FLODER: 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.
What changed
FLODER
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€79.8m
2024 · €1.3m-€81.1m
Equity
-€76.3m
2024 · €610,103-€76.9m
Cash
€436,350
2024 · €257,342+€179,008
Balance sheet total
€48.7m
2024 · €113.8m-€65.1m
Largest movements
Assets
- Financial fixed assets -€65.7m
down €65.7m (-77.6%), from €84.7m to €18.9m
- Tangible fixed assets +€2.4m
up €2.4m (+27.6%), from €8.8m to €11.3m
of which Land and buildings: +€2.5m
- Receivables within one year -€2.0m
down €2.0m (-10.1%), from €20.0m to €18.0m
of which Other amounts receivable: -€1.5m
Equity and liabilities
- Profit (loss) carried forward -€79.8m
down €79.8m (-2297.8%), from -€3.5m to -€83.3m
- Provisions +€10.4m
up €10.4m (+13.7%), from €76.0m to €86.5m
- Revaluation surpluses +€2.9m
new in 2025: €2.9m
- Other debts +€1.6m
up €1.6m (+4.6%), from €34.8m to €36.4m
Income statement
- Financial charges +€70.8m
up €70.8m (+1193.4%), from €5.9m to €76.7m
of which Non-recurring financial charges: +€65.7m
- Gross operating margin -€405,905
down €405,905 (-4.7%), from €8.5m to €8.1m
- Write-downs +€242,000
new in 2025: €242,000
- Staff costs +€162,634
up €162,634 (+16.4%), from €991,453 to €1.2m
- Other operating charges -€115,698
down €115,698 (-67.4%), from €171,769 to €56,071
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
€1.3m
Gross operating margin
-€405,905
Staff costs
-€162,634
Depreciation
-€2,718
Write-downs
-€242,000
Other operating charges
+€115,698
Other operating items
-€9.6m
Financial income
+€1,677
Financial charges
-€70.8m
Taxes
-€60,160
Result 2025
-€79.8m
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
-€65.1m
Investment
+€62.8m
Financing
+€2.4m
Cash 2024
€257,342
From operations (derived)
-€65.1m
Net result for the year
-€79.8m
Depreciation
+€479,189
Receivables within one year
+€2.0m
Provisions
+€10.4m
Trade debts
+€418,050
Tax, wage and social debts
-€184,807
Other debts
+€1.6m
Investment (derived)
+€62.8m
Investment in fixed assets (net)
+€62.8m
Financing
+€2.4m
Debts after one year
-€477,512
Current portion of long-term debt
+€18,602
Contributions, distributions and other
+€2.9m
Cash 2025
€436,350
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,832,517 | €48,710,311 | -€65.1m | -57.2% |
| Fixed assets | 21/28 | €93,502,371 | €30,216,636 | -€63.3m | -67.7% |
| Tangible fixed assets | 22/27 | €8,842,320 | €11,285,069 | +€2.4m | +27.6% |
| Land and buildings | 22 | €8,705,293 | €11,181,672 | +€2.5m | +28.4% |
| Plant, machinery and equipment | 23 | €95,536 | €72,206 | -€23,329 | -24.4% |
| Furniture and vehicles | 24 | €41,492 | €31,190 | -€10,302 | -24.8% |
| Financial fixed assets | 28 | €84,660,050 | €18,931,568 | -€65.7m | -77.6% |
| Current assets | 29/58 | €20,330,146 | €18,493,674 | -€1.8m | -9.0% |
| Stocks and contracts in progress | 3 | €28,979 | €28,979 | = | 0.0% |
| Stocks | 30/36 | €28,979 | €28,979 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,043,825 | €18,028,345 | -€2.0m | -10.1% |
| Trade receivables | 40 | €7,806,175 | €7,246,780 | -€559,395 | -7.2% |
| Other amounts receivable | 41 | €12,237,650 | €10,781,566 | -€1.5m | -11.9% |
| Cash at bank and in hand | 54/58 | €257,342 | €436,350 | +€179,008 | +69.6% |
| Total equity and liabilities | 10/49 | €113,832,517 | €48,710,311 | -€65.1m | -57.2% |
| Equity | 10/15 | €610,103 | -€76,295,332 | -€76.9m | |
| Contributions | 10/11 | €4,052,799 | €4,052,799 | = | 0.0% |
| Capital | 10 | €4,052,799 | €4,052,799 | = | 0.0% |
| Issued capital | 100 | €4,052,799 | €4,052,799 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,890,000 | +€2.9m | |
| Reserves | 13 | €30,019 | €30,019 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,019 | €30,019 | = | 0.0% |
| Legal reserve | 130 | €30,019 | €30,019 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,472,715 | -€83,268,149 | -€79.8m | -2297.8% |
| Provisions and deferred taxes | 16 | €76,049,564 | €86,459,291 | +€10.4m | +13.7% |
| Provisions for liabilities and charges | 160/5 | €76,049,564 | €86,459,291 | +€10.4m | +13.7% |
| Taxes | 161 | - | €9,618,000 | +€9.6m | |
| Other liabilities and charges | 164/5 | €76,049,564 | €76,841,291 | +€791,727 | +1.0% |
| Amounts payable | 17/49 | €37,172,850 | €38,546,351 | +€1.4m | +3.7% |
| Amounts payable after more than one year | 17 | €1,403,786 | €926,274 | -€477,512 | -34.0% |
| Financial debts | 170/4 | €1,403,786 | €926,274 | -€477,512 | -34.0% |
| Amounts payable within one year | 42/48 | €35,769,064 | €37,620,077 | +€1.9m | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €458,911 | €477,512 | +€18,602 | +4.1% |
| Trade debts | 44 | €173,830 | €591,880 | +€418,050 | +240.5% |
| Suppliers | 440/4 | €173,830 | €591,880 | +€418,050 | +240.5% |
| Taxes, remuneration and social security | 45 | €340,943 | €156,137 | -€184,807 | -54.2% |
| Taxes | 450/3 | €271,856 | €104,487 | -€167,369 | -61.6% |
| Remuneration and social security | 454/9 | €69,088 | €51,650 | -€17,438 | -25.2% |
| Other amounts payable | 47/48 | €34,795,380 | €36,394,548 | +€1.6m | +4.6% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €991,453 | €1,154,087 | +€162,634 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €476,470 | €479,189 | +€2,718 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €242,000 | +€242,000 | |
| Other operating charges | 640/8 | €171,769 | €56,071 | -€115,698 | -67.4% |
| Non-recurring operating charges | 66A | - | €9,618,000 | +€9.6m | |
| Gross operating margin | 9900 | €8,546,963 | €8,141,058 | -€405,905 | -4.7% |
| Operating profit (loss) | 9901 | €6,907,270 | -€3,408,289 | -€10.3m | |
| Financial income | 75/76B | €367,149 | €368,825 | +€1,677 | +0.5% |
| Recurring financial income | 75 | €250,653 | €243,025 | -€7,628 | -3.0% |
| Non-recurring financial income | 76B | €116,496 | €125,800 | +€9,304 | +8.0% |
| Financial charges | 65/66B | €5,929,353 | €76,693,127 | +€70.8m | +1193.4% |
| Recurring financial charges | 65 | €5,929,353 | €10,964,644 | +€5.0m | +84.9% |
| Non-recurring financial charges | 66B | - | €65,728,483 | +€65.7m | |
| Profit (loss) for the period before taxes | 9903 | €1,345,065 | -€79,732,591 | -€81.1m | |
| Income taxes | 67/77 | €2,684 | €62,844 | +€60,160 | +2241.4% |
| Profit (loss) for the period | 9904 | €1,342,381 | -€79,795,435 | -€81.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,342,381 | -€79,795,435 | -€81.1m |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.