FLANDRIEN: 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.
FLANDRIEN
Largest movements
- Cash -€18,609
down €18,609 (-51.5%), from €36,124 to €17,515
mainly Investment in fixed assets (net) (-€40,523) and Contributions, distributions and other (-€30,000)
- Tangible fixed assets -€16,610
down €16,610 (-9.3%), from €177,796 to €161,186
of which Furniture and vehicles: -€25,924
- Receivables within one year +€15,802
up €15,802 (+26.7%), from €59,235 to €75,037
of which Other amounts receivable: +€14,383
- Reserves -€40,000
down €40,000 (-29.6%), from €135,100 to €95,100
- Other debts +€30,000
new in 2025: €30,000
- Trade debts -€20,189
down €20,189 (-54.9%), from €36,769 to €16,579
- Debts after one year +€19,405
up €19,405 (+26.3%), from €73,660 to €93,065
- Current portion of long-term debt -€8,238
down €8,238 (-29.5%), from €27,914 to €19,676
- Gross operating margin -€15,376
down €15,376 (-20.4%), from €75,467 to €60,091
- Financial charges +€5,302
up €5,302 (+102.2%), from €5,189 to €10,491
- Depreciation +€4,843
up €4,843 (+9.3%), from €52,290 to €57,133
- Taxes -€3,412
down €3,412 (-92.3%), from €3,696 to €284
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 | €283,197 | €265,313 | -€17,884 | -6.3% |
| Fixed assets | 21/28 | €177,796 | €161,186 | -€16,610 | -9.3% |
| Tangible fixed assets | 22/27 | €177,796 | €161,186 | -€16,610 | -9.3% |
| Land and buildings | 22 | €11,888 | €9,845 | -€2,043 | -17.2% |
| Plant, machinery and equipment | 23 | €107,916 | €125,676 | +€17,760 | +16.5% |
| Furniture and vehicles | 24 | €42,308 | €16,384 | -€25,924 | -61.3% |
| Leasing and similar rights | 25 | €15,684 | €9,281 | -€6,403 | -40.8% |
| Current assets | 29/58 | €105,401 | €104,127 | -€1,274 | -1.2% |
| Stocks and contracts in progress | 3 | €7,847 | €9,728 | +€1,881 | +24.0% |
| Stocks | 30/36 | €7,847 | €9,728 | +€1,881 | +24.0% |
| Amounts receivable within one year | 40/41 | €59,235 | €75,037 | +€15,802 | +26.7% |
| Trade receivables | 40 | €129 | €1,549 | +€1,420 | +1101.1% |
| Other amounts receivable | 41 | €59,106 | €73,489 | +€14,383 | +24.3% |
| Cash at bank and in hand | 54/58 | €36,124 | €17,515 | -€18,609 | -51.5% |
| Deferred charges and accrued income | 490/1 | €2,195 | €1,847 | -€348 | -15.8% |
| Total equity and liabilities | 10/49 | €283,197 | €265,313 | -€17,884 | -6.3% |
| Equity | 10/15 | €139,001 | €100,399 | -€38,603 | -27.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €135,100 | €95,100 | -€40,000 | -29.6% |
| Distributable reserves | 133 | €135,100 | €95,100 | -€40,000 | -29.6% |
| Profit (loss) carried forward | 14 | €1,901 | €3,299 | +€1,397 | +73.5% |
| Amounts payable | 17/49 | €144,196 | €164,915 | +€20,719 | +14.4% |
| Amounts payable after more than one year | 17 | €73,660 | €93,065 | +€19,405 | +26.3% |
| Financial debts | 170/4 | €73,660 | €93,065 | +€19,405 | +26.3% |
| Amounts payable within one year | 42/48 | €70,535 | €71,850 | +€1,314 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €27,914 | €19,676 | -€8,238 | -29.5% |
| Trade debts | 44 | €36,769 | €16,579 | -€20,189 | -54.9% |
| Suppliers | 440/4 | €36,769 | €16,579 | -€20,189 | -54.9% |
| Taxes, remuneration and social security | 45 | €5,853 | €5,595 | -€258 | -4.4% |
| Taxes | 450/3 | €5,853 | €5,595 | -€258 | -4.4% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,290 | €57,133 | +€4,843 | +9.3% |
| Other operating charges | 640/8 | €712 | €797 | +€85 | +12.0% |
| Non-recurring operating charges | 66A | €676 | - | -€676 | |
| Gross operating margin | 9900 | €75,467 | €60,091 | -€15,376 | -20.4% |
| Operating profit (loss) | 9901 | €21,789 | €2,161 | -€19,628 | -90.1% |
| Financial income | 75/76B | €11 | €11 | +€0 | +0.3% |
| Recurring financial income | 75 | €11 | €11 | +€0 | +0.3% |
| Financial charges | 65/66B | €5,189 | €10,491 | +€5,302 | +102.2% |
| Recurring financial charges | 65 | €5,189 | €10,491 | +€5,302 | +102.2% |
| Profit (loss) for the period before taxes | 9903 | €16,611 | -€8,319 | -€24,930 | |
| Income taxes | 67/77 | €3,696 | €284 | -€3,412 | -92.3% |
| Profit (loss) for the period | 9904 | €12,916 | -€8,603 | -€21,518 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,916 | -€8,603 | -€21,518 |
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 9 October 2026 via checked.be.