FLAGSHIP: 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.
FLAGSHIP
Largest movements
- Receivables within one year +€22,035
up €22,035 (+2,203,481%), from €1 to €22,036
of which Trade receivables: +€21,829
- Cash +€20,067
up €20,067 (+68.0%), from €29,527 to €49,594
mainly Other debts (+€500,412) and Net result for the year (+€118,076)
- Other debts +€500,412
up €500,412, from €0 to €500,412
- Profit (loss) carried forward -€381,924
down €381,924 (-99.0%), from €385,820 to €3,895
- Debts after one year -€77,106
down €77,106 (-24.3%), from €316,923 to €239,817
of which Financial debts: -€77,106
- Gross operating margin +€115,864
up €115,864, from -€95,014 to €20,850
- Purchases and services -€101,014
no longer reported in 2025 (was €101,014)
- Financial income -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Turnover -€6,000
no longer reported in 2025 (was €6,000)
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 | €814,528 | €856,630 | +€42,102 | +5.2% |
| Fixed assets | 21/28 | €785,000 | €785,000 | = | 0.0% |
| Financial fixed assets | 28 | €785,000 | €785,000 | = | 0.0% |
| Current assets | 29/58 | €29,528 | €71,630 | +€42,102 | +143% |
| Amounts receivable within one year | 40/41 | €1 | €22,036 | +€22,035 | +2,203,481% |
| Trade receivables | 40 | €0 | €21,829 | +€21,829 | |
| Other amounts receivable | 41 | €1 | €207 | +€206 | +20,559% |
| Cash at bank and in hand | 54/58 | €29,527 | €49,594 | +€20,067 | +68.0% |
| Total equity and liabilities | 10/49 | €814,528 | €856,630 | +€42,102 | +5.2% |
| Equity | 10/15 | €415,820 | €33,895 | -€381,924 | -91.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €385,820 | €3,895 | -€381,924 | -99.0% |
| Amounts payable | 17/49 | €398,709 | €822,735 | +€424,026 | +106% |
| Amounts payable after more than one year | 17 | €316,923 | €239,817 | -€77,106 | -24.3% |
| Financial debts | 170/4 | €154,923 | €77,817 | -€77,106 | -49.8% |
| Other amounts payable | 178/9 | €162,000 | €162,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €81,785 | €582,918 | +€501,132 | +613% |
| Current portion of amounts payable after more than one year | 42 | €76,401 | €77,106 | +€705 | +0.9% |
| Trade debts | 44 | €384 | €400 | +€15 | +4.0% |
| Suppliers | 440/4 | €384 | €400 | +€15 | +4.0% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €500,412 | +€500,412 | |
| Turnover | 70 | €6,000 | - | -€6,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €101,014 | - | -€101,014 | |
| Other operating charges | 640/8 | €472 | €487 | +€15 | +3.2% |
| Gross operating margin | 9900 | -€95,014 | €20,850 | +€115,864 | |
| Operating profit (loss) | 9901 | -€95,486 | €20,363 | +€115,849 | |
| Financial income | 75/76B | €150,000 | €100,000 | -€50,000 | -33.3% |
| Recurring financial income | 75 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Financial charges | 65/66B | €2,961 | €2,287 | -€674 | -22.8% |
| Recurring financial charges | 65 | €2,961 | €2,287 | -€674 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €51,553 | €118,076 | +€66,523 | +129% |
| Profit (loss) for the period | 9904 | €51,553 | €118,076 | +€66,523 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €51,553 | €118,076 | +€66,523 | +129% |
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 13 October 2026 via checked.be.