FAGRON CAPITAL: 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.
What changed
FAGRON CAPITAL
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€652,380
2024 · €2.6m-€1.9m
Equity
€16.4m
2024 · €100.8m-€84.3m
Cash
€49.0m
2024 · €37.9m+€11.1m
Balance sheet total
€461.1m
2024 · €590.3m-€129.2m
Largest movements
Assets
- Receivables within one year -€142.1m
down €142.1m (-25.8%), from €551.3m to €409.2m
of which Other amounts receivable: -€142.1m
- Cash +€11.1m
up €11.1m (+29.3%), from €37.9m to €49.0m
mainly Receivables within one year (+€142.1m) and Net result for the year (+€652,380)
Equity and liabilities
- Reserves -€59.3m
down €59.3m (-85.5%), from €69.4m to €10.1m
of which Distributable reserves: -€59.3m
- Debts after one year -€32.4m
down €32.4m (-9.5%), from €341.3m to €308.8m
- Contributions -€25.0m
down €25.0m (-79.7%), from €31.4m to €6.4m
of which Capital: -€25.0m
- Other debts -€8.1m
down €8.1m (-90.3%), from €9.0m to €876,027
Income statement
- Financial income -€14.8m
down €14.8m (-35.2%), from €42.0m to €27.2m
- Financial charges -€11.8m
down €11.8m (-31.7%), from €37.3m to €25.5m
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
€2.6m
Staff costs
-€9,535
Other operating charges
-€719
Other operating items
+€372,940
Financial income
-€14.8m
Financial charges
+€11.8m
Taxes
+€731,034
Result 2025
€652,380
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€131.2m
Investment
-€2.3m
Financing
-€117.8m
Cash 2024
€37.9m
From operations (derived)
+€131.2m
Net result for the year
+€652,380
Receivables within one year
+€142.1m
Deferred charges and accrued income
+€442,836
Trade debts
+€112,578
Tax, wage and social debts
-€1.6m
Other debts
-€8.1m
Accrued charges and deferred income
-€2.4m
Investment (derived)
-€2.3m
Investment in fixed assets (net)
-€2.3m
Financing
-€117.8m
Debts after one year
-€32.4m
Short-term financial debts
-€408,763
Contributions, distributions and other
-€85.0m
Cash 2025
€49.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €590,302,891 | €461,144,780 | -€129.2m | -21.9% |
| Formation expenses | 20 | €343,155 | €2,621,552 | +€2.3m | +664% |
| Current assets | 29/58 | €589,959,735 | €458,523,227 | -€131.4m | -22.3% |
| Amounts receivable within one year | 40/41 | €551,331,828 | €409,217,281 | -€142.1m | -25.8% |
| Trade receivables | 40 | €293,471 | €318,610 | +€25,138 | +8.6% |
| Other amounts receivable | 41 | €551,038,357 | €408,898,671 | -€142.1m | -25.8% |
| Cash at bank and in hand | 54/58 | €37,909,530 | €49,030,404 | +€11.1m | +29.3% |
| Deferred charges and accrued income | 490/1 | €718,378 | €275,542 | -€442,836 | -61.6% |
| Total equity and liabilities | 10/49 | €590,302,891 | €461,144,780 | -€129.2m | -21.9% |
| Equity | 10/15 | €100,773,415 | €16,425,795 | -€84.3m | -83.7% |
| Contributions | 10/11 | €31,374,191 | €6,374,191 | -€25.0m | -79.7% |
| Capital | 10 | €28,274,294 | €3,274,294 | -€25.0m | -88.4% |
| Issued capital | 100 | €58,274,294 | €3,274,294 | -€55.0m | -94.4% |
| Uncalled capital | 101 | €30,000,000 | - | -€30.0m | |
| Contributions outside capital | 11 | €3,099,897 | €3,099,897 | = | 0.0% |
| Share premium | 1100/10 | €3,099,897 | €3,099,897 | = | 0.0% |
| Reserves | 13 | €69,399,224 | €10,051,604 | -€59.3m | -85.5% |
| Non-distributable reserves | 130/1 | €5,420,101 | €5,420,101 | = | 0.0% |
| Legal reserve | 130 | €5,420,101 | €5,420,101 | = | 0.0% |
| Distributable reserves | 133 | €63,979,123 | €4,631,503 | -€59.3m | -92.8% |
| Amounts payable | 17/49 | €489,529,476 | €444,718,985 | -€44.8m | -9.2% |
| Amounts payable after more than one year | 17 | €341,255,655 | €308,829,787 | -€32.4m | -9.5% |
| Financial debts | 170/4 | €341,255,655 | €308,829,787 | -€32.4m | -9.5% |
| Credit institutions | 173 | €341,255,655 | €308,829,787 | -€32.4m | -9.5% |
| Amounts payable within one year | 42/48 | €142,870,066 | €132,866,499 | -€10.0m | -7.0% |
| Financial debts | 43 | €130,303,775 | €129,895,012 | -€408,763 | -0.3% |
| Other loans | 439 | €130,303,775 | €129,895,012 | -€408,763 | -0.3% |
| Trade debts | 44 | €1,086,763 | €1,199,341 | +€112,578 | +10.4% |
| Suppliers | 440/4 | €1,086,763 | €1,199,341 | +€112,578 | +10.4% |
| Taxes, remuneration and social security | 45 | €2,466,170 | €896,119 | -€1.6m | -63.7% |
| Taxes | 450/3 | €2,441,774 | €870,850 | -€1.6m | -64.3% |
| Remuneration and social security | 454/9 | €24,397 | €25,269 | +€873 | +3.6% |
| Other amounts payable | 47/48 | €9,013,358 | €876,027 | -€8.1m | -90.3% |
| Accrued charges and deferred income | 492/3 | €5,403,754 | €3,022,699 | -€2.4m | -44.1% |
| Operating income | 70/76A | €279,988 | €309,518 | +€29,530 | +10.5% |
| Other operating income | 74 | €279,988 | €309,518 | +€29,530 | +10.5% |
| Operating charges | 60/66A | €1,465,099 | €1,131,943 | -€333,156 | -22.7% |
| Services and other goods | 61 | €1,242,853 | €899,443 | -€343,410 | -27.6% |
| Remuneration, social security and pensions | 62 | €221,594 | €231,128 | +€9,535 | +4.3% |
| Other operating charges | 640/8 | €653 | €1,372 | +€719 | +110% |
| Operating profit (loss) | 9901 | -€1,185,111 | -€822,425 | +€362,686 | +30.6% |
| Financial income | 75/76B | €42,038,100 | €27,224,928 | -€14.8m | -35.2% |
| Recurring financial income | 75 | €42,038,100 | €27,224,928 | -€14.8m | -35.2% |
| Income from current assets | 751 | €35,477,164 | €23,174,742 | -€12.3m | -34.7% |
| Other financial income | 752/9 | €6,560,936 | €4,050,186 | -€2.5m | -38.3% |
| Financial charges | 65/66B | €37,300,766 | €25,484,252 | -€11.8m | -31.7% |
| Recurring financial charges | 65 | €37,300,766 | €25,484,252 | -€11.8m | -31.7% |
| Debt charges | 650 | €26,570,614 | €21,410,473 | -€5.2m | -19.4% |
| Other financial charges | 652/9 | €10,730,152 | €4,073,779 | -€6.7m | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €3,552,223 | €918,251 | -€2.6m | -74.1% |
| Income taxes | 67/77 | €996,905 | €265,871 | -€731,034 | -73.3% |
| Taxes | 670/3 | €996,905 | €265,871 | -€731,034 | -73.3% |
| Profit (loss) for the period | 9904 | €2,555,318 | €652,380 | -€1.9m | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,555,318 | €652,380 | -€1.9m | -74.5% |
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 19 October 2026 via checked.be.