FLEOGAN: 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.
FLEOGAN
Largest movements
- Cash +€25,835
up €25,835 (+15.1%), from €170,550 to €196,385
mainly Net result for the year (+€42,727) and Trade debts (+€12,960)
- Receivables within one year +€4,749
up €4,749 (+23.7%), from €20,002 to €24,751
of which Trade receivables: +€5,904
- Tangible fixed assets -€3,087
down €3,087 (-42.1%), from €7,328 to €4,241
of which Leasing and similar rights: -€2,159
- Reserves +€42,727
up €42,727 (+89.7%), from €47,657 to €90,385
- Profit (loss) carried forward -€31,429
down €31,429 (-47.4%), from €66,262 to €34,833
- Trade debts +€12,960
up €12,960 (+5111.0%), from €254 to €13,214
- Tax, wage and social debts +€8,994
up €8,994 (+47.0%), from €19,143 to €28,137
- Other debts -€4,286
down €4,286 (-12.0%), from €35,714 to €31,429
- Gross operating margin -€18,889
down €18,889 (-21.8%), from €86,813 to €67,924
- Taxes -€2,360
down €2,360 (-9.9%), from €23,929 to €21,569
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 | €199,012 | €226,614 | +€27,602 | +13.9% |
| Fixed assets | 21/28 | €7,728 | €4,641 | -€3,087 | -39.9% |
| Tangible fixed assets | 22/27 | €7,328 | €4,241 | -€3,087 | -42.1% |
| Plant, machinery and equipment | 23 | €1,173 | €723 | -€450 | -38.4% |
| Furniture and vehicles | 24 | €1,298 | €820 | -€478 | -36.8% |
| Leasing and similar rights | 25 | €4,857 | €2,698 | -€2,159 | -44.5% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €191,284 | €221,973 | +€30,689 | +16.0% |
| Amounts receivable within one year | 40/41 | €20,002 | €24,751 | +€4,749 | +23.7% |
| Trade receivables | 40 | €9,641 | €15,545 | +€5,904 | +61.2% |
| Other amounts receivable | 41 | €10,361 | €9,206 | -€1,155 | -11.1% |
| Cash at bank and in hand | 54/58 | €170,550 | €196,385 | +€25,835 | +15.1% |
| Deferred charges and accrued income | 490/1 | €732 | €837 | +€105 | +14.4% |
| Total equity and liabilities | 10/49 | €199,012 | €226,614 | +€27,602 | +13.9% |
| Equity | 10/15 | €132,519 | €143,818 | +€11,299 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,657 | €90,385 | +€42,727 | +89.7% |
| Distributable reserves | 133 | €47,657 | €90,385 | +€42,727 | +89.7% |
| Profit (loss) carried forward | 14 | €66,262 | €34,833 | -€31,429 | -47.4% |
| Amounts payable | 17/49 | €66,492 | €82,796 | +€16,303 | +24.5% |
| Amounts payable within one year | 42/48 | €66,492 | €82,796 | +€16,303 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €10,029 | €10,016 | -€13 | -0.1% |
| Trade debts | 44 | €254 | €13,214 | +€12,960 | +5111.0% |
| Suppliers | 440/4 | €254 | €13,214 | +€12,960 | +5111.0% |
| Advances received on contracts in progress | 46 | €1,353 | - | -€1,353 | |
| Taxes, remuneration and social security | 45 | €19,143 | €28,137 | +€8,994 | +47.0% |
| Taxes | 450/3 | €19,143 | €28,137 | +€8,994 | +47.0% |
| Other amounts payable | 47/48 | €35,714 | €31,429 | -€4,286 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,821 | €3,087 | -€734 | -19.2% |
| Other operating charges | 640/8 | €560 | €465 | -€95 | -16.9% |
| Gross operating margin | 9900 | €86,813 | €67,924 | -€18,889 | -21.8% |
| Operating profit (loss) | 9901 | €82,432 | €64,372 | -€18,061 | -21.9% |
| Financial income | 75/76B | €882 | €1,033 | +€151 | +17.1% |
| Recurring financial income | 75 | €882 | €1,033 | +€151 | +17.1% |
| Financial charges | 65/66B | €1,602 | €1,108 | -€495 | -30.9% |
| Recurring financial charges | 65 | €1,602 | €1,108 | -€495 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €81,712 | €64,297 | -€17,415 | -21.3% |
| Income taxes | 67/77 | €23,929 | €21,569 | -€2,360 | -9.9% |
| Profit (loss) for the period | 9904 | €57,783 | €42,727 | -€15,056 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,783 | €42,727 | -€15,056 | -26.1% |
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 11 October 2026 via checked.be.