FLEX: 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.
What changed
FLEX
NACE 16.230, Manufacture of other builders' carpentry and joinery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€80,581
2024 · -€314,191+€394,772
Equity
€963,190
2024 · €894,793+€68,398
Cash
€223,538
2024 · €208,523+€15,014
Balance sheet total
€4.7m
2024 · €5.1m-€365,511
Largest movements
Assets
- Tangible fixed assets -€215,313
down €215,313 (-9.6%), from €2.3m to €2.0m
of which Furniture and vehicles: -€127,386
- Receivables within one year -€149,522
down €149,522 (-24.3%), from €615,017 to €465,494
of which Trade receivables: -€186,903
- Stocks and contracts -€62,210
down €62,210 (-11.5%), from €542,938 to €480,728
of which Contracts in progress: -€48,556
- Intangible fixed assets +€61,423
up €61,423 (+32.6%), from €188,220 to €249,643
Equity and liabilities
- Trade debts +€371,666
up €371,666 (+61.4%), from €605,322 to €976,988
- Current portion of long-term debt -€312,413
down €312,413 (-51.9%), from €602,343 to €289,930
- Advances received -€159,319
down €159,319 (-23.4%), from €680,228 to €520,909
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Debts after one year -€112,392
down €112,392 (-5.8%), from €2.0m to €1.8m
Income statement
- Staff costs -€298,276
down €298,276 (-29.6%), from €1.0m to €709,254
- Provisions -€74,354
down €74,354, from €70,617 to -€3,737
- Depreciation +€50,921
up €50,921 (+22.2%), from €229,743 to €280,664
- Financial charges -€40,380
down €40,380 (-44.8%), from €90,086 to €49,706
of which Non-recurring financial charges: -€40,053
- Gross operating margin +€39,557
up €39,557 (+3.5%), from €1.1m to €1.2m
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
-€314,191
Gross operating margin
+€39,557
Staff costs
+€298,276
Depreciation
-€50,921
Write-downs
+€1,129
Provisions
+€74,354
Other operating charges
-€17,044
Other operating items
-€4,916
Financial income
-€6,193
Financial charges
+€40,380
Taxes
+€20,151
Result 2025
€80,581
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
+€703,776
Investment
-€126,773
Financing
-€561,989
Cash 2024
€208,523
From operations (derived)
+€703,776
Net result for the year
+€80,581
Depreciation
+€280,664
Stocks and contracts
+€62,210
Receivables within one year
+€149,522
Deferred charges and accrued income
+€14,903
Provisions
-€3,737
Trade debts
+€371,666
Tax, wage and social debts
-€92,713
Advances received
-€159,319
Investment (derived)
-€126,773
Investment in fixed assets (net)
-€126,773
Financing
-€561,989
Debts after one year
-€112,392
Current portion of long-term debt
-€312,413
Short-term financial debts
-€125,000
Contributions, distributions and other
-€12,183
Cash 2025
€223,538
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,088,505 | €4,722,994 | -€365,511 | -7.2% |
| Fixed assets | 21/28 | €3,682,412 | €3,528,522 | -€153,890 | -4.2% |
| Intangible fixed assets | 21 | €188,220 | €249,643 | +€61,423 | +32.6% |
| Tangible fixed assets | 22/27 | €2,250,379 | €2,035,065 | -€215,313 | -9.6% |
| Land and buildings | 22 | €2,007,218 | €1,942,330 | -€64,888 | -3.2% |
| Plant, machinery and equipment | 23 | €11,967 | €2,292 | -€9,675 | -80.8% |
| Furniture and vehicles | 24 | €184,572 | €57,185 | -€127,386 | -69.0% |
| Other tangible fixed assets | 26 | €46,622 | €33,258 | -€13,364 | -28.7% |
| Financial fixed assets | 28 | €1,243,814 | €1,243,814 | = | 0.0% |
| Current assets | 29/58 | €1,406,093 | €1,194,472 | -€211,621 | -15.1% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €542,938 | €480,728 | -€62,210 | -11.5% |
| Stocks | 30/36 | €137,487 | €123,833 | -€13,654 | -9.9% |
| Contracts in progress | 37 | €405,450 | €356,895 | -€48,556 | -12.0% |
| Amounts receivable within one year | 40/41 | €615,017 | €465,494 | -€149,522 | -24.3% |
| Trade receivables | 40 | €604,802 | €417,900 | -€186,903 | -30.9% |
| Other amounts receivable | 41 | €10,215 | €47,595 | +€37,380 | +366.0% |
| Cash at bank and in hand | 54/58 | €208,523 | €223,538 | +€15,014 | +7.2% |
| Deferred charges and accrued income | 490/1 | €29,615 | €14,712 | -€14,903 | -50.3% |
| Total equity and liabilities | 10/49 | €5,088,505 | €4,722,994 | -€365,511 | -7.2% |
| Equity | 10/15 | €894,793 | €963,190 | +€68,398 | +7.6% |
| Contributions | 10/11 | €1,966,600 | €1,966,600 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,198,161 | -€1,125,319 | +€72,842 | +6.1% |
| Investment grants | 15 | €123,875 | €119,431 | -€4,444 | -3.6% |
| Provisions and deferred taxes | 16 | €70,617 | €66,881 | -€3,737 | -5.3% |
| Provisions for liabilities and charges | 160/5 | €70,617 | €66,881 | -€3,737 | -5.3% |
| Other liabilities and charges | 164/5 | €70,617 | €66,881 | -€3,737 | -5.3% |
| Amounts payable | 17/49 | €4,123,095 | €3,692,923 | -€430,172 | -10.4% |
| Amounts payable after more than one year | 17 | €1,952,378 | €1,839,985 | -€112,392 | -5.8% |
| Financial debts | 170/4 | €1,952,378 | €1,839,985 | -€112,392 | -5.8% |
| Amounts payable within one year | 42/48 | €2,170,718 | €1,852,938 | -€317,780 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €602,343 | €289,930 | -€312,413 | -51.9% |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Credit institutions | 430/8 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €605,322 | €976,988 | +€371,666 | +61.4% |
| Suppliers | 440/4 | €605,322 | €976,988 | +€371,666 | +61.4% |
| Advances received on contracts in progress | 46 | €680,228 | €520,909 | -€159,319 | -23.4% |
| Taxes, remuneration and social security | 45 | €156,955 | €64,241 | -€92,713 | -59.1% |
| Taxes | 450/3 | €78,911 | €2,787 | -€76,124 | -96.5% |
| Remuneration and social security | 454/9 | €78,044 | €61,455 | -€16,589 | -21.3% |
| Other amounts payable | 47/48 | €870 | €870 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,007,531 | €709,254 | -€298,276 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,743 | €280,664 | +€50,921 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,452 | €15,324 | -€1,129 | -6.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €70,617 | -€3,737 | -€74,354 | |
| Other operating charges | 640/8 | €34,876 | €51,920 | +€17,044 | +48.9% |
| Non-recurring operating charges | 66A | - | €4,916 | +€4,916 | |
| Gross operating margin | 9900 | €1,134,658 | €1,174,215 | +€39,557 | +3.5% |
| Operating profit (loss) | 9901 | -€224,560 | €115,874 | +€340,434 | |
| Financial income | 75/76B | €12,455 | €6,262 | -€6,193 | -49.7% |
| Recurring financial income | 75 | €6,037 | €6,262 | +€225 | +3.7% |
| Non-recurring financial income | 76B | €6,418 | - | -€6,418 | |
| Financial charges | 65/66B | €90,086 | €49,706 | -€40,380 | -44.8% |
| Recurring financial charges | 65 | €50,033 | €49,706 | -€327 | -0.7% |
| Non-recurring financial charges | 66B | €40,053 | - | -€40,053 | |
| Profit (loss) for the period before taxes | 9903 | -€302,191 | €72,430 | +€374,621 | |
| Income taxes | 67/77 | €12,000 | -€8,151 | -€20,151 | |
| Profit (loss) for the period | 9904 | -€314,191 | €80,581 | +€394,772 | |
| Profit (loss) for the period to be appropriated | 9905 | -€314,191 | €80,581 | +€394,772 |
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 29 September 2026 via checked.be.