BY LES FRANGINES: what changed
BY LES FRANGINES
Largest movements
- Cash +€29,758
up €29,758 (+19.6%), from €151,473 to €181,231
mainly Net result for the year (+€51,233) and Investment in fixed assets (net) (+€7,376)
- Stocks and contracts +€9,436
up €9,436 (+24.3%), from €38,909 to €48,345
- Tangible fixed assets -€8,889
down €8,889 (-65.5%), from €13,566 to €4,676
- Reserves +€49,500
up €49,500 (+58.2%), from €85,000 to €134,500
- Other debts -€9,340
down €9,340 (-40.7%), from €22,968 to €13,628
- Debts after one year -€7,138
no longer reported in 2025 (was €7,138)
- Trade debts +€3,924
up €3,924 (+271%), from €1,449 to €5,373
- Current portion of long-term debt -€3,621
no longer reported in 2025 (was €3,621)
- Gross operating margin -€11,225
down €11,225 (-11.8%), from €95,504 to €84,278
- Depreciation -€2,709
down €2,709 (-64.2%), from €4,222 to €1,513
- Other operating charges +€1,842
up €1,842 (+166%), from €1,111 to €2,954
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,048 | €237,409 | +€31,361 | +15.2% |
| Fixed assets | 21/28 | €15,666 | €6,776 | -€8,889 | -56.7% |
| Tangible fixed assets | 22/27 | €13,566 | €4,676 | -€8,889 | -65.5% |
| Furniture and vehicles | 24 | €13,566 | €4,676 | -€8,889 | -65.5% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €190,382 | €230,633 | +€40,251 | +21.1% |
| Stocks and contracts in progress | 3 | €38,909 | €48,345 | +€9,436 | +24.3% |
| Stocks | 30/36 | €38,909 | €48,345 | +€9,436 | +24.3% |
| Amounts receivable within one year | 40/41 | - | €952 | +€952 | |
| Other amounts receivable | 41 | - | €952 | +€952 | |
| Cash at bank and in hand | 54/58 | €151,473 | €181,231 | +€29,758 | +19.6% |
| Deferred charges and accrued income | 490/1 | - | €106 | +€106 | |
| Total equity and liabilities | 10/49 | €206,048 | €237,409 | +€31,361 | +15.2% |
| Equity | 10/15 | €150,291 | €199,858 | +€49,567 | +33.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €85,000 | €134,500 | +€49,500 | +58.2% |
| Distributable reserves | 133 | €85,000 | €134,500 | +€49,500 | +58.2% |
| Profit (loss) carried forward | 14 | €61,791 | €61,858 | +€67 | +0.1% |
| Amounts payable | 17/49 | €55,756 | €37,551 | -€18,205 | -32.7% |
| Amounts payable after more than one year | 17 | €7,138 | - | -€7,138 | |
| Financial debts | 170/4 | €7,138 | - | -€7,138 | |
| Amounts payable within one year | 42/48 | €48,618 | €37,551 | -€11,067 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €3,621 | - | -€3,621 | |
| Trade debts | 44 | €1,449 | €5,373 | +€3,924 | +271% |
| Suppliers | 440/4 | €1,449 | €5,373 | +€3,924 | +271% |
| Taxes, remuneration and social security | 45 | €20,580 | €18,549 | -€2,030 | -9.9% |
| Taxes | 450/3 | €20,580 | €18,549 | -€2,030 | -9.9% |
| Other amounts payable | 47/48 | €22,968 | €13,628 | -€9,340 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,222 | €1,513 | -€2,709 | -64.2% |
| Other operating charges | 640/8 | €1,111 | €2,954 | +€1,842 | +166% |
| Gross operating margin | 9900 | €95,504 | €84,278 | -€11,225 | -11.8% |
| Operating profit (loss) | 9901 | €90,170 | €79,812 | -€10,358 | -11.5% |
| Financial income | 75/76B | - | €325 | +€325 | |
| Recurring financial income | 75 | - | €325 | +€325 | |
| Financial charges | 65/66B | €1,921 | €2,315 | +€394 | +20.5% |
| Recurring financial charges | 65 | €1,921 | €2,315 | +€394 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €88,249 | €77,822 | -€10,428 | -11.8% |
| Income taxes | 67/77 | €26,707 | €26,589 | -€118 | -0.4% |
| Profit (loss) for the period | 9904 | €61,542 | €51,233 | -€10,309 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,542 | €51,233 | -€10,309 | -16.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.