As fare as I am informed there are three possible outcomes after the assessment:
Good enough for FTE, good enough for flybe and chosen by flybe -> then you are one of the lucky 8 starting the scheme or you are on the waiting list.
Good enough for FTE but not for flybe -> you can start as an self-sponsored cadet at FTE without any further assessments
Not good enough for FTE nor flybe -> you can reapply at FTE in 6 month and do it all again.
For those also interested in other schemes currently open for applications, here is a list of cadet programs I came across on a quick online-research:
easyJet (CAE)
Indigo (CTC/CAE)
Wizzair (CTC)
WizzAir (BAA)
Smartlynx (BAA)
AIS Airlines/Eastern Airways (AIS Flightacademy)
in case you speak german
Airberlin (TFC Käufer)
Condor (TFC Käufer)
AeroLogic (TFC Käufer)
Austrian (LFT)
Swiss (SAT)
in case you speak spanish or italian
OSM Aviation Group (FTE)
all those academies, except for LFT and SAT, also offer self-sponsored training, for those considering that there are of course a lot more academies, e.g. bartoliniair and so on