Bram Fouache: 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.
Bram Fouache
Largest movements
- Receivables within one year +€66,856
up €66,856 (+19.9%), from €335,844 to €402,700
- Receivables after one year +€34,000
up €34,000 (+11.1%), from €306,000 to €340,000
- Cash -€27,296
down €27,296 (-29.1%), from €93,748 to €66,453
mainly Receivables within one year (-€66,856) and Debts after one year (-€54,540)
- Tangible fixed assets -€14,237
down €14,237 (-6.5%), from €218,640 to €204,403
of which Land and buildings: -€12,360
- Reserves +€156,930
up €156,930 (+153%), from €102,602 to €259,532
- Debts after one year -€54,540
down €54,540 (-25.0%), from €218,160 to €163,620
- Trade debts -€24,144
down €24,144 (-96.0%), from €25,156 to €1,012
- Other debts -€21,115
down €21,115 (-4.6%), from €454,124 to €433,009
- Gross operating margin +€79,171
up €79,171 (+51.5%), from €153,822 to €232,993
- Taxes +€22,990
up €22,990 (+89.5%), from €25,674 to €48,664
- Depreciation +€4,989
up €4,989 (+53.9%), from €9,248 to €14,237
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 | €962,782 | €1,027,018 | +€64,236 | +6.7% |
| Fixed assets | 21/28 | €218,640 | €204,403 | -€14,237 | -6.5% |
| Tangible fixed assets | 22/27 | €218,640 | €204,403 | -€14,237 | -6.5% |
| Land and buildings | 22 | €211,322 | €198,962 | -€12,360 | -5.8% |
| Furniture and vehicles | 24 | €7,318 | €5,441 | -€1,877 | -25.7% |
| Current assets | 29/58 | €744,142 | €822,615 | +€78,472 | +10.5% |
| Amounts receivable after more than one year | 29 | €306,000 | €340,000 | +€34,000 | +11.1% |
| Other amounts receivable | 291 | €306,000 | €340,000 | +€34,000 | +11.1% |
| Amounts receivable within one year | 40/41 | €335,844 | €402,700 | +€66,856 | +19.9% |
| Trade receivables | 40 | €335,844 | €402,700 | +€66,856 | +19.9% |
| Cash at bank and in hand | 54/58 | €93,748 | €66,453 | -€27,296 | -29.1% |
| Deferred charges and accrued income | 490/1 | €8,550 | €13,462 | +€4,912 | +57.4% |
| Total equity and liabilities | 10/49 | €962,782 | €1,027,018 | +€64,236 | +6.7% |
| Equity | 10/15 | €117,602 | €274,532 | +€156,930 | +133% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €102,602 | €259,532 | +€156,930 | +153% |
| Distributable reserves | 133 | €102,602 | €259,532 | +€156,930 | +153% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €845,180 | €752,486 | -€92,695 | -11.0% |
| Amounts payable after more than one year | 17 | €218,160 | €163,620 | -€54,540 | -25.0% |
| Financial debts | 170/4 | €218,160 | €163,620 | -€54,540 | -25.0% |
| Amounts payable within one year | 42/48 | €616,913 | €573,157 | -€43,756 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €54,540 | €54,540 | = | 0.0% |
| Trade debts | 44 | €25,156 | €1,012 | -€24,144 | -96.0% |
| Suppliers | 440/4 | €25,156 | €1,012 | -€24,144 | -96.0% |
| Taxes, remuneration and social security | 45 | €83,094 | €84,596 | +€1,503 | +1.8% |
| Taxes | 450/3 | €83,094 | €84,596 | +€1,503 | +1.8% |
| Other amounts payable | 47/48 | €454,124 | €433,009 | -€21,115 | -4.6% |
| Accrued charges and deferred income | 492/3 | €10,107 | €15,708 | +€5,601 | +55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,248 | €14,237 | +€4,989 | +53.9% |
| Other operating charges | 640/8 | €1,745 | €1,276 | -€470 | -26.9% |
| Gross operating margin | 9900 | €153,822 | €232,993 | +€79,171 | +51.5% |
| Operating profit (loss) | 9901 | €142,829 | €217,480 | +€74,652 | +52.3% |
| Financial income | 75/76B | €6,267 | €7,744 | +€1,476 | +23.6% |
| Recurring financial income | 75 | €6,267 | €7,744 | +€1,476 | +23.6% |
| Financial charges | 65/66B | €19,820 | €19,630 | -€191 | -1.0% |
| Recurring financial charges | 65 | €19,820 | €19,630 | -€191 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €129,276 | €205,594 | +€76,319 | +59.0% |
| Income taxes | 67/77 | €25,674 | €48,664 | +€22,990 | +89.5% |
| Profit (loss) for the period | 9904 | €103,602 | €156,930 | +€53,329 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,602 | €156,930 | +€53,329 | +51.5% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.