FRANK DEKEYSER: 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 DEKEYSER
Largest movements
- Stocks and contracts -€73,299
down €73,299 (-63.7%), from €115,000 to €41,701
- Cash +€43,035
up €43,035 (+564%), from €7,629 to €50,665
mainly Stocks and contracts (+€73,299) and Debts after one year (+€12,945)
- Receivables within one year +€12,338
up €12,338 (+42.7%), from €28,888 to €41,226
of which Trade receivables: +€14,167
- Trade debts -€21,386
down €21,386 (-72.1%), from €29,669 to €8,283
- Profit (loss) carried forward -€16,650
down €16,650, from €2,355 to -€14,295
- Debts after one year +€12,945
up €12,945 (+10.9%), from €118,987 to €131,933
- Tax, wage and social debts +€6,801
up €6,801 (+217%), from €3,139 to €9,940
of which Taxes: +€9,015
- Gross operating margin -€18,346
down €18,346, from €6,851 to -€11,495
- Financial charges -€411
down €411 (-12.6%), from €3,256 to €2,845
- Taxes -€254
down €254 (-60.5%), from €421 to €166
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 | €156,151 | €137,861 | -€18,290 | -11.7% |
| Fixed assets | 21/28 | €3,734 | €2,356 | -€1,378 | -36.9% |
| Tangible fixed assets | 22/27 | €3,734 | €2,356 | -€1,378 | -36.9% |
| Plant, machinery and equipment | 23 | €3,734 | €2,356 | -€1,378 | -36.9% |
| Current assets | 29/58 | €152,417 | €135,505 | -€16,912 | -11.1% |
| Stocks and contracts in progress | 3 | €115,000 | €41,701 | -€73,299 | -63.7% |
| Contracts in progress | 37 | €115,000 | €41,701 | -€73,299 | -63.7% |
| Amounts receivable within one year | 40/41 | €28,888 | €41,226 | +€12,338 | +42.7% |
| Trade receivables | 40 | €27,035 | €41,201 | +€14,167 | +52.4% |
| Other amounts receivable | 41 | €1,853 | €25 | -€1,828 | -98.7% |
| Cash at bank and in hand | 54/58 | €7,629 | €50,665 | +€43,035 | +564% |
| Deferred charges and accrued income | 490/1 | €900 | €1,914 | +€1,014 | +113% |
| Total equity and liabilities | 10/49 | €156,151 | €137,861 | -€18,290 | -11.7% |
| Equity | 10/15 | €4,355 | -€12,295 | -€16,650 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,355 | -€14,295 | -€16,650 | |
| Amounts payable | 17/49 | €151,796 | €150,156 | -€1,640 | -1.1% |
| Amounts payable after more than one year | 17 | €118,987 | €131,933 | +€12,945 | +10.9% |
| Other amounts payable | 178/9 | €118,987 | €131,933 | +€12,945 | +10.9% |
| Amounts payable within one year | 42/48 | €32,809 | €18,223 | -€14,585 | -44.5% |
| Trade debts | 44 | €29,669 | €8,283 | -€21,386 | -72.1% |
| Suppliers | 440/4 | €29,669 | €8,283 | -€21,386 | -72.1% |
| Taxes, remuneration and social security | 45 | €3,139 | €9,940 | +€6,801 | +217% |
| Taxes | 450/3 | €926 | €9,940 | +€9,015 | +974% |
| Remuneration and social security | 454/9 | €2,214 | - | -€2,214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,378 | €1,378 | +€0 | 0.0% |
| Other operating charges | 640/8 | €688 | €766 | +€78 | +11.3% |
| Gross operating margin | 9900 | €6,851 | -€11,495 | -€18,346 | |
| Operating profit (loss) | 9901 | €4,785 | -€13,639 | -€18,424 | |
| Financial charges | 65/66B | €3,256 | €2,845 | -€411 | -12.6% |
| Recurring financial charges | 65 | €3,256 | €2,845 | -€411 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €1,529 | -€16,484 | -€18,013 | |
| Income taxes | 67/77 | €421 | €166 | -€254 | -60.5% |
| Profit (loss) for the period | 9904 | €1,109 | -€16,650 | -€17,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,109 | -€16,650 | -€17,758 |
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 25 October 2026 via checked.be.