ERIC von FRENCKELL: 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.
ERIC von FRENCKELL
Largest movements
- Current investments -€290,688
down €290,688 (-32.6%), from €891,324 to €600,635
- Tangible fixed assets +€146,196
up €146,196 (+30.8%), from €474,864 to €621,060
of which Plant, machinery and equipment: +€170,625
- Cash -€35,702
down €35,702 (-7.6%), from €469,541 to €433,840
mainly Contributions, distributions and other (-€540,000) and Investment in fixed assets (net) (-€194,426)
- Reserves -€170,000
down €170,000 (-11.0%), from €1.5m to €1.4m
- Financial income +€165,165
new in 2025: €165,165
- Taxes +€15,891
up €15,891 (+15.6%), from €101,658 to €117,549
- Depreciation +€11,954
up €11,954 (+33.0%), from €36,276 to €48,230
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 | €1,841,188 | €1,666,116 | -€175,071 | -9.5% |
| Fixed assets | 21/28 | €474,864 | €621,060 | +€146,196 | +30.8% |
| Tangible fixed assets | 22/27 | €474,864 | €621,060 | +€146,196 | +30.8% |
| Land and buildings | 22 | €410,780 | €398,041 | -€12,739 | -3.1% |
| Plant, machinery and equipment | 23 | €52,394 | €223,018 | +€170,625 | +326% |
| Furniture and vehicles | 24 | €11,690 | €0 | -€11,690 | -100% |
| Current assets | 29/58 | €1,366,324 | €1,045,057 | -€321,267 | -23.5% |
| Amounts receivable within one year | 40/41 | €4,609 | €10,582 | +€5,973 | +130% |
| Trade receivables | 40 | €3,267 | - | -€3,267 | |
| Other amounts receivable | 41 | €1,342 | €10,582 | +€9,240 | +689% |
| Current investments | 50/53 | €891,324 | €600,635 | -€290,688 | -32.6% |
| Cash at bank and in hand | 54/58 | €469,541 | €433,840 | -€35,702 | -7.6% |
| Deferred charges and accrued income | 490/1 | €850 | - | -€850 | |
| Total equity and liabilities | 10/49 | €1,841,188 | €1,666,116 | -€175,071 | -9.5% |
| Equity | 10/15 | €1,759,047 | €1,589,047 | -€170,000 | -9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,547,225 | €1,377,225 | -€170,000 | -11.0% |
| Distributable reserves | 133 | €1,547,225 | €1,377,225 | -€170,000 | -11.0% |
| Profit (loss) carried forward | 14 | €199,422 | €199,422 | = | 0.0% |
| Amounts payable | 17/49 | €82,141 | €77,069 | -€5,072 | -6.2% |
| Amounts payable within one year | 42/48 | €79,441 | €76,070 | -€3,370 | -4.2% |
| Trade debts | 44 | €9,141 | €4,091 | -€5,050 | -55.2% |
| Suppliers | 440/4 | €9,141 | €4,091 | -€5,050 | -55.2% |
| Taxes, remuneration and social security | 45 | €57,499 | €59,179 | +€1,680 | +2.9% |
| Taxes | 450/3 | €57,499 | €59,179 | +€1,680 | +2.9% |
| Other amounts payable | 47/48 | €12,800 | €12,800 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,700 | €998 | -€1,702 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,276 | €48,230 | +€11,954 | +33.0% |
| Other operating charges | 640/8 | €2,287 | €2,365 | +€78 | +3.4% |
| Gross operating margin | 9900 | €370,341 | €373,182 | +€2,841 | +0.8% |
| Operating profit (loss) | 9901 | €331,778 | €322,587 | -€9,191 | -2.8% |
| Financial income | 75/76B | - | €165,165 | +€165,165 | |
| Recurring financial income | 75 | - | €165,165 | +€165,165 | |
| Financial charges | 65/66B | €384 | €203 | -€180 | -47.0% |
| Recurring financial charges | 65 | €384 | €203 | -€180 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €331,394 | €487,549 | +€156,155 | +47.1% |
| Income taxes | 67/77 | €101,658 | €117,549 | +€15,891 | +15.6% |
| Profit (loss) for the period | 9904 | €229,736 | €370,000 | +€140,264 | +61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €229,736 | €370,000 | +€140,264 | +61.1% |
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.