FLEDER: what changed
FLEDER
Largest movements
- Cash +€72,082
up €72,082 (+162%), from €44,477 to €116,559
mainly Net result for the year (+€80,065) and Receivables within one year (+€16,687)
- Receivables within one year -€16,687
down €16,687 (-16.6%), from €100,501 to €83,814
- Tangible fixed assets -€13,436
down €13,436 (-5.2%), from €256,088 to €242,652
of which Land and buildings: -€6,907
- Reserves +€43,223
up €43,223 (+10.8%), from €400,758 to €443,981
- Gross operating margin +€20,921
up €20,921 (+12.2%), from €171,449 to €192,370
- Financial charges -€8,470
down €8,470 (-10.9%), from €77,959 to €69,488
- Taxes +€7,835
up €7,835 (+34.1%), from €22,971 to €30,806
- Depreciation +€2,564
up €2,564 (+23.6%), from €10,873 to €13,436
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,075,526 | €1,119,766 | +€44,240 | +4.1% |
| Fixed assets | 21/28 | €929,238 | €915,802 | -€13,436 | -1.4% |
| Tangible fixed assets | 22/27 | €256,088 | €242,652 | -€13,436 | -5.2% |
| Land and buildings | 22 | €194,761 | €187,854 | -€6,907 | -3.5% |
| Other tangible fixed assets | 26 | €61,328 | €54,798 | -€6,529 | -10.6% |
| Financial fixed assets | 28 | €673,150 | €673,150 | = | 0.0% |
| Current assets | 29/58 | €146,287 | €203,964 | +€57,676 | +39.4% |
| Amounts receivable within one year | 40/41 | €100,501 | €83,814 | -€16,687 | -16.6% |
| Other amounts receivable | 41 | €100,501 | €83,814 | -€16,687 | -16.6% |
| Cash at bank and in hand | 54/58 | €44,477 | €116,559 | +€72,082 | +162% |
| Deferred charges and accrued income | 490/1 | €1,310 | €3,591 | +€2,281 | +174% |
| Total equity and liabilities | 10/49 | €1,075,526 | €1,119,766 | +€44,240 | +4.1% |
| Equity | 10/15 | €1,067,758 | €1,110,981 | +€43,223 | +4.0% |
| Contributions | 10/11 | €667,000 | €667,000 | = | 0.0% |
| Reserves | 13 | €400,758 | €443,981 | +€43,223 | +10.8% |
| Distributable reserves | 133 | €400,758 | €443,981 | +€43,223 | +10.8% |
| Amounts payable | 17/49 | €7,768 | €8,785 | +€1,017 | +13.1% |
| Amounts payable within one year | 42/48 | €7,768 | €8,785 | +€1,017 | +13.1% |
| Trade debts | 44 | €268 | €1,147 | +€879 | +328% |
| Suppliers | 440/4 | €268 | €1,147 | +€879 | +328% |
| Taxes, remuneration and social security | 45 | €7,500 | €7,637 | +€137 | +1.8% |
| Taxes | 450/3 | €7,500 | €7,637 | +€137 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,873 | €13,436 | +€2,564 | +23.6% |
| Other operating charges | 640/8 | €1,034 | €1,274 | +€240 | +23.2% |
| Gross operating margin | 9900 | €171,449 | €192,370 | +€20,921 | +12.2% |
| Operating profit (loss) | 9901 | €159,542 | €177,660 | +€18,118 | +11.4% |
| Financial income | 75/76B | €2,585 | €2,700 | +€115 | +4.4% |
| Recurring financial income | 75 | €2,585 | €2,700 | +€115 | +4.4% |
| Financial charges | 65/66B | €77,959 | €69,488 | -€8,470 | -10.9% |
| Recurring financial charges | 65 | €77,959 | €69,488 | -€8,470 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €84,168 | €110,871 | +€26,703 | +31.7% |
| Income taxes | 67/77 | €22,971 | €30,806 | +€7,835 | +34.1% |
| Profit (loss) for the period | 9904 | €61,198 | €80,065 | +€18,868 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,198 | €80,065 | +€18,868 | +30.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.