FLUXYS: 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
FLUXYS
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€198.7m
2024 · €160.0m+€38.7m
Equity
€1.97bn
2024 · €1.93bn+€43.5m
Cash
€45.0m
2024 · €86.3m-€41.3m
Balance sheet total
€4.79bn
2024 · €4.68bn+€114.2m
Largest movements
Assets
- Financial fixed assets +€470.0m
up €470.0m (+17.3%), from €2.72bn to €3.19bn
of which Companies linked by participating interests: +€500.0m
- Receivables within one year -€238.3m
down €238.3m (-51.8%), from €459.7m to €221.4m
of which Other amounts receivable: -€238.0m
- Current investments -€229.9m
down €229.9m (-33.3%), from €691.0m to €461.1m
- Receivables after one year +€161.9m
up €161.9m (+23.4%), from €692.2m to €854.0m
Equity and liabilities
- Debts after one year +€388.6m
up €388.6m (+48.1%), from €808.8m to €1.20bn
- Short-term financial debts -€213.3m
down €213.3m (-12.8%), from €1.66bn to €1.45bn
- Current portion of long-term debt -€100.0m
no longer reported in 2025 (was €100.0m)
Income statement
- Financial income +€26.8m
up €26.8m (+9.0%), from €299.1m to €325.9m
of which Financial income: +€28.4m
- Taxes -€9.4m
down €9.4m (-98.4%), from €9.5m to €148,466
- Financial charges -€2.7m
down €2.7m (-2.3%), from €117.2m to €114.4m
- Services and other goods +€1.7m
up €1.7m (+8.7%), from €19.5m to €21.2m
- Staff costs +€940,668
up €940,668 (+8.6%), from €11.0m to €11.9m
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
€160.0m
Turnover
-€634,503
Other operating income
-€43,927
Services and other goods
-€1.7m
Staff costs
-€940,668
Depreciation
-€1,972
Provisions
+€154,996
Other operating charges
+€212,945
Other operating items
+€2.8m
Financial income
+€26.8m
Financial charges
+€2.7m
Taxes
+€9.4m
Result 2025
€198.7m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€278.8m
Investment
-€240.3m
Financing
-€79.8m
Cash 2024
€86.3m
From operations (derived)
+€278.8m
Net result for the year
+€198.7m
Depreciation
+€101,529
Receivables after one year
-€161.9m
Receivables within one year
+€238.3m
Deferred charges and accrued income
+€8.3m
Smaller working-capital items
+€199,415
Trade debts
-€2.2m
Other debts
+€4.4m
Accrued charges and deferred income
-€7.1m
Investment (derived)
-€240.3m
Investment in fixed assets (net)
-€470.2m
Current investments
+€229.9m
Financing
-€79.8m
Debts after one year
+€388.6m
Current portion of long-term debt
-€100.0m
Short-term financial debts
-€213.3m
Contributions, distributions and other
-€155.2m
Cash 2025
€45.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,679,942,904 | €4,794,135,535 | +€114.2m | +2.4% |
| Formation expenses | 20 | €2,528,752 | €2,717,722 | +€188,970 | +7.5% |
| Fixed assets | 21/28 | €2,718,776,170 | €3,188,688,269 | +€469.9m | +17.3% |
| Tangible fixed assets | 22/27 | €311,992 | €220,396 | -€91,596 | -29.4% |
| Plant, machinery and equipment | 23 | €303,824 | €204,267 | -€99,557 | -32.8% |
| Furniture and vehicles | 24 | €8,168 | €16,129 | +€7,961 | +97.5% |
| Financial fixed assets | 28 | €2,718,464,178 | €3,188,467,873 | +€470.0m | +17.3% |
| Affiliated companies | 280/1 | €2,718,459,878 | €2,688,459,878 | -€30.0m | -1.1% |
| Participating interests | 280 | €2,718,459,878 | €2,688,459,878 | -€30.0m | -1.1% |
| Companies linked by participating interests | 282/3 | - | €500,007,995 | +€500.0m | |
| Participating interests | 282 | - | €500,007,995 | +€500.0m | |
| Other financial fixed assets | 284/8 | €4,300 | - | -€4,300 | |
| Amounts receivable and cash guarantees | 285/8 | €4,300 | - | -€4,300 | |
| Current assets | 29/58 | €1,958,637,982 | €1,602,729,544 | -€355.9m | -18.2% |
| Amounts receivable after more than one year | 29 | €692,161,771 | €854,042,536 | +€161.9m | +23.4% |
| Other amounts receivable | 291 | €692,161,771 | €854,042,536 | +€161.9m | +23.4% |
| Amounts receivable within one year | 40/41 | €459,712,980 | €221,431,312 | -€238.3m | -51.8% |
| Trade receivables | 40 | €808,681 | €491,278 | -€317,403 | -39.2% |
| Other amounts receivable | 41 | €458,904,299 | €220,940,034 | -€238.0m | -51.9% |
| Current investments | 50/53 | €690,950,036 | €461,067,263 | -€229.9m | -33.3% |
| Other investments | 51/53 | €690,950,036 | €461,067,263 | -€229.9m | -33.3% |
| Cash at bank and in hand | 54/58 | €86,286,506 | €44,970,212 | -€41.3m | -47.9% |
| Deferred charges and accrued income | 490/1 | €29,526,689 | €21,218,221 | -€8.3m | -28.1% |
| Total equity and liabilities | 10/49 | €4,679,942,904 | €4,794,135,535 | +€114.2m | +2.4% |
| Equity | 10/15 | €1,929,303,891 | €1,972,830,614 | +€43.5m | +2.3% |
| Contributions | 10/11 | €1,794,460,628 | €1,794,879,853 | +€419,225 | 0.0% |
| Capital | 10 | €1,710,636,519 | €1,710,882,039 | +€245,520 | 0.0% |
| Issued capital | 100 | €1,745,358,744 | €1,745,604,264 | +€245,520 | 0.0% |
| Uncalled capital | 101 | €34,722,225 | €34,722,225 | = | 0.0% |
| Contributions outside capital | 11 | €83,824,109 | €83,997,814 | +€173,705 | +0.2% |
| Share premium | 1100/10 | €83,824,109 | €83,997,814 | +€173,705 | +0.2% |
| Reserves | 13 | €106,798,191 | €116,733,756 | +€9.9m | +9.3% |
| Non-distributable reserves | 130/1 | €106,798,191 | €116,733,756 | +€9.9m | +9.3% |
| Legal reserve | 130 | €106,798,191 | €116,733,756 | +€9.9m | +9.3% |
| Profit (loss) carried forward | 14 | €28,045,072 | €61,217,005 | +€33.2m | +118% |
| Provisions and deferred taxes | 16 | €91,936 | €28,876 | -€63,060 | -68.6% |
| Provisions for liabilities and charges | 160/5 | €91,936 | €28,876 | -€63,060 | -68.6% |
| Other liabilities and charges | 164/5 | €91,936 | €28,876 | -€63,060 | -68.6% |
| Amounts payable | 17/49 | €2,750,547,077 | €2,821,276,045 | +€70.7m | +2.6% |
| Amounts payable after more than one year | 17 | €808,781,093 | €1,197,414,162 | +€388.6m | +48.1% |
| Financial debts | 170/4 | €808,781,093 | €1,197,414,162 | +€388.6m | +48.1% |
| Unsubordinated bonds | 171 | €248,781,093 | €747,414,162 | +€498.6m | +200% |
| Credit institutions | 173 | €560,000,000 | €450,000,000 | -€110.0m | -19.6% |
| Amounts payable within one year | 42/48 | €1,921,371,102 | €1,610,611,102 | -€310.8m | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €100,000,000 | - | -€100.0m | |
| Financial debts | 43 | €1,660,769,314 | €1,447,512,046 | -€213.3m | -12.8% |
| Other loans | 439 | €1,660,769,314 | €1,447,512,046 | -€213.3m | -12.8% |
| Trade debts | 44 | €6,288,262 | €4,136,427 | -€2.2m | -34.2% |
| Suppliers | 440/4 | €6,288,262 | €4,136,427 | -€2.2m | -34.2% |
| Taxes, remuneration and social security | 45 | €3,096,180 | €3,358,655 | +€262,475 | +8.5% |
| Taxes | 450/3 | €418,573 | €555,568 | +€136,995 | +32.7% |
| Remuneration and social security | 454/9 | €2,677,607 | €2,803,087 | +€125,480 | +4.7% |
| Other amounts payable | 47/48 | €151,217,346 | €155,603,974 | +€4.4m | +2.9% |
| Accrued charges and deferred income | 492/3 | €20,394,882 | €13,250,781 | -€7.1m | -35.0% |
| Operating income | 70/76A | €18,831,027 | €20,910,417 | +€2.1m | +11.0% |
| Turnover | 70 | €8,034,086 | €7,399,583 | -€634,503 | -7.9% |
| Other operating income | 74 | €1,614,772 | €1,570,845 | -€43,927 | -2.7% |
| Non-recurring operating income | 76A | €9,182,169 | €11,939,989 | +€2.8m | +30.0% |
| Operating charges | 60/66A | €31,222,088 | €33,500,646 | +€2.3m | +7.3% |
| Services and other goods | 61 | €19,523,512 | €21,227,371 | +€1.7m | +8.7% |
| Remuneration, social security and pensions | 62 | €10,986,419 | €11,927,087 | +€940,668 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,557 | €101,529 | +€1,972 | +2.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €91,936 | -€63,060 | -€154,996 | |
| Other operating charges | 640/8 | €520,664 | €307,719 | -€212,945 | -40.9% |
| Operating profit (loss) | 9901 | -€12,391,061 | -€12,590,229 | -€199,168 | -1.6% |
| Financial income | 75/76B | €299,053,808 | €325,866,299 | +€26.8m | +9.0% |
| Recurring financial income | 75 | €297,472,841 | €325,866,299 | +€28.4m | +9.5% |
| Income from financial fixed assets | 750 | €206,940,639 | €238,870,506 | +€31.9m | +15.4% |
| Income from current assets | 751 | €65,645,540 | €50,471,746 | -€15.2m | -23.1% |
| Other financial income | 752/9 | €24,886,662 | €36,524,047 | +€11.6m | +46.8% |
| Non-recurring financial income | 76B | €1,580,967 | - | -€1.6m | |
| Financial charges | 65/66B | €117,157,986 | €114,416,295 | -€2.7m | -2.3% |
| Recurring financial charges | 65 | €117,157,986 | €114,416,295 | -€2.7m | -2.3% |
| Debt charges | 650 | €93,349,816 | €74,553,336 | -€18.8m | -20.1% |
| Other financial charges | 652/9 | €23,808,170 | €39,862,959 | +€16.1m | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €169,504,761 | €198,859,775 | +€29.4m | +17.3% |
| Income taxes | 67/77 | €9,539,346 | €148,466 | -€9.4m | -98.4% |
| Taxes | 670/3 | €9,539,346 | €148,466 | -€9.4m | -98.4% |
| Profit (loss) for the period | 9904 | €159,965,415 | €198,711,309 | +€38.7m | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €159,965,415 | €198,711,309 | +€38.7m | +24.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.