FL PROJECTS: 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.
FL PROJECTS
Largest movements
- Stocks and contracts -€925,742
down €925,742 (-19.2%), from €4.8m to €3.9m
- Cash -€240,849
down €240,849 (-82.7%), from €291,144 to €50,296
mainly Short-term financial debts (-€1.2m) and Tax, wage and social debts (-€111,527)
- Short-term financial debts -€1.2m
down €1.2m (-24.3%), from €4.9m to €3.7m
- Profit (loss) carried forward +€169,155
up €169,155 (+84.6%), from -€199,963 to -€30,808
- Tax, wage and social debts -€111,527
down €111,527 (-93.2%), from €119,723 to €8,196
- Other debts +€92,733
up €92,733 (+26.4%), from €351,177 to €443,910
- Trade debts -€77,290
down €77,290 (-29.9%), from €258,135 to €180,845
- Gross operating margin +€387,736
up €387,736 (+734%), from €52,832 to €440,567
- Financial charges +€48,650
up €48,650 (+23.4%), from €207,827 to €256,477
- Financial income +€19,555
new in 2025: €19,555
- Other operating charges -€7,319
down €7,319 (-88.0%), from €8,317 to €998
- Taxes -€6,450
no longer reported in 2025 (was €6,450)
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 | €6,196,888 | €5,015,817 | -€1.2m | -19.1% |
| Fixed assets | 21/28 | €665,371 | €660,497 | -€4,875 | -0.7% |
| Intangible fixed assets | 21 | €8,620 | €6,380 | -€2,240 | -26.0% |
| Tangible fixed assets | 22/27 | €656,751 | €654,116 | -€2,635 | -0.4% |
| Land and buildings | 22 | €655,014 | €629,458 | -€25,555 | -3.9% |
| Furniture and vehicles | 24 | €1,737 | €24,658 | +€22,921 | +1,319% |
| Current assets | 29/58 | €5,531,517 | €4,355,320 | -€1.2m | -21.3% |
| Stocks and contracts in progress | 3 | €4,826,341 | €3,900,599 | -€925,742 | -19.2% |
| Stocks | 30/36 | €4,826,341 | €3,900,599 | -€925,742 | -19.2% |
| Amounts receivable within one year | 40/41 | €414,032 | €404,425 | -€9,606 | -2.3% |
| Trade receivables | 40 | €4,853 | €26,417 | +€21,564 | +444% |
| Other amounts receivable | 41 | €409,179 | €378,008 | -€31,171 | -7.6% |
| Cash at bank and in hand | 54/58 | €291,144 | €50,296 | -€240,849 | -82.7% |
| Total equity and liabilities | 10/49 | €6,196,888 | €5,015,817 | -€1.2m | -19.1% |
| Equity | 10/15 | €89,394 | €258,548 | +€169,155 | +189% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €189,357 | €189,357 | = | 0.0% |
| Distributable reserves | 133 | €189,357 | €189,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€199,963 | -€30,808 | +€169,155 | +84.6% |
| Amounts payable | 17/49 | €6,107,495 | €4,757,268 | -€1.4m | -22.1% |
| Amounts payable after more than one year | 17 | €404,376 | €347,982 | -€56,394 | -13.9% |
| Financial debts | 170/4 | €404,376 | €347,982 | -€56,394 | -13.9% |
| Amounts payable within one year | 42/48 | €5,703,119 | €4,409,286 | -€1.3m | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €55,413 | €56,394 | +€981 | +1.8% |
| Financial debts | 43 | €4,915,101 | €3,719,942 | -€1.2m | -24.3% |
| Credit institutions | 430/8 | €4,915,101 | €3,719,942 | -€1.2m | -24.3% |
| Trade debts | 44 | €258,135 | €180,845 | -€77,290 | -29.9% |
| Suppliers | 440/4 | €258,135 | €180,845 | -€77,290 | -29.9% |
| Advances received on contracts in progress | 46 | €3,571 | - | -€3,571 | |
| Taxes, remuneration and social security | 45 | €119,723 | €8,196 | -€111,527 | -93.2% |
| Taxes | 450/3 | €119,723 | €8,196 | -€111,527 | -93.2% |
| Other amounts payable | 47/48 | €351,177 | €443,910 | +€92,733 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,200 | €30,908 | +€708 | +2.3% |
| Other operating charges | 640/8 | €8,317 | €998 | -€7,319 | -88.0% |
| Non-recurring operating charges | 66A | - | €2,584 | +€2,584 | |
| Gross operating margin | 9900 | €52,832 | €440,567 | +€387,736 | +734% |
| Operating profit (loss) | 9901 | €14,314 | €406,076 | +€391,763 | +2,737% |
| Financial income | 75/76B | - | €19,555 | +€19,555 | |
| Recurring financial income | 75 | - | €19,555 | +€19,555 | |
| Financial charges | 65/66B | €207,827 | €256,477 | +€48,650 | +23.4% |
| Recurring financial charges | 65 | €207,827 | €256,477 | +€48,650 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | -€193,513 | €169,155 | +€362,668 | |
| Income taxes | 67/77 | €6,450 | - | -€6,450 | |
| Profit (loss) for the period | 9904 | -€199,963 | €169,155 | +€369,118 | |
| Profit (loss) for the period to be appropriated | 9905 | -€199,963 | €169,155 | +€369,118 |
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 18 October 2026 via checked.be.