Bert Defrancq: 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.
Bert Defrancq
Largest movements
- Cash +€38,205
up €38,205 (+66.2%), from €57,672 to €95,877
mainly Net result for the year (+€25,824) and Receivables within one year (+€15,484)
- Receivables within one year -€15,484
down €15,484 (-51.7%), from €29,978 to €14,494
of which Other amounts receivable: -€9,293
- Tangible fixed assets -€3,298
down €3,298 (-12.0%), from €27,485 to €24,187
of which Furniture and vehicles: -€2,687
- Reserves +€25,800
up €25,800 (+33.9%), from €76,000 to €101,800
- Debts after one year -€6,862
down €6,862 (-35.0%), from €19,624 to €12,762
- Current portion of long-term debt -€3,183
down €3,183 (-27.3%), from €11,644 to €8,461
- Tax, wage and social debts +€2,442
up €2,442 (+106%), from €2,302 to €4,744
of which Taxes: +€2,428
- Gross operating margin +€26,437
up €26,437 (+112%), from €23,547 to €49,984
- Taxes +€9,926
up €9,926 (+397%), from €2,502 to €12,428
- Depreciation -€4,302
down €4,302 (-32.3%), from €13,300 to €8,998
- Financial charges -€634
down €634 (-27.4%), from €2,314 to €1,680
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 | €115,135 | €134,558 | +€19,423 | +16.9% |
| Fixed assets | 21/28 | €27,485 | €24,187 | -€3,298 | -12.0% |
| Tangible fixed assets | 22/27 | €27,485 | €24,187 | -€3,298 | -12.0% |
| Plant, machinery and equipment | 23 | €611 | - | -€611 | |
| Furniture and vehicles | 24 | €26,874 | €24,187 | -€2,687 | -10.0% |
| Current assets | 29/58 | €87,650 | €110,371 | +€22,721 | +25.9% |
| Amounts receivable within one year | 40/41 | €29,978 | €14,494 | -€15,484 | -51.7% |
| Trade receivables | 40 | €8,351 | €2,160 | -€6,190 | -74.1% |
| Other amounts receivable | 41 | €21,627 | €12,334 | -€9,293 | -43.0% |
| Cash at bank and in hand | 54/58 | €57,672 | €95,877 | +€38,205 | +66.2% |
| Total equity and liabilities | 10/49 | €115,135 | €134,558 | +€19,423 | +16.9% |
| Equity | 10/15 | €81,378 | €107,203 | +€25,824 | +31.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €76,000 | €101,800 | +€25,800 | +33.9% |
| Distributable reserves | 133 | €76,000 | €101,800 | +€25,800 | +33.9% |
| Profit (loss) carried forward | 14 | €378 | €403 | +€24 | +6.4% |
| Amounts payable | 17/49 | €33,756 | €27,356 | -€6,401 | -19.0% |
| Amounts payable after more than one year | 17 | €19,624 | €12,762 | -€6,862 | -35.0% |
| Financial debts | 170/4 | €19,624 | €12,762 | -€6,862 | -35.0% |
| Amounts payable within one year | 42/48 | €14,132 | €14,594 | +€461 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €11,644 | €8,461 | -€3,183 | -27.3% |
| Trade debts | 44 | €186 | €1,389 | +€1,202 | +645% |
| Suppliers | 440/4 | €186 | €1,389 | +€1,202 | +645% |
| Taxes, remuneration and social security | 45 | €2,302 | €4,744 | +€2,442 | +106% |
| Taxes | 450/3 | - | €2,428 | +€2,428 | |
| Remuneration and social security | 454/9 | €2,302 | €2,316 | +€14 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,300 | €8,998 | -€4,302 | -32.3% |
| Other operating charges | 640/8 | €1,494 | €1,133 | -€360 | -24.1% |
| Gross operating margin | 9900 | €23,547 | €49,984 | +€26,437 | +112% |
| Operating profit (loss) | 9901 | €8,753 | €39,853 | +€31,100 | +355% |
| Financial income | 75/76B | €267 | €79 | -€188 | -70.3% |
| Recurring financial income | 75 | €267 | €79 | -€188 | -70.3% |
| Financial charges | 65/66B | €2,314 | €1,680 | -€634 | -27.4% |
| Recurring financial charges | 65 | €2,314 | €1,680 | -€634 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €6,707 | €38,252 | +€31,545 | +470% |
| Income taxes | 67/77 | €2,502 | €12,428 | +€9,926 | +397% |
| Profit (loss) for the period | 9904 | €4,205 | €25,824 | +€21,620 | +514% |
| Profit (loss) for the period to be appropriated | 9905 | €4,205 | €25,824 | +€21,620 | +514% |
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 25 October 2026 via checked.be.