FRANCIS OLLEVIER: 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 OLLEVIER
Largest movements
- Stocks and contracts +€206,322
up €206,322 (+108%), from €191,370 to €397,692
- Receivables within one year +€118,571
up €118,571 (+73.7%), from €160,896 to €279,468
of which Trade receivables: +€123,576
- Cash -€65,929
down €65,929 (-33.3%), from €198,135 to €132,206
mainly Stocks and contracts (-€206,322) and Receivables within one year (-€118,571)
- Tangible fixed assets -€56,029
down €56,029 (-45.4%), from €123,475 to €67,445
of which Plant, machinery and equipment: -€29,303
- Deferred charges and accrued income -€15,609
down €15,609 (-26.2%), from €59,686 to €44,077
- Short-term financial debts +€235,000
new in 2025: €235,000
- Current portion of long-term debt -€35,478
down €35,478 (-73.5%), from €48,278 to €12,800
- Other debts +€25,045
up €25,045 (+32.6%), from €76,833 to €101,878
- Debts after one year -€12,800
down €12,800 (-25.5%), from €50,133 to €37,333
- Reserves -€12,000
down €12,000 (-3.2%), from €375,500 to €363,500
- Gross operating margin -€179,138
down €179,138 (-36.2%), from €495,261 to €316,124
- Staff costs -€71,170
down €71,170 (-22.1%), from €322,632 to €251,463
- Taxes -€30,882
down €30,882 (-95.5%), from €32,333 to €1,451
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 | €735,645 | €922,972 | +€187,327 | +25.5% |
| Fixed assets | 21/28 | €125,558 | €69,529 | -€56,029 | -44.6% |
| Tangible fixed assets | 22/27 | €123,475 | €67,445 | -€56,029 | -45.4% |
| Plant, machinery and equipment | 23 | €29,501 | €198 | -€29,303 | -99.3% |
| Furniture and vehicles | 24 | €93,973 | €67,247 | -€26,726 | -28.4% |
| Financial fixed assets | 28 | €2,084 | €2,084 | = | 0.0% |
| Current assets | 29/58 | €610,087 | €853,443 | +€243,356 | +39.9% |
| Stocks and contracts in progress | 3 | €191,370 | €397,692 | +€206,322 | +108% |
| Stocks | 30/36 | €191,370 | €397,692 | +€206,322 | +108% |
| Amounts receivable within one year | 40/41 | €160,896 | €279,468 | +€118,571 | +73.7% |
| Trade receivables | 40 | €150,508 | €274,085 | +€123,576 | +82.1% |
| Other amounts receivable | 41 | €10,388 | €5,383 | -€5,005 | -48.2% |
| Cash at bank and in hand | 54/58 | €198,135 | €132,206 | -€65,929 | -33.3% |
| Deferred charges and accrued income | 490/1 | €59,686 | €44,077 | -€15,609 | -26.2% |
| Total equity and liabilities | 10/49 | €735,645 | €922,972 | +€187,327 | +25.5% |
| Equity | 10/15 | €488,028 | €478,742 | -€9,286 | -1.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €375,500 | €363,500 | -€12,000 | -3.2% |
| Distributable reserves | 133 | €375,500 | €363,500 | -€12,000 | -3.2% |
| Profit (loss) carried forward | 14 | €87,528 | €90,242 | +€2,714 | +3.1% |
| Amounts payable | 17/49 | €247,617 | €444,230 | +€196,613 | +79.4% |
| Amounts payable after more than one year | 17 | €50,133 | €37,333 | -€12,800 | -25.5% |
| Financial debts | 170/4 | €50,133 | €37,333 | -€12,800 | -25.5% |
| Amounts payable within one year | 42/48 | €193,799 | €403,412 | +€209,613 | +108% |
| Current portion of amounts payable after more than one year | 42 | €48,278 | €12,800 | -€35,478 | -73.5% |
| Financial debts | 43 | - | €235,000 | +€235,000 | |
| Credit institutions | 430/8 | - | €235,000 | +€235,000 | |
| Trade debts | 44 | €50,108 | €39,226 | -€10,881 | -21.7% |
| Suppliers | 440/4 | €50,108 | €39,226 | -€10,881 | -21.7% |
| Taxes, remuneration and social security | 45 | €18,581 | €14,508 | -€4,073 | -21.9% |
| Taxes | 450/3 | €5,064 | €6,183 | +€1,119 | +22.1% |
| Remuneration and social security | 454/9 | €13,517 | €8,325 | -€5,193 | -38.4% |
| Other amounts payable | 47/48 | €76,833 | €101,878 | +€25,045 | +32.6% |
| Accrued charges and deferred income | 492/3 | €3,685 | €3,485 | -€200 | -5.4% |
| Remuneration, social security and pensions | 62 | €322,632 | €251,463 | -€71,170 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,720 | €56,029 | +€3,309 | +6.3% |
| Other operating charges | 640/8 | €6,965 | €2,719 | -€4,245 | -61.0% |
| Gross operating margin | 9900 | €495,261 | €316,124 | -€179,138 | -36.2% |
| Operating profit (loss) | 9901 | €112,945 | €5,913 | -€107,032 | -94.8% |
| Financial income | 75/76B | €3,412 | €893 | -€2,518 | -73.8% |
| Recurring financial income | 75 | €3,412 | €893 | -€2,518 | -73.8% |
| Financial charges | 65/66B | €1,565 | €2,641 | +€1,075 | +68.7% |
| Recurring financial charges | 65 | €1,565 | €2,641 | +€1,075 | +68.7% |
| Profit (loss) for the period before taxes | 9903 | €114,791 | €4,165 | -€110,626 | -96.4% |
| Income taxes | 67/77 | €32,333 | €1,451 | -€30,882 | -95.5% |
| Profit (loss) for the period | 9904 | €82,458 | €2,714 | -€79,744 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,458 | €2,714 | -€79,744 | -96.7% |
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 26 October 2026 via checked.be.