FRAME: what changed
Two fiscal 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.
FRAME
Largest movements
- Current investments +€267,649
up €267,649 (+106.0%), from €252,413 to €520,062
- Cash -€161,793
down €161,793 (-55.3%), from €292,834 to €131,042
mainly Current investments (-€267,649) and Investment in fixed assets (net) (-€69,360)
- Tangible fixed assets +€60,012
up €60,012 (+121.2%), from €49,525 to €109,538
of which Furniture and vehicles: +€66,961
- Receivables within one year +€12,383
up €12,383 (+123952.3%), from €10 to €12,393
of which Trade receivables: +€9,100
- Reserves +€163,690
up €163,690 (+39.0%), from €420,141 to €583,830
- Tax, wage and social debts +€11,071
up €11,071 (+13.8%), from €80,065 to €91,136
- Gross operating margin -€175,675
down €175,675 (-35.9%), from €489,346 to €313,671
- Taxes -€50,650
down €50,650 (-33.9%), from €149,494 to €98,844
- Depreciation -€6,395
down €6,395 (-40.6%), from €15,743 to €9,348
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.
Cash bridge derived
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 | €596,271 | €774,593 | +€178,322 | +29.9% |
| Fixed assets | 21/28 | €49,525 | €109,538 | +€60,012 | +121.2% |
| Tangible fixed assets | 22/27 | €49,525 | €109,538 | +€60,012 | +121.2% |
| Land and buildings | 22 | €12,521 | - | -€12,521 | |
| Plant, machinery and equipment | 23 | €1,986 | €516 | -€1,470 | -74.0% |
| Furniture and vehicles | 24 | €35,019 | €101,979 | +€66,961 | +191.2% |
| Other tangible fixed assets | 26 | - | €7,042 | +€7,042 | |
| Current assets | 29/58 | €546,746 | €665,055 | +€118,310 | +21.6% |
| Amounts receivable within one year | 40/41 | €10 | €12,393 | +€12,383 | +123952.3% |
| Trade receivables | 40 | €10 | €9,110 | +€9,100 | +91090.9% |
| Other amounts receivable | 41 | - | €3,283 | +€3,283 | |
| Current investments | 50/53 | €252,413 | €520,062 | +€267,649 | +106.0% |
| Cash at bank and in hand | 54/58 | €292,834 | €131,042 | -€161,793 | -55.3% |
| Deferred charges and accrued income | 490/1 | €1,488 | €1,559 | +€71 | +4.8% |
| Total equity and liabilities | 10/49 | €596,271 | €774,593 | +€178,322 | +29.9% |
| Equity | 10/15 | €474,994 | €638,684 | +€163,690 | +34.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €420,141 | €583,830 | +€163,690 | +39.0% |
| Distributable reserves | 133 | €420,141 | €583,830 | +€163,690 | +39.0% |
| Profit (loss) carried forward | 14 | €36,303 | €36,303 | = | 0.0% |
| Amounts payable | 17/49 | €121,277 | €135,909 | +€14,633 | +12.1% |
| Amounts payable within one year | 42/48 | €121,277 | €134,199 | +€12,923 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €4,725 | - | -€4,725 | |
| Trade debts | 44 | €4,196 | €5,176 | +€981 | +23.4% |
| Suppliers | 440/4 | €4,196 | €5,176 | +€981 | +23.4% |
| Taxes, remuneration and social security | 45 | €80,065 | €91,136 | +€11,071 | +13.8% |
| Taxes | 450/3 | €80,065 | €91,136 | +€11,071 | +13.8% |
| Other amounts payable | 47/48 | €32,291 | €37,887 | +€5,596 | +17.3% |
| Accrued charges and deferred income | 492/3 | - | €1,710 | +€1,710 | |
| Non-recurring operating income | 76A | - | €2,542 | +€2,542 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,743 | €9,348 | -€6,395 | -40.6% |
| Other operating charges | 640/8 | €1,678 | €4,774 | +€3,096 | +184.5% |
| Gross operating margin | 9900 | €489,346 | €313,671 | -€175,675 | -35.9% |
| Operating profit (loss) | 9901 | €471,925 | €299,548 | -€172,376 | -36.5% |
| Financial income | 75/76B | €4,273 | €7,918 | +€3,645 | +85.3% |
| Recurring financial income | 75 | €4,273 | €7,918 | +€3,645 | +85.3% |
| Financial charges | 65/66B | €466 | €501 | +€35 | +7.5% |
| Recurring financial charges | 65 | €466 | €501 | +€35 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €475,732 | €306,965 | -€168,766 | -35.5% |
| Income taxes | 67/77 | €149,494 | €98,844 | -€50,650 | -33.9% |
| Profit (loss) for the period | 9904 | €326,238 | €208,121 | -€118,117 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €326,238 | €208,121 | -€118,117 | -36.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.