Dr Fedrik Braem: 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.
Dr Fedrik Braem
Largest movements
- Cash +€87,901
up €87,901 (+41.2%), from €213,562 to €301,463
mainly Net result for the year (+€132,173) and Other debts (+€114,963)
- Current investments +€19,999
up €19,999 (+48.8%), from €41,000 to €60,999
- Receivables within one year +€14,754
up €14,754 (+9.5%), from €155,446 to €170,200
of which Trade receivables: +€14,754
- Tangible fixed assets -€13,302
down €13,302 (-26.4%), from €50,342 to €37,040
of which Furniture and vehicles: -€12,829
- Other debts +€114,963
up €114,963 (+1,187%), from €9,686 to €124,649
- Debts after one year -€20,008
down €20,008 (-52.8%), from €37,924 to €17,917
- Tax, wage and social debts +€14,511
up €14,511 (+80.4%), from €18,041 to €32,551
- Gross operating margin +€20,750
up €20,750 (+12.5%), from €165,845 to €186,595
- Taxes -€4,972
down €4,972 (-11.5%), from €43,331 to €38,359
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 | €465,426 | €574,601 | +€109,175 | +23.5% |
| Fixed assets | 21/28 | €50,342 | €37,040 | -€13,302 | -26.4% |
| Tangible fixed assets | 22/27 | €50,342 | €37,040 | -€13,302 | -26.4% |
| Plant, machinery and equipment | 23 | €1,811 | €1,338 | -€473 | -26.1% |
| Furniture and vehicles | 24 | €48,531 | €35,702 | -€12,829 | -26.4% |
| Current assets | 29/58 | €415,084 | €537,561 | +€122,477 | +29.5% |
| Amounts receivable within one year | 40/41 | €155,446 | €170,200 | +€14,754 | +9.5% |
| Trade receivables | 40 | €22,693 | €37,447 | +€14,754 | +65.0% |
| Other amounts receivable | 41 | €132,753 | €132,753 | = | 0.0% |
| Current investments | 50/53 | €41,000 | €60,999 | +€19,999 | +48.8% |
| Cash at bank and in hand | 54/58 | €213,562 | €301,463 | +€87,901 | +41.2% |
| Deferred charges and accrued income | 490/1 | €5,076 | €4,899 | -€177 | -3.5% |
| Total equity and liabilities | 10/49 | €465,426 | €574,601 | +€109,175 | +23.5% |
| Equity | 10/15 | €374,928 | €374,928 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €369,928 | €369,928 | = | 0.0% |
| Distributable reserves | 133 | €369,928 | €369,928 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €90,498 | €199,673 | +€109,175 | +121% |
| Amounts payable after more than one year | 17 | €37,924 | €17,917 | -€20,008 | -52.8% |
| Financial debts | 170/4 | €37,924 | €17,917 | -€20,008 | -52.8% |
| Amounts payable within one year | 42/48 | €52,574 | €181,756 | +€129,183 | +246% |
| Current portion of amounts payable after more than one year | 42 | €24,697 | €23,397 | -€1,300 | -5.3% |
| Trade debts | 44 | €150 | €1,159 | +€1,009 | +674% |
| Suppliers | 440/4 | €150 | €1,159 | +€1,009 | +674% |
| Taxes, remuneration and social security | 45 | €18,041 | €32,551 | +€14,511 | +80.4% |
| Taxes | 450/3 | €18,041 | €32,551 | +€14,511 | +80.4% |
| Other amounts payable | 47/48 | €9,686 | €124,649 | +€114,963 | +1,187% |
| Remuneration, social security and pensions | 62 | - | €858 | +€858 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,302 | €13,302 | = | 0.0% |
| Other operating charges | 640/8 | €1,082 | €644 | -€438 | -40.5% |
| Gross operating margin | 9900 | €165,845 | €186,595 | +€20,750 | +12.5% |
| Operating profit (loss) | 9901 | €151,462 | €171,791 | +€20,330 | +13.4% |
| Financial income | 75/76B | €0 | €1,203 | +€1,203 | |
| Recurring financial income | 75 | €0 | €1,203 | +€1,203 | |
| Financial charges | 65/66B | €2,603 | €2,463 | -€140 | -5.4% |
| Recurring financial charges | 65 | €2,603 | €2,463 | -€140 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €148,859 | €170,531 | +€21,673 | +14.6% |
| Income taxes | 67/77 | €43,331 | €38,359 | -€4,972 | -11.5% |
| Profit (loss) for the period | 9904 | €105,528 | €132,173 | +€26,645 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €105,528 | €132,173 | +€26,645 | +25.2% |
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 30 October 2026 via checked.be.