Yellow sun - You are 100% correct! Guess I was talking out of my a** there!
To be honest I was actually more or less quoting one of our trainers (!!) on this one... Have (and I guess knowing better now, never will!!) experienced this, just heard a trainer making a comment on the subject.
Manual states:
" Thrust must not be reduced by more than 25 % of the full rated takeoff thrust.
The flexible takeoff N1 cannot be lower than the Max climb N1 at the same flight conditions.
The FADEC takes the above two constraints into account to determine flexible N1."
Learn something new every day!
/CP