Fabien FREROTTE: 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.
Fabien FREROTTE
Largest movements
- Receivables within one year +€21,088
up €21,088 (+24.7%), from €85,489 to €106,577
of which Trade receivables: +€21,936
- Cash +€1,818
up €1,818 (+8.6%), from €21,227 to €23,045
mainly Tax, wage and social debts (+€8,505) and Trade debts (+€8,105)
- Tax, wage and social debts +€8,505
up €8,505 (+59.0%), from €14,404 to €22,909
of which Remuneration and social security: +€6,399
- Trade debts +€8,105
up €8,105 (+979%), from €828 to €8,933
- Reserves +€7,675
up €7,675 (+7.5%), from €102,918 to €110,592
- Gross operating margin +€4,911
up €4,911 (+99.6%), from €4,931 to €9,842
- Taxes +€1,534
up €1,534 (+105%), from €1,465 to €2,999
- Depreciation -€269
down €269 (-78.7%), from €342 to €73
- Financial income +€229
up €229 (+12.2%), from €1,867 to €2,095
- Financial charges -€150
down €150 (-11.7%), from €1,284 to €1,134
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 | €131,319 | €155,623 | +€24,304 | +18.5% |
| Fixed assets | 21/28 | €73 | €0 | -€73 | -100% |
| Tangible fixed assets | 22/27 | €73 | €0 | -€73 | -100% |
| Furniture and vehicles | 24 | €73 | €0 | -€73 | -100% |
| Current assets | 29/58 | €131,246 | €155,623 | +€24,377 | +18.6% |
| Amounts receivable after more than one year | 29 | €24,500 | €24,500 | = | 0.0% |
| Other amounts receivable | 291 | €24,500 | €24,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,489 | €106,577 | +€21,088 | +24.7% |
| Trade receivables | 40 | €76,910 | €98,846 | +€21,936 | +28.5% |
| Other amounts receivable | 41 | €8,579 | €7,731 | -€848 | -9.9% |
| Cash at bank and in hand | 54/58 | €21,227 | €23,045 | +€1,818 | +8.6% |
| Deferred charges and accrued income | 490/1 | €30 | €1,502 | +€1,471 | +4,856% |
| Total equity and liabilities | 10/49 | €131,319 | €155,623 | +€24,304 | +18.5% |
| Equity | 10/15 | €116,087 | €123,762 | +€7,675 | +6.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €102,918 | €110,592 | +€7,675 | +7.5% |
| Distributable reserves | 133 | €102,918 | €110,592 | +€7,675 | +7.5% |
| Profit (loss) carried forward | 14 | €770 | €770 | = | 0.0% |
| Amounts payable | 17/49 | €15,232 | €31,861 | +€16,630 | +109% |
| Amounts payable within one year | 42/48 | €15,232 | €31,841 | +€16,610 | +109% |
| Trade debts | 44 | €828 | €8,933 | +€8,105 | +979% |
| Suppliers | 440/4 | €828 | €8,933 | +€8,105 | +979% |
| Taxes, remuneration and social security | 45 | €14,404 | €22,909 | +€8,505 | +59.0% |
| Taxes | 450/3 | €8,103 | €10,209 | +€2,106 | +26.0% |
| Remuneration and social security | 454/9 | €6,301 | €12,700 | +€6,399 | +102% |
| Accrued charges and deferred income | 492/3 | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342 | €73 | -€269 | -78.7% |
| Other operating charges | 640/8 | - | €58 | +€58 | |
| Gross operating margin | 9900 | €4,931 | €9,842 | +€4,911 | +99.6% |
| Operating profit (loss) | 9901 | €4,589 | €9,712 | +€5,123 | +112% |
| Financial income | 75/76B | €1,867 | €2,095 | +€229 | +12.2% |
| Recurring financial income | 75 | €1,867 | €2,095 | +€229 | +12.2% |
| Financial charges | 65/66B | €1,284 | €1,134 | -€150 | -11.7% |
| Recurring financial charges | 65 | €1,284 | €1,134 | -€150 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €5,172 | €10,673 | +€5,502 | +106% |
| Income taxes | 67/77 | €1,465 | €2,999 | +€1,534 | +105% |
| Profit (loss) for the period | 9904 | €3,707 | €7,675 | +€3,968 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €3,707 | €7,675 | +€3,968 | +107% |
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 21 October 2026 via checked.be.