FEG: what changed
FEG
Largest movements
- Receivables within one year -€126,873
down €126,873 (-45.8%), from €277,214 to €150,342
of which Trade receivables: -€118,428
- Tangible fixed assets -€65,894
down €65,894 (-20.0%), from €329,899 to €264,005
of which Furniture and vehicles: -€41,284
- Cash +€55,791
up €55,791 (+27.0%), from €206,636 to €262,427
mainly Receivables within one year (+€126,873) and Depreciation (+€83,213)
- Intangible fixed assets +€9,420
new in 2025: €9,420
- Trade debts -€111,231
down €111,231 (-61.1%), from €182,036 to €70,805
- Reserves -€60,865
down €60,865 (-18.7%), from €325,000 to €264,135
- Tax, wage and social debts +€28,551
up €28,551 (+76.6%), from €37,265 to €65,815
of which Remuneration and social security: +€14,683
- Accrued charges and deferred income +€15,201
up €15,201 (+880%), from €1,727 to €16,928
- Profit (loss) carried forward -€8,576
down €8,576 (-99.7%), from €8,602 to €26
- Staff costs +€39,044
up €39,044 (+15.7%), from €248,376 to €287,420
- Depreciation -€28,782
down €28,782 (-25.7%), from €111,995 to €83,213
- Gross operating margin +€5,523
up €5,523 (+1.4%), from €397,368 to €402,891
- Taxes -€5,471
down €5,471 (-46.9%), from €11,667 to €6,197
- Other operating charges -€4,410
down €4,410 (-36.7%), from €12,015 to €7,605
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €848,079 | €713,402 | -€134,677 | -15.9% |
| Fixed assets | 21/28 | €330,262 | €273,788 | -€56,474 | -17.1% |
| Intangible fixed assets | 21 | - | €9,420 | +€9,420 | |
| Tangible fixed assets | 22/27 | €329,899 | €264,005 | -€65,894 | -20.0% |
| Land and buildings | 22 | €161,763 | €148,946 | -€12,817 | -7.9% |
| Plant, machinery and equipment | 23 | €33,683 | €25,392 | -€8,290 | -24.6% |
| Furniture and vehicles | 24 | €130,951 | €89,666 | -€41,284 | -31.5% |
| Leasing and similar rights | 25 | €3,502 | - | -€3,502 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €517,817 | €439,614 | -€78,203 | -15.1% |
| Amounts receivable within one year | 40/41 | €277,214 | €150,342 | -€126,873 | -45.8% |
| Trade receivables | 40 | €255,082 | €136,654 | -€118,428 | -46.4% |
| Other amounts receivable | 41 | €22,133 | €13,688 | -€8,444 | -38.2% |
| Cash at bank and in hand | 54/58 | €206,636 | €262,427 | +€55,791 | +27.0% |
| Deferred charges and accrued income | 490/1 | €33,967 | €26,846 | -€7,121 | -21.0% |
| Total equity and liabilities | 10/49 | €848,079 | €713,402 | -€134,677 | -15.9% |
| Equity | 10/15 | €357,769 | €286,899 | -€70,870 | -19.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €325,000 | €264,135 | -€60,865 | -18.7% |
| Distributable reserves | 133 | €325,000 | €264,135 | -€60,865 | -18.7% |
| Profit (loss) carried forward | 14 | €8,602 | €26 | -€8,576 | -99.7% |
| Investment grants | 15 | €18,167 | €16,738 | -€1,429 | -7.9% |
| Amounts payable | 17/49 | €490,310 | €426,503 | -€63,807 | -13.0% |
| Amounts payable after more than one year | 17 | €210,055 | €211,592 | +€1,538 | +0.7% |
| Financial debts | 170/4 | €210,055 | €211,592 | +€1,538 | +0.7% |
| Amounts payable within one year | 42/48 | €278,528 | €197,983 | -€80,546 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €59,227 | €61,362 | +€2,135 | +3.6% |
| Trade debts | 44 | €182,036 | €70,805 | -€111,231 | -61.1% |
| Suppliers | 440/4 | €182,036 | €70,805 | -€111,231 | -61.1% |
| Taxes, remuneration and social security | 45 | €37,265 | €65,815 | +€28,551 | +76.6% |
| Taxes | 450/3 | €13,213 | €27,080 | +€13,868 | +105% |
| Remuneration and social security | 454/9 | €24,052 | €38,735 | +€14,683 | +61.0% |
| Accrued charges and deferred income | 492/3 | €1,727 | €16,928 | +€15,201 | +880% |
| Remuneration, social security and pensions | 62 | €248,376 | €287,420 | +€39,044 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,995 | €83,213 | -€28,782 | -25.7% |
| Other operating charges | 640/8 | €12,015 | €7,605 | -€4,410 | -36.7% |
| Gross operating margin | 9900 | €397,368 | €402,891 | +€5,523 | +1.4% |
| Operating profit (loss) | 9901 | €24,982 | €24,653 | -€329 | -1.3% |
| Financial income | 75/76B | €2,576 | €1,429 | -€1,147 | -44.5% |
| Recurring financial income | 75 | €2,576 | €1,429 | -€1,147 | -44.5% |
| Financial charges | 65/66B | €8,204 | €8,461 | +€258 | +3.1% |
| Recurring financial charges | 65 | €8,204 | €8,461 | +€258 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €19,354 | €17,620 | -€1,734 | -9.0% |
| Income taxes | 67/77 | €11,667 | €6,197 | -€5,471 | -46.9% |
| Profit (loss) for the period | 9904 | €7,687 | €11,424 | +€3,737 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,687 | €11,424 | +€3,737 | +48.6% |
Next steps
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 1 November 2026 via checked.be.