FAGRON: 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.
What changed
FAGRON
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€50.0m
2024 · €34.0m+€16.0m
Equity
€573.3m
2024 · €544.3m+€29.0m
Cash
€17.0m
2024 · €4.0m+€12.9m
Balance sheet total
€606.0m
2024 · €572.4m+€33.6m
Largest movements
Assets
- Receivables within one year +€13.6m
up €13.6m (+21.5%), from €63.1m to €76.6m
of which Other amounts receivable: +€11.7m
- Cash +€12.9m
up €12.9m (+320.1%), from €4.0m to €17.0m
mainly Net result for the year (+€50.0m) and Other debts (+€3.6m)
Equity and liabilities
- Reserves +€20.6m
up €20.6m (+62.0%), from €33.3m to €53.9m
of which Distributable reserves: +€16.4m
- Contributions +€8.3m
up €8.3m (+1.6%), from €511.1m to €519.4m
of which Outside capital: +€5.3m
Income statement
- Financial income +€15.7m
up €15.7m (+41.0%), from €38.3m to €54.1m
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.
Result 2024
€34.0m
Staff costs
-€60,353
Depreciation
+€148
Other operating charges
-€41,042
Other operating items
-€1.7m
Financial income
+€15.7m
Financial charges
+€2.0m
Taxes
-€476
Result 2025
€50.0m
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.
From operations
+€41.0m
Investment
-€7.1m
Financing
-€21.0m
Cash 2024
€4.0m
From operations (derived)
+€41.0m
Net result for the year
+€50.0m
Depreciation
+€624
Receivables within one year
-€13.6m
Deferred charges and accrued income
-€3,575
Trade debts
+€722,678
Tax, wage and social debts
+€156,183
Other debts
+€3.6m
Accrued charges and deferred income
+€193,811
Investment (derived)
-€7.1m
Investment in fixed assets (net)
-€5.2m
Current investments
-€1.9m
Financing
-€21.0m
Contributions, distributions and other
-€21.0m
Cash 2025
€17.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €572,427,420 | €606,039,267 | +€33.6m | +5.9% |
| Fixed assets | 21/28 | €498,573,269 | €503,741,792 | +€5.2m | +1.0% |
| Tangible fixed assets | 22/27 | €1,195 | €571 | -€624 | -52.2% |
| Plant, machinery and equipment | 23 | €1,195 | €571 | -€624 | -52.2% |
| Financial fixed assets | 28 | €498,572,075 | €503,741,221 | +€5.2m | +1.0% |
| Affiliated companies | 280/1 | €497,282,191 | €502,401,337 | +€5.1m | +1.0% |
| Participating interests | 280 | €497,282,191 | €502,401,337 | +€5.1m | +1.0% |
| Companies linked by participating interests | 282/3 | €1,289,684 | €1,289,684 | = | 0.0% |
| Participating interests | 282 | €1,289,684 | €1,289,684 | = | 0.0% |
| Other financial fixed assets | 284/8 | €200 | €50,200 | +€50,000 | +25000.0% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €50,200 | +€50,000 | +25000.0% |
| Current assets | 29/58 | €73,854,150 | €102,297,476 | +€28.4m | +38.5% |
| Amounts receivable within one year | 40/41 | €63,055,708 | €76,633,455 | +€13.6m | +21.5% |
| Trade receivables | 40 | €3,880,729 | €5,748,752 | +€1.9m | +48.1% |
| Other amounts receivable | 41 | €59,174,979 | €70,884,703 | +€11.7m | +19.8% |
| Current investments | 50/53 | €6,687,979 | €8,608,386 | +€1.9m | +28.7% |
| Own shares | 50 | €6,507,615 | €8,253,058 | +€1.7m | +26.8% |
| Other investments | 51/53 | €180,364 | €355,327 | +€174,964 | +97.0% |
| Cash at bank and in hand | 54/58 | €4,042,923 | €16,984,519 | +€12.9m | +320.1% |
| Deferred charges and accrued income | 490/1 | €67,540 | €71,116 | +€3,575 | +5.3% |
| Total equity and liabilities | 10/49 | €572,427,420 | €606,039,267 | +€33.6m | +5.9% |
| Equity | 10/15 | €544,331,607 | €573,314,188 | +€29.0m | +5.3% |
| Contributions | 10/11 | €511,053,772 | €519,395,422 | +€8.3m | +1.6% |
| Capital | 10 | €503,719,217 | €506,745,842 | +€3.0m | +0.6% |
| Issued capital | 100 | €503,719,217 | €506,745,842 | +€3.0m | +0.6% |
| Outside capital | 11 | €7,334,555 | €12,649,580 | +€5.3m | +72.5% |
| Share premium | 1100/10 | €7,334,555 | €12,649,580 | +€5.3m | +72.5% |
| Reserves | 13 | €33,277,835 | €53,918,767 | +€20.6m | +62.0% |
| Non-distributable reserves | 130/1 | €13,797,838 | €18,043,077 | +€4.2m | +30.8% |
| Legal reserve | 130 | €7,290,223 | €9,790,019 | +€2.5m | +34.3% |
| Own shares acquired | 1312 | €6,507,615 | €8,253,058 | +€1.7m | +26.8% |
| Distributable reserves | 133 | €19,479,997 | €35,875,689 | +€16.4m | +84.2% |
| Amounts payable | 17/49 | €28,095,813 | €32,725,079 | +€4.6m | +16.5% |
| Amounts payable within one year | 42/48 | €27,233,065 | €31,668,521 | +€4.4m | +16.3% |
| Trade debts | 44 | €1,204,113 | €1,926,792 | +€722,678 | +60.0% |
| Suppliers | 440/4 | €1,204,113 | €1,926,792 | +€722,678 | +60.0% |
| Taxes, remuneration and social security | 45 | €265,299 | €421,482 | +€156,183 | +58.9% |
| Taxes | 450/3 | €20,161 | - | -€20,161 | |
| Remuneration and social security | 454/9 | €245,138 | €421,482 | +€176,344 | +71.9% |
| Other amounts payable | 47/48 | €25,763,652 | €29,320,247 | +€3.6m | +13.8% |
| Accrued charges and deferred income | 492/3 | €862,748 | €1,056,559 | +€193,811 | +22.5% |
| Operating income | 70/76A | €5,090,068 | €7,699,130 | +€2.6m | +51.3% |
| Other operating income | 74 | €5,090,068 | €7,463,136 | +€2.4m | +46.6% |
| Non-recurring operating income | 76A | €0 | €235,994 | +€235,994 | |
| Operating charges | 60/66A | €6,756,707 | €11,140,434 | +€4.4m | +64.9% |
| Services and other goods | 61 | €5,952,997 | €10,235,477 | +€4.3m | +71.9% |
| Remuneration, social security and pensions | 62 | €790,987 | €851,340 | +€60,353 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €771 | €624 | -€148 | -19.1% |
| Other operating charges | 640/8 | €11,952 | €52,993 | +€41,042 | +343.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€1,666,639 | -€3,441,304 | -€1.8m | -106.5% |
| Financial income | 75/76B | €38,345,939 | €54,072,048 | +€15.7m | +41.0% |
| Recurring financial income | 75 | €38,345,939 | €54,072,048 | +€15.7m | +41.0% |
| Income from financial fixed assets | 750 | €35,224,306 | €51,530,000 | +€16.3m | +46.3% |
| Income from current assets | 751 | €2,938,757 | €1,338,638 | -€1.6m | -54.4% |
| Other financial income | 752/9 | €182,876 | €1,203,410 | +€1.0m | +558.0% |
| Financial charges | 65/66B | €2,674,440 | €633,962 | -€2.0m | -76.3% |
| Recurring financial charges | 65 | €2,674,440 | €633,962 | -€2.0m | -76.3% |
| Debt charges | 650 | €2,090,361 | €32,280 | -€2.1m | -98.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €329,562 | -€345,106 | -€674,668 | |
| Other financial charges | 652/9 | €254,517 | €946,789 | +€692,272 | +272.0% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €34,004,860 | €49,996,782 | +€16.0m | +47.0% |
| Income taxes | 67/77 | €396 | €871 | +€476 | +120.2% |
| Taxes | 670/3 | €396 | €871 | +€476 | +120.2% |
| Profit (loss) for the period | 9904 | €34,004,464 | €49,995,911 | +€16.0m | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,004,464 | €49,995,911 | +€16.0m | +47.0% |
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 5 October 2026 via checked.be.