FSL HOLDINGS: 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
FSL HOLDINGS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31.7m
2024 · -€1.3m+€33.0m
Equity
€45.1m
2024 · €13.4m+€31.7m
Cash
€1,165
2024 · €1,070+€95
Balance sheet total
€46.0m
2024 · €18.8m+€27.2m
Largest movements
Assets
- Financial fixed assets +€27.2m
up €27.2m (+145%), from €18.8m to €46.0m
Equity and liabilities
- Profit (loss) carried forward +€30.2m
up €30.2m, from -€1.3m to €29.0m
- Trade debts -€4.2m
down €4.2m (-87.9%), from €4.8m to €576,705
- Reserves +€1.5m
new in 2025: €1.5m
Income statement
- Financial income +€31.9m
up €31.9m (+48,841%), from €65,394 to €32.0m
of which Non-recurring financial income: +€27.2m
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
Other operating charges
-€2
Other operating items
+€418,233
Financial income
+€31.9m
Financial charges
+€428,719
Taxes
+€185,697
Result 2025
€31.7m
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
+€27.2m
Investment
-€27.2m
Financing
€0
Cash 2024
€1,070
From operations (derived)
+€27.2m
Net result for the year
+€31.7m
Smaller working-capital items
-€22,321
Trade debts
-€4.2m
Tax, wage and social debts
-€280,467
Investment (derived)
-€27.2m
Investment in fixed assets (net)
-€27.2m
Cash 2025
€1,165
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,831,613 | €46,028,544 | +€27.2m | +144% |
| Fixed assets | 21/28 | €18,797,131 | €46,018,194 | +€27.2m | +145% |
| Financial fixed assets | 28 | €18,797,131 | €46,018,194 | +€27.2m | +145% |
| Affiliated companies | 280/1 | €18,797,131 | €46,018,194 | +€27.2m | +145% |
| Participating interests | 280 | €18,797,131 | €46,018,194 | +€27.2m | +145% |
| Current assets | 29/58 | €34,482 | €10,350 | -€24,131 | -70.0% |
| Amounts receivable within one year | 40/41 | €31,640 | €7,414 | -€24,226 | -76.6% |
| Trade receivables | 40 | €30 | €30 | = | 0.0% |
| Other amounts receivable | 41 | €31,609 | €7,383 | -€24,226 | -76.6% |
| Cash at bank and in hand | 54/58 | €1,070 | €1,165 | +€95 | +8.8% |
| Deferred charges and accrued income | 490/1 | €1,772 | €1,772 | = | 0.0% |
| Total equity and liabilities | 10/49 | €18,831,613 | €46,028,544 | +€27.2m | +144% |
| Equity | 10/15 | €13,398,358 | €45,107,044 | +€31.7m | +237% |
| Contributions | 10/11 | €14,661,359 | €14,661,359 | = | 0.0% |
| Capital | 10 | €14,661,359 | €14,661,359 | = | 0.0% |
| Issued capital | 100 | €14,661,359 | €14,661,359 | = | 0.0% |
| Reserves | 13 | - | €1,466,136 | +€1.5m | |
| Non-distributable reserves | 130/1 | - | €1,466,136 | +€1.5m | |
| Legal reserve | 130 | - | €1,466,136 | +€1.5m | |
| Profit (loss) carried forward | 14 | -€1,263,002 | €28,979,549 | +€30.2m | |
| Amounts payable | 17/49 | €5,433,255 | €921,500 | -€4.5m | -83.0% |
| Amounts payable within one year | 42/48 | €5,433,195 | €921,440 | -€4.5m | -83.0% |
| Trade debts | 44 | €4,761,447 | €576,705 | -€4.2m | -87.9% |
| Suppliers | 440/4 | €4,761,447 | €576,705 | -€4.2m | -87.9% |
| Taxes, remuneration and social security | 45 | €319,850 | €39,383 | -€280,467 | -87.7% |
| Taxes | 450/3 | €319,850 | €39,383 | -€280,467 | -87.7% |
| Other amounts payable | 47/48 | €351,899 | €305,351 | -€46,547 | -13.2% |
| Accrued charges and deferred income | 492/3 | €60 | €60 | = | 0.0% |
| Operating charges | 60/66A | €713,164 | €294,933 | -€418,231 | -58.6% |
| Services and other goods | 61 | €713,046 | €294,813 | -€418,233 | -58.7% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Operating profit (loss) | 9901 | -€713,164 | -€294,933 | +€418,231 | +58.6% |
| Financial income | 75/76B | €65,394 | €32,004,435 | +€31.9m | +48,841% |
| Recurring financial income | 75 | €65,394 | €4,783,372 | +€4.7m | +7,215% |
| Income from financial fixed assets | 750 | - | €4,600,000 | +€4.6m | |
| Other financial income | 752/9 | €65,394 | €183,372 | +€117,979 | +180% |
| Non-recurring financial income | 76B | - | €27,221,063 | +€27.2m | |
| Financial charges | 65/66B | €429,534 | €815 | -€428,719 | -99.8% |
| Recurring financial charges | 65 | €429,534 | €815 | -€428,719 | -99.8% |
| Debt charges | 650 | €343,744 | €0 | -€343,744 | -100.0% |
| Other financial charges | 652/9 | €85,790 | €815 | -€84,975 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,077,305 | €31,708,687 | +€32.8m | |
| Income taxes | 67/77 | €185,697 | - | -€185,697 | |
| Taxes | 670/3 | €185,697 | - | -€185,697 | |
| Profit (loss) for the period | 9904 | -€1,263,002 | €31,708,687 | +€33.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,263,002 | €31,708,687 | +€33.0m |
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 19 October 2026 via checked.be.