FALCON & HEDGE: 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
FALCON & HEDGE
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€311,795
2024 · €427,383-€115,588
Equity
€5.2m
2024 · €4.9m+€311,795
Cash
€12,678
2024 · €8,000+€4,678
Balance sheet total
€8.6m
2024 · €8.5m+€32,529
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Short-term financial debts -€760,949
down €760,949 (-93.8%), from €810,949 to €50,000
- Reserves +€311,795
up €311,795 (+18.6%), from €1.7m to €2.0m
of which Distributable reserves: +€296,205
- Debts after one year +€250,000
new in 2025: €250,000
- Current portion of long-term debt +€250,000
new in 2025: €250,000
Income statement
- Financial income -€170,431
down €170,431 (-31.1%), from €548,042 to €377,612
- Financial charges -€57,984
down €57,984 (-27.5%), from €211,116 to €153,132
- Services and other goods +€53,415
up €53,415 (+37.1%), from €143,996 to €197,411
- Turnover +€33,065
up €33,065 (+10.5%), from €314,924 to €347,989
- Other operating charges +€7,899
up €7,899 (+73.9%), from €10,693 to €18,592
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
€427,383
Turnover
+€33,065
Other operating income
+€40
Goods and materials
+€3,524
Services and other goods
-€53,415
Staff costs
-€850
Depreciation
-€712
Other operating charges
-€7,899
Other operating items
+€20,547
Financial income
-€170,431
Financial charges
+€57,984
Taxes
+€2,558
Result 2025
€311,795
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
+€288,948
Investment
-€23,322
Financing
-€260,949
Cash 2024
€8,000
From operations (derived)
+€288,948
Net result for the year
+€311,795
Depreciation
+€66,237
Receivables within one year
-€70,506
Deferred charges and accrued income
-€260
Trade debts
+€10,476
Tax, wage and social debts
-€2,420
Other debts
-€14,581
Accrued charges and deferred income
-€11,792
Investment (derived)
-€23,322
Investment in fixed assets (net)
-€23,322
Financing
-€260,949
Debts after one year
+€250,000
Current portion of long-term debt
+€250,000
Short-term financial debts
-€760,949
Cash 2025
€12,678
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,517,732 | €8,550,261 | +€32,529 | +0.4% |
| Fixed assets | 21/28 | €8,491,700 | €8,448,785 | -€42,915 | -0.5% |
| Tangible fixed assets | 22/27 | €2,008,794 | €1,965,879 | -€42,915 | -2.1% |
| Land and buildings | 22 | €1,864,635 | €1,823,529 | -€41,106 | -2.2% |
| Furniture and vehicles | 24 | €79,159 | €53,965 | -€25,193 | -31.8% |
| Other tangible fixed assets | 26 | €65,000 | €88,384 | +€23,384 | +36.0% |
| Financial fixed assets | 28 | €6,482,906 | €6,482,906 | = | 0.0% |
| Affiliated companies | 280/1 | €6,407,303 | €6,407,303 | = | 0.0% |
| Participating interests | 280 | €6,407,303 | €6,407,303 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €75,604 | €75,604 | = | 0.0% |
| Participating interests | 282 | €75,604 | €75,604 | = | 0.0% |
| Current assets | 29/58 | €26,033 | €101,476 | +€75,443 | +289.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €15,730 | €86,236 | +€70,506 | +448.2% |
| Trade receivables | 40 | €15,730 | €83,179 | +€67,449 | +428.8% |
| Other amounts receivable | 41 | - | €3,057 | +€3,057 | |
| Cash at bank and in hand | 54/58 | €8,000 | €12,678 | +€4,678 | +58.5% |
| Deferred charges and accrued income | 490/1 | €2,302 | €2,562 | +€260 | +11.3% |
| Total equity and liabilities | 10/49 | €8,517,732 | €8,550,261 | +€32,529 | +0.4% |
| Equity | 10/15 | €4,863,707 | €5,175,501 | +€311,795 | +6.4% |
| Contributions | 10/11 | €3,187,000 | €3,187,000 | = | 0.0% |
| Capital | 10 | €3,187,000 | €3,187,000 | = | 0.0% |
| Issued capital | 100 | €3,187,000 | €3,187,000 | = | 0.0% |
| Reserves | 13 | €1,676,707 | €1,988,501 | +€311,795 | +18.6% |
| Non-distributable reserves | 130/1 | €112,709 | €128,299 | +€15,590 | +13.8% |
| Legal reserve | 130 | €112,709 | €128,299 | +€15,590 | +13.8% |
| Distributable reserves | 133 | €1,563,998 | €1,860,203 | +€296,205 | +18.9% |
| Amounts payable | 17/49 | €3,654,026 | €3,374,760 | -€279,266 | -7.6% |
| Amounts payable after more than one year | 17 | - | €250,000 | +€250,000 | |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Credit institutions | 173 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €3,567,086 | €3,049,612 | -€517,474 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | - | €250,000 | +€250,000 | |
| Financial debts | 43 | €810,949 | €50,000 | -€760,949 | -93.8% |
| Credit institutions | 430/8 | €810,949 | €50,000 | -€760,949 | -93.8% |
| Trade debts | 44 | €22,499 | €32,975 | +€10,476 | +46.6% |
| Suppliers | 440/4 | €22,499 | €32,975 | +€10,476 | +46.6% |
| Taxes, remuneration and social security | 45 | €32,854 | €30,433 | -€2,420 | -7.4% |
| Taxes | 450/3 | €24,235 | €20,004 | -€4,232 | -17.5% |
| Remuneration and social security | 454/9 | €8,618 | €10,430 | +€1,812 | +21.0% |
| Other amounts payable | 47/48 | €2,700,785 | €2,686,204 | -€14,581 | -0.5% |
| Accrued charges and deferred income | 492/3 | €86,940 | €75,148 | -€11,792 | -13.6% |
| Operating income | 70/76A | €375,550 | €429,202 | +€53,652 | +14.3% |
| Turnover | 70 | €314,924 | €347,989 | +€33,065 | +10.5% |
| Other operating income | 74 | €60,626 | €60,666 | +€40 | +0.1% |
| Non-recurring operating income | 76A | €0 | €20,547 | +€20,547 | |
| Operating charges | 60/66A | €285,093 | €344,445 | +€59,352 | +20.8% |
| Goods for resale, raw materials and consumables | 60 | €3,524 | €0 | -€3,524 | -100.0% |
| Purchases | 600/8 | €3,524 | €0 | -€3,524 | -100.0% |
| Services and other goods | 61 | €143,996 | €197,411 | +€53,415 | +37.1% |
| Remuneration, social security and pensions | 62 | €61,355 | €62,205 | +€850 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,525 | €66,237 | +€712 | +1.1% |
| Other operating charges | 640/8 | €10,693 | €18,592 | +€7,899 | +73.9% |
| Operating profit (loss) | 9901 | €90,456 | €84,757 | -€5,699 | -6.3% |
| Financial income | 75/76B | €548,042 | €377,612 | -€170,431 | -31.1% |
| Recurring financial income | 75 | €548,042 | €377,612 | -€170,431 | -31.1% |
| Income from financial fixed assets | 750 | €547,805 | €363,830 | -€183,976 | -33.6% |
| Income from current assets | 751 | €237 | €0 | -€237 | -100.0% |
| Other financial income | 752/9 | €0 | €13,782 | +€13,782 | |
| Financial charges | 65/66B | €211,116 | €153,132 | -€57,984 | -27.5% |
| Recurring financial charges | 65 | €211,116 | €153,132 | -€57,984 | -27.5% |
| Debt charges | 650 | €208,313 | €151,593 | -€56,720 | -27.2% |
| Other financial charges | 652/9 | €2,803 | €1,539 | -€1,264 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €427,383 | €309,237 | -€118,146 | -27.6% |
| Income taxes | 67/77 | €0 | -€2,558 | -€2,558 | |
| Taxes | 670/3 | €0 | - | = | |
| Tax adjustments and reversals of tax provisions | 77 | - | €2,558 | +€2,558 | |
| Profit (loss) for the period | 9904 | €427,383 | €311,795 | -€115,588 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €427,383 | €311,795 | -€115,588 | -27.0% |
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 11 October 2026 via checked.be.