B-Frames: 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.
B-Frames
Largest movements
- Receivables within one year -€130,360
down €130,360 (-43.1%), from €302,183 to €171,823
of which Trade receivables: -€130,541
- Tangible fixed assets -€43,723
down €43,723 (-40.8%), from €107,166 to €63,443
of which Plant, machinery and equipment: -€35,255
- Intangible fixed assets +€30,973
up €30,973 (+29.5%), from €104,904 to €135,877
- Cash -€12,268
down €12,268 (-19.3%), from €63,593 to €51,325
mainly Trade debts (-€171,189) and Net result for the year (-€81,748)
- Stocks and contracts -€9,950
down €9,950 (-7.9%), from €125,248 to €115,298
- Trade debts -€171,189
down €171,189 (-51.5%), from €332,587 to €161,398
- Short-term financial debts +€96,879
up €96,879 (+92.3%), from €105,012 to €201,891
of which Credit institutions: +€101,891
- Profit (loss) carried forward -€81,748
down €81,748 (-157%), from -€52,000 to -€133,748
- Current portion of long-term debt -€53,328
down €53,328 (-75.4%), from €70,710 to €17,382
- Accrued charges and deferred income +€52,441
up €52,441 (+50.4%), from €104,091 to €156,532
- Gross operating margin -€175,450
down €175,450 (-22.2%), from €792,071 to €616,621
- Staff costs -€149,365
down €149,365 (-18.9%), from €791,331 to €641,966
- Write-downs +€19,530
new in 2025: €19,530
- Other operating charges -€19,334
no longer reported in 2025 (was €19,334)
- Financial income +€13,931
up €13,931 (+53.1%), from €26,241 to €40,172
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 | €722,896 | €552,555 | -€170,341 | -23.6% |
| Fixed assets | 21/28 | €212,070 | €199,320 | -€12,750 | -6.0% |
| Intangible fixed assets | 21 | €104,904 | €135,877 | +€30,973 | +29.5% |
| Tangible fixed assets | 22/27 | €107,166 | €63,443 | -€43,723 | -40.8% |
| Plant, machinery and equipment | 23 | €89,190 | €53,935 | -€35,255 | -39.5% |
| Furniture and vehicles | 24 | €10,719 | €7,094 | -€3,625 | -33.8% |
| Leasing and similar rights | 25 | €7,257 | €2,414 | -€4,842 | -66.7% |
| Current assets | 29/58 | €510,826 | €353,235 | -€157,591 | -30.9% |
| Stocks and contracts in progress | 3 | €125,248 | €115,298 | -€9,950 | -7.9% |
| Stocks | 30/36 | €125,248 | €115,298 | -€9,950 | -7.9% |
| Amounts receivable within one year | 40/41 | €302,183 | €171,823 | -€130,360 | -43.1% |
| Trade receivables | 40 | €260,251 | €129,710 | -€130,541 | -50.2% |
| Other amounts receivable | 41 | €41,932 | €42,113 | +€181 | +0.4% |
| Cash at bank and in hand | 54/58 | €63,593 | €51,325 | -€12,268 | -19.3% |
| Deferred charges and accrued income | 490/1 | €19,803 | €14,790 | -€5,013 | -25.3% |
| Total equity and liabilities | 10/49 | €722,896 | €552,555 | -€170,341 | -23.6% |
| Equity | 10/15 | -€2,000 | -€83,748 | -€81,748 | -4,086% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,000 | -€133,748 | -€81,748 | -157% |
| Amounts payable | 17/49 | €724,896 | €636,303 | -€88,593 | -12.2% |
| Amounts payable after more than one year | 17 | €62,382 | €45,000 | -€17,382 | -27.9% |
| Financial debts | 170/4 | €62,382 | €45,000 | -€17,382 | -27.9% |
| Amounts payable within one year | 42/48 | €558,424 | €434,771 | -€123,652 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €70,710 | €17,382 | -€53,328 | -75.4% |
| Financial debts | 43 | €105,012 | €201,891 | +€96,879 | +92.3% |
| Credit institutions | 430/8 | €100,000 | €201,891 | +€101,891 | +102% |
| Other loans | 439 | €5,012 | - | -€5,012 | |
| Trade debts | 44 | €332,587 | €161,398 | -€171,189 | -51.5% |
| Suppliers | 440/4 | €332,587 | €161,398 | -€171,189 | -51.5% |
| Taxes, remuneration and social security | 45 | €50,114 | €53,932 | +€3,818 | +7.6% |
| Taxes | 450/3 | €2,023 | €1,447 | -€576 | -28.5% |
| Remuneration and social security | 454/9 | €48,091 | €52,485 | +€4,394 | +9.1% |
| Other amounts payable | 47/48 | - | €168 | +€168 | |
| Accrued charges and deferred income | 492/3 | €104,091 | €156,532 | +€52,441 | +50.4% |
| Non-recurring operating income | 76A | €8,000 | €6,188 | -€1,812 | -22.6% |
| Remuneration, social security and pensions | 62 | €791,331 | €641,966 | -€149,365 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,564 | €60,707 | -€4,858 | -7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,530 | +€19,530 | |
| Other operating charges | 640/8 | €19,334 | - | -€19,334 | |
| Non-recurring operating charges | 66A | €2,331 | - | -€2,331 | |
| Gross operating margin | 9900 | €792,071 | €616,621 | -€175,450 | -22.2% |
| Operating profit (loss) | 9901 | -€86,490 | -€105,582 | -€19,092 | -22.1% |
| Financial income | 75/76B | €26,241 | €40,172 | +€13,931 | +53.1% |
| Recurring financial income | 75 | €26,241 | €40,172 | +€13,931 | +53.1% |
| Financial charges | 65/66B | €13,328 | €15,995 | +€2,667 | +20.0% |
| Recurring financial charges | 65 | €13,328 | €15,995 | +€2,667 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€73,576 | -€81,404 | -€7,828 | -10.6% |
| Income taxes | 67/77 | €608 | €343 | -€264 | -43.5% |
| Profit (loss) for the period | 9904 | -€74,184 | -€81,748 | -€7,564 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,184 | -€81,748 | -€7,564 | -10.2% |
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 14 October 2026 via checked.be.