Declercq Frederik: 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.
Declercq Frederik
Largest movements
- Cash +€8,856
up €8,856 (+70.3%), from €12,596 to €21,452
mainly Tax, wage and social debts (+€27,882) and Depreciation (+€22,810)
- Tangible fixed assets +€5,438
up €5,438 (+7.6%), from €71,904 to €77,341
of which Other tangible fixed assets: +€16,546
- Deferred charges and accrued income +€4,223
up €4,223 (+54.8%), from €7,707 to €11,930
- Stocks and contracts -€3,478
down €3,478 (-17.1%), from €20,346 to €16,868
- Intangible fixed assets -€2,000
down €2,000 (-14.9%), from €13,443 to €11,443
- Tax, wage and social debts +€27,882
up €27,882 (+205%), from €13,583 to €41,465
of which Taxes: +€15,183
- Trade debts -€17,246
down €17,246 (-16.6%), from €103,582 to €86,336
- Reserves +€12,653
new in 2025: €12,653
- Profit (loss) carried forward -€8,000
down €8,000 (-91.3%), from €8,758 to €758
- Gross operating margin +€78,824
up €78,824 (+77.5%), from €101,681 to €180,504
- Staff costs +€68,634
up €68,634 (+94.7%), from €72,491 to €141,125
- Depreciation +€4,268
up €4,268 (+23.0%), from €18,542 to €22,810
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 | €142,771 | €156,207 | +€13,436 | +9.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €85,346 | €88,784 | +€3,438 | +4.0% |
| Intangible fixed assets | 21 | €13,443 | €11,443 | -€2,000 | -14.9% |
| Tangible fixed assets | 22/27 | €71,904 | €77,341 | +€5,438 | +7.6% |
| Plant, machinery and equipment | 23 | €16,077 | €10,419 | -€5,658 | -35.2% |
| Furniture and vehicles | 24 | €29,071 | €23,621 | -€5,451 | -18.7% |
| Other tangible fixed assets | 26 | €26,756 | €43,302 | +€16,546 | +61.8% |
| Current assets | 29/58 | €57,425 | €67,423 | +€9,998 | +17.4% |
| Stocks and contracts in progress | 3 | €20,346 | €16,868 | -€3,478 | -17.1% |
| Stocks | 30/36 | €20,346 | €16,868 | -€3,478 | -17.1% |
| Amounts receivable within one year | 40/41 | €16,775 | €16,673 | -€103 | -0.6% |
| Trade receivables | 40 | €13,667 | €79 | -€13,587 | -99.4% |
| Other amounts receivable | 41 | €3,109 | €16,594 | +€13,485 | +434% |
| Current investments | 50/53 | - | €500 | +€500 | |
| Cash at bank and in hand | 54/58 | €12,596 | €21,452 | +€8,856 | +70.3% |
| Deferred charges and accrued income | 490/1 | €7,707 | €11,930 | +€4,223 | +54.8% |
| Total equity and liabilities | 10/49 | €142,771 | €156,207 | +€13,436 | +9.4% |
| Equity | 10/15 | €13,758 | €18,411 | +€4,653 | +33.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €12,653 | +€12,653 | |
| Distributable reserves | 133 | - | €12,653 | +€12,653 | |
| Profit (loss) carried forward | 14 | €8,758 | €758 | -€8,000 | -91.3% |
| Amounts payable | 17/49 | €129,013 | €137,795 | +€8,783 | +6.8% |
| Amounts payable within one year | 42/48 | €128,165 | €137,795 | +€9,630 | +7.5% |
| Trade debts | 44 | €103,582 | €86,336 | -€17,246 | -16.6% |
| Suppliers | 440/4 | €103,582 | €86,336 | -€17,246 | -16.6% |
| Taxes, remuneration and social security | 45 | €13,583 | €41,465 | +€27,882 | +205% |
| Taxes | 450/3 | €7,693 | €22,876 | +€15,183 | +197% |
| Remuneration and social security | 454/9 | €5,890 | €18,589 | +€12,698 | +216% |
| Other amounts payable | 47/48 | €11,000 | €9,995 | -€1,005 | -9.1% |
| Accrued charges and deferred income | 492/3 | €847 | €0 | -€847 | -100% |
| Remuneration, social security and pensions | 62 | €72,491 | €141,125 | +€68,634 | +94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,542 | €22,810 | +€4,268 | +23.0% |
| Other operating charges | 640/8 | €2,999 | €3,013 | +€14 | +0.5% |
| Non-recurring operating charges | 66A | - | €236 | +€236 | |
| Gross operating margin | 9900 | €101,681 | €180,504 | +€78,824 | +77.5% |
| Operating profit (loss) | 9901 | €7,649 | €13,321 | +€5,672 | +74.2% |
| Financial income | 75/76B | €27 | €342 | +€315 | +1,148% |
| Recurring financial income | 75 | €27 | €342 | +€315 | +1,148% |
| Financial charges | 65/66B | €3,310 | €3,894 | +€585 | +17.7% |
| Recurring financial charges | 65 | €3,310 | €3,894 | +€585 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €4,366 | €9,769 | +€5,402 | +124% |
| Income taxes | 67/77 | €3,725 | €3,450 | -€275 | -7.4% |
| Profit (loss) for the period | 9904 | €642 | €6,319 | +€5,677 | +885% |
| Profit (loss) for the period to be appropriated | 9905 | €642 | €6,319 | +€5,677 | +885% |
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 15 October 2026 via checked.be.