FLEXUP: what changed
What changed
FLEXUP
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€37,970
2024 · €108,619-€70,649
Equity
€693,015
2024 · €655,045+€37,970
Cash
€34,968
2024 · €61,872-€26,904
Balance sheet total
€3.2m
2024 · €3.1m+€85,527
Largest movements
Assets
- Receivables within one year +€102,844
up €102,844 (+211%), from €48,844 to €151,688
of which Trade receivables: +€97,826
Equity and liabilities
- Debts after one year +€547,105
up €547,105 (+38.3%), from €1.4m to €2.0m
- Other debts -€431,910
down €431,910 (-76.9%), from €561,577 to €129,667
- Profit (loss) carried forward +€37,970
up €37,970 (+9.9%), from €384,525 to €422,495
- Trade debts -€34,094
down €34,094 (-54.7%), from €62,317 to €28,223
Income statement
- Turnover -€96,328
down €96,328 (-21.9%), from €440,611 to €344,283
- Gross operating margin -€71,527
down €71,527 (-23.6%), from €302,745 to €231,218
- Staff costs +€26,378
up €26,378 (+1,306%), from €2,020 to €28,398
- Financial charges -€25,172
down €25,172 (-19.5%), from €129,140 to €103,969
of which Financial charges: -€30,487
- Purchases and services +€24,196
up €24,196 (+17.2%), from €140,567 to €164,763
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.
Result 2024
€108,619
Gross operating margin
-€71,527
Staff costs
-€26,378
Depreciation
-€4,281
Other operating charges
-€5,967
Financial income
+€5
Financial charges
+€25,172
Taxes
+€12,327
Result 2025
€37,970
raises the resultlowers the result
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.
From operations
-€563,283
Investment
-€15,988
Financing
+€552,367
Cash 2024
€61,872
From operations (derived)
-€563,283
Net result for the year
+€37,970
Depreciation
+€5,295
Receivables within one year
-€102,844
Deferred charges and accrued income
+€1,105
Trade debts
-€34,094
Tax, wage and social debts
-€31,608
Other debts
-€431,910
Accrued charges and deferred income
-€7,198
Investment (derived)
-€15,988
Investment in fixed assets (net)
-€15,988
Financing
+€552,367
Debts after one year
+€547,105
Current portion of long-term debt
+€5,262
Cash 2025
€34,968
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,114,433 | €3,199,961 | +€85,527 | +2.7% |
| Fixed assets | 21/28 | €3,002,112 | €3,012,804 | +€10,692 | +0.4% |
| Tangible fixed assets | 22/27 | €2,006 | €12,698 | +€10,692 | +533% |
| Plant, machinery and equipment | 23 | - | €2,044 | +€2,044 | |
| Furniture and vehicles | 24 | €2,006 | €10,655 | +€8,649 | +431% |
| Financial fixed assets | 28 | €3,000,106 | €3,000,106 | = | 0.0% |
| Current assets | 29/58 | €112,321 | €187,156 | +€74,835 | +66.6% |
| Amounts receivable within one year | 40/41 | €48,844 | €151,688 | +€102,844 | +211% |
| Trade receivables | 40 | €42,408 | €140,233 | +€97,826 | +231% |
| Other amounts receivable | 41 | €6,436 | €11,455 | +€5,019 | +78.0% |
| Cash at bank and in hand | 54/58 | €61,872 | €34,968 | -€26,904 | -43.5% |
| Deferred charges and accrued income | 490/1 | €1,605 | €500 | -€1,105 | -68.8% |
| Total equity and liabilities | 10/49 | €3,114,433 | €3,199,961 | +€85,527 | +2.7% |
| Equity | 10/15 | €655,045 | €693,015 | +€37,970 | +5.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €70,520 | €70,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,520 | €50,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | €384,525 | €422,495 | +€37,970 | +9.9% |
| Amounts payable | 17/49 | €2,459,388 | €2,506,945 | +€47,557 | +1.9% |
| Amounts payable after more than one year | 17 | €1,428,070 | €1,975,174 | +€547,105 | +38.3% |
| Financial debts | 170/4 | €1,428,070 | €1,975,174 | +€547,105 | +38.3% |
| Amounts payable within one year | 42/48 | €965,342 | €472,992 | -€492,350 | -51.0% |
| Current portion of amounts payable after more than one year | 42 | €250,553 | €255,814 | +€5,262 | +2.1% |
| Trade debts | 44 | €62,317 | €28,223 | -€34,094 | -54.7% |
| Suppliers | 440/4 | €62,317 | €28,223 | -€34,094 | -54.7% |
| Taxes, remuneration and social security | 45 | €90,896 | €59,288 | -€31,608 | -34.8% |
| Taxes | 450/3 | €90,896 | €59,288 | -€31,608 | -34.8% |
| Other amounts payable | 47/48 | €561,577 | €129,667 | -€431,910 | -76.9% |
| Accrued charges and deferred income | 492/3 | €65,976 | €58,779 | -€7,198 | -10.9% |
| Turnover | 70 | €440,611 | €344,283 | -€96,328 | -21.9% |
| Non-recurring operating income | 76A | €175 | €5,439 | +€5,264 | +3,004% |
| Goods, raw materials, services and sundry goods | 60/61 | €140,567 | €164,763 | +€24,196 | +17.2% |
| Remuneration, social security and pensions | 62 | €2,020 | €28,398 | +€26,378 | +1,306% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,014 | €5,295 | +€4,281 | +422% |
| Other operating charges | 640/8 | €820 | €6,788 | +€5,967 | +728% |
| Gross operating margin | 9900 | €302,745 | €231,218 | -€71,527 | -23.6% |
| Operating profit (loss) | 9901 | €298,890 | €190,737 | -€108,153 | -36.2% |
| Financial income | 75/76B | €842 | €848 | +€5 | +0.6% |
| Recurring financial income | 75 | €842 | €848 | +€5 | +0.6% |
| Financial charges | 65/66B | €129,140 | €103,969 | -€25,172 | -19.5% |
| Recurring financial charges | 65 | €129,140 | €98,654 | -€30,487 | -23.6% |
| Non-recurring financial charges | 66B | - | €5,315 | +€5,315 | |
| Profit (loss) for the period before taxes | 9903 | €170,592 | €87,616 | -€82,976 | -48.6% |
| Income taxes | 67/77 | €61,973 | €49,645 | -€12,327 | -19.9% |
| Profit (loss) for the period | 9904 | €108,619 | €37,970 | -€70,649 | -65.0% |
| Transfer to tax-exempt reserves | 689 | €50,520 | - | -€50,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,099 | €37,970 | -€20,129 | -34.6% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.