DR. RAF FRANSEN: 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. RAF FRANSEN
Largest movements
- Cash +€49,047
up €49,047 (+18.5%), from €265,483 to €314,529
mainly Net result for the year (+€53,315) and Receivables within one year (+€32,150)
- Receivables within one year -€32,150
down €32,150 (-44.3%), from €72,522 to €40,372
of which Other amounts receivable: -€31,192
- Tangible fixed assets -€19,703
down €19,703 (-23.4%), from €84,239 to €64,536
of which Leasing and similar rights: -€16,217
- Other debts +€22,093
up €22,093 (+383%), from €5,763 to €27,856
- Debts after one year -€17,887
down €17,887 (-28.5%), from €62,762 to €44,875
- Gross operating margin +€65,558
up €65,558 (+165%), from €39,829 to €105,387
- Taxes +€15,977
up €15,977 (+300%), from €5,321 to €21,298
- Depreciation +€6,635
up €6,635 (+45.1%), from €14,708 to €21,343
- Financial income -€1,499
down €1,499 (-55.7%), from €2,689 to €1,190
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 | €469,536 | €467,232 | -€2,304 | -0.5% |
| Fixed assets | 21/28 | €84,239 | €64,536 | -€19,703 | -23.4% |
| Tangible fixed assets | 22/27 | €84,239 | €64,536 | -€19,703 | -23.4% |
| Land and buildings | 22 | €9,282 | €6,188 | -€3,094 | -33.3% |
| Plant, machinery and equipment | 23 | €1,140 | €877 | -€263 | -23.1% |
| Furniture and vehicles | 24 | €2,700 | €2,571 | -€129 | -4.8% |
| Leasing and similar rights | 25 | €71,117 | €54,900 | -€16,217 | -22.8% |
| Current assets | 29/58 | €385,297 | €402,696 | +€17,400 | +4.5% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Trade receivables | 290 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €72,522 | €40,372 | -€32,150 | -44.3% |
| Trade receivables | 40 | €25,522 | €24,564 | -€958 | -3.8% |
| Other amounts receivable | 41 | €47,000 | €15,808 | -€31,192 | -66.4% |
| Cash at bank and in hand | 54/58 | €265,483 | €314,529 | +€49,047 | +18.5% |
| Deferred charges and accrued income | 490/1 | €2,292 | €2,795 | +€503 | +21.9% |
| Total equity and liabilities | 10/49 | €469,536 | €467,232 | -€2,304 | -0.5% |
| Equity | 10/15 | €363,930 | €363,752 | -€178 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €351,530 | €351,352 | -€178 | -0.1% |
| Tax-exempt reserves | 132 | €2,327 | €2,327 | = | 0.0% |
| Distributable reserves | 133 | €349,203 | €349,025 | -€178 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €8,080 | €8,080 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €8,080 | €8,080 | = | 0.0% |
| Pensions and similar obligations | 160 | €8,080 | €8,080 | = | 0.0% |
| Amounts payable | 17/49 | €97,525 | €95,400 | -€2,126 | -2.2% |
| Amounts payable after more than one year | 17 | €62,762 | €44,875 | -€17,887 | -28.5% |
| Financial debts | 170/4 | €62,762 | €44,875 | -€17,887 | -28.5% |
| Amounts payable within one year | 42/48 | €31,297 | €49,335 | +€18,038 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €17,402 | €17,887 | +€485 | +2.8% |
| Trade debts | 44 | €5,811 | €3,592 | -€2,220 | -38.2% |
| Suppliers | 440/4 | €5,811 | €3,592 | -€2,220 | -38.2% |
| Taxes, remuneration and social security | 45 | €2,320 | €0 | -€2,320 | -100% |
| Taxes | 450/3 | €2,320 | €0 | -€2,320 | -100% |
| Other amounts payable | 47/48 | €5,763 | €27,856 | +€22,093 | +383% |
| Accrued charges and deferred income | 492/3 | €3,466 | €1,190 | -€2,276 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,708 | €21,343 | +€6,635 | +45.1% |
| Other operating charges | 640/8 | €4,690 | €5,127 | +€437 | +9.3% |
| Gross operating margin | 9900 | €39,829 | €105,387 | +€65,558 | +165% |
| Operating profit (loss) | 9901 | €20,432 | €78,917 | +€58,486 | +286% |
| Financial income | 75/76B | €2,689 | €1,190 | -€1,499 | -55.7% |
| Recurring financial income | 75 | €2,689 | €1,190 | -€1,499 | -55.7% |
| Financial charges | 65/66B | €6,174 | €5,495 | -€679 | -11.0% |
| Recurring financial charges | 65 | €6,174 | €5,495 | -€679 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €16,946 | €74,612 | +€57,666 | +340% |
| Income taxes | 67/77 | €5,321 | €21,298 | +€15,977 | +300% |
| Profit (loss) for the period | 9904 | €11,625 | €53,315 | +€41,690 | +359% |
| Profit (loss) for the period to be appropriated | 9905 | €11,625 | €53,315 | +€41,690 | +359% |
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 28 October 2026 via checked.be.