DR. M. FRANCX: 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. M. FRANCX
Largest movements
- Receivables after one year -€235,000
no longer reported in 2025 (was €235,000)
- Receivables within one year +€149,463
up €149,463 (+66.4%), from €225,001 to €374,464
- Tangible fixed assets -€7,231
down €7,231 (-75.1%), from €9,634 to €2,403
of which Furniture and vehicles: -€6,416
- Trade debts -€93,166
down €93,166 (-66.3%), from €140,561 to €47,394
- Tax, wage and social debts +€33,745
new in 2025: €33,745
- Reserves -€32,023
down €32,023 (-10.3%), from €309,764 to €277,741
of which Tax-exempt reserves: -€55,776
- Gross operating margin -€82,896
down €82,896 (-81.3%), from €101,974 to €19,077
- Taxes -€19,782
down €19,782 (-22.0%), from €89,964 to €70,182
- Financial income +€10,279
up €10,279 (+47.5%), from €21,648 to €31,927
of which Non-recurring financial income: +€15,000
- Depreciation -€4,927
down €4,927 (-40.5%), from €12,158 to €7,231
- Financial charges +€2,745
up €2,745 (+270%), from €1,016 to €3,761
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 | €472,765 | €377,473 | -€95,292 | -20.2% |
| Fixed assets | 21/28 | €9,634 | €2,403 | -€7,231 | -75.1% |
| Tangible fixed assets | 22/27 | €9,634 | €2,403 | -€7,231 | -75.1% |
| Land and buildings | 22 | €2,980 | €2,403 | -€577 | -19.4% |
| Plant, machinery and equipment | 23 | €238 | - | -€238 | |
| Furniture and vehicles | 24 | €6,416 | - | -€6,416 | |
| Current assets | 29/58 | €463,131 | €375,069 | -€88,061 | -19.0% |
| Amounts receivable after more than one year | 29 | €235,000 | - | -€235,000 | |
| Other amounts receivable | 291 | €235,000 | - | -€235,000 | |
| Amounts receivable within one year | 40/41 | €225,001 | €374,464 | +€149,463 | +66.4% |
| Other amounts receivable | 41 | €225,001 | €374,464 | +€149,463 | +66.4% |
| Cash at bank and in hand | 54/58 | €3,130 | €605 | -€2,525 | -80.7% |
| Total equity and liabilities | 10/49 | €472,765 | €377,473 | -€95,292 | -20.2% |
| Equity | 10/15 | €328,356 | €296,333 | -€32,023 | -9.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €309,764 | €277,741 | -€32,023 | -10.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,776 | - | -€55,776 | |
| Distributable reserves | 133 | €252,129 | €275,882 | +€23,753 | +9.4% |
| Amounts payable | 17/49 | €144,409 | €81,139 | -€63,270 | -43.8% |
| Amounts payable within one year | 42/48 | €144,409 | €81,139 | -€63,270 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €3,848 | - | -€3,848 | |
| Trade debts | 44 | €140,561 | €47,394 | -€93,166 | -66.3% |
| Suppliers | 440/4 | €140,561 | €47,394 | -€93,166 | -66.3% |
| Taxes, remuneration and social security | 45 | - | €33,745 | +€33,745 | |
| Taxes | 450/3 | - | €33,745 | +€33,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,158 | €7,231 | -€4,927 | -40.5% |
| Other operating charges | 640/8 | €3,047 | €1,853 | -€1,195 | -39.2% |
| Gross operating margin | 9900 | €101,974 | €19,077 | -€82,896 | -81.3% |
| Operating profit (loss) | 9901 | €86,769 | €9,994 | -€76,775 | -88.5% |
| Financial income | 75/76B | €21,648 | €31,927 | +€10,279 | +47.5% |
| Recurring financial income | 75 | €21,648 | €16,927 | -€4,721 | -21.8% |
| Non-recurring financial income | 76B | - | €15,000 | +€15,000 | |
| Financial charges | 65/66B | €1,016 | €3,761 | +€2,745 | +270% |
| Recurring financial charges | 65 | €1,016 | €3,761 | +€2,745 | +270% |
| Profit (loss) for the period before taxes | 9903 | €107,400 | €38,159 | -€69,241 | -64.5% |
| Income taxes | 67/77 | €89,964 | €70,182 | -€19,782 | -22.0% |
| Profit (loss) for the period | 9904 | €17,437 | -€32,023 | -€49,459 | |
| Transfer from tax-exempt reserves | 789 | - | €55,776 | +€55,776 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,437 | €23,753 | +€6,317 | +36.2% |
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 25 October 2026 via checked.be.