FGGP: what changed
Two fiscal 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
FGGP
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€73,547
2024 · €72,294+€1,253
Equity
€556,862
2024 · €666,515-€109,653
Cash
€6,614
2024 · €2,876+€3,738
Balance sheet total
€1.9m
2024 · €1.9m+€49,707
Largest movements
Assets
- Tangible fixed assets +€37,564
up €37,564 (+222.3%), from €16,898 to €54,463
Equity and liabilities
- Other debts +€243,485
up €243,485 (+40.2%), from €605,277 to €848,762
- Debts after one year -€117,121
down €117,121 (-29.0%), from €403,722 to €286,600
- Reserves -€109,700
down €109,700 (-23.2%), from €471,954 to €362,254
of which Distributable reserves: -€109,700
- Trade debts +€45,514
up €45,514 (+1235.3%), from €3,684 to €49,198
Income statement
- Taxes +€2,181
up €2,181 (+7.3%), from €29,977 to €32,157
- Financial charges -€2,159
down €2,159 (-4.9%), from €44,495 to €42,336
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
€72,294
Gross operating margin
+€709
Depreciation
+€274
Other operating charges
+€290
Financial income
+€1
Financial charges
+€2,159
Taxes
-€2,181
Result 2025
€73,547
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
+€341,948
Investment
-€41,174
Financing
-€297,035
Cash 2024
€2,876
From operations (derived)
+€341,948
Net result for the year
+€73,547
Depreciation
+€3,610
Receivables within one year
-€6,631
Deferred charges and accrued income
-€1,773
Trade debts
+€45,514
Tax, wage and social debts
-€14,318
Other debts
+€243,485
Accrued charges and deferred income
-€1,486
Investment (derived)
-€41,174
Investment in fixed assets (net)
-€41,174
Financing
-€297,035
Debts after one year
-€117,121
Current portion of long-term debt
+€3,286
Contributions, distributions and other
-€183,200
Cash 2025
€6,614
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,872,973 | €1,922,680 | +€49,707 | +2.7% |
| Fixed assets | 21/28 | €1,841,898 | €1,879,463 | +€37,564 | +2.0% |
| Tangible fixed assets | 22/27 | €16,898 | €54,463 | +€37,564 | +222.3% |
| Furniture and vehicles | 24 | €16,898 | €54,463 | +€37,564 | +222.3% |
| Financial fixed assets | 28 | €1,825,000 | €1,825,000 | = | 0.0% |
| Current assets | 29/58 | €31,074 | €43,217 | +€12,143 | +39.1% |
| Amounts receivable within one year | 40/41 | €26,669 | €33,300 | +€6,631 | +24.9% |
| Trade receivables | 40 | €9,022 | €10,573 | +€1,551 | +17.2% |
| Other amounts receivable | 41 | €17,647 | €22,727 | +€5,080 | +28.8% |
| Cash at bank and in hand | 54/58 | €2,876 | €6,614 | +€3,738 | +130.0% |
| Deferred charges and accrued income | 490/1 | €1,529 | €3,303 | +€1,773 | +115.9% |
| Total equity and liabilities | 10/49 | €1,872,973 | €1,922,680 | +€49,707 | +2.7% |
| Equity | 10/15 | €666,515 | €556,862 | -€109,653 | -16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €471,954 | €362,254 | -€109,700 | -23.2% |
| Non-distributable reserves | 130/1 | €9,954 | €9,954 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,954 | €9,954 | = | 0.0% |
| Distributable reserves | 133 | €462,000 | €352,300 | -€109,700 | -23.7% |
| Profit (loss) carried forward | 14 | €175,961 | €176,009 | +€47 | 0.0% |
| Amounts payable | 17/49 | €1,206,458 | €1,365,817 | +€159,360 | +13.2% |
| Amounts payable after more than one year | 17 | €403,722 | €286,600 | -€117,121 | -29.0% |
| Financial debts | 170/4 | €403,722 | €286,600 | -€117,121 | -29.0% |
| Amounts payable within one year | 42/48 | €776,758 | €1,054,725 | +€277,967 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €113,835 | €117,121 | +€3,286 | +2.9% |
| Trade debts | 44 | €3,684 | €49,198 | +€45,514 | +1235.3% |
| Suppliers | 440/4 | €3,684 | €49,198 | +€45,514 | +1235.3% |
| Taxes, remuneration and social security | 45 | €53,962 | €39,644 | -€14,318 | -26.5% |
| Taxes | 450/3 | €53,962 | €37,314 | -€16,648 | -30.9% |
| Remuneration and social security | 454/9 | - | €2,330 | +€2,330 | |
| Other amounts payable | 47/48 | €605,277 | €848,762 | +€243,485 | +40.2% |
| Accrued charges and deferred income | 492/3 | €25,978 | €24,492 | -€1,486 | -5.7% |
| Non-recurring operating income | 76A | - | €4,813 | +€4,813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,884 | €3,610 | -€274 | -7.1% |
| Other operating charges | 640/8 | €3,218 | €2,928 | -€290 | -9.0% |
| Gross operating margin | 9900 | €153,868 | €154,577 | +€709 | +0.5% |
| Operating profit (loss) | 9901 | €146,766 | €148,039 | +€1,273 | +0.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €44,495 | €42,336 | -€2,159 | -4.9% |
| Recurring financial charges | 65 | €44,495 | €42,336 | -€2,159 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €102,271 | €105,704 | +€3,433 | +3.4% |
| Income taxes | 67/77 | €29,977 | €32,157 | +€2,181 | +7.3% |
| Profit (loss) for the period | 9904 | €72,294 | €73,547 | +€1,253 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,294 | €73,547 | +€1,253 | +1.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.