FRAKO ZOERSEL: what changed
FRAKO ZOERSEL
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+752%), from €332,362 to €2.8m
of which Land and buildings: +€2.5m
- Receivables within one year +€297,257
up €297,257 (+680%), from €43,740 to €340,997
of which Other amounts receivable: +€304,447
- Cash -€126,397
down €126,397 (-66.8%), from €189,275 to €62,878
mainly Investment in fixed assets (net) (-€2.6m) and Receivables within one year (-€297,257)
- Debts after one year +€1.6m
up €1.6m (+14,082%), from €11,440 to €1.6m
of which Financial debts: +€1.6m
- Other debts +€1.0m
new in 2025: €1.0m
- Current portion of long-term debt +€78,391
up €78,391 (+734%), from €10,683 to €89,074
- Depreciation +€78,854
up €78,854 (+116%), from €68,246 to €147,099
- Taxes -€20,865
no longer reported in 2025 (was €20,865)
- Gross operating margin -€10,429
down €10,429 (-7.1%), from €146,339 to €135,910
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €573,740 | €3,244,011 | +€2.7m | +465% |
| Fixed assets | 21/28 | €334,645 | €2,834,155 | +€2.5m | +747% |
| Tangible fixed assets | 22/27 | €332,362 | €2,831,872 | +€2.5m | +752% |
| Land and buildings | 22 | €299,148 | €2,804,429 | +€2.5m | +837% |
| Plant, machinery and equipment | 23 | €11,469 | €4,340 | -€7,129 | -62.2% |
| Other tangible fixed assets | 26 | €21,744 | €23,104 | +€1,359 | +6.3% |
| Financial fixed assets | 28 | €2,283 | €2,283 | = | 0.0% |
| Current assets | 29/58 | €239,095 | €409,856 | +€170,761 | +71.4% |
| Amounts receivable within one year | 40/41 | €43,740 | €340,997 | +€297,257 | +680% |
| Trade receivables | 40 | €43,740 | €36,550 | -€7,190 | -16.4% |
| Other amounts receivable | 41 | - | €304,447 | +€304,447 | |
| Cash at bank and in hand | 54/58 | €189,275 | €62,878 | -€126,397 | -66.8% |
| Deferred charges and accrued income | 490/1 | €6,080 | €5,981 | -€99 | -1.6% |
| Total equity and liabilities | 10/49 | €573,740 | €3,244,011 | +€2.7m | +465% |
| Equity | 10/15 | €532,886 | €508,086 | -€24,800 | -4.7% |
| 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 | €131,536 | €131,536 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €125,336 | €125,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €339,350 | €314,550 | -€24,800 | -7.3% |
| Amounts payable | 17/49 | €40,854 | €2,735,925 | +€2.7m | +6,597% |
| Amounts payable after more than one year | 17 | €11,440 | €1,622,366 | +€1.6m | +14,082% |
| Financial debts | 170/4 | - | €1,610,926 | +€1.6m | |
| Other amounts payable | 178/9 | €11,440 | €11,440 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,414 | €1,113,560 | +€1.1m | +3,686% |
| Current portion of amounts payable after more than one year | 42 | €10,683 | €89,074 | +€78,391 | +734% |
| Trade debts | 44 | €12,606 | €22,120 | +€9,514 | +75.5% |
| Suppliers | 440/4 | €12,606 | €22,120 | +€9,514 | +75.5% |
| Taxes, remuneration and social security | 45 | €6,125 | €2,365 | -€3,760 | -61.4% |
| Taxes | 450/3 | €5,392 | €1,631 | -€3,760 | -69.7% |
| Remuneration and social security | 454/9 | €734 | €734 | = | 0.0% |
| Other amounts payable | 47/48 | - | €1,000,000 | +€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,246 | €147,099 | +€78,854 | +116% |
| Other operating charges | 640/8 | €11,827 | €12,573 | +€746 | +6.3% |
| Gross operating margin | 9900 | €146,339 | €135,910 | -€10,429 | -7.1% |
| Operating profit (loss) | 9901 | €66,267 | -€23,762 | -€90,029 | |
| Financial charges | 65/66B | €2,066 | €1,038 | -€1,028 | -49.8% |
| Recurring financial charges | 65 | €2,066 | €1,038 | -€1,028 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €64,201 | -€24,800 | -€89,001 | |
| Income taxes | 67/77 | €20,865 | - | -€20,865 | |
| Profit (loss) for the period | 9904 | €43,336 | -€24,800 | -€68,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,336 | -€24,800 | -€68,136 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.