BILLION FRERES: 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.
BILLION FRERES
Largest movements
- Cash +€39,838
up €39,838 (+18.2%), from €219,305 to €259,143
mainly Net result for the year (+€46,148) and Stocks and contracts (+€17,263)
- Receivables within one year +€27,413
up €27,413 (+70.6%), from €38,851 to €66,264
of which Trade receivables: +€34,921
- Stocks and contracts -€17,263
down €17,263 (-56.5%), from €30,567 to €13,304
- Tangible fixed assets -€6,644
down €6,644 (-16.3%), from €40,760 to €34,116
of which Plant, machinery and equipment: -€3,373
- Other debts +€16,138
up €16,138 (+58.3%), from €27,692 to €43,830
- Reserves +€14,476
up €14,476 (+6.7%), from €216,183 to €230,658
- Tax, wage and social debts +€12,312
up €12,312 (+244%), from €5,045 to €17,357
- Gross operating margin +€29,913
up €29,913 (+64.8%), from €46,183 to €76,096
- Taxes +€8,081
up €8,081 (+91.8%), from €8,800 to €16,881
- Depreciation -€5,486
down €5,486 (-36.3%), from €15,101 to €9,615
- Provisions +€4,000
no longer reported in 2025 (was -€4,000)
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 | €332,740 | €375,049 | +€42,308 | +12.7% |
| Fixed assets | 21/28 | €40,810 | €34,166 | -€6,644 | -16.3% |
| Tangible fixed assets | 22/27 | €40,760 | €34,116 | -€6,644 | -16.3% |
| Land and buildings | 22 | €23,508 | €20,636 | -€2,872 | -12.2% |
| Plant, machinery and equipment | 23 | €15,876 | €12,503 | -€3,373 | -21.2% |
| Furniture and vehicles | 24 | €1,376 | €977 | -€399 | -29.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €291,930 | €340,883 | +€48,952 | +16.8% |
| Stocks and contracts in progress | 3 | €30,567 | €13,304 | -€17,263 | -56.5% |
| Stocks | 30/36 | €30,567 | €13,304 | -€17,263 | -56.5% |
| Amounts receivable within one year | 40/41 | €38,851 | €66,264 | +€27,413 | +70.6% |
| Trade receivables | 40 | €28,980 | €63,901 | +€34,921 | +120% |
| Other amounts receivable | 41 | €9,871 | €2,363 | -€7,508 | -76.1% |
| Cash at bank and in hand | 54/58 | €219,305 | €259,143 | +€39,838 | +18.2% |
| Deferred charges and accrued income | 490/1 | €3,208 | €2,172 | -€1,036 | -32.3% |
| Total equity and liabilities | 10/49 | €332,740 | €375,049 | +€42,308 | +12.7% |
| Equity | 10/15 | €285,453 | €299,928 | +€14,476 | +5.1% |
| Contributions | 10/11 | €69,270 | €69,270 | = | 0.0% |
| Reserves | 13 | €216,183 | €230,658 | +€14,476 | +6.7% |
| Distributable reserves | 133 | €216,183 | €230,658 | +€14,476 | +6.7% |
| Amounts payable | 17/49 | €47,288 | €75,120 | +€27,833 | +58.9% |
| Amounts payable within one year | 42/48 | €40,780 | €68,558 | +€27,778 | +68.1% |
| Trade debts | 44 | €8,043 | €7,372 | -€672 | -8.4% |
| Suppliers | 440/4 | €8,043 | €7,372 | -€672 | -8.4% |
| Taxes, remuneration and social security | 45 | €5,045 | €17,357 | +€12,312 | +244% |
| Taxes | 450/3 | €5,045 | €17,357 | +€12,312 | +244% |
| Other amounts payable | 47/48 | €27,692 | €43,830 | +€16,138 | +58.3% |
| Accrued charges and deferred income | 492/3 | €6,508 | €6,562 | +€54 | +0.8% |
| Non-recurring operating income | 76A | €12 | €301 | +€289 | +2,486% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,101 | €9,615 | -€5,486 | -36.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,000 | - | +€4,000 | |
| Other operating charges | 640/8 | €1,368 | €1,375 | +€7 | +0.5% |
| Non-recurring operating charges | 66A | €14 | €7 | -€7 | -49.8% |
| Gross operating margin | 9900 | €46,183 | €76,096 | +€29,913 | +64.8% |
| Operating profit (loss) | 9901 | €33,700 | €65,099 | +€31,399 | +93.2% |
| Financial charges | 65/66B | €1,899 | €2,070 | +€171 | +9.0% |
| Recurring financial charges | 65 | €1,899 | €2,070 | +€171 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €31,801 | €63,029 | +€31,228 | +98.2% |
| Income taxes | 67/77 | €8,800 | €16,881 | +€8,081 | +91.8% |
| Profit (loss) for the period | 9904 | €23,000 | €46,148 | +€23,147 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €23,000 | €46,148 | +€23,147 | +101% |
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 19 October 2026 via checked.be.