FD&L MANAGEMENT: 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.
FD&L MANAGEMENT
Largest movements
- Receivables within one year +€119,692
up €119,692 (+19.8%), from €603,104 to €722,796
of which Trade receivables: +€118,900
- Trade debts +€249,699
up €249,699 (+66.4%), from €376,112 to €625,811
- Reserves -€97,667
down €97,667 (-52.6%), from €185,595 to €87,929
- Tax, wage and social debts -€34,196
no longer reported in 2025 (was €34,196)
- Gross operating margin -€356,702
down €356,702, from €248,663 to -€108,039
- Taxes -€73,115
down €73,115, from €61,865 to -€11,250
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,738,903 | €1,856,740 | +€117,837 | +6.8% |
| Fixed assets | 21/28 | €1,125,000 | €1,125,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,125,000 | €1,125,000 | = | 0.0% |
| Current assets | 29/58 | €613,903 | €731,740 | +€117,837 | +19.2% |
| Amounts receivable within one year | 40/41 | €603,104 | €722,796 | +€119,692 | +19.8% |
| Trade receivables | 40 | €594,500 | €713,400 | +€118,900 | +20.0% |
| Other amounts receivable | 41 | €8,604 | €9,396 | +€792 | +9.2% |
| Cash at bank and in hand | 54/58 | €10,799 | €8,944 | -€1,855 | -17.2% |
| Total equity and liabilities | 10/49 | €1,738,903 | €1,856,740 | +€117,837 | +6.8% |
| Equity | 10/15 | €1,328,595 | €1,230,929 | -€97,667 | -7.4% |
| Contributions | 10/11 | €1,143,000 | €1,143,000 | = | 0.0% |
| Reserves | 13 | €185,595 | €87,929 | -€97,667 | -52.6% |
| Distributable reserves | 133 | €185,595 | €87,929 | -€97,667 | -52.6% |
| Amounts payable | 17/49 | €410,308 | €625,811 | +€215,503 | +52.5% |
| Amounts payable within one year | 42/48 | €410,308 | €625,811 | +€215,503 | +52.5% |
| Trade debts | 44 | €376,112 | €625,811 | +€249,699 | +66.4% |
| Suppliers | 440/4 | €376,112 | €625,811 | +€249,699 | +66.4% |
| Taxes, remuneration and social security | 45 | €34,196 | - | -€34,196 | |
| Taxes | 450/3 | €34,196 | - | -€34,196 | |
| Other operating charges | 640/8 | €439 | €208 | -€231 | -52.7% |
| Gross operating margin | 9900 | €248,663 | -€108,039 | -€356,702 | |
| Operating profit (loss) | 9901 | €248,224 | -€108,247 | -€356,471 | |
| Financial charges | 65/66B | €764 | €670 | -€94 | -12.3% |
| Recurring financial charges | 65 | €764 | €670 | -€94 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €247,460 | -€108,917 | -€356,377 | |
| Income taxes | 67/77 | €61,865 | -€11,250 | -€73,115 | |
| Profit (loss) for the period | 9904 | €185,595 | -€97,667 | -€283,262 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,595 | -€97,667 | -€283,262 |
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 25 October 2026 via checked.be.