Alex Flebus: what changed
Two fiscal 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.
Alex Flebus
Largest movements
- Cash -€20,230
down €20,230 (-33.0%), from €61,276 to €41,046
mainly Debts after one year (-€47,224) and Receivables within one year (-€6,387)
- Tangible fixed assets -€19,773
down €19,773 (-39.1%), from €50,611 to €30,839
of which Furniture and vehicles: -€13,783
- Receivables within one year +€6,387
up €6,387 (+58.0%), from €11,006 to €17,393
of which Trade receivables: +€8,249
- Debts after one year -€47,224
down €47,224 (-28.2%), from €167,451 to €120,227
- Reserves +€20,346
up €20,346 (+18.8%), from €108,147 to €128,492
- Gross operating margin +€6,775
up €6,775 (+13.3%), from €50,812 to €57,587
- Taxes +€4,347
up €4,347 (+73.7%), from €5,903 to €10,250
- Depreciation -€2,488
down €2,488 (-12.1%), from €20,595 to €18,107
- Other operating charges +€1,738
up €1,738 (+98.8%), from €1,759 to €3,498
- Financial charges -€799
down €799 (-10.7%), from €7,445 to €6,646
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.
Cash bridge derived
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 | €401,559 | €373,463 | -€28,096 | -7.0% |
| Fixed assets | 21/28 | €325,611 | €305,839 | -€19,773 | -6.1% |
| Tangible fixed assets | 22/27 | €50,611 | €30,839 | -€19,773 | -39.1% |
| Plant, machinery and equipment | 23 | €16,993 | €12,410 | -€4,583 | -27.0% |
| Furniture and vehicles | 24 | €21,435 | €7,652 | -€13,783 | -64.3% |
| Other tangible fixed assets | 26 | €12,183 | €10,777 | -€1,406 | -11.5% |
| Financial fixed assets | 28 | €275,000 | €275,000 | = | 0.0% |
| Current assets | 29/58 | €75,948 | €67,624 | -€8,323 | -11.0% |
| Stocks and contracts in progress | 3 | €2,360 | €6,090 | +€3,730 | +158.1% |
| Stocks | 30/36 | €2,360 | €6,090 | +€3,730 | +158.1% |
| Amounts receivable within one year | 40/41 | €11,006 | €17,393 | +€6,387 | +58.0% |
| Trade receivables | 40 | €1,804 | €10,053 | +€8,249 | +457.4% |
| Other amounts receivable | 41 | €9,202 | €7,340 | -€1,862 | -20.2% |
| Cash at bank and in hand | 54/58 | €61,276 | €41,046 | -€20,230 | -33.0% |
| Deferred charges and accrued income | 490/1 | €1,306 | €3,096 | +€1,789 | +137.0% |
| Total equity and liabilities | 10/49 | €401,559 | €373,463 | -€28,096 | -7.0% |
| Equity | 10/15 | €113,147 | €133,492 | +€20,346 | +18.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €108,147 | €128,492 | +€20,346 | +18.8% |
| Distributable reserves | 133 | €108,147 | €128,492 | +€20,346 | +18.8% |
| Amounts payable | 17/49 | €288,412 | €239,971 | -€48,442 | -16.8% |
| Amounts payable after more than one year | 17 | €167,451 | €120,227 | -€47,224 | -28.2% |
| Financial debts | 170/4 | €167,451 | €120,227 | -€47,224 | -28.2% |
| Amounts payable within one year | 42/48 | €120,961 | €119,743 | -€1,218 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €50,869 | €48,909 | -€1,960 | -3.9% |
| Trade debts | 44 | €2,098 | €3,535 | +€1,437 | +68.5% |
| Suppliers | 440/4 | €2,098 | €3,535 | +€1,437 | +68.5% |
| Taxes, remuneration and social security | 45 | €3,072 | €2,457 | -€615 | -20.0% |
| Taxes | 450/3 | €3,072 | €2,457 | -€615 | -20.0% |
| Other amounts payable | 47/48 | €64,921 | €64,842 | -€79 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,595 | €18,107 | -€2,488 | -12.1% |
| Other operating charges | 640/8 | €1,759 | €3,498 | +€1,738 | +98.8% |
| Gross operating margin | 9900 | €50,812 | €57,587 | +€6,775 | +13.3% |
| Operating profit (loss) | 9901 | €28,457 | €35,982 | +€7,525 | +26.4% |
| Financial income | 75/76B | €563 | €1,260 | +€697 | +123.9% |
| Recurring financial income | 75 | €563 | €1,260 | +€697 | +123.9% |
| Financial charges | 65/66B | €7,445 | €6,646 | -€799 | -10.7% |
| Recurring financial charges | 65 | €7,445 | €6,646 | -€799 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €21,575 | €30,596 | +€9,021 | +41.8% |
| Income taxes | 67/77 | €5,903 | €10,250 | +€4,347 | +73.7% |
| Profit (loss) for the period | 9904 | €15,672 | €20,346 | +€4,673 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,672 | €20,346 | +€4,673 | +29.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.