FLED: 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.
FLED
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year -€100,826
down €100,826 (-37.5%), from €268,569 to €167,743
of which Trade receivables: -€95,717
- Cash -€71,942
down €71,942 (-14.5%), from €495,944 to €424,002
mainly Current investments (-€150,000) and Contributions, distributions and other (-€38,464)
- Stocks and contracts +€20,102
up €20,102 (+153.1%), from €13,134 to €33,236
- Tangible fixed assets -€9,086
down €9,086 (-66.5%), from €13,669 to €4,582
of which Furniture and vehicles: -€10,027
- Tax, wage and social debts -€23,648
down €23,648 (-50.7%), from €46,643 to €22,995
- Trade debts +€11,471
up €11,471 (+9.9%), from €115,478 to €126,950
of which Suppliers: +€9,550
- Reserves +€10,602
up €10,602 (+2.3%), from €453,125 to €463,727
- Other debts -€8,584
down €8,584 (-5.0%), from €170,924 to €162,340
- Gross operating margin -€35,826
down €35,826 (-29.1%), from €123,305 to €87,479
- Taxes -€9,890
down €9,890 (-25.2%), from €39,277 to €29,387
- Financial income +€1,350
new in 2025: €1,350
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 | €792,370 | €782,233 | -€10,137 | -1.3% |
| Fixed assets | 21/28 | €13,959 | €4,872 | -€9,086 | -65.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €13,669 | €4,582 | -€9,086 | -66.5% |
| Plant, machinery and equipment | 23 | - | €1,089 | +€1,089 | |
| Furniture and vehicles | 24 | €13,520 | €3,493 | -€10,027 | -74.2% |
| Other tangible fixed assets | 26 | €149 | €0 | -€149 | -100.0% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €778,412 | €777,361 | -€1,051 | -0.1% |
| Stocks and contracts in progress | 3 | €13,134 | €33,236 | +€20,102 | +153.1% |
| Stocks | 30/36 | €13,134 | €33,236 | +€20,102 | +153.1% |
| Amounts receivable within one year | 40/41 | €268,569 | €167,743 | -€100,826 | -37.5% |
| Trade receivables | 40 | €262,847 | €167,130 | -€95,717 | -36.4% |
| Other amounts receivable | 41 | €5,723 | €613 | -€5,110 | -89.3% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €495,944 | €424,002 | -€71,942 | -14.5% |
| Deferred charges and accrued income | 490/1 | €764 | €2,380 | +€1,616 | +211.4% |
| Total equity and liabilities | 10/49 | €792,370 | €782,233 | -€10,137 | -1.3% |
| Equity | 10/15 | €459,325 | €469,927 | +€10,602 | +2.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €453,125 | €463,727 | +€10,602 | +2.3% |
| Distributable reserves | 133 | €453,125 | €463,727 | +€10,602 | +2.3% |
| Amounts payable | 17/49 | €333,045 | €312,306 | -€20,739 | -6.2% |
| Amounts payable within one year | 42/48 | €333,045 | €312,285 | -€20,760 | -6.2% |
| Trade debts | 44 | €115,478 | €126,950 | +€11,471 | +9.9% |
| Suppliers | 440/4 | €114,518 | €124,069 | +€9,550 | +8.3% |
| Bills of exchange payable | 441 | €960 | €2,881 | +€1,921 | +200.1% |
| Taxes, remuneration and social security | 45 | €46,643 | €22,995 | -€23,648 | -50.7% |
| Taxes | 450/3 | €46,643 | €22,995 | -€23,648 | -50.7% |
| Other amounts payable | 47/48 | €170,924 | €162,340 | -€8,584 | -5.0% |
| Accrued charges and deferred income | 492/3 | €0 | €21 | +€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,722 | €10,215 | +€493 | +5.1% |
| Non-recurring operating charges | 66A | €755 | - | -€755 | |
| Gross operating margin | 9900 | €123,305 | €87,479 | -€35,826 | -29.1% |
| Operating profit (loss) | 9901 | €112,829 | €77,264 | -€35,565 | -31.5% |
| Financial income | 75/76B | - | €1,350 | +€1,350 | |
| Recurring financial income | 75 | - | €1,350 | +€1,350 | |
| Financial charges | 65/66B | €171 | €162 | -€8 | -5.0% |
| Recurring financial charges | 65 | €171 | €162 | -€8 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €112,658 | €78,453 | -€34,206 | -30.4% |
| Income taxes | 67/77 | €39,277 | €29,387 | -€9,890 | -25.2% |
| Profit (loss) for the period | 9904 | €73,381 | €49,065 | -€24,316 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,381 | €49,065 | -€24,316 | -33.1% |
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 28 September 2026 via checked.be.