FG: what changed
What changed
FG
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€147,265
2024 · €109,344+€37,921
Equity
€583,556
2024 · €451,291+€132,265
Cash
€48,845
2024 · €819,548-€770,703
Balance sheet total
€3.4m
2024 · €4.0m-€582,245
Largest movements
Assets
- Stocks and contracts -€866,465
down €866,465 (-31.4%), from €2.8m to €1.9m
- Cash -€770,703
down €770,703 (-94.0%), from €819,548 to €48,845
mainly Short-term financial debts (-€1.0m) and Receivables after one year (-€639,500)
- Receivables after one year +€639,500
up €639,500 (+251%), from €255,044 to €894,544
- Tangible fixed assets +€209,718
up €209,718 (+339%), from €61,840 to €271,558
of which Furniture and vehicles: +€122,704
- Receivables within one year +€202,485
up €202,485 (+238%), from €84,907 to €287,392
of which Other amounts receivable: +€106,934
Equity and liabilities
- Short-term financial debts -€1.0m
down €1.0m (-58.7%), from €1.8m to €727,357
- Debts after one year +€327,127
up €327,127 (+20.0%), from €1.6m to €2.0m
- Profit (loss) carried forward +€132,265
up €132,265 (+32.6%), from €405,886 to €538,151
Income statement
- Gross operating margin +€249,901
up €249,901 (+2,977%), from €8,395 to €258,296
- Financial income -€210,160
no longer reported in 2025 (was €210,160)
- Financial charges -€18,517
down €18,517 (-22.0%), from €84,262 to €65,745
- Other operating charges +€15,794
up €15,794 (+659%), from €2,396 to €18,190
- Taxes +€14,511
new in 2025: €14,511
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
€109,344
Gross operating margin
+€249,901
Depreciation
-€7,006
Other operating charges
-€15,794
Other operating items
+€16,974
Financial income
-€210,160
Financial charges
+€18,517
Taxes
-€14,511
Result 2025
€147,265
raises the resultlowers the resultnot broken down further in the accounts
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
+€162,040
Investment
-€222,303
Financing
-€710,440
Cash 2024
€819,548
From operations (derived)
+€162,040
Net result for the year
+€147,265
Depreciation
+€12,585
Receivables after one year
-€639,500
Stocks and contracts
+€866,465
Receivables within one year
-€202,485
Deferred charges and accrued income
-€3,220
Trade debts
-€30,586
Tax, wage and social debts
-€3,374
Other debts
+€14,890
Investment (derived)
-€222,303
Investment in fixed assets (net)
-€222,303
Financing
-€710,440
Debts after one year
+€327,127
Current portion of long-term debt
+€9,551
Short-term financial debts
-€1.0m
Contributions, distributions and other
-€15,000
Cash 2025
€48,845
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,978,776 | €3,396,531 | -€582,245 | -14.6% |
| Fixed assets | 21/28 | €61,840 | €271,558 | +€209,718 | +339% |
| Tangible fixed assets | 22/27 | €61,840 | €271,558 | +€209,718 | +339% |
| Plant, machinery and equipment | 23 | €3,860 | €4,747 | +€887 | +23.0% |
| Furniture and vehicles | 24 | €14,623 | €137,327 | +€122,704 | +839% |
| Other tangible fixed assets | 26 | €43,357 | €129,484 | +€86,127 | +199% |
| Current assets | 29/58 | €3,916,936 | €3,124,973 | -€791,963 | -20.2% |
| Amounts receivable after more than one year | 29 | €255,044 | €894,544 | +€639,500 | +251% |
| Other amounts receivable | 291 | €255,044 | €894,544 | +€639,500 | +251% |
| Stocks and contracts in progress | 3 | €2,756,181 | €1,889,716 | -€866,465 | -31.4% |
| Stocks | 30/36 | €2,756,181 | €1,889,716 | -€866,465 | -31.4% |
| Amounts receivable within one year | 40/41 | €84,907 | €287,392 | +€202,485 | +238% |
| Trade receivables | 40 | €40,393 | €135,944 | +€95,551 | +237% |
| Other amounts receivable | 41 | €44,514 | €151,448 | +€106,934 | +240% |
| Cash at bank and in hand | 54/58 | €819,548 | €48,845 | -€770,703 | -94.0% |
| Deferred charges and accrued income | 490/1 | €1,256 | €4,476 | +€3,220 | +256% |
| Total equity and liabilities | 10/49 | €3,978,776 | €3,396,531 | -€582,245 | -14.6% |
| Equity | 10/15 | €451,291 | €583,556 | +€132,265 | +29.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €26,855 | €26,855 | = | 0.0% |
| Distributable reserves | 133 | €26,855 | €26,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €405,886 | €538,151 | +€132,265 | +32.6% |
| Amounts payable | 17/49 | €3,527,485 | €2,812,975 | -€714,510 | -20.3% |
| Amounts payable after more than one year | 17 | €1,633,447 | €1,960,574 | +€327,127 | +20.0% |
| Financial debts | 170/4 | €1,633,447 | €1,960,574 | +€327,127 | +20.0% |
| Amounts payable within one year | 42/48 | €1,894,038 | €852,401 | -€1.0m | -55.0% |
| Current portion of amounts payable after more than one year | 42 | €31,979 | €41,530 | +€9,551 | +29.9% |
| Financial debts | 43 | €1,759,475 | €727,357 | -€1.0m | -58.7% |
| Credit institutions | 430/8 | €1,759,475 | €727,357 | -€1.0m | -58.7% |
| Trade debts | 44 | €84,589 | €54,003 | -€30,586 | -36.2% |
| Suppliers | 440/4 | €84,589 | €54,003 | -€30,586 | -36.2% |
| Taxes, remuneration and social security | 45 | €17,885 | €14,511 | -€3,374 | -18.9% |
| Taxes | 450/3 | €13,885 | €14,511 | +€626 | +4.5% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €110 | €15,000 | +€14,890 | +13,536% |
| Non-recurring operating income | 76A | €1,989 | €1,500 | -€489 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,579 | €12,585 | +€7,006 | +126% |
| Other operating charges | 640/8 | €2,396 | €18,190 | +€15,794 | +659% |
| Non-recurring operating charges | 66A | €16,974 | - | -€16,974 | |
| Gross operating margin | 9900 | €8,395 | €258,296 | +€249,901 | +2,977% |
| Operating profit (loss) | 9901 | -€16,554 | €227,521 | +€244,075 | |
| Financial income | 75/76B | €210,160 | - | -€210,160 | |
| Recurring financial income | 75 | €210,160 | - | -€210,160 | |
| Financial charges | 65/66B | €84,262 | €65,745 | -€18,517 | -22.0% |
| Recurring financial charges | 65 | €84,262 | €65,745 | -€18,517 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €109,344 | €161,776 | +€52,432 | +48.0% |
| Income taxes | 67/77 | - | €14,511 | +€14,511 | |
| Profit (loss) for the period | 9904 | €109,344 | €147,265 | +€37,921 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €109,344 | €147,265 | +€37,921 | +34.7% |
Next steps
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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.