FLEXMAIL: 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.
FLEXMAIL
Largest movements
- Intangible fixed assets +€607,884
up €607,884 (+115.4%), from €526,714 to €1.1m
- Tangible fixed assets -€466,224
down €466,224 (-57.3%), from €813,299 to €347,075
of which Assets under construction and advance payments: -€479,423
- Cash -€246,844
down €246,844 (-26.1%), from €945,705 to €698,861
mainly Investment in fixed assets (net) (-€510,516) and Other debts (-€500,000)
- Receivables within one year +€190,059
up €190,059 (+34.6%), from €549,114 to €739,173
of which Other amounts receivable: +€241,170
- Deferred charges and accrued income +€50,138
up €50,138 (+85.1%), from €58,920 to €109,058
- Other debts -€500,000
no longer reported in 2025 (was €500,000)
- Reserves +€425,566
up €425,566 (+460.7%), from €92,375 to €517,941
of which Distributable reserves: +€425,566
- Trade debts +€95,959
up €95,959 (+67.4%), from €142,329 to €238,289
- Accrued charges and deferred income +€92,448
up €92,448 (+6.7%), from €1.4m to €1.5m
- Gross operating margin +€200,735
up €200,735 (+8.5%), from €2.4m to €2.6m
- Staff costs +€163,972
up €163,972 (+11.2%), from €1.5m to €1.6m
- Depreciation -€143,826
down €143,826 (-28.6%), from €503,478 to €359,652
- Taxes +€92,300
up €92,300 (+558.4%), from €16,530 to €108,830
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 | €2,928,301 | €3,072,519 | +€144,218 | +4.9% |
| Fixed assets | 21/28 | €1,374,563 | €1,525,427 | +€150,864 | +11.0% |
| Intangible fixed assets | 21 | €526,714 | €1,134,598 | +€607,884 | +115.4% |
| Tangible fixed assets | 22/27 | €813,299 | €347,075 | -€466,224 | -57.3% |
| Plant, machinery and equipment | 23 | €5,185 | €18,384 | +€13,199 | +254.5% |
| Assets under construction and advance payments | 27 | €808,114 | €328,691 | -€479,423 | -59.3% |
| Financial fixed assets | 28 | €34,550 | €43,754 | +€9,204 | +26.6% |
| Current assets | 29/58 | €1,553,738 | €1,547,092 | -€6,646 | -0.4% |
| Amounts receivable within one year | 40/41 | €549,114 | €739,173 | +€190,059 | +34.6% |
| Trade receivables | 40 | €549,114 | €498,002 | -€51,111 | -9.3% |
| Other amounts receivable | 41 | - | €241,170 | +€241,170 | |
| Cash at bank and in hand | 54/58 | €945,705 | €698,861 | -€246,844 | -26.1% |
| Deferred charges and accrued income | 490/1 | €58,920 | €109,058 | +€50,138 | +85.1% |
| Total equity and liabilities | 10/49 | €2,928,301 | €3,072,519 | +€144,218 | +4.9% |
| Equity | 10/15 | €641,375 | €1,066,941 | +€425,566 | +66.4% |
| Contributions | 10/11 | €549,000 | €549,000 | = | 0.0% |
| Capital | 10 | €549,000 | €549,000 | = | 0.0% |
| Issued capital | 100 | €549,000 | €549,000 | = | 0.0% |
| Reserves | 13 | €92,375 | €517,941 | +€425,566 | +460.7% |
| Non-distributable reserves | 130/1 | €54,900 | €54,900 | = | 0.0% |
| Legal reserve | 130 | €54,900 | €54,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,175 | €8,175 | = | 0.0% |
| Distributable reserves | 133 | €29,300 | €454,866 | +€425,566 | +1452.5% |
| Amounts payable | 17/49 | €2,286,926 | €2,005,577 | -€281,349 | -12.3% |
| Amounts payable within one year | 42/48 | €905,368 | €531,571 | -€373,797 | -41.3% |
| Trade debts | 44 | €142,329 | €238,289 | +€95,959 | +67.4% |
| Suppliers | 440/4 | €142,329 | €238,289 | +€95,959 | +67.4% |
| Taxes, remuneration and social security | 45 | €263,039 | €293,282 | +€30,243 | +11.5% |
| Taxes | 450/3 | €80,160 | €83,919 | +€3,760 | +4.7% |
| Remuneration and social security | 454/9 | €182,879 | €209,363 | +€26,484 | +14.5% |
| Other amounts payable | 47/48 | €500,000 | - | -€500,000 | |
| Accrued charges and deferred income | 492/3 | €1,381,558 | €1,474,006 | +€92,448 | +6.7% |
| Non-recurring operating income | 76A | €248 | - | -€248 | |
| Remuneration, social security and pensions | 62 | €1,458,060 | €1,622,031 | +€163,972 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503,478 | €359,652 | -€143,826 | -28.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,685 | €8,494 | +€3,809 | +81.3% |
| Other operating charges | 640/8 | €2,686 | €2,351 | -€335 | -12.5% |
| Gross operating margin | 9900 | €2,366,773 | €2,567,508 | +€200,735 | +8.5% |
| Operating profit (loss) | 9901 | €397,864 | €574,980 | +€177,116 | +44.5% |
| Financial income | 75/76B | €9,617 | €2,538 | -€7,079 | -73.6% |
| Recurring financial income | 75 | €9,617 | €2,538 | -€7,079 | -73.6% |
| Financial charges | 65/66B | €31,809 | €43,122 | +€11,313 | +35.6% |
| Recurring financial charges | 65 | €31,809 | €43,122 | +€11,313 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €375,672 | €534,396 | +€158,724 | +42.3% |
| Income taxes | 67/77 | €16,530 | €108,830 | +€92,300 | +558.4% |
| Profit (loss) for the period | 9904 | €359,142 | €425,566 | +€66,425 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €359,142 | €425,566 | +€66,425 | +18.5% |
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 3 October 2026 via checked.be.