Frank Daems: 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.
Frank Daems
Largest movements
- Cash -€102,144
down €102,144 (-36.4%), from €280,707 to €178,564
mainly Contributions, distributions and other (-€306,756) and Investment in fixed assets (net) (-€88,683)
- Tangible fixed assets +€78,707
up €78,707 (+8,662%), from €909 to €79,615
of which Furniture and vehicles: +€78,585
- Receivables within one year -€11,091
down €11,091 (-38.9%), from €28,511 to €17,420
of which Other amounts receivable: -€11,692
- Profit (loss) carried forward -€266,756
no longer reported in 2025 (was €266,756)
- Other debts +€249,652
new in 2025: €249,652
- Tax, wage and social debts -€10,502
down €10,502 (-64.6%), from €16,269 to €5,767
of which Taxes: -€10,502
- Trade debts -€4,233
down €4,233 (-67.1%), from €6,307 to €2,074
- Gross operating margin +€19,217
up €19,217 (+45.0%), from €42,741 to €61,958
- Taxes +€2,641
up €2,641 (+32.4%), from €8,139 to €10,780
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 | €310,533 | €278,099 | -€32,435 | -10.4% |
| Fixed assets | 21/28 | €909 | €79,615 | +€78,707 | +8,662% |
| Tangible fixed assets | 22/27 | €909 | €79,615 | +€78,707 | +8,662% |
| Plant, machinery and equipment | 23 | - | €122 | +€122 | |
| Furniture and vehicles | 24 | €909 | €79,494 | +€78,585 | +8,648% |
| Current assets | 29/58 | €309,624 | €198,483 | -€111,141 | -35.9% |
| Amounts receivable within one year | 40/41 | €28,511 | €17,420 | -€11,091 | -38.9% |
| Trade receivables | 40 | €16,099 | €16,699 | +€600 | +3.7% |
| Other amounts receivable | 41 | €12,412 | €720 | -€11,692 | -94.2% |
| Cash at bank and in hand | 54/58 | €280,707 | €178,564 | -€102,144 | -36.4% |
| Deferred charges and accrued income | 490/1 | €406 | €2,500 | +€2,094 | +515% |
| Total equity and liabilities | 10/49 | €310,533 | €278,099 | -€32,435 | -10.4% |
| Equity | 10/15 | €287,216 | €20,605 | -€266,611 | -92.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €2,005 | +€145 | +7.8% |
| Distributable reserves | 133 | €1,860 | €2,005 | +€145 | +7.8% |
| Profit (loss) carried forward | 14 | €266,756 | - | -€266,756 | |
| Amounts payable | 17/49 | €23,317 | €257,493 | +€234,177 | +1,004% |
| Amounts payable within one year | 42/48 | €23,317 | €257,493 | +€234,177 | +1,004% |
| Current portion of amounts payable after more than one year | 42 | €741 | - | -€741 | |
| Trade debts | 44 | €6,307 | €2,074 | -€4,233 | -67.1% |
| Suppliers | 440/4 | €6,307 | €2,074 | -€4,233 | -67.1% |
| Taxes, remuneration and social security | 45 | €16,269 | €5,767 | -€10,502 | -64.6% |
| Taxes | 450/3 | €11,569 | €1,067 | -€10,502 | -90.8% |
| Remuneration and social security | 454/9 | €4,700 | €4,700 | = | 0.0% |
| Other amounts payable | 47/48 | - | €249,652 | +€249,652 | |
| Non-recurring operating income | 76A | - | €6,125 | +€6,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,344 | €9,976 | -€368 | -3.6% |
| Other operating charges | 640/8 | €870 | €973 | +€103 | +11.9% |
| Gross operating margin | 9900 | €42,741 | €61,958 | +€19,217 | +45.0% |
| Operating profit (loss) | 9901 | €31,527 | €51,009 | +€19,481 | +61.8% |
| Financial income | 75/76B | €570 | - | -€570 | |
| Recurring financial income | 75 | €570 | - | -€570 | |
| Financial charges | 65/66B | €439 | €84 | -€355 | -80.9% |
| Recurring financial charges | 65 | €439 | €84 | -€355 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | €31,658 | €50,925 | +€19,267 | +60.9% |
| Income taxes | 67/77 | €8,139 | €10,780 | +€2,641 | +32.4% |
| Profit (loss) for the period | 9904 | €23,519 | €40,145 | +€16,626 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,519 | €40,145 | +€16,626 | +70.7% |
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 15 October 2026 via checked.be.