DE FRENCH: 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.
What changed
DE FRENCH
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€203,698
2024 · €13,560+€190,138
Equity
€331,007
2024 · €331,009-€2
Cash
€254,852
2024 · €162,609+€92,244
Balance sheet total
€981,157
2024 · €544,664+€436,493
Largest movements
Assets
- Receivables within one year +€230,021
up €230,021 (+138%), from €166,636 to €396,657
of which Other amounts receivable: +€166,649
- Stocks and contracts +€120,131
up €120,131 (+89.9%), from €133,697 to €253,828
- Cash +€92,244
up €92,244 (+56.7%), from €162,609 to €254,852
mainly Other debts (+€400,157) and Net result for the year (+€203,698)
Equity and liabilities
- Other debts +€400,157
up €400,157 (+5,167%), from €7,745 to €407,902
- Trade debts +€30,307
up €30,307 (+15.8%), from €191,696 to €222,003
Income statement
- Gross operating margin +€164,609
up €164,609 (+80.0%), from €205,841 to €370,450
- Staff costs -€17,451
down €17,451 (-10.1%), from €172,777 to €155,326
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.
Result 2024
€13,560
Gross operating margin
+€164,609
Staff costs
+€17,451
Depreciation
+€195
Other operating charges
+€169
Other operating items
+€4,000
Financial income
+€2,740
Financial charges
-€2,138
Taxes
+€3,112
Result 2025
€203,698
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€299,830
Investment
-€3,886
Financing
-€203,700
Cash 2024
€162,609
From operations (derived)
+€299,830
Net result for the year
+€203,698
Depreciation
+€10,425
Stocks and contracts
-€120,131
Receivables within one year
-€230,021
Smaller working-capital items
-€507
Trade debts
+€30,307
Tax, wage and social debts
+€5,901
Other debts
+€400,157
Investment (derived)
-€3,886
Investment in fixed assets (net)
-€3,886
Financing
-€203,700
Contributions, distributions and other
-€203,700
Cash 2025
€254,852
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €544,664 | €981,157 | +€436,493 | +80.1% |
| Fixed assets | 21/28 | €78,035 | €71,496 | -€6,539 | -8.4% |
| Tangible fixed assets | 22/27 | €78,035 | €71,496 | -€6,539 | -8.4% |
| Plant, machinery and equipment | 23 | €3,245 | €6,714 | +€3,468 | +107% |
| Furniture and vehicles | 24 | €549 | €0 | -€549 | -100% |
| Other tangible fixed assets | 26 | €74,240 | €64,782 | -€9,458 | -12.7% |
| Current assets | 29/58 | €466,629 | €909,661 | +€443,032 | +94.9% |
| Stocks and contracts in progress | 3 | €133,697 | €253,828 | +€120,131 | +89.9% |
| Stocks | 30/36 | €133,697 | €253,828 | +€120,131 | +89.9% |
| Amounts receivable within one year | 40/41 | €166,636 | €396,657 | +€230,021 | +138% |
| Trade receivables | 40 | €131,719 | €195,091 | +€63,371 | +48.1% |
| Other amounts receivable | 41 | €34,917 | €201,566 | +€166,649 | +477% |
| Cash at bank and in hand | 54/58 | €162,609 | €254,852 | +€92,244 | +56.7% |
| Deferred charges and accrued income | 490/1 | €3,687 | €4,324 | +€637 | +17.3% |
| Total equity and liabilities | 10/49 | €544,664 | €981,157 | +€436,493 | +80.1% |
| Equity | 10/15 | €331,009 | €331,007 | -€2 | 0.0% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Capital | 10 | €74,400 | €74,400 | = | 0.0% |
| Issued capital | 100 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €256,609 | €256,607 | -€2 | 0.0% |
| Non-distributable reserves | 130/1 | €9,193 | €9,193 | = | 0.0% |
| Legal reserve | 130 | €9,193 | €9,193 | = | 0.0% |
| Tax-exempt reserves | 132 | €284 | €284 | = | 0.0% |
| Distributable reserves | 133 | €247,132 | €247,130 | -€2 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €213,655 | €650,150 | +€436,495 | +204% |
| Amounts payable within one year | 42/48 | €213,623 | €649,988 | +€436,365 | +204% |
| Trade debts | 44 | €191,696 | €222,003 | +€30,307 | +15.8% |
| Suppliers | 440/4 | €191,696 | €222,003 | +€30,307 | +15.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,183 | €20,084 | +€5,901 | +41.6% |
| Taxes | 450/3 | €0 | €116 | +€116 | |
| Remuneration and social security | 454/9 | €14,183 | €19,968 | +€5,785 | +40.8% |
| Other amounts payable | 47/48 | €7,745 | €407,902 | +€400,157 | +5,167% |
| Accrued charges and deferred income | 492/3 | €31 | €161 | +€130 | +414% |
| Remuneration, social security and pensions | 62 | €172,777 | €155,326 | -€17,451 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,620 | €10,425 | -€195 | -1.8% |
| Other operating charges | 640/8 | €727 | €558 | -€169 | -23.2% |
| Non-recurring operating charges | 66A | €4,000 | €0 | -€4,000 | -100% |
| Gross operating margin | 9900 | €205,841 | €370,450 | +€164,609 | +80.0% |
| Operating profit (loss) | 9901 | €17,717 | €204,141 | +€186,424 | +1,052% |
| Financial income | 75/76B | €2,170 | €4,910 | +€2,740 | +126% |
| Recurring financial income | 75 | €2,170 | €4,910 | +€2,740 | +126% |
| Financial charges | 65/66B | €2,128 | €4,266 | +€2,138 | +100% |
| Recurring financial charges | 65 | €2,128 | €4,266 | +€2,138 | +100% |
| Profit (loss) for the period before taxes | 9903 | €17,759 | €204,785 | +€187,026 | +1,053% |
| Income taxes | 67/77 | €4,199 | €1,087 | -€3,112 | -74.1% |
| Profit (loss) for the period | 9904 | €13,560 | €203,698 | +€190,138 | +1,402% |
| Profit (loss) for the period to be appropriated | 9905 | €13,560 | €203,698 | +€190,138 | +1,402% |
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 22 October 2026 via checked.be.