FG Bros: 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
FG Bros
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10.6m
2024 · €15.7m-€26.3m
Equity
€2.92bn
2024 · €2.94bn-€17.1m
Cash
€17.0m
2024 · €17.7m-€692,303
Balance sheet total
€3.04bn
2024 · €3.06bn-€15.7m
Largest movements
Assets
- Financial fixed assets -€41.6m
down €41.6m (-1.5%), from €2.73bn to €2.69bn
of which Affiliated companies: -€27.7m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€20.6m
down €20.6m (-70.3%), from €29.3m to €8.7m
of which Financial income: -€20.3m
- Financial charges +€7.3m
up €7.3m (+101%), from €7.2m to €14.5m
of which Non-recurring financial charges: +€10.3m
- Services and other goods -€1.9m
down €1.9m (-33.6%), from €5.7m to €3.8m
- Taxes +€1.2m
up €1.2m, from -€51,944 to €1.2m
of which Taxes: +€1.1m
- Staff costs -€482,716
down €482,716 (-59.8%), from €806,937 to €324,222
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
€15.7m
Turnover
+€52,398
Other operating income
+€373,379
Goods and materials
-€84,562
Services and other goods
+€1.9m
Staff costs
+€482,716
Depreciation
-€1,680
Write-downs
-€2,248
Other operating charges
+€144,153
Financial income
-€20.6m
Financial charges
-€7.3m
Taxes
-€1.2m
Result 2025
-€10.6m
raises the resultlowers the result
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
-€31.6m
Investment
+€39.9m
Financing
-€9.0m
Cash 2024
€17.7m
From operations (derived)
-€31.6m
Net result for the year
-€10.6m
Depreciation
+€7,423
Smaller working-capital items
+€172,597
Receivables within one year
-€23.2m
Deferred charges and accrued income
-€1.9m
Tax, wage and social debts
+€1.9m
Other debts
+€4.2m
Accrued charges and deferred income
-€2.2m
Investment (derived)
+€39.9m
Investment in fixed assets (net)
+€41.5m
Current investments
-€1.6m
Financing
-€9.0m
Debts after one year
+€10.0m
Current portion of long-term debt
-€12.5m
Contributions, distributions and other
-€6.5m
Cash 2025
€17.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,058,029,304 | €3,042,360,351 | -€15.7m | -0.5% |
| Fixed assets | 21/28 | €2,727,392,584 | €2,685,836,219 | -€41.6m | -1.5% |
| Tangible fixed assets | 22/27 | €19,661 | €64,360 | +€44,699 | +227% |
| Furniture and vehicles | 24 | €19,661 | €64,360 | +€44,699 | +227% |
| Financial fixed assets | 28 | €2,727,372,923 | €2,685,771,859 | -€41.6m | -1.5% |
| Affiliated companies | 280/1 | €2,182,157,233 | €2,154,465,420 | -€27.7m | -1.3% |
| Participating interests | 280 | €2,182,157,233 | €2,154,465,420 | -€27.7m | -1.3% |
| Companies linked by participating interests | 282/3 | €543,565,695 | €529,656,445 | -€13.9m | -2.6% |
| Participating interests | 282 | €543,565,695 | €529,656,445 | -€13.9m | -2.6% |
| Other financial fixed assets | 284/8 | €1,649,995 | €1,649,995 | = | 0.0% |
| Shares | 284 | €1,649,915 | €1,649,915 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €330,636,720 | €356,524,132 | +€25.9m | +7.8% |
| Stocks and contracts in progress | 3 | €1,653,314 | €1,551,797 | -€101,516 | -6.1% |
| Stocks | 30/36 | €1,653,314 | €1,551,797 | -€101,516 | -6.1% |
| Goods purchased for resale | 34 | €1,653,314 | €1,551,797 | -€101,516 | -6.1% |
| Amounts receivable within one year | 40/41 | €288,141,871 | €311,316,558 | +€23.2m | +8.0% |
| Trade receivables | 40 | €0 | €32,670 | +€32,670 | |
| Other amounts receivable | 41 | €288,141,871 | €311,283,888 | +€23.1m | +8.0% |
| Current investments | 50/53 | €21,982,545 | €23,626,175 | +€1.6m | +7.5% |
| Other investments | 51/53 | €21,982,545 | €23,626,175 | +€1.6m | +7.5% |
| Cash at bank and in hand | 54/58 | €17,732,528 | €17,040,226 | -€692,303 | -3.9% |
| Deferred charges and accrued income | 490/1 | €1,126,462 | €2,989,376 | +€1.9m | +165% |
| Total equity and liabilities | 10/49 | €3,058,029,304 | €3,042,360,351 | -€15.7m | -0.5% |
| Equity | 10/15 | €2,936,512,186 | €2,919,417,661 | -€17.1m | -0.6% |
| Contributions | 10/11 | €102,442,363 | €102,442,363 | = | 0.0% |
| Capital | 10 | €55,538,067 | €55,538,067 | = | 0.0% |
| Issued capital | 100 | €55,538,067 | €55,538,067 | = | 0.0% |
| Contributions outside capital | 11 | €46,904,296 | €46,904,296 | = | 0.0% |
| Share premium | 1100/10 | €46,904,296 | €46,904,296 | = | 0.0% |
| Reserves | 13 | €19,298,191 | €31,298,343 | +€12.0m | +62.2% |
| Non-distributable reserves | 130/1 | €5,553,807 | €17,553,959 | +€12.0m | +216% |
| Legal reserve | 130 | €5,553,807 | €5,553,807 | = | 0.0% |
| Own shares acquired | 1312 | - | €12,000,152 | +€12.0m | |
| Tax-exempt reserves | 132 | €13,345,633 | €13,345,633 | = | 0.0% |
| Distributable reserves | 133 | €398,751 | €398,751 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,814,771,632 | €2,785,676,955 | -€29.1m | -1.0% |
| Amounts payable | 17/49 | €121,517,118 | €122,942,690 | +€1.4m | +1.2% |
| Amounts payable after more than one year | 17 | €105,000,000 | €115,000,000 | +€10.0m | +9.5% |
| Financial debts | 170/4 | €105,000,000 | €115,000,000 | +€10.0m | +9.5% |
| Credit institutions | 173 | €105,000,000 | €115,000,000 | +€10.0m | +9.5% |
| Other loans | 174 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €13,571,333 | €7,215,792 | -€6.4m | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €12,500,000 | €0 | -€12.5m | -100% |
| Trade debts | 44 | €326,271 | €397,351 | +€71,080 | +21.8% |
| Suppliers | 440/4 | €326,271 | €397,351 | +€71,080 | +21.8% |
| Taxes, remuneration and social security | 45 | €348,457 | €2,243,607 | +€1.9m | +544% |
| Taxes | 450/3 | €0 | €2,141,322 | +€2.1m | |
| Remuneration and social security | 454/9 | €348,457 | €102,285 | -€246,172 | -70.6% |
| Other amounts payable | 47/48 | €396,606 | €4,574,835 | +€4.2m | +1,053% |
| Accrued charges and deferred income | 492/3 | €2,945,785 | €726,898 | -€2.2m | -75.3% |
| Operating income | 70/76A | €211,211 | €636,987 | +€425,776 | +202% |
| Turnover | 70 | €203,000 | €255,398 | +€52,398 | +25.8% |
| Other operating income | 74 | €8,211 | €381,590 | +€373,379 | +4,547% |
| Operating charges | 60/66A | €6,680,696 | €4,225,132 | -€2.5m | -36.8% |
| Goods for resale, raw materials and consumables | 60 | €16,955 | €101,516 | +€84,562 | +499% |
| Change in stocks: decrease (increase) | 609 | €16,955 | €101,516 | +€84,562 | +499% |
| Services and other goods | 61 | €5,698,046 | €3,780,862 | -€1.9m | -33.6% |
| Remuneration, social security and pensions | 62 | €806,937 | €324,222 | -€482,716 | -59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,743 | €7,423 | +€1,680 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,248 | €0 | +€2,248 | |
| Other operating charges | 640/8 | €155,262 | €11,109 | -€144,153 | -92.8% |
| Operating profit (loss) | 9901 | -€6,469,485 | -€3,588,145 | +€2.9m | +44.5% |
| Financial income | 75/76B | €29,349,362 | €8,717,481 | -€20.6m | -70.3% |
| Recurring financial income | 75 | €28,976,354 | €8,717,481 | -€20.3m | -69.9% |
| Income from financial fixed assets | 750 | €17,862,357 | €138,906 | -€17.7m | -99.2% |
| Income from current assets | 751 | €6,796,358 | €7,906,451 | +€1.1m | +16.3% |
| Other financial income | 752/9 | €4,317,639 | €672,125 | -€3.6m | -84.4% |
| Non-recurring financial income | 76B | €373,009 | €0 | -€373,009 | -100% |
| Financial charges | 65/66B | €7,220,859 | €14,528,807 | +€7.3m | +101% |
| Recurring financial charges | 65 | €5,178,001 | €2,157,994 | -€3.0m | -58.3% |
| Debt charges | 650 | €2,086,943 | €2,958,340 | +€871,397 | +41.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€3,291,880 | -€3,758,573 | -€466,693 | -14.2% |
| Other financial charges | 652/9 | €6,382,938 | €2,958,227 | -€3.4m | -53.7% |
| Non-recurring financial charges | 66B | €2,042,858 | €12,370,813 | +€10.3m | +506% |
| Profit (loss) for the period before taxes | 9903 | €15,659,019 | -€9,399,471 | -€25.1m | |
| Income taxes | 67/77 | -€51,944 | €1,164,720 | +€1.2m | |
| Taxes | 670/3 | €21,772 | €1,164,720 | +€1.1m | +5,250% |
| Tax adjustments and reversals of tax provisions | 77 | €73,716 | €0 | -€73,716 | -100% |
| Profit (loss) for the period | 9904 | €15,710,962 | -€10,564,191 | -€26.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €15,710,962 | -€10,564,191 | -€26.3m |
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 27 October 2026 via checked.be.