DAVID FRABEL: what changed
Two fiscal 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.
DAVID FRABEL
Largest movements
- Stocks and contracts +€12,425
up €12,425 (+1438.1%), from €864 to €13,289
- Tangible fixed assets -€8,806
down €8,806 (-25.6%), from €34,386 to €25,580
of which Furniture and vehicles: -€8,333
- Receivables within one year -€4,484
down €4,484 (-9.0%), from €49,845 to €45,361
of which Trade receivables: -€6,583
- Cash -€2,059
down €2,059 (-22.8%), from €9,045 to €6,986
mainly Stocks and contracts (-€12,425) and Debts after one year (-€7,012)
- Debts after one year -€7,012
down €7,012 (-32.7%), from €21,433 to €14,421
- Profit (loss) carried forward -€5,523
down €5,523, from €4,137 to -€1,387
- Other debts +€3,978
up €3,978 (+347.2%), from €1,146 to €5,123
- Tax, wage and social debts +€3,111
up €3,111 (+172.0%), from €1,809 to €4,920
of which Taxes: +€3,111
- Trade debts +€1,943
up €1,943 (+5.8%), from €33,747 to €35,690
- Gross operating margin -€10,268
down €10,268 (-59.4%), from €17,294 to €7,025
- Write-downs -€3,216
no longer reported in 2025 (was €3,216)
- Financial charges -€1,633
down €1,633 (-37.3%), from €4,382 to €2,749
- Other operating charges +€358
up €358 (+81.4%), from €440 to €798
- Depreciation +€329
up €329 (+3.7%), from €8,801 to €9,129
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.
Cash bridge derived
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 | €96,490 | €93,317 | -€3,173 | -3.3% |
| Fixed assets | 21/28 | €35,450 | €26,644 | -€8,806 | -24.8% |
| Tangible fixed assets | 22/27 | €34,386 | €25,580 | -€8,806 | -25.6% |
| Plant, machinery and equipment | 23 | €1,358 | €987 | -€371 | -27.3% |
| Furniture and vehicles | 24 | €32,490 | €24,158 | -€8,333 | -25.6% |
| Other tangible fixed assets | 26 | €538 | €436 | -€102 | -18.9% |
| Financial fixed assets | 28 | €1,064 | €1,064 | = | 0.0% |
| Current assets | 29/58 | €61,040 | €66,672 | +€5,633 | +9.2% |
| Stocks and contracts in progress | 3 | €864 | €13,289 | +€12,425 | +1438.1% |
| Stocks | 30/36 | €864 | €13,289 | +€12,425 | +1438.1% |
| Amounts receivable within one year | 40/41 | €49,845 | €45,361 | -€4,484 | -9.0% |
| Trade receivables | 40 | €47,577 | €40,994 | -€6,583 | -13.8% |
| Other amounts receivable | 41 | €2,268 | €4,367 | +€2,099 | +92.5% |
| Cash at bank and in hand | 54/58 | €9,045 | €6,986 | -€2,059 | -22.8% |
| Deferred charges and accrued income | 490/1 | €1,286 | €1,036 | -€250 | -19.4% |
| Total equity and liabilities | 10/49 | €96,490 | €93,317 | -€3,173 | -3.3% |
| Equity | 10/15 | €31,674 | €26,151 | -€5,523 | -17.4% |
| Contributions | 10/11 | €6,587 | €6,587 | = | 0.0% |
| Reserves | 13 | €20,950 | €20,950 | = | 0.0% |
| Distributable reserves | 133 | €20,950 | €20,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,137 | -€1,387 | -€5,523 | |
| Amounts payable | 17/49 | €64,816 | €67,166 | +€2,350 | +3.6% |
| Amounts payable after more than one year | 17 | €21,433 | €14,421 | -€7,012 | -32.7% |
| Financial debts | 170/4 | €21,433 | €14,421 | -€7,012 | -32.7% |
| Amounts payable within one year | 42/48 | €43,383 | €52,745 | +€9,362 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €6,682 | €7,012 | +€330 | +4.9% |
| Trade debts | 44 | €33,747 | €35,690 | +€1,943 | +5.8% |
| Suppliers | 440/4 | €33,747 | €35,690 | +€1,943 | +5.8% |
| Taxes, remuneration and social security | 45 | €1,809 | €4,920 | +€3,111 | +172.0% |
| Taxes | 450/3 | €1,109 | €4,220 | +€3,111 | +280.6% |
| Remuneration and social security | 454/9 | €700 | €700 | = | 0.0% |
| Other amounts payable | 47/48 | €1,146 | €5,123 | +€3,978 | +347.2% |
| Remuneration, social security and pensions | 62 | €217 | €56 | -€161 | -74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,801 | €9,129 | +€329 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,216 | - | -€3,216 | |
| Other operating charges | 640/8 | €440 | €798 | +€358 | +81.4% |
| Gross operating margin | 9900 | €17,294 | €7,025 | -€10,268 | -59.4% |
| Operating profit (loss) | 9901 | €4,619 | -€2,958 | -€7,577 | |
| Financial income | 75/76B | €136 | €325 | +€189 | +139.2% |
| Recurring financial income | 75 | €136 | €325 | +€189 | +139.2% |
| Financial charges | 65/66B | €4,382 | €2,749 | -€1,633 | -37.3% |
| Recurring financial charges | 65 | €4,382 | €2,749 | -€1,633 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €373 | -€5,382 | -€5,755 | |
| Income taxes | 67/77 | €310 | €141 | -€169 | -54.6% |
| Profit (loss) for the period | 9904 | €62 | -€5,523 | -€5,585 | |
| Profit (loss) for the period to be appropriated | 9905 | €62 | -€5,523 | -€5,585 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.