FLAY: 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
FLAY
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,696
2024 · €202-€4,899
Equity
€213,092
2024 · €217,788-€4,696
Cash
€18,755
2024 · €4,632+€14,123
Balance sheet total
€1.6m
2024 · €1.6m-€771
Largest movements
Assets
- Receivables within one year -€21,270
down €21,270 (-68.0%), from €31,275 to €10,005
of which Trade receivables: -€28,621
Equity and liabilities
- Other debts +€31,178
up €31,178 (+43.1%), from €72,313 to €103,492
- Trade debts -€17,178
down €17,178 (-48.2%), from €35,613 to €18,435
Income statement
- Financial charges -€13,367
down €13,367 (-23.7%), from €56,420 to €43,053
- Depreciation +€11,102
up €11,102 (+23.4%), from €47,544 to €58,646
- Gross operating margin -€5,915
down €5,915 (-5.5%), from €107,775 to €101,860
- Other operating charges +€1,163
up €1,163 (+34.1%), from €3,414 to €4,576
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
€202
Gross operating margin
-€5,915
Depreciation
-€11,102
Other operating charges
-€1,163
Financial income
-€0
Financial charges
+€13,367
Taxes
-€86
Result 2025
-€4,696
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
+€86,572
Investment
-€72,487
Financing
+€38
Cash 2024
€4,632
From operations (derived)
+€86,572
Net result for the year
-€4,696
Depreciation
+€58,646
Receivables within one year
+€21,270
Deferred charges and accrued income
+€7,464
Trade debts
-€17,178
Tax, wage and social debts
-€10,087
Other debts
+€31,178
Accrued charges and deferred income
-€25
Investment (derived)
-€72,487
Investment in fixed assets (net)
-€72,487
Financing
+€38
Debts after one year
-€7,900
Current portion of long-term debt
+€7,938
Cash 2025
€18,755
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,569,868 | €1,569,098 | -€771 | 0.0% |
| Fixed assets | 21/28 | €1,520,433 | €1,534,274 | +€13,841 | +0.9% |
| Tangible fixed assets | 22/27 | €1,396,133 | €1,409,974 | +€13,841 | +1.0% |
| Land and buildings | 22 | €1,315,841 | €1,348,351 | +€32,510 | +2.5% |
| Plant, machinery and equipment | 23 | €2,759 | €1,759 | -€1,000 | -36.2% |
| Furniture and vehicles | 24 | €77,534 | €59,864 | -€17,670 | -22.8% |
| Financial fixed assets | 28 | €124,300 | €124,300 | = | 0.0% |
| Current assets | 29/58 | €49,435 | €34,824 | -€14,611 | -29.6% |
| Amounts receivable within one year | 40/41 | €31,275 | €10,005 | -€21,270 | -68.0% |
| Trade receivables | 40 | €28,898 | €277 | -€28,621 | -99.0% |
| Other amounts receivable | 41 | €2,377 | €9,728 | +€7,350 | +309.2% |
| Cash at bank and in hand | 54/58 | €4,632 | €18,755 | +€14,123 | +304.9% |
| Deferred charges and accrued income | 490/1 | €13,528 | €6,063 | -€7,464 | -55.2% |
| Total equity and liabilities | 10/49 | €1,569,868 | €1,569,098 | -€771 | 0.0% |
| Equity | 10/15 | €217,788 | €213,092 | -€4,696 | -2.2% |
| Contributions | 10/11 | €266,500 | €266,500 | = | 0.0% |
| Reserves | 13 | €81,965 | €81,965 | = | 0.0% |
| Distributable reserves | 133 | €81,965 | €81,965 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,677 | -€135,373 | -€4,696 | -3.6% |
| Amounts payable | 17/49 | €1,352,080 | €1,356,006 | +€3,926 | +0.3% |
| Amounts payable after more than one year | 17 | €1,152,066 | €1,144,166 | -€7,900 | -0.7% |
| Financial debts | 170/4 | €1,152,066 | €1,144,166 | -€7,900 | -0.7% |
| Amounts payable within one year | 42/48 | €199,965 | €211,816 | +€11,851 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €69,088 | €77,026 | +€7,938 | +11.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €35,613 | €18,435 | -€17,178 | -48.2% |
| Suppliers | 440/4 | €35,613 | €18,435 | -€17,178 | -48.2% |
| Taxes, remuneration and social security | 45 | €22,950 | €12,863 | -€10,087 | -44.0% |
| Taxes | 450/3 | €22,950 | €12,863 | -€10,087 | -44.0% |
| Other amounts payable | 47/48 | €72,313 | €103,492 | +€31,178 | +43.1% |
| Accrued charges and deferred income | 492/3 | €49 | €24 | -€25 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,544 | €58,646 | +€11,102 | +23.4% |
| Other operating charges | 640/8 | €3,414 | €4,576 | +€1,163 | +34.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €107,775 | €101,860 | -€5,915 | -5.5% |
| Operating profit (loss) | 9901 | €56,817 | €38,638 | -€18,180 | -32.0% |
| Financial income | 75/76B | €1 | €0 | -€0 | -24.5% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -24.5% |
| Financial charges | 65/66B | €56,420 | €43,053 | -€13,367 | -23.7% |
| Recurring financial charges | 65 | €56,420 | €43,053 | -€13,367 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €398 | -€4,414 | -€4,813 | |
| Income taxes | 67/77 | €196 | €282 | +€86 | +43.9% |
| Profit (loss) for the period | 9904 | €202 | -€4,696 | -€4,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €202 | -€4,696 | -€4,899 |
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 8 October 2026 via checked.be.