Francis M: 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 M
Largest movements
- Cash +€9,489
up €9,489 (+13.3%), from €71,137 to €80,626
mainly Net result for the year (+€77,257) and Depreciation (+€5,954)
- Tangible fixed assets -€5,954
down €5,954 (-41.1%), from €14,484 to €8,530
of which Furniture and vehicles: -€5,635
- Receivables within one year -€5,429
down €5,429 (-14.4%), from €37,670 to €32,240
of which Trade receivables: -€6,295
- Other debts -€80,808
down €80,808 (-94.4%), from €85,575 to €4,766
- Profit (loss) carried forward +€77,257
up €77,257 (+217%), from €35,556 to €112,813
- Tax, wage and social debts +€1,716
new in 2025: €1,716
- Gross operating margin -€24,090
down €24,090 (-18.5%), from €130,106 to €106,017
- Taxes -€5,371
down €5,371 (-21.1%), from €25,397 to €20,026
- Financial charges -€2,625
down €2,625 (-58.4%), from €4,498 to €1,873
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 | €124,190 | €122,296 | -€1,895 | -1.5% |
| Fixed assets | 21/28 | €14,984 | €9,030 | -€5,954 | -39.7% |
| Tangible fixed assets | 22/27 | €14,484 | €8,530 | -€5,954 | -41.1% |
| Plant, machinery and equipment | 23 | €775 | €456 | -€319 | -41.2% |
| Furniture and vehicles | 24 | €13,708 | €8,074 | -€5,635 | -41.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €109,206 | €113,266 | +€4,060 | +3.7% |
| Amounts receivable within one year | 40/41 | €37,670 | €32,240 | -€5,429 | -14.4% |
| Trade receivables | 40 | €35,044 | €28,750 | -€6,295 | -18.0% |
| Other amounts receivable | 41 | €2,625 | €3,491 | +€865 | +33.0% |
| Cash at bank and in hand | 54/58 | €71,137 | €80,626 | +€9,489 | +13.3% |
| Deferred charges and accrued income | 490/1 | €400 | €400 | = | 0.0% |
| Total equity and liabilities | 10/49 | €124,190 | €122,296 | -€1,895 | -1.5% |
| Equity | 10/15 | €38,556 | €115,813 | +€77,257 | +200% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,556 | €112,813 | +€77,257 | +217% |
| Amounts payable | 17/49 | €85,634 | €6,483 | -€79,152 | -92.4% |
| Amounts payable within one year | 42/48 | €85,634 | €6,483 | -€79,152 | -92.4% |
| Trade debts | 44 | €60 | €0 | -€60 | -100% |
| Suppliers | 440/4 | €60 | €0 | -€60 | -100% |
| Taxes, remuneration and social security | 45 | - | €1,716 | +€1,716 | |
| Taxes | 450/3 | - | €1,716 | +€1,716 | |
| Other amounts payable | 47/48 | €85,575 | €4,766 | -€80,808 | -94.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,389 | €5,954 | -€435 | -6.8% |
| Other operating charges | 640/8 | €118 | €943 | +€825 | +699% |
| Gross operating margin | 9900 | €130,106 | €106,017 | -€24,090 | -18.5% |
| Operating profit (loss) | 9901 | €123,599 | €99,120 | -€24,479 | -19.8% |
| Financial income | 75/76B | €284 | €37 | -€247 | -86.9% |
| Recurring financial income | 75 | €284 | €37 | -€247 | -86.9% |
| Financial charges | 65/66B | €4,498 | €1,873 | -€2,625 | -58.4% |
| Recurring financial charges | 65 | €4,498 | €1,873 | -€2,625 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €119,385 | €97,283 | -€22,101 | -18.5% |
| Income taxes | 67/77 | €25,397 | €20,026 | -€5,371 | -21.1% |
| Profit (loss) for the period | 9904 | €93,988 | €77,257 | -€16,731 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,988 | €77,257 | -€16,731 | -17.8% |
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 20 October 2026 via checked.be.