FEDEG: 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.
FEDEG
Largest movements
- Tangible fixed assets -€18,617
down €18,617 (-39.3%), from €47,362 to €28,745
- Cash -€7,059
no longer reported in 2025 (was €7,059)
mainly Trade debts (-€46,776) and Current portion of long-term debt (-€13,741)
- Receivables within one year -€5,382
down €5,382 (-2.3%), from €235,744 to €230,362
of which Other amounts receivable: -€42,446
- Trade debts -€46,776
down €46,776 (-28.4%), from €164,493 to €117,717
- Tax, wage and social debts +€21,498
up €21,498 (+25.1%), from €85,566 to €107,064
of which Remuneration and social security: +€12,372
- Profit (loss) carried forward +€16,392
up €16,392 (+3,022%), from €543 to €16,935
- Current portion of long-term debt -€13,741
down €13,741 (-48.7%), from €28,222 to €14,481
- Debts after one year -€13,441
down €13,441 (-41.4%), from €32,441 to €19,000
of which Financial debts: -€13,441
- Staff costs -€27,914
down €27,914 (-20.8%), from €133,940 to €106,026
- Taxes +€8,336
new in 2025: €8,336
- Other operating charges -€8,144
down €8,144 (-45.5%), from €17,907 to €9,763
- Gross operating margin +€7,893
up €7,893 (+5.2%), from €152,272 to €160,165
- Depreciation -€6,282
down €6,282 (-38.8%), from €16,212 to €9,930
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 | €314,265 | €283,207 | -€31,058 | -9.9% |
| Fixed assets | 21/28 | €71,462 | €52,845 | -€18,617 | -26.1% |
| Tangible fixed assets | 22/27 | €47,362 | €28,745 | -€18,617 | -39.3% |
| Furniture and vehicles | 24 | €47,362 | €28,745 | -€18,617 | -39.3% |
| Financial fixed assets | 28 | €24,100 | €24,100 | = | 0.0% |
| Current assets | 29/58 | €242,803 | €230,362 | -€12,441 | -5.1% |
| Amounts receivable within one year | 40/41 | €235,744 | €230,362 | -€5,382 | -2.3% |
| Trade receivables | 40 | €59,742 | €96,807 | +€37,065 | +62.0% |
| Other amounts receivable | 41 | €176,002 | €133,555 | -€42,446 | -24.1% |
| Cash at bank and in hand | 54/58 | €7,059 | - | -€7,059 | |
| Total equity and liabilities | 10/49 | €314,265 | €283,207 | -€31,058 | -9.9% |
| Equity | 10/15 | €3,543 | €19,935 | +€16,392 | +463% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €543 | €16,935 | +€16,392 | +3,022% |
| Amounts payable | 17/49 | €310,722 | €263,272 | -€47,450 | -15.3% |
| Amounts payable after more than one year | 17 | €32,441 | €19,000 | -€13,441 | -41.4% |
| Financial debts | 170/4 | €13,441 | - | -€13,441 | |
| Other amounts payable | 178/9 | €19,000 | €19,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €278,281 | €244,272 | -€34,009 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €28,222 | €14,481 | -€13,741 | -48.7% |
| Financial debts | 43 | - | €5,010 | +€5,010 | |
| Credit institutions | 430/8 | - | €5,010 | +€5,010 | |
| Trade debts | 44 | €164,493 | €117,717 | -€46,776 | -28.4% |
| Suppliers | 440/4 | €164,493 | €117,717 | -€46,776 | -28.4% |
| Taxes, remuneration and social security | 45 | €85,566 | €107,064 | +€21,498 | +25.1% |
| Taxes | 450/3 | €36,870 | €45,996 | +€9,126 | +24.8% |
| Remuneration and social security | 454/9 | €48,696 | €61,068 | +€12,372 | +25.4% |
| Remuneration, social security and pensions | 62 | €133,940 | €106,026 | -€27,914 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,212 | €9,930 | -€6,282 | -38.8% |
| Other operating charges | 640/8 | €17,907 | €9,763 | -€8,144 | -45.5% |
| Non-recurring operating charges | 66A | - | €5,479 | +€5,479 | |
| Gross operating margin | 9900 | €152,272 | €160,165 | +€7,893 | +5.2% |
| Operating profit (loss) | 9901 | -€15,787 | €28,967 | +€44,755 | |
| Financial charges | 65/66B | €6,178 | €4,239 | -€1,939 | -31.4% |
| Recurring financial charges | 65 | €6,178 | €4,239 | -€1,939 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,966 | €24,728 | +€46,694 | |
| Income taxes | 67/77 | - | €8,336 | +€8,336 | |
| Profit (loss) for the period | 9904 | -€21,966 | €16,392 | +€38,358 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,966 | €16,392 | +€38,358 |
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 22 October 2026 via checked.be.