FLEDGE: 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.
FLEDGE
Largest movements
- Tangible fixed assets -€27,103
down €27,103 (-7.4%), from €367,809 to €340,706
- Cash +€25,260
up €25,260 (+36.6%), from €69,063 to €94,323
mainly Current portion of long-term debt (+€235,842) and Other debts (+€81,547)
- Receivables within one year +€11,193
up €11,193 (+92.7%), from €12,069 to €23,262
of which Trade receivables: +€19,445
- Debts after one year -€268,025
no longer reported in 2025 (was €268,025)
- Current portion of long-term debt +€235,842
up €235,842 (+733%), from €32,183 to €268,025
- Other debts +€81,547
up €81,547 (+2,361%), from €3,453 to €85,000
- Reserves -€64,265
down €64,265 (-56.0%), from €114,806 to €50,541
- Trade debts +€18,272
up €18,272 (+681%), from €2,685 to €20,957
- Gross operating margin +€31,326
up €31,326 (+54.1%), from €57,889 to €89,215
- Taxes +€9,969
up €9,969 (+179%), from €5,579 to €15,547
- Financial charges +€1,766
up €1,766 (+29.0%), from €6,092 to €7,859
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.
Derived cash bridge
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 | €449,301 | €459,324 | +€10,023 | +2.2% |
| Fixed assets | 21/28 | €367,809 | €340,706 | -€27,103 | -7.4% |
| Tangible fixed assets | 22/27 | €367,809 | €340,706 | -€27,103 | -7.4% |
| Land and buildings | 22 | €335,297 | €322,770 | -€12,527 | -3.7% |
| Plant, machinery and equipment | 23 | €5,520 | €996 | -€4,524 | -81.9% |
| Furniture and vehicles | 24 | €26,991 | €16,939 | -€10,052 | -37.2% |
| Current assets | 29/58 | €81,492 | €118,618 | +€37,126 | +45.6% |
| Amounts receivable within one year | 40/41 | €12,069 | €23,262 | +€11,193 | +92.7% |
| Trade receivables | 40 | €2,698 | €22,143 | +€19,445 | +721% |
| Other amounts receivable | 41 | €9,372 | €1,119 | -€8,252 | -88.1% |
| Cash at bank and in hand | 54/58 | €69,063 | €94,323 | +€25,260 | +36.6% |
| Deferred charges and accrued income | 490/1 | €360 | €1,033 | +€673 | +187% |
| Total equity and liabilities | 10/49 | €449,301 | €459,324 | +€10,023 | +2.2% |
| Equity | 10/15 | €133,356 | €69,091 | -€64,265 | -48.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €114,806 | €50,541 | -€64,265 | -56.0% |
| Distributable reserves | 133 | €114,806 | €50,541 | -€64,265 | -56.0% |
| Amounts payable | 17/49 | €315,945 | €390,233 | +€74,288 | +23.5% |
| Amounts payable after more than one year | 17 | €268,025 | - | -€268,025 | |
| Financial debts | 170/4 | €268,025 | - | -€268,025 | |
| Amounts payable within one year | 42/48 | €47,920 | €390,233 | +€342,313 | +714% |
| Current portion of amounts payable after more than one year | 42 | €32,183 | €268,025 | +€235,842 | +733% |
| Trade debts | 44 | €2,685 | €20,957 | +€18,272 | +681% |
| Suppliers | 440/4 | €2,685 | €20,957 | +€18,272 | +681% |
| Taxes, remuneration and social security | 45 | €9,599 | €16,250 | +€6,652 | +69.3% |
| Taxes | 450/3 | €9,599 | €16,250 | +€6,652 | +69.3% |
| Other amounts payable | 47/48 | €3,453 | €85,000 | +€81,547 | +2,361% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,890 | €27,103 | +€213 | +0.8% |
| Other operating charges | 640/8 | €2,847 | €2,972 | +€124 | +4.4% |
| Gross operating margin | 9900 | €57,889 | €89,215 | +€31,326 | +54.1% |
| Operating profit (loss) | 9901 | €28,152 | €59,141 | +€30,989 | +110% |
| Financial charges | 65/66B | €6,092 | €7,859 | +€1,766 | +29.0% |
| Recurring financial charges | 65 | €6,092 | €7,859 | +€1,766 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €22,060 | €51,282 | +€29,223 | +132% |
| Income taxes | 67/77 | €5,579 | €15,547 | +€9,969 | +179% |
| Profit (loss) for the period | 9904 | €16,481 | €35,735 | +€19,254 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €16,481 | €35,735 | +€19,254 | +117% |
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 23 October 2026 via checked.be.