FEDES: 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.
FEDES
Largest movements
- Tangible fixed assets -€28,251
down €28,251 (-32.1%), from €87,896 to €59,645
of which Other tangible fixed assets: -€17,573
- Cash +€11,390
up €11,390 (+39.4%), from €28,937 to €40,328
mainly Depreciation (+€29,051) and Net result for the year (+€22,996)
- Deferred charges and accrued income +€8,164
up €8,164 (+72.7%), from €11,228 to €19,392
- Receivables within one year -€6,959
down €6,959 (-3.1%), from €222,612 to €215,653
of which Trade receivables: -€6,643
- Trade debts -€27,463
down €27,463 (-34.4%), from €79,906 to €52,443
- Reserves +€20,000
up €20,000 (+91.5%), from €21,860 to €41,860
- Current portion of long-term debt +€17,485
up €17,485 (+88.8%), from €19,698 to €37,183
- Tax, wage and social debts -€16,754
down €16,754 (-42.5%), from €39,381 to €22,627
of which Taxes: -€21,583
- Debts after one year -€12,720
down €12,720 (-52.2%), from €24,380 to €11,660
- Gross operating margin -€34,169
down €34,169 (-16.9%), from €202,122 to €167,953
- Taxes -€21,841
down €21,841 (-90.4%), from €24,152 to €2,311
- Other operating charges +€16,516
up €16,516 (+185%), from €8,931 to €25,447
- Staff costs +€13,360
up €13,360 (+19.6%), from €68,229 to €81,589
- Depreciation +€8,759
up €8,759 (+43.2%), from €20,292 to €29,051
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 | €398,929 | €382,473 | -€16,456 | -4.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €89,496 | €60,445 | -€29,051 | -32.5% |
| Intangible fixed assets | 21 | €1,600 | €800 | -€800 | -50.0% |
| Tangible fixed assets | 22/27 | €87,896 | €59,645 | -€28,251 | -32.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €39,407 | €28,729 | -€10,678 | -27.1% |
| Other tangible fixed assets | 26 | €48,489 | €30,916 | -€17,573 | -36.2% |
| Current assets | 29/58 | €309,433 | €322,029 | +€12,595 | +4.1% |
| Stocks and contracts in progress | 3 | €46,657 | €46,657 | = | 0.0% |
| Stocks | 30/36 | €46,657 | €46,657 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €222,612 | €215,653 | -€6,959 | -3.1% |
| Trade receivables | 40 | €76,534 | €69,891 | -€6,643 | -8.7% |
| Other amounts receivable | 41 | €146,077 | €145,762 | -€315 | -0.2% |
| Cash at bank and in hand | 54/58 | €28,937 | €40,328 | +€11,390 | +39.4% |
| Deferred charges and accrued income | 490/1 | €11,228 | €19,392 | +€8,164 | +72.7% |
| Total equity and liabilities | 10/49 | €398,929 | €382,473 | -€16,456 | -4.1% |
| Equity | 10/15 | €85,564 | €108,560 | +€22,996 | +26.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €21,860 | €41,860 | +€20,000 | +91.5% |
| Distributable reserves | 133 | €21,860 | €41,860 | +€20,000 | +91.5% |
| Profit (loss) carried forward | 14 | €57,504 | €60,500 | +€2,996 | +5.2% |
| Amounts payable | 17/49 | €313,366 | €273,913 | -€39,452 | -12.6% |
| Amounts payable after more than one year | 17 | €24,380 | €11,660 | -€12,720 | -52.2% |
| Financial debts | 170/4 | €24,380 | €11,660 | -€12,720 | -52.2% |
| Amounts payable within one year | 42/48 | €288,986 | €262,254 | -€26,732 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €19,698 | €37,183 | +€17,485 | +88.8% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €79,906 | €52,443 | -€27,463 | -34.4% |
| Suppliers | 440/4 | €79,906 | €52,443 | -€27,463 | -34.4% |
| Taxes, remuneration and social security | 45 | €39,381 | €22,627 | -€16,754 | -42.5% |
| Taxes | 450/3 | €29,239 | €7,656 | -€21,583 | -73.8% |
| Remuneration and social security | 454/9 | €10,143 | €14,972 | +€4,829 | +47.6% |
| Remuneration, social security and pensions | 62 | €68,229 | €81,589 | +€13,360 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,292 | €29,051 | +€8,759 | +43.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,098 | -€4,734 | -€3,636 | -331% |
| Other operating charges | 640/8 | €8,931 | €25,447 | +€16,516 | +185% |
| Gross operating margin | 9900 | €202,122 | €167,953 | -€34,169 | -16.9% |
| Operating profit (loss) | 9901 | €105,768 | €36,600 | -€69,168 | -65.4% |
| Financial income | 75/76B | €7,509 | €7,892 | +€383 | +5.1% |
| Recurring financial income | 75 | €7,509 | €7,892 | +€383 | +5.1% |
| Financial charges | 65/66B | €23,461 | €19,184 | -€4,276 | -18.2% |
| Recurring financial charges | 65 | €23,461 | €19,184 | -€4,276 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €89,816 | €25,307 | -€64,509 | -71.8% |
| Income taxes | 67/77 | €24,152 | €2,311 | -€21,841 | -90.4% |
| Profit (loss) for the period | 9904 | €65,664 | €22,996 | -€42,668 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,664 | €22,996 | -€42,668 | -65.0% |
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 30 October 2026 via checked.be.