I'm not an Airbus guy but I noticed the selected speed was 210 knots on the FMA with autothrust engaged, yet the autothrust reduces the power when flaps UP is selected, despite the actual speed being 180-ish.
There was no autothrust installed in this A310. As it's usual for early Airbi, it had autothrottle.
Reduction in thrust is not necessarily connected with flaps up selection.
EDIT: I think I get it - the autothrust had been disengaged earlier perhaps?
Nope, autothrottle was engaged until last 50 seconds. Reason why it went into RETARD was SPD F/D vertical mode and zero feet set in altitude selector.
Even without report, video is pretty interesting: night circling with two GPWS warning (sink rate -pull up and too low terrain) which proceeded anyway. Lethally wrong FMA selections make autothrottle cut the power, which goes unnoticed and when something is perceived to be wrong, grossly excessive pull up ensues with pitch reaching 30°. If only report were available two years ago, it would get mentioned in AF447 report along Colgan and Birgenair as another example of pull-up-no-matter-what.