ETS. FRANS DAELMAN: 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.
ETS. FRANS DAELMAN
Largest movements
- Receivables within one year +€238,065
up €238,065 (+55.6%), from €428,003 to €666,068
of which Trade receivables: +€210,584
- Cash -€82,198
down €82,198 (-13.7%), from €600,450 to €518,252
mainly Receivables within one year (-€238,065) and Investment in fixed assets (net) (-€1,598)
- Stocks and contracts -€18,304
down €18,304 (-3.4%), from €535,853 to €517,549
- Reserves +€82,000
up €82,000 (+7.5%), from €1.1m to €1.2m
of which Distributable reserves: +€82,000
- Trade debts +€25,628
up €25,628 (+40.4%), from €63,364 to €88,992
- Gross operating margin -€16,109
down €16,109 (-7.2%), from €224,226 to €208,118
- Taxes -€12,155
down €12,155 (-27.1%), from €44,879 to €32,723
- Depreciation +€7,570
up €7,570 (+1,720%), from €440 to €8,011
- Financial income -€6,375
down €6,375 (-20.5%), from €31,084 to €24,709
- Staff costs +€3,111
up €3,111 (+3.5%), from €90,007 to €93,118
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 | €1,672,258 | €1,803,089 | +€130,830 | +7.8% |
| Fixed assets | 21/28 | €100,095 | €93,682 | -€6,413 | -6.4% |
| Intangible fixed assets | 21 | €1,343 | €968 | -€375 | -27.9% |
| Tangible fixed assets | 22/27 | €98,752 | €92,714 | -€6,038 | -6.1% |
| Land and buildings | 22 | €61,457 | €61,457 | = | 0.0% |
| Plant, machinery and equipment | 23 | €9,995 | €9,429 | -€566 | -5.7% |
| Furniture and vehicles | 24 | €27,300 | €21,828 | -€5,472 | -20.0% |
| Current assets | 29/58 | €1,572,163 | €1,709,406 | +€137,243 | +8.7% |
| Stocks and contracts in progress | 3 | €535,853 | €517,549 | -€18,304 | -3.4% |
| Stocks | 30/36 | €535,853 | €517,549 | -€18,304 | -3.4% |
| Amounts receivable within one year | 40/41 | €428,003 | €666,068 | +€238,065 | +55.6% |
| Trade receivables | 40 | €383,354 | €593,938 | +€210,584 | +54.9% |
| Other amounts receivable | 41 | €44,650 | €72,130 | +€27,480 | +61.5% |
| Cash at bank and in hand | 54/58 | €600,450 | €518,252 | -€82,198 | -13.7% |
| Deferred charges and accrued income | 490/1 | €7,857 | €7,537 | -€319 | -4.1% |
| Total equity and liabilities | 10/49 | €1,672,258 | €1,803,089 | +€130,830 | +7.8% |
| Equity | 10/15 | €1,394,700 | €1,476,701 | +€82,001 | +5.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,097,220 | €1,179,220 | +€82,000 | +7.5% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €1,072,420 | €1,154,420 | +€82,000 | +7.6% |
| Profit (loss) carried forward | 14 | €235,480 | €235,481 | +€1 | 0.0% |
| Amounts payable | 17/49 | €277,558 | €326,387 | +€48,829 | +17.6% |
| Amounts payable within one year | 42/48 | €275,684 | €325,207 | +€49,523 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €8,687 | +€3,687 | +73.7% |
| Trade debts | 44 | €63,364 | €88,992 | +€25,628 | +40.4% |
| Suppliers | 440/4 | €63,364 | €88,992 | +€25,628 | +40.4% |
| Taxes, remuneration and social security | 45 | €82,753 | €98,178 | +€15,425 | +18.6% |
| Taxes | 450/3 | €68,648 | €82,706 | +€14,058 | +20.5% |
| Remuneration and social security | 454/9 | €14,105 | €15,472 | +€1,367 | +9.7% |
| Other amounts payable | 47/48 | €124,568 | €129,351 | +€4,783 | +3.8% |
| Accrued charges and deferred income | 492/3 | €1,874 | €1,180 | -€693 | -37.0% |
| Remuneration, social security and pensions | 62 | €90,007 | €93,118 | +€3,111 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440 | €8,011 | +€7,570 | +1,720% |
| Other operating charges | 640/8 | €3,366 | €3,554 | +€188 | +5.6% |
| Gross operating margin | 9900 | €224,226 | €208,118 | -€16,109 | -7.2% |
| Operating profit (loss) | 9901 | €130,414 | €103,435 | -€26,979 | -20.7% |
| Financial income | 75/76B | €31,084 | €24,709 | -€6,375 | -20.5% |
| Recurring financial income | 75 | €31,084 | €24,709 | -€6,375 | -20.5% |
| Financial charges | 65/66B | €10,537 | €13,420 | +€2,883 | +27.4% |
| Recurring financial charges | 65 | €10,537 | €13,420 | +€2,883 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €150,961 | €114,724 | -€36,237 | -24.0% |
| Income taxes | 67/77 | €44,879 | €32,723 | -€12,155 | -27.1% |
| Profit (loss) for the period | 9904 | €106,082 | €82,001 | -€24,081 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,082 | €82,001 | -€24,081 | -22.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.