Constant Fransen: 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.
Constant Fransen
Largest movements
- Receivables within one year +€167,594
up €167,594 (+140%), from €119,839 to €287,433
of which Trade receivables: +€152,726
- Stocks and contracts -€75,109
down €75,109 (-78.8%), from €95,366 to €20,257
of which Contracts in progress: -€75,109
- Current investments -€54,851
down €54,851 (-73.8%), from €74,316 to €19,465
- Cash -€42,505
down €42,505 (-78.3%), from €54,292 to €11,787
mainly Receivables within one year (-€167,594) and Trade debts (-€21,567)
- Tangible fixed assets -€23,140
down €23,140 (-19.6%), from €117,993 to €94,853
of which Furniture and vehicles: -€17,966
- Trade debts -€21,567
down €21,567 (-52.1%), from €41,413 to €19,846
- Debts after one year -€14,736
down €14,736 (-40.4%), from €36,445 to €21,709
- Tax, wage and social debts +€11,852
up €11,852 (+138%), from €8,587 to €20,439
of which Taxes: +€8,842
- Current portion of long-term debt -€6,010
down €6,010 (-29.0%), from €20,745 to €14,736
- Gross operating margin -€134,233
down €134,233 (-37.2%), from €360,397 to €226,164
- Staff costs -€133,831
down €133,831 (-41.5%), from €322,309 to €188,478
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €469,342 | €438,347 | -€30,995 | -6.6% |
| Fixed assets | 21/28 | €118,128 | €94,988 | -€23,140 | -19.6% |
| Tangible fixed assets | 22/27 | €117,993 | €94,853 | -€23,140 | -19.6% |
| Plant, machinery and equipment | 23 | €56,915 | €51,741 | -€5,174 | -9.1% |
| Furniture and vehicles | 24 | €61,077 | €43,112 | -€17,966 | -29.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €351,214 | €343,359 | -€7,855 | -2.2% |
| Stocks and contracts in progress | 3 | €95,366 | €20,257 | -€75,109 | -78.8% |
| Stocks | 30/36 | €9,245 | €9,245 | = | 0.0% |
| Contracts in progress | 37 | €86,121 | €11,011 | -€75,109 | -87.2% |
| Amounts receivable within one year | 40/41 | €119,839 | €287,433 | +€167,594 | +140% |
| Trade receivables | 40 | €108,546 | €261,272 | +€152,726 | +141% |
| Other amounts receivable | 41 | €11,293 | €26,162 | +€14,868 | +132% |
| Current investments | 50/53 | €74,316 | €19,465 | -€54,851 | -73.8% |
| Cash at bank and in hand | 54/58 | €54,292 | €11,787 | -€42,505 | -78.3% |
| Deferred charges and accrued income | 490/1 | €7,402 | €4,417 | -€2,984 | -40.3% |
| Total equity and liabilities | 10/49 | €469,342 | €438,347 | -€30,995 | -6.6% |
| Equity | 10/15 | €359,319 | €361,616 | +€2,297 | +0.6% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €327,856 | €330,153 | +€2,297 | +0.7% |
| Distributable reserves | 133 | €327,856 | €330,153 | +€2,297 | +0.7% |
| Profit (loss) carried forward | 14 | €476 | €476 | = | 0.0% |
| Amounts payable | 17/49 | €110,023 | €76,730 | -€33,292 | -30.3% |
| Amounts payable after more than one year | 17 | €36,445 | €21,709 | -€14,736 | -40.4% |
| Financial debts | 170/4 | €36,445 | €21,709 | -€14,736 | -40.4% |
| Amounts payable within one year | 42/48 | €73,578 | €55,021 | -€18,557 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €20,745 | €14,736 | -€6,010 | -29.0% |
| Trade debts | 44 | €41,413 | €19,846 | -€21,567 | -52.1% |
| Suppliers | 440/4 | €41,413 | €19,846 | -€21,567 | -52.1% |
| Taxes, remuneration and social security | 45 | €8,587 | €20,439 | +€11,852 | +138% |
| Taxes | 450/3 | €8,587 | €17,429 | +€8,842 | +103% |
| Remuneration and social security | 454/9 | - | €3,010 | +€3,010 | |
| Other amounts payable | 47/48 | €2,833 | - | -€2,833 | |
| Remuneration, social security and pensions | 62 | €322,309 | €188,478 | -€133,831 | -41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,925 | €31,412 | +€2,487 | +8.6% |
| Other operating charges | 640/8 | €2,664 | €2,399 | -€264 | -9.9% |
| Gross operating margin | 9900 | €360,397 | €226,164 | -€134,233 | -37.2% |
| Operating profit (loss) | 9901 | €6,500 | €3,875 | -€2,625 | -40.4% |
| Financial income | 75/76B | €3,745 | €1,992 | -€1,752 | -46.8% |
| Recurring financial income | 75 | €3,745 | €1,992 | -€1,752 | -46.8% |
| Financial charges | 65/66B | €4,540 | €1,972 | -€2,568 | -56.6% |
| Recurring financial charges | 65 | €4,540 | €1,972 | -€2,568 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €5,704 | €3,895 | -€1,809 | -31.7% |
| Income taxes | 67/77 | €2,282 | €1,598 | -€684 | -30.0% |
| Profit (loss) for the period | 9904 | €3,423 | €2,297 | -€1,125 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,423 | €2,297 | -€1,125 | -32.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.