FL3: 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.
FL3
Largest movements
- Stocks and contracts -€150,299
down €150,299 (-16.3%), from €919,627 to €769,329
- Receivables after one year -€65,476
down €65,476 (-71.5%), from €91,544 to €26,068
- Cash -€30,926
down €30,926 (-49.0%), from €63,176 to €32,250
mainly Contributions, distributions and other (-€89,982) and Debts after one year (-€83,276)
- Reserves -€89,982
down €89,982 (-38.7%), from €232,341 to €142,359
of which Distributable reserves: -€89,982
- Debts after one year -€83,276
down €83,276 (-98.8%), from €84,305 to €1,029
- Current portion of long-term debt -€63,049
down €63,049 (-16.9%), from €373,831 to €310,781
- Other debts +€51,818
up €51,818 (+32.1%), from €161,418 to €213,236
- Tax, wage and social debts -€42,281
down €42,281 (-25.1%), from €168,610 to €126,329
of which Taxes: -€39,999
- Gross operating margin -€126,505
down €126,505 (-45.5%), from €277,945 to €151,440
- Financial charges -€78,739
down €78,739 (-66.6%), from €118,261 to €39,522
- Other operating charges -€27,797
down €27,797 (-62.7%), from €44,307 to €16,511
- Staff costs -€21,311
down €21,311 (-15.0%), from €141,768 to €120,457
- Financial income +€7,181
up €7,181 (+39.8%), from €18,027 to €25,209
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,148,656 | €901,302 | -€247,354 | -21.5% |
| Fixed assets | 21/28 | €58,651 | €53,649 | -€5,002 | -8.5% |
| Intangible fixed assets | 21 | €877 | €0 | -€877 | -100.0% |
| Tangible fixed assets | 22/27 | €44,506 | €40,380 | -€4,125 | -9.3% |
| Land and buildings | 22 | €19,711 | €18,678 | -€1,034 | -5.2% |
| Plant, machinery and equipment | 23 | €8,826 | €3,687 | -€5,138 | -58.2% |
| Furniture and vehicles | 24 | €3,395 | €6,818 | +€3,423 | +100.8% |
| Other tangible fixed assets | 26 | €12,574 | €11,198 | -€1,376 | -10.9% |
| Financial fixed assets | 28 | €13,269 | €13,269 | = | 0.0% |
| Current assets | 29/58 | €1,090,005 | €847,653 | -€242,352 | -22.2% |
| Amounts receivable after more than one year | 29 | €91,544 | €26,068 | -€65,476 | -71.5% |
| Other amounts receivable | 291 | €91,544 | €26,068 | -€65,476 | -71.5% |
| Stocks and contracts in progress | 3 | €919,627 | €769,329 | -€150,299 | -16.3% |
| Stocks | 30/36 | €919,627 | €769,329 | -€150,299 | -16.3% |
| Amounts receivable within one year | 40/41 | €3,447 | €13,979 | +€10,532 | +305.5% |
| Trade receivables | 40 | €3,447 | €9,698 | +€6,251 | +181.3% |
| Other amounts receivable | 41 | - | €4,282 | +€4,282 | |
| Cash at bank and in hand | 54/58 | €63,176 | €32,250 | -€30,926 | -49.0% |
| Deferred charges and accrued income | 490/1 | €12,211 | €6,026 | -€6,184 | -50.6% |
| Total equity and liabilities | 10/49 | €1,148,656 | €901,302 | -€247,354 | -21.5% |
| Equity | 10/15 | €213,026 | €99,400 | -€113,626 | -53.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €232,341 | €142,359 | -€89,982 | -38.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €226,191 | €136,209 | -€89,982 | -39.8% |
| Profit (loss) carried forward | 14 | -€80,815 | -€104,459 | -€23,644 | -29.3% |
| Provisions and deferred taxes | 16 | €52,160 | €52,160 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €52,160 | €52,160 | = | 0.0% |
| Pensions and similar obligations | 160 | €52,160 | €52,160 | = | 0.0% |
| Amounts payable | 17/49 | €883,469 | €749,741 | -€133,728 | -15.1% |
| Amounts payable after more than one year | 17 | €84,305 | €1,029 | -€83,276 | -98.8% |
| Financial debts | 170/4 | €84,305 | €1,029 | -€83,276 | -98.8% |
| Amounts payable within one year | 42/48 | €799,165 | €748,712 | -€50,452 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €373,831 | €310,781 | -€63,049 | -16.9% |
| Financial debts | 43 | - | €45 | +€45 | |
| Credit institutions | 430/8 | - | €45 | +€45 | |
| Trade debts | 44 | €95,306 | €98,320 | +€3,014 | +3.2% |
| Suppliers | 440/4 | €95,306 | €98,320 | +€3,014 | +3.2% |
| Taxes, remuneration and social security | 45 | €168,610 | €126,329 | -€42,281 | -25.1% |
| Taxes | 450/3 | €141,637 | €101,638 | -€39,999 | -28.2% |
| Remuneration and social security | 454/9 | €26,973 | €24,691 | -€2,282 | -8.5% |
| Other amounts payable | 47/48 | €161,418 | €213,236 | +€51,818 | +32.1% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €141,768 | €120,457 | -€21,311 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,183 | €12,778 | -€2,405 | -15.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,187 | €2,648 | +€1,461 | +123.1% |
| Other operating charges | 640/8 | €44,307 | €16,511 | -€27,797 | -62.7% |
| Non-recurring operating charges | 66A | - | €8,278 | +€8,278 | |
| Gross operating margin | 9900 | €277,945 | €151,440 | -€126,505 | -45.5% |
| Operating profit (loss) | 9901 | €75,500 | -€9,232 | -€84,733 | |
| Financial income | 75/76B | €18,027 | €25,209 | +€7,181 | +39.8% |
| Recurring financial income | 75 | €18,027 | €25,209 | +€7,181 | +39.8% |
| Financial charges | 65/66B | €118,261 | €39,522 | -€78,739 | -66.6% |
| Recurring financial charges | 65 | €118,261 | €39,522 | -€78,739 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,733 | -€23,546 | +€1,187 | +4.8% |
| Income taxes | 67/77 | €240 | €98 | -€142 | -59.3% |
| Profit (loss) for the period | 9904 | -€24,973 | -€23,644 | +€1,330 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,973 | -€23,644 | +€1,330 | +5.3% |
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 30 September 2026 via checked.be.