FRAHAN & ASSOCIATES: 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.
FRAHAN & ASSOCIATES
Largest movements
- Cash -€33,872
down €33,872 (-31.1%), from €108,879 to €75,007
mainly Accrued charges and deferred income (-€46,189) and Debts after one year (-€42,202)
- Tangible fixed assets -€20,625
down €20,625 (-3.1%), from €661,135 to €640,509
of which Land and buildings: -€14,741
- Receivables within one year +€10,708
up €10,708 (+37.7%), from €28,389 to €39,097
of which Trade receivables: +€10,708
- Reserves +€98,863
up €98,863 (+174%), from €56,852 to €155,714
of which Distributable reserves: +€98,863
- Accrued charges and deferred income -€46,189
down €46,189 (-100%), from €46,189 to €0
- Debts after one year -€42,202
down €42,202 (-9.4%), from €449,479 to €407,277
- Other debts -€27,608
down €27,608 (-24.5%), from €112,751 to €85,143
- Tax, wage and social debts -€18,617
down €18,617 (-75.9%), from €24,517 to €5,900
- Gross operating margin +€143,534
up €143,534 (+131%), from €109,483 to €253,017
- Financial charges +€47,289
up €47,289 (+399%), from €11,841 to €59,131
- Taxes +€25,717
up €25,717 (+132%), from €19,489 to €45,206
- Depreciation +€6,397
up €6,397 (+16.1%), from €39,847 to €46,244
- Financial income -€3,255
down €3,255 (-99.2%), from €3,280 to €25
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 | €803,466 | €760,308 | -€43,158 | -5.4% |
| Fixed assets | 21/28 | €664,630 | €642,875 | -€21,754 | -3.3% |
| Intangible fixed assets | 21 | €2,628 | €1,499 | -€1,129 | -43.0% |
| Tangible fixed assets | 22/27 | €661,135 | €640,509 | -€20,625 | -3.1% |
| Land and buildings | 22 | €501,635 | €486,894 | -€14,741 | -2.9% |
| Plant, machinery and equipment | 23 | €154,020 | €143,244 | -€10,776 | -7.0% |
| Furniture and vehicles | 24 | €5,479 | €5,637 | +€158 | +2.9% |
| Other tangible fixed assets | 26 | - | €4,734 | +€4,734 | |
| Financial fixed assets | 28 | €867 | €867 | = | 0.0% |
| Current assets | 29/58 | €138,836 | €117,433 | -€21,403 | -15.4% |
| Stocks and contracts in progress | 3 | €1,568 | €1,934 | +€366 | +23.3% |
| Stocks | 30/36 | €1,568 | €1,934 | +€366 | +23.3% |
| Amounts receivable within one year | 40/41 | €28,389 | €39,097 | +€10,708 | +37.7% |
| Trade receivables | 40 | €27,877 | €38,585 | +€10,708 | +38.4% |
| Other amounts receivable | 41 | €512 | €512 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €108,879 | €75,007 | -€33,872 | -31.1% |
| Deferred charges and accrued income | 490/1 | €0 | €1,395 | +€1,395 | |
| Total equity and liabilities | 10/49 | €803,466 | €760,308 | -€43,158 | -5.4% |
| Equity | 10/15 | €94,539 | €193,401 | +€98,863 | +105% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,852 | €155,714 | +€98,863 | +174% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €54,992 | €153,854 | +€98,863 | +180% |
| Profit (loss) carried forward | 14 | €19,087 | €19,087 | = | 0.0% |
| Amounts payable | 17/49 | €708,927 | €566,907 | -€142,020 | -20.0% |
| Amounts payable after more than one year | 17 | €449,479 | €407,277 | -€42,202 | -9.4% |
| Financial debts | 170/4 | €449,479 | €407,277 | -€42,202 | -9.4% |
| Amounts payable within one year | 42/48 | €213,259 | €159,629 | -€53,630 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €61,541 | €62,202 | +€661 | +1.1% |
| Trade debts | 44 | €14,451 | €6,385 | -€8,065 | -55.8% |
| Suppliers | 440/4 | €14,451 | €6,385 | -€8,065 | -55.8% |
| Taxes, remuneration and social security | 45 | €24,517 | €5,900 | -€18,617 | -75.9% |
| Taxes | 450/3 | €24,517 | €5,900 | -€18,617 | -75.9% |
| Other amounts payable | 47/48 | €112,751 | €85,143 | -€27,608 | -24.5% |
| Accrued charges and deferred income | 492/3 | €46,189 | €0 | -€46,189 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,847 | €46,244 | +€6,397 | +16.1% |
| Other operating charges | 640/8 | €3,579 | €3,600 | +€21 | +0.6% |
| Non-recurring operating charges | 66A | €1,016 | €0 | -€1,016 | -100% |
| Gross operating margin | 9900 | €109,483 | €253,017 | +€143,534 | +131% |
| Operating profit (loss) | 9901 | €65,042 | €203,174 | +€138,132 | +212% |
| Financial income | 75/76B | €3,280 | €25 | -€3,255 | -99.2% |
| Recurring financial income | 75 | €3,280 | €25 | -€3,255 | -99.2% |
| Financial charges | 65/66B | €11,841 | €59,131 | +€47,289 | +399% |
| Recurring financial charges | 65 | €11,841 | €59,131 | +€47,289 | +399% |
| Profit (loss) for the period before taxes | 9903 | €56,481 | €144,069 | +€87,588 | +155% |
| Income taxes | 67/77 | €19,489 | €45,206 | +€25,717 | +132% |
| Profit (loss) for the period | 9904 | €36,992 | €98,863 | +€61,871 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €36,992 | €98,863 | +€61,871 | +167% |
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.