FLUVES: 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.
FLUVES
Largest movements
- Cash +€468,980
up €468,980 (+6457.0%), from €7,263 to €476,243
mainly Debts after one year (+€1.3m) and Receivables within one year (+€313,098)
- Receivables within one year -€313,098
down €313,098 (-41.0%), from €762,925 to €449,827
of which Trade receivables: -€291,453
- Intangible fixed assets +€44,120
up €44,120 (+11.8%), from €374,646 to €418,766
- Debts after one year +€1.3m
up €1.3m (+396.7%), from €332,222 to €1.7m
- Profit (loss) carried forward -€1.1m
down €1.1m (-102.9%), from -€1.1m to -€2.2m
- Trade debts +€165,621
up €165,621 (+76.7%), from €215,848 to €381,468
- Accrued charges and deferred income -€63,226
down €63,226 (-26.9%), from €234,876 to €171,650
- Other debts -€54,079
down €54,079 (-100.0%), from €54,079 to €0
- Gross operating margin -€419,366
down €419,366 (-77.2%), from €543,119 to €123,753
- Staff costs +€145,488
up €145,488 (+16.5%), from €880,186 to €1.0m
- Depreciation +€47,660
up €47,660 (+33.8%), from €140,999 to €188,659
- Financial charges +€27,922
up €27,922 (+464.0%), from €6,017 to €33,939
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 | €3,848,035 | €4,063,819 | +€215,784 | +5.6% |
| Fixed assets | 21/28 | €3,024,856 | €3,095,848 | +€70,992 | +2.3% |
| Intangible fixed assets | 21 | €374,646 | €418,766 | +€44,120 | +11.8% |
| Tangible fixed assets | 22/27 | €171,425 | €196,447 | +€25,022 | +14.6% |
| Land and buildings | 22 | €78 | €33 | -€45 | -57.2% |
| Plant, machinery and equipment | 23 | €150,569 | €162,551 | +€11,982 | +8.0% |
| Furniture and vehicles | 24 | €20,778 | €33,862 | +€13,084 | +63.0% |
| Financial fixed assets | 28 | €2,478,785 | €2,480,635 | +€1,850 | +0.1% |
| Current assets | 29/58 | €823,179 | €967,971 | +€144,792 | +17.6% |
| Amounts receivable after more than one year | 29 | - | €551 | +€551 | |
| Other amounts receivable | 291 | - | €551 | +€551 | |
| Stocks and contracts in progress | 3 | €35,180 | €24,326 | -€10,855 | -30.9% |
| Stocks | 30/36 | €13,986 | €13,238 | -€747 | -5.3% |
| Contracts in progress | 37 | €21,195 | €11,087 | -€10,108 | -47.7% |
| Amounts receivable within one year | 40/41 | €762,925 | €449,827 | -€313,098 | -41.0% |
| Trade receivables | 40 | €590,480 | €299,027 | -€291,453 | -49.4% |
| Other amounts receivable | 41 | €172,444 | €150,800 | -€21,645 | -12.6% |
| Cash at bank and in hand | 54/58 | €7,263 | €476,243 | +€468,980 | +6457.0% |
| Deferred charges and accrued income | 490/1 | €17,810 | €17,024 | -€787 | -4.4% |
| Total equity and liabilities | 10/49 | €3,848,035 | €4,063,819 | +€215,784 | +5.6% |
| Equity | 10/15 | €2,750,674 | €1,625,804 | -€1.1m | -40.9% |
| Contributions | 10/11 | €3,840,360 | €3,840,360 | = | 0.0% |
| Capital | 10 | €285,241 | €285,241 | = | 0.0% |
| Issued capital | 100 | €285,241 | €285,241 | = | 0.0% |
| Outside capital | 11 | €3,555,119 | €3,555,119 | = | 0.0% |
| Share premium | 1100/10 | €3,555,119 | €3,555,119 | = | 0.0% |
| Reserves | 13 | €3,154 | €3,154 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,154 | €3,154 | = | 0.0% |
| Legal reserve | 130 | €3,154 | €3,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,092,840 | -€2,217,710 | -€1.1m | -102.9% |
| Amounts payable | 17/49 | €1,097,361 | €2,438,015 | +€1.3m | +122.2% |
| Amounts payable after more than one year | 17 | €332,222 | €1,650,000 | +€1.3m | +396.7% |
| Financial debts | 170/4 | €332,222 | €1,650,000 | +€1.3m | +396.7% |
| Amounts payable within one year | 42/48 | €530,263 | €616,365 | +€86,102 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €107,952 | €82,222 | -€25,730 | -23.8% |
| Trade debts | 44 | €215,848 | €381,468 | +€165,621 | +76.7% |
| Suppliers | 440/4 | €215,848 | €381,468 | +€165,621 | +76.7% |
| Taxes, remuneration and social security | 45 | €152,385 | €152,675 | +€290 | +0.2% |
| Taxes | 450/3 | €57,262 | €0 | -€57,262 | -100.0% |
| Remuneration and social security | 454/9 | €95,123 | €152,675 | +€57,552 | +60.5% |
| Other amounts payable | 47/48 | €54,079 | €0 | -€54,079 | -100.0% |
| Accrued charges and deferred income | 492/3 | €234,876 | €171,650 | -€63,226 | -26.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €880,186 | €1,025,674 | +€145,488 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,999 | €188,659 | +€47,660 | +33.8% |
| Other operating charges | 640/8 | €1,908 | €1,261 | -€646 | -33.9% |
| Non-recurring operating charges | 66A | €85 | €0 | -€85 | -100.0% |
| Gross operating margin | 9900 | €543,119 | €123,753 | -€419,366 | -77.2% |
| Operating profit (loss) | 9901 | -€480,058 | -€1,091,841 | -€611,783 | -127.4% |
| Financial income | 75/76B | €2,838 | €524 | -€2,313 | -81.5% |
| Recurring financial income | 75 | €2,838 | €524 | -€2,313 | -81.5% |
| Financial charges | 65/66B | €6,017 | €33,939 | +€27,922 | +464.0% |
| Recurring financial charges | 65 | €6,017 | €33,939 | +€27,922 | +464.0% |
| Profit (loss) for the period before taxes | 9903 | -€483,237 | -€1,125,256 | -€642,019 | -132.9% |
| Income taxes | 67/77 | €203 | -€386 | -€589 | |
| Profit (loss) for the period | 9904 | -€483,440 | -€1,124,870 | -€641,430 | -132.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€483,440 | -€1,124,870 | -€641,430 | -132.7% |
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 5 October 2026 via checked.be.