901 | -€2,408,853 | -€807,184 | +€1.6m | +66.5% |
| Financial income | 75/76B | - | €2,192 | +€2,192 | |
| Recurring financial income | 75 | - | €2,192 | +€2,192 | |
| Financial charges | 65/66B | €811,272 | €711,211 | -€100,061 | -12.3% |
| Recurring financial charges | 65 | €811,272 | €711,211 | -€100,061 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,220,124 | -€1,516,204 | +€1.7m | +52.9% |
| Income taxes | 67/77 | - | €657 | +€657 | |
| Profit (loss) for the period | 9904 | -€3,220,124 | -€1,516,861 | +€1.7m | +52.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,220,124 | -€1,516,861 | +€1.7m | +52.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.