F. De Cock Management: 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.
F. De Cock Management
Largest movements
- Current investments +€450,000
new in 2025: €450,000
- Financial fixed assets -€416,802
down €416,802 (-10.3%), from €4.0m to €3.6m
- Cash -€351,410
down €351,410 (-93.0%), from €378,026 to €26,616
mainly Current investments (-€450,000) and Receivables within one year (-€53,993)
- Tangible fixed assets +€273,261
up €273,261 (+4.3%), from €6.3m to €6.6m
of which Assets under construction and advance payments: +€273,261
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€95,633
up €95,633 (+2,101%), from €4,552 to €100,185
of which Non-recurring financial income: +€92,634
- Gross operating margin -€51,402
down €51,402 (-290%), from -€17,724 to -€69,126
- Financial charges -€37,771
down €37,771 (-91.7%), from €41,193 to €3,422
- Depreciation -€2,550
down €2,550 (-100%), from €2,550 to €0
- Other operating charges +€1,079
up €1,079 (+7.2%), from €14,968 to €16,047
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 | €10,920,329 | €10,927,410 | +€7,080 | +0.1% |
| Fixed assets | 21/28 | €10,352,798 | €10,209,257 | -€143,541 | -1.4% |
| Tangible fixed assets | 22/27 | €6,323,439 | €6,596,700 | +€273,261 | +4.3% |
| Land and buildings | 22 | €5,894,945 | €5,894,945 | = | 0.0% |
| Plant, machinery and equipment | 23 | €79,927 | €79,927 | = | 0.0% |
| Assets under construction and advance payments | 27 | €348,567 | €621,828 | +€273,261 | +78.4% |
| Financial fixed assets | 28 | €4,029,359 | €3,612,557 | -€416,802 | -10.3% |
| Current assets | 29/58 | €567,532 | €718,153 | +€150,621 | +26.5% |
| Amounts receivable within one year | 40/41 | €187,351 | €241,344 | +€53,993 | +28.8% |
| Trade receivables | 40 | €23,417 | €13,416 | -€10,001 | -42.7% |
| Other amounts receivable | 41 | €163,934 | €227,928 | +€63,994 | +39.0% |
| Current investments | 50/53 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €378,026 | €26,616 | -€351,410 | -93.0% |
| Deferred charges and accrued income | 490/1 | €2,155 | €193 | -€1,962 | -91.1% |
| Total equity and liabilities | 10/49 | €10,920,329 | €10,927,410 | +€7,080 | +0.1% |
| Equity | 10/15 | €1,887,302 | €1,898,727 | +€11,426 | +0.6% |
| Contributions | 10/11 | €1,118,601 | €1,118,601 | = | 0.0% |
| Reserves | 13 | €323,347 | €323,347 | = | 0.0% |
| Distributable reserves | 133 | €323,347 | €323,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | €445,353 | €456,779 | +€11,426 | +2.6% |
| Amounts payable | 17/49 | €9,033,028 | €9,028,682 | -€4,345 | 0.0% |
| Amounts payable after more than one year | 17 | €1,100,000 | €1,100,000 | = | 0.0% |
| Financial debts | 170/4 | €1,100,000 | €1,100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,933,028 | €7,928,682 | -€4,345 | -0.1% |
| Trade debts | 44 | €6,259 | €13,303 | +€7,043 | +113% |
| Suppliers | 440/4 | €6,259 | €13,303 | +€7,043 | +113% |
| Taxes, remuneration and social security | 45 | €180 | €178 | -€2 | -1.2% |
| Taxes | 450/3 | €180 | €178 | -€2 | -1.2% |
| Other amounts payable | 47/48 | €7,926,588 | €7,915,202 | -€11,387 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,550 | €0 | -€2,550 | -100% |
| Other operating charges | 640/8 | €14,968 | €16,047 | +€1,079 | +7.2% |
| Gross operating margin | 9900 | -€17,724 | -€69,126 | -€51,402 | -290% |
| Operating profit (loss) | 9901 | -€35,242 | -€85,173 | -€49,932 | -142% |
| Financial income | 75/76B | €4,552 | €100,185 | +€95,633 | +2,101% |
| Recurring financial income | 75 | €4,552 | €7,551 | +€2,999 | +65.9% |
| Non-recurring financial income | 76B | €0 | €92,634 | +€92,634 | |
| Financial charges | 65/66B | €41,193 | €3,422 | -€37,771 | -91.7% |
| Recurring financial charges | 65 | €41,193 | €3,422 | -€37,771 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | -€71,883 | €11,589 | +€83,472 | |
| Income taxes | 67/77 | €174 | €163 | -€11 | -6.4% |
| Profit (loss) for the period | 9904 | -€72,058 | €11,426 | +€83,483 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,058 | €11,426 | +€83,483 |
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 20 October 2026 via checked.be.