FRANCIS FOURGON: 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.
FRANCIS FOURGON
Largest movements
- Receivables within one year -€110,924
down €110,924 (-39.4%), from €281,828 to €170,904
of which Trade receivables: -€99,112
- Stocks and contracts +€101,215
up €101,215 (+43.9%), from €230,412 to €331,627
- Cash -€97,659
down €97,659 (-58.6%), from €166,560 to €68,901
mainly Stocks and contracts (-€101,215) and Debts after one year (-€71,913)
- Tangible fixed assets -€95,028
down €95,028 (-14.0%), from €679,712 to €584,684
of which Plant, machinery and equipment: -€53,870
- Deferred charges and accrued income +€37,712
up €37,712 (+130%), from €29,011 to €66,723
- Debts after one year -€71,913
down €71,913 (-19.7%), from €365,783 to €293,870
- Profit (loss) carried forward -€71,225
down €71,225 (-24.4%), from €292,068 to €220,843
- Advances received -€31,517
down €31,517 (-100%), from €31,517 to €0
- Current portion of long-term debt +€19,642
up €19,642 (+14.7%), from €133,231 to €152,873
- Investment grants -€15,942
down €15,942 (-35.6%), from €44,741 to €28,799
- Staff costs +€182,742
up €182,742 (+26.7%), from €683,588 to €866,330
- Gross operating margin +€21,101
up €21,101 (+2.2%), from €959,271 to €980,372
- Financial charges -€13,445
down €13,445 (-29.3%), from €45,868 to €32,423
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 | €1,391,215 | €1,225,080 | -€166,135 | -11.9% |
| Fixed assets | 21/28 | €683,404 | €586,924 | -€96,480 | -14.1% |
| Intangible fixed assets | 21 | €1,677 | €225 | -€1,452 | -86.6% |
| Tangible fixed assets | 22/27 | €679,712 | €584,684 | -€95,028 | -14.0% |
| Land and buildings | 22 | €296,915 | €258,639 | -€38,275 | -12.9% |
| Plant, machinery and equipment | 23 | €255,120 | €201,249 | -€53,870 | -21.1% |
| Furniture and vehicles | 24 | €114,589 | €116,549 | +€1,960 | +1.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €13,088 | €8,247 | -€4,842 | -37.0% |
| Financial fixed assets | 28 | €2,015 | €2,015 | = | 0.0% |
| Current assets | 29/58 | €707,811 | €638,156 | -€69,655 | -9.8% |
| Stocks and contracts in progress | 3 | €230,412 | €331,627 | +€101,215 | +43.9% |
| Stocks | 30/36 | €230,412 | €331,627 | +€101,215 | +43.9% |
| Amounts receivable within one year | 40/41 | €281,828 | €170,904 | -€110,924 | -39.4% |
| Trade receivables | 40 | €208,822 | €109,711 | -€99,112 | -47.5% |
| Other amounts receivable | 41 | €73,006 | €61,194 | -€11,812 | -16.2% |
| Cash at bank and in hand | 54/58 | €166,560 | €68,901 | -€97,659 | -58.6% |
| Deferred charges and accrued income | 490/1 | €29,011 | €66,723 | +€37,712 | +130% |
| Total equity and liabilities | 10/49 | €1,391,215 | €1,225,080 | -€166,135 | -11.9% |
| Equity | 10/15 | €392,344 | €305,177 | -€87,167 | -22.2% |
| Contributions | 10/11 | €43,149 | €43,149 | = | 0.0% |
| Reserves | 13 | €12,386 | €12,386 | = | 0.0% |
| Non-distributable reserves | 130/1 | €455 | €455 | = | 0.0% |
| Reserves not available under the articles | 1311 | €455 | €455 | = | 0.0% |
| Distributable reserves | 133 | €11,931 | €11,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | €292,068 | €220,843 | -€71,225 | -24.4% |
| Investment grants | 15 | €44,741 | €28,799 | -€15,942 | -35.6% |
| Amounts payable | 17/49 | €998,871 | €919,903 | -€78,967 | -7.9% |
| Amounts payable after more than one year | 17 | €365,783 | €293,870 | -€71,913 | -19.7% |
| Financial debts | 170/4 | €365,783 | €293,870 | -€71,913 | -19.7% |
| Amounts payable within one year | 42/48 | €617,975 | €623,726 | +€5,751 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €133,231 | €152,873 | +€19,642 | +14.7% |
| Financial debts | 43 | €211,813 | €214,810 | +€2,997 | +1.4% |
| Credit institutions | 430/8 | €211,813 | €214,810 | +€2,997 | +1.4% |
| Trade debts | 44 | €180,799 | €174,824 | -€5,975 | -3.3% |
| Suppliers | 440/4 | €180,799 | €174,824 | -€5,975 | -3.3% |
| Advances received on contracts in progress | 46 | €31,517 | €0 | -€31,517 | -100% |
| Taxes, remuneration and social security | 45 | €60,614 | €71,219 | +€10,605 | +17.5% |
| Taxes | 450/3 | €19,646 | €13,957 | -€5,689 | -29.0% |
| Remuneration and social security | 454/9 | €40,968 | €57,262 | +€16,294 | +39.8% |
| Other amounts payable | 47/48 | €0 | €10,000 | +€10,000 | |
| Accrued charges and deferred income | 492/3 | €15,113 | €2,307 | -€12,806 | -84.7% |
| Remuneration, social security and pensions | 62 | €683,588 | €866,330 | +€182,742 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,184 | €162,978 | -€4,205 | -2.5% |
| Other operating charges | 640/8 | €15,583 | €11,181 | -€4,402 | -28.2% |
| Non-recurring operating charges | 66A | €3,203 | €0 | -€3,203 | -100% |
| Gross operating margin | 9900 | €959,271 | €980,372 | +€21,101 | +2.2% |
| Operating profit (loss) | 9901 | €89,713 | -€60,118 | -€149,831 | |
| Financial income | 75/76B | €19,126 | €21,620 | +€2,494 | +13.0% |
| Recurring financial income | 75 | €19,126 | €21,620 | +€2,494 | +13.0% |
| Financial charges | 65/66B | €45,868 | €32,423 | -€13,445 | -29.3% |
| Recurring financial charges | 65 | €45,868 | €32,423 | -€13,445 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €62,971 | -€70,921 | -€133,891 | |
| Income taxes | 67/77 | €316 | €305 | -€11 | -3.6% |
| Profit (loss) for the period | 9904 | €62,655 | -€71,225 | -€133,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,655 | -€71,225 | -€133,880 |
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 28 October 2026 via checked.be.