FLECSA HOLDING: 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.
What changed
FLECSA HOLDING
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €205,864+€1.6m
Equity
€8.0m
2024 · €6.2m+€1.8m
Cash
€166,036
2024 · €189,226-€23,190
Balance sheet total
€8.8m
2024 · €8.6m+€229,278
Largest movements
Assets
- Receivables after one year +€407,114
up €407,114 (+9.8%), from €4.1m to €4.6m
- Tangible fixed assets -€175,176
down €175,176 (-10.2%), from €1.7m to €1.5m
of which Land and buildings: -€138,152
Equity and liabilities
- Reserves +€1.8m
up €1.8m (+33.4%), from €5.3m to €7.1m
of which Distributable reserves: +€1.6m
- Debts after one year -€1.4m
down €1.4m (-71.1%), from €2.0m to €578,708
- Current portion of long-term debt -€100,711
down €100,711 (-74.5%), from €135,163 to €34,452
Income statement
- Financial income +€1.5m
new in 2025: €1.5m
- Gross operating margin +€98,119
up €98,119 (+15.5%), from €631,853 to €729,972
- Taxes +€93,921
up €93,921 (+114.6%), from €81,974 to €175,895
- Financial charges -€45,596
down €45,596 (-85.1%), from €53,561 to €7,965
- Depreciation -€31,021
down €31,021 (-15.0%), from €206,200 to €175,179
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
€205,864
Gross operating margin
+€98,119
Staff costs
+€4,361
Depreciation
+€31,021
Other operating charges
-€2,362
Financial income
+€1.5m
Financial charges
+€45,596
Taxes
-€93,921
Result 2025
€1.8m
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
+€1.5m
Investment
-€3
Financing
-€1.5m
Cash 2024
€189,226
From operations (derived)
+€1.5m
Net result for the year
+€1.8m
Depreciation
+€175,179
Receivables after one year
-€407,114
Receivables within one year
-€20,531
Deferred charges and accrued income
+€1
Trade debts
-€6,070
Tax, wage and social debts
-€28,815
Investment (derived)
-€3
Investment in fixed assets (net)
-€3
Financing
-€1.5m
Debts after one year
-€1.4m
Current portion of long-term debt
-€100,711
Cash 2025
€166,036
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,570,287 | €8,799,565 | +€229,278 | +2.7% |
| Fixed assets | 21/28 | €3,851,945 | €3,676,769 | -€175,176 | -4.5% |
| Tangible fixed assets | 22/27 | €1,719,490 | €1,544,314 | -€175,176 | -10.2% |
| Land and buildings | 22 | €1,581,690 | €1,443,538 | -€138,152 | -8.7% |
| Plant, machinery and equipment | 23 | €7,480 | €4,888 | -€2,592 | -34.7% |
| Furniture and vehicles | 24 | €130,320 | €95,888 | -€34,432 | -26.4% |
| Financial fixed assets | 28 | €2,132,455 | €2,132,455 | = | 0.0% |
| Current assets | 29/58 | €4,718,342 | €5,122,796 | +€404,454 | +8.6% |
| Amounts receivable after more than one year | 29 | €4,146,152 | €4,553,266 | +€407,114 | +9.8% |
| Other amounts receivable | 291 | €4,146,152 | €4,553,266 | +€407,114 | +9.8% |
| Amounts receivable within one year | 40/41 | €220,017 | €240,548 | +€20,531 | +9.3% |
| Trade receivables | 40 | €7,630 | €40,282 | +€32,652 | +427.9% |
| Other amounts receivable | 41 | €212,387 | €200,266 | -€12,121 | -5.7% |
| Current investments | 50/53 | €157,000 | €157,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €189,226 | €166,036 | -€23,190 | -12.3% |
| Deferred charges and accrued income | 490/1 | €5,947 | €5,946 | -€1 | 0.0% |
| Total equity and liabilities | 10/49 | €8,570,287 | €8,799,565 | +€229,278 | +2.7% |
| Equity | 10/15 | €6,244,340 | €8,033,018 | +€1.8m | +28.6% |
| Contributions | 10/11 | €907,355 | €907,355 | = | 0.0% |
| Capital | 10 | €907,355 | €907,355 | = | 0.0% |
| Issued capital | 100 | €907,355 | €907,355 | = | 0.0% |
| Reserves | 13 | €5,341,621 | €7,125,663 | +€1.8m | +33.4% |
| Non-distributable reserves | 130/1 | €145,735 | €145,735 | = | 0.0% |
| Legal reserve | 130 | €145,735 | €145,735 | = | 0.0% |
| Tax-exempt reserves | 132 | €246,924 | €457,424 | +€210,500 | +85.2% |
| Distributable reserves | 133 | €4,948,962 | €6,522,504 | +€1.6m | +31.8% |
| Profit (loss) carried forward | 14 | -€4,636 | - | +€4,636 | |
| Amounts payable | 17/49 | €2,325,947 | €766,547 | -€1.6m | -67.0% |
| Amounts payable after more than one year | 17 | €2,002,512 | €578,708 | -€1.4m | -71.1% |
| Financial debts | 170/4 | €2,002,512 | €578,708 | -€1.4m | -71.1% |
| Amounts payable within one year | 42/48 | €323,435 | €187,839 | -€135,596 | -41.9% |
| Current portion of amounts payable after more than one year | 42 | €135,163 | €34,452 | -€100,711 | -74.5% |
| Trade debts | 44 | €29,543 | €23,473 | -€6,070 | -20.5% |
| Suppliers | 440/4 | €29,543 | €23,473 | -€6,070 | -20.5% |
| Taxes, remuneration and social security | 45 | €158,729 | €129,914 | -€28,815 | -18.2% |
| Taxes | 450/3 | €156,924 | €129,914 | -€27,010 | -17.2% |
| Remuneration and social security | 454/9 | €1,805 | - | -€1,805 | |
| Remuneration, social security and pensions | 62 | €68,726 | €64,365 | -€4,361 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,200 | €175,179 | -€31,021 | -15.0% |
| Other operating charges | 640/8 | €15,528 | €17,890 | +€2,362 | +15.2% |
| Gross operating margin | 9900 | €631,853 | €729,972 | +€98,119 | +15.5% |
| Operating profit (loss) | 9901 | €341,399 | €472,538 | +€131,139 | +38.4% |
| Financial income | 75/76B | - | €1,500,000 | +€1.5m | |
| Recurring financial income | 75 | - | €1,500,000 | +€1.5m | |
| Financial charges | 65/66B | €53,561 | €7,965 | -€45,596 | -85.1% |
| Recurring financial charges | 65 | €53,561 | €7,965 | -€45,596 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | €287,838 | €1,964,573 | +€1.7m | +582.5% |
| Income taxes | 67/77 | €81,974 | €175,895 | +€93,921 | +114.6% |
| Profit (loss) for the period | 9904 | €205,864 | €1,788,678 | +€1.6m | +768.9% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,636 | €1,578,178 | +€1.6m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.