BENJAMIN FRANSOLET: 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.
BENJAMIN FRANSOLET
Largest movements
- Cash +€48,737
up €48,737 (+119.4%), from €40,829 to €89,566
mainly Depreciation (+€48,554) and Receivables within one year (+€30,477)
- Receivables within one year -€30,477
down €30,477 (-43.9%), from €69,388 to €38,911
of which Trade receivables: -€33,280
- Tangible fixed assets -€28,537
down €28,537 (-13.1%), from €218,433 to €189,896
of which Furniture and vehicles: -€15,740
- Stocks and contracts -€5,581
down €5,581 (-7.0%), from €79,655 to €74,074
of which Stocks: -€5,581
- Debts after one year -€20,651
down €20,651 (-54.5%), from €37,859 to €17,207
- Reserves +€10,867
up €10,867 (+28.8%), from €37,738 to €48,605
- Other debts +€7,809
up €7,809 (+4.5%), from €171,702 to €179,511
- Short-term financial debts -€7,183
down €7,183 (-99.5%), from €7,217 to €34
of which Other loans: -€5,915
- Staff costs -€19,191
down €19,191 (-24.2%), from €79,169 to €59,979
- Gross operating margin -€6,921
down €6,921 (-4.3%), from €160,565 to €153,644
- Depreciation -€2,666
down €2,666 (-5.2%), from €51,220 to €48,554
- Taxes +€2,511
up €2,511 (+39.4%), from €6,374 to €8,885
- Financial charges +€1,923
up €1,923 (+17.3%), from €11,145 to €13,067
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.
Cash bridge derived
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 | €416,088 | €400,002 | -€16,087 | -3.9% |
| Fixed assets | 21/28 | €218,433 | €189,896 | -€28,537 | -13.1% |
| Tangible fixed assets | 22/27 | €218,433 | €189,896 | -€28,537 | -13.1% |
| Plant, machinery and equipment | 23 | €40,641 | €41,083 | +€441 | +1.1% |
| Furniture and vehicles | 24 | €62,208 | €46,468 | -€15,740 | -25.3% |
| Other tangible fixed assets | 26 | €115,584 | €102,345 | -€13,239 | -11.5% |
| Current assets | 29/58 | €197,655 | €210,106 | +€12,451 | +6.3% |
| Stocks and contracts in progress | 3 | €79,655 | €74,074 | -€5,581 | -7.0% |
| Stocks | 30/36 | €79,655 | €74,074 | -€5,581 | -7.0% |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €69,388 | €38,911 | -€30,477 | -43.9% |
| Trade receivables | 40 | €47,426 | €14,145 | -€33,280 | -70.2% |
| Other amounts receivable | 41 | €21,962 | €24,766 | +€2,804 | +12.8% |
| Cash at bank and in hand | 54/58 | €40,829 | €89,566 | +€48,737 | +119.4% |
| Deferred charges and accrued income | 490/1 | €7,784 | €7,555 | -€229 | -2.9% |
| Total equity and liabilities | 10/49 | €416,088 | €400,002 | -€16,087 | -3.9% |
| Equity | 10/15 | €146,983 | €156,546 | +€9,563 | +6.5% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €37,738 | €48,605 | +€10,867 | +28.8% |
| Distributable reserves | 133 | €37,738 | €48,605 | +€10,867 | +28.8% |
| Profit (loss) carried forward | 14 | €83,474 | €82,641 | -€833 | -1.0% |
| Investment grants | 15 | €3,771 | €3,300 | -€471 | -12.5% |
| Amounts payable | 17/49 | €269,105 | €243,456 | -€25,650 | -9.5% |
| Amounts payable after more than one year | 17 | €37,859 | €17,207 | -€20,651 | -54.5% |
| Financial debts | 170/4 | €37,859 | €17,207 | -€20,651 | -54.5% |
| Amounts payable within one year | 42/48 | €231,246 | €226,248 | -€4,998 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €24,142 | €20,651 | -€3,490 | -14.5% |
| Financial debts | 43 | €7,217 | €34 | -€7,183 | -99.5% |
| Credit institutions | 430/8 | €1,302 | €34 | -€1,268 | -97.4% |
| Other loans | 439 | €5,915 | €0 | -€5,915 | -100.0% |
| Trade debts | 44 | €8,739 | €7,252 | -€1,487 | -17.0% |
| Suppliers | 440/4 | €8,739 | €7,252 | -€1,487 | -17.0% |
| Taxes, remuneration and social security | 45 | €19,448 | €18,800 | -€648 | -3.3% |
| Taxes | 450/3 | €9,828 | €6,842 | -€2,985 | -30.4% |
| Remuneration and social security | 454/9 | €9,620 | €11,958 | +€2,338 | +24.3% |
| Other amounts payable | 47/48 | €171,702 | €179,511 | +€7,809 | +4.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €79,169 | €59,979 | -€19,191 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,220 | €48,554 | -€2,666 | -5.2% |
| Other operating charges | 640/8 | €3,651 | €3,532 | -€119 | -3.3% |
| Gross operating margin | 9900 | €160,565 | €153,644 | -€6,921 | -4.3% |
| Operating profit (loss) | 9901 | €26,524 | €41,580 | +€15,055 | +56.8% |
| Financial income | 75/76B | €619 | €1,071 | +€453 | +73.2% |
| Recurring financial income | 75 | €619 | €1,071 | +€453 | +73.2% |
| Financial charges | 65/66B | €11,145 | €13,067 | +€1,923 | +17.3% |
| Recurring financial charges | 65 | €11,145 | €13,067 | +€1,923 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €15,998 | €29,583 | +€13,585 | +84.9% |
| Income taxes | 67/77 | €6,374 | €8,885 | +€2,511 | +39.4% |
| Profit (loss) for the period | 9904 | €9,624 | €20,698 | +€11,075 | +115.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,624 | €20,698 | +€11,075 | +115.1% |
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 9 October 2026 via checked.be.