Dr. R. Frederiks: 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. R. Frederiks
Largest movements
- Current investments +€202,182
up €202,182 (+18.2%), from €1.1m to €1.3m
- Cash -€68,671
down €68,671 (-14.9%), from €461,656 to €392,985
mainly Contributions, distributions and other (-€254,206) and Current investments (-€202,182)
- Reserves +€59,509
up €59,509 (+4.0%), from €1.5m to €1.5m
- Tax, wage and social debts +€59,248
up €59,248 (+187%), from €31,602 to €90,850
- Financial income +€211,643
up €211,643 (+257%), from €82,360 to €294,003
- Financial charges +€148,098
up €148,098 (+56,049%), from €264 to €148,362
- Taxes +€67,744
up €67,744 (+51.4%), from €131,835 to €199,579
- Gross operating margin +€24,200
up €24,200 (+6.7%), from €360,252 to €384,453
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 | €1,639,328 | €1,749,888 | +€110,560 | +6.7% |
| Fixed assets | 21/28 | €52,168 | €35,997 | -€16,171 | -31.0% |
| Tangible fixed assets | 22/27 | €52,168 | €35,997 | -€16,171 | -31.0% |
| Furniture and vehicles | 24 | €52,168 | €35,997 | -€16,171 | -31.0% |
| Current assets | 29/58 | €1,587,160 | €1,713,891 | +€126,731 | +8.0% |
| Amounts receivable within one year | 40/41 | - | €58 | +€58 | |
| Trade receivables | 40 | - | €58 | +€58 | |
| Current investments | 50/53 | €1,110,697 | €1,312,878 | +€202,182 | +18.2% |
| Cash at bank and in hand | 54/58 | €461,656 | €392,985 | -€68,671 | -14.9% |
| Deferred charges and accrued income | 490/1 | €14,808 | €7,970 | -€6,838 | -46.2% |
| Total equity and liabilities | 10/49 | €1,639,328 | €1,749,888 | +€110,560 | +6.7% |
| Equity | 10/15 | €1,503,436 | €1,562,945 | +€59,509 | +4.0% |
| Contributions | 10/11 | €14,264 | €14,264 | = | 0.0% |
| Reserves | 13 | €1,489,172 | €1,548,681 | +€59,509 | +4.0% |
| Distributable reserves | 133 | €1,489,172 | €1,548,681 | +€59,509 | +4.0% |
| Amounts payable | 17/49 | €135,892 | €186,943 | +€51,051 | +37.6% |
| Amounts payable within one year | 42/48 | €135,892 | €186,943 | +€51,051 | +37.6% |
| Trade debts | 44 | €389 | - | -€389 | |
| Suppliers | 440/4 | €389 | - | -€389 | |
| Taxes, remuneration and social security | 45 | €31,602 | €90,850 | +€59,248 | +187% |
| Taxes | 450/3 | €31,602 | €90,850 | +€59,248 | +187% |
| Other amounts payable | 47/48 | €103,901 | €96,093 | -€7,807 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,282 | €16,171 | -€112 | -0.7% |
| Other operating charges | 640/8 | €748 | €628 | -€119 | -16.0% |
| Gross operating margin | 9900 | €360,252 | €384,453 | +€24,200 | +6.7% |
| Operating profit (loss) | 9901 | €343,222 | €367,653 | +€24,431 | +7.1% |
| Financial income | 75/76B | €82,360 | €294,003 | +€211,643 | +257% |
| Recurring financial income | 75 | €82,360 | €294,003 | +€211,643 | +257% |
| Financial charges | 65/66B | €264 | €148,362 | +€148,098 | +56,049% |
| Recurring financial charges | 65 | €264 | €148,362 | +€148,098 | +56,049% |
| Profit (loss) for the period before taxes | 9903 | €425,317 | €513,294 | +€87,977 | +20.7% |
| Income taxes | 67/77 | €131,835 | €199,579 | +€67,744 | +51.4% |
| Profit (loss) for the period | 9904 | €293,483 | €313,715 | +€20,233 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €293,483 | €313,715 | +€20,233 | +6.9% |
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.