FD&L Group: 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
FD&L Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€269,361
2024 · €1.7m-€1.5m
Equity
€18.8m
2024 · €18.6m+€199,686
Cash
€3,049
2024 · €2,015+€1,034
Balance sheet total
€25.7m
2024 · €22.6m+€3.1m
Largest movements
Assets
- Receivables within one year +€2.5m
up €2.5m (+113%), from €2.3m to €4.8m
of which Other amounts receivable: +€2.3m
- Financial fixed assets +€574,531
up €574,531 (+2.8%), from €20.3m to €20.9m
Equity and liabilities
- Other debts +€3.0m
up €3.0m (+76.9%), from €3.9m to €6.8m
- Revaluation surpluses +€380,325
up €380,325 (+4.3%), from €8.8m to €9.2m
Income statement
- Financial income -€899,541
down €899,541 (-42.4%), from €2.1m to €1.2m
- Financial charges +€336,727
up €336,727 (+93.9%), from €358,628 to €695,356
of which Non-recurring financial charges: +€383,022
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
€1.7m
Write-downs
-€250,757
Other operating charges
-€33
Other operating items
+€16,695
Financial income
-€899,541
Financial charges
-€336,727
Result 2025
€269,361
lowers 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
+€645,240
Investment
-€574,531
Financing
-€69,675
Cash 2024
€2,015
From operations (derived)
+€645,240
Net result for the year
+€269,361
Receivables within one year
-€2.5m
Deferred charges and accrued income
-€9,175
Trade debts
+€1,234
Other debts
+€3.0m
Accrued charges and deferred income
-€45,478
Investment (derived)
-€574,531
Investment in fixed assets (net)
-€574,531
Financing
-€69,675
Contributions, distributions and other
-€69,675
Cash 2025
€3,049
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,550,938 | €25,674,580 | +€3.1m | +13.9% |
| Fixed assets | 21/28 | €20,287,597 | €20,862,128 | +€574,531 | +2.8% |
| Financial fixed assets | 28 | €20,287,597 | €20,862,128 | +€574,531 | +2.8% |
| Affiliated companies | 280/1 | €20,287,597 | €20,862,128 | +€574,531 | +2.8% |
| Participating interests | 280 | €20,287,597 | €20,862,128 | +€574,531 | +2.8% |
| Current assets | 29/58 | €2,263,341 | €4,812,452 | +€2.5m | +113% |
| Amounts receivable within one year | 40/41 | €2,256,081 | €4,794,983 | +€2.5m | +113% |
| Trade receivables | 40 | €113,535 | €319,979 | +€206,444 | +182% |
| Other amounts receivable | 41 | €2,142,545 | €4,475,004 | +€2.3m | +109% |
| Cash at bank and in hand | 54/58 | €2,015 | €3,049 | +€1,034 | +51.3% |
| Deferred charges and accrued income | 490/1 | €5,246 | €14,420 | +€9,175 | +175% |
| Total equity and liabilities | 10/49 | €22,550,938 | €25,674,580 | +€3.1m | +13.9% |
| Equity | 10/15 | €18,594,726 | €18,794,411 | +€199,686 | +1.1% |
| Contributions | 10/11 | €7,350,000 | €7,350,000 | = | 0.0% |
| Revaluation surpluses | 12 | €8,820,230 | €9,200,555 | +€380,325 | +4.3% |
| Reserves | 13 | €493,366 | €493,366 | = | 0.0% |
| Distributable reserves | 133 | €493,366 | €493,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,931,129 | €1,750,490 | -€180,639 | -9.4% |
| Amounts payable | 17/49 | €3,956,213 | €6,880,169 | +€2.9m | +73.9% |
| Amounts payable within one year | 42/48 | €3,857,965 | €6,827,399 | +€3.0m | +77.0% |
| Trade debts | 44 | - | €1,234 | +€1,234 | |
| Suppliers | 440/4 | - | €1,234 | +€1,234 | |
| Other amounts payable | 47/48 | €3,857,965 | €6,826,165 | +€3.0m | +76.9% |
| Accrued charges and deferred income | 492/3 | €98,248 | €52,770 | -€45,478 | -46.3% |
| Operating charges | 60/66A | €23,678 | €257,773 | +€234,095 | +989% |
| Services and other goods | 61 | €22,593 | €5,898 | -€16,695 | -73.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €250,757 | +€250,757 | |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | -€23,678 | -€257,773 | -€234,095 | -989% |
| Financial income | 75/76B | €2,122,031 | €1,222,490 | -€899,541 | -42.4% |
| Recurring financial income | 75 | €2,122,031 | €1,222,490 | -€899,541 | -42.4% |
| Income from financial fixed assets | 750 | €2,000,000 | €1,000,000 | -€1.0m | -50.0% |
| Income from current assets | 751 | €122,031 | €222,490 | +€100,459 | +82.3% |
| Financial charges | 65/66B | €358,628 | €695,356 | +€336,727 | +93.9% |
| Recurring financial charges | 65 | €135,856 | €89,562 | -€46,294 | -34.1% |
| Debt charges | 650 | €134,557 | €88,712 | -€45,845 | -34.1% |
| Other financial charges | 652/9 | €1,299 | €850 | -€449 | -34.6% |
| Non-recurring financial charges | 66B | €222,772 | €605,794 | +€383,022 | +172% |
| Profit (loss) for the period before taxes | 9903 | €1,739,724 | €269,361 | -€1.5m | -84.5% |
| Profit (loss) for the period | 9904 | €1,739,724 | €269,361 | -€1.5m | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,739,724 | €269,361 | -€1.5m | -84.5% |
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 14 October 2026 via checked.be.