Frank De Schepper: 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.
Frank De Schepper
Largest movements
- Cash +€18,014
up €18,014 (+160.2%), from €11,244 to €29,259
mainly Trade debts (+€23,530) and Depreciation (+€16,011)
- Tangible fixed assets -€13,398
down €13,398 (-36.7%), from €36,490 to €23,092
of which Leasing and similar rights: -€6,774
- Receivables within one year -€5,270
down €5,270 (-11.1%), from €47,352 to €42,081
of which Other amounts receivable: -€4,172
- Deferred charges and accrued income +€1,706
up €1,706 (+34.6%), from €4,932 to €6,638
- Trade debts +€23,530
up €23,530 (+1699.2%), from €1,385 to €24,915
- Reserves -€8,637
down €8,637 (-13.7%), from €63,131 to €54,493
- Debts after one year -€6,197
down €6,197 (-53.8%), from €11,513 to €5,316
- Current portion of long-term debt -€4,410
down €4,410 (-43.1%), from €10,220 to €5,810
- Profit (loss) carried forward -€3,488
new in 2025: -€3,488
- Gross operating margin -€36,624
down €36,624 (-83.7%), from €43,735 to €7,111
- Taxes -€9,146
down €9,146 (-95.1%), from €9,612 to €466
- Financial charges -€684
down €684 (-42.8%), from €1,599 to €915
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 | €106,466 | €106,843 | +€378 | +0.4% |
| Fixed assets | 21/28 | €36,490 | €23,092 | -€13,398 | -36.7% |
| Tangible fixed assets | 22/27 | €36,490 | €23,092 | -€13,398 | -36.7% |
| Land and buildings | 22 | €5,932 | €5,025 | -€907 | -15.3% |
| Furniture and vehicles | 24 | €11,313 | €5,596 | -€5,717 | -50.5% |
| Leasing and similar rights | 25 | €19,245 | €12,471 | -€6,774 | -35.2% |
| Current assets | 29/58 | €69,976 | €83,751 | +€13,775 | +19.7% |
| Stocks and contracts in progress | 3 | €6,448 | €5,774 | -€675 | -10.5% |
| Stocks | 30/36 | €6,448 | €5,774 | -€675 | -10.5% |
| Amounts receivable within one year | 40/41 | €47,352 | €42,081 | -€5,270 | -11.1% |
| Trade receivables | 40 | €16,842 | €15,744 | -€1,099 | -6.5% |
| Other amounts receivable | 41 | €30,509 | €26,337 | -€4,172 | -13.7% |
| Cash at bank and in hand | 54/58 | €11,244 | €29,259 | +€18,014 | +160.2% |
| Deferred charges and accrued income | 490/1 | €4,932 | €6,638 | +€1,706 | +34.6% |
| Total equity and liabilities | 10/49 | €106,466 | €106,843 | +€378 | +0.4% |
| Equity | 10/15 | €81,731 | €69,606 | -€12,125 | -14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,131 | €54,493 | -€8,637 | -13.7% |
| Distributable reserves | 133 | €63,131 | €54,493 | -€8,637 | -13.7% |
| Profit (loss) carried forward | 14 | - | -€3,488 | -€3,488 | |
| Amounts payable | 17/49 | €24,735 | €37,237 | +€12,502 | +50.5% |
| Amounts payable after more than one year | 17 | €11,513 | €5,316 | -€6,197 | -53.8% |
| Financial debts | 170/4 | €11,513 | €5,316 | -€6,197 | -53.8% |
| Amounts payable within one year | 42/48 | €13,223 | €31,921 | +€18,699 | +141.4% |
| Current portion of amounts payable after more than one year | 42 | €10,220 | €5,810 | -€4,410 | -43.1% |
| Trade debts | 44 | €1,385 | €24,915 | +€23,530 | +1699.2% |
| Suppliers | 440/4 | €1,385 | €24,915 | +€23,530 | +1699.2% |
| Taxes, remuneration and social security | 45 | €1,618 | €1,196 | -€422 | -26.1% |
| Taxes | 450/3 | €1,618 | €1,196 | -€422 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,826 | €16,011 | +€185 | +1.2% |
| Other operating charges | 640/8 | €1,699 | €1,363 | -€336 | -19.8% |
| Non-recurring operating charges | 66A | - | €700 | +€700 | |
| Gross operating margin | 9900 | €43,735 | €7,111 | -€36,624 | -83.7% |
| Operating profit (loss) | 9901 | €26,211 | -€10,962 | -€37,173 | |
| Financial income | 75/76B | €72 | €219 | +€147 | +203.7% |
| Recurring financial income | 75 | €72 | €219 | +€147 | +203.7% |
| Financial charges | 65/66B | €1,599 | €915 | -€684 | -42.8% |
| Recurring financial charges | 65 | €1,599 | €915 | -€684 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €24,684 | -€11,658 | -€36,342 | |
| Income taxes | 67/77 | €9,612 | €466 | -€9,146 | -95.1% |
| Profit (loss) for the period | 9904 | €15,071 | -€12,125 | -€27,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,071 | -€12,125 | -€27,196 |
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 4 October 2026 via checked.be.