ANTOINE FREDERIC: 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.
ANTOINE FREDERIC
Largest movements
- Tangible fixed assets -€31,006
down €31,006 (-14.7%), from €210,373 to €179,367
- Cash -€22,716
down €22,716 (-17.9%), from €126,684 to €103,968
mainly Debts after one year (-€34,064) and Accrued charges and deferred income (-€20,755)
- Debts after one year -€34,064
down €34,064 (-41.9%), from €81,208 to €47,144
- Accrued charges and deferred income -€20,755
down €20,755 (-98.8%), from €21,007 to €252
- Profit (loss) carried forward +€13,827
up €13,827 (+11.2%), from €123,957 to €137,784
- Tax, wage and social debts -€9,972
down €9,972 (-53.9%), from €18,489 to €8,517
of which Taxes: -€5,091
- Trade debts -€4,323
down €4,323 (-58.3%), from €7,412 to €3,089
- Staff costs -€55,253
down €55,253 (-73.0%), from €75,732 to €20,479
- Gross operating margin -€44,179
down €44,179 (-35.2%), from €125,627 to €81,448
- Provisions +€10,600
no longer reported in 2025 (was -€10,600)
- Depreciation -€8,609
down €8,609 (-22.0%), from €39,067 to €30,458
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €357,226 | €300,591 | -€56,635 | -15.9% |
| Fixed assets | 21/28 | €212,387 | €181,674 | -€30,713 | -14.5% |
| Tangible fixed assets | 22/27 | €210,373 | €179,367 | -€31,006 | -14.7% |
| Land and buildings | 22 | €156,333 | €142,278 | -€14,055 | -9.0% |
| Plant, machinery and equipment | 23 | €28,878 | €23,165 | -€5,713 | -19.8% |
| Furniture and vehicles | 24 | €20,668 | €13,924 | -€6,744 | -32.6% |
| Leasing and similar rights | 25 | €4,494 | - | -€4,494 | |
| Financial fixed assets | 28 | €2,014 | €2,307 | +€293 | +14.5% |
| Current assets | 29/58 | €144,839 | €118,917 | -€25,922 | -17.9% |
| Amounts receivable within one year | 40/41 | €14,747 | €13,488 | -€1,259 | -8.5% |
| Trade receivables | 40 | €14,650 | €13,286 | -€1,364 | -9.3% |
| Other amounts receivable | 41 | €97 | €202 | +€105 | +108% |
| Cash at bank and in hand | 54/58 | €126,684 | €103,968 | -€22,716 | -17.9% |
| Deferred charges and accrued income | 490/1 | €3,408 | €1,461 | -€1,947 | -57.1% |
| Total equity and liabilities | 10/49 | €357,226 | €300,591 | -€56,635 | -15.9% |
| Equity | 10/15 | €189,933 | €203,760 | +€13,827 | +7.3% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €41,176 | €41,176 | = | 0.0% |
| Distributable reserves | 133 | €41,176 | €41,176 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,957 | €137,784 | +€13,827 | +11.2% |
| Amounts payable | 17/49 | €167,293 | €96,831 | -€70,462 | -42.1% |
| Amounts payable after more than one year | 17 | €81,208 | €47,144 | -€34,064 | -41.9% |
| Financial debts | 170/4 | €81,208 | €47,144 | -€34,064 | -41.9% |
| Amounts payable within one year | 42/48 | €65,078 | €49,435 | -€15,643 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €37,427 | €34,064 | -€3,363 | -9.0% |
| Trade debts | 44 | €7,412 | €3,089 | -€4,323 | -58.3% |
| Suppliers | 440/4 | €7,412 | €3,089 | -€4,323 | -58.3% |
| Taxes, remuneration and social security | 45 | €18,489 | €8,517 | -€9,972 | -53.9% |
| Taxes | 450/3 | €11,741 | €6,650 | -€5,091 | -43.4% |
| Remuneration and social security | 454/9 | €6,748 | €1,867 | -€4,881 | -72.3% |
| Other amounts payable | 47/48 | €1,750 | €3,765 | +€2,015 | +115% |
| Accrued charges and deferred income | 492/3 | €21,007 | €252 | -€20,755 | -98.8% |
| Non-recurring operating income | 76A | €960 | - | -€960 | |
| Remuneration, social security and pensions | 62 | €75,732 | €20,479 | -€55,253 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,067 | €30,458 | -€8,609 | -22.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,600 | - | +€10,600 | |
| Other operating charges | 640/8 | €4,207 | €4,106 | -€101 | -2.4% |
| Non-recurring operating charges | 66A | - | €5,038 | +€5,038 | |
| Gross operating margin | 9900 | €125,627 | €81,448 | -€44,179 | -35.2% |
| Operating profit (loss) | 9901 | €17,221 | €21,367 | +€4,146 | +24.1% |
| Financial income | 75/76B | €603 | €69 | -€534 | -88.6% |
| Recurring financial income | 75 | €603 | €69 | -€534 | -88.6% |
| Financial charges | 65/66B | €4,012 | €2,920 | -€1,092 | -27.2% |
| Recurring financial charges | 65 | €4,012 | €2,920 | -€1,092 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €13,812 | €18,516 | +€4,704 | +34.1% |
| Income taxes | 67/77 | €3,741 | €4,689 | +€948 | +25.3% |
| Profit (loss) for the period | 9904 | €10,071 | €13,827 | +€3,756 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,071 | €13,827 | +€3,756 | +37.3% |
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 18 October 2026 via checked.be.