Frank Deleu: 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 Deleu
Largest movements
- Cash +€106,970
up €106,970 (+53.7%), from €199,080 to €306,051
mainly Net result for the year (+€87,865) and Current investments (+€77,693)
- Current investments -€77,693
down €77,693 (-25.9%), from €300,460 to €222,767
- Receivables within one year +€32,072
up €32,072 (+77.2%), from €41,530 to €73,602
of which Trade receivables: +€30,497
- Tangible fixed assets -€29,734
down €29,734 (-24.4%), from €122,060 to €92,326
- Stocks and contracts +€16,924
up €16,924 (+46.8%), from €36,125 to €53,049
of which Contracts in progress: +€11,000
- Reserves +€47,865
up €47,865 (+8.2%), from €581,548 to €629,413
- Other debts +€33,515
up €33,515 (+33,174%), from €101 to €33,616
- Debts after one year -€19,577
down €19,577 (-45.0%), from €43,464 to €23,887
- Trade debts -€15,542
down €15,542 (-65.8%), from €23,611 to €8,068
- Gross operating margin -€12,997
down €12,997 (-2.4%), from €547,621 to €534,624
- Financial income +€12,382
up €12,382 (+125%), from €9,916 to €22,298
- Taxes -€5,605
down €5,605 (-15.8%), from €35,530 to €29,925
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 | €714,271 | €765,876 | +€51,605 | +7.2% |
| Fixed assets | 21/28 | €122,061 | €92,327 | -€29,734 | -24.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €122,060 | €92,326 | -€29,734 | -24.4% |
| Land and buildings | 22 | €24,506 | €14,681 | -€9,825 | -40.1% |
| Plant, machinery and equipment | 23 | €18,085 | €10,767 | -€7,318 | -40.5% |
| Furniture and vehicles | 24 | €79,470 | €66,878 | -€12,592 | -15.8% |
| Current assets | 29/58 | €592,210 | €673,549 | +€81,339 | +13.7% |
| Stocks and contracts in progress | 3 | €36,125 | €53,049 | +€16,924 | +46.8% |
| Stocks | 30/36 | €22,125 | €28,049 | +€5,924 | +26.8% |
| Contracts in progress | 37 | €14,000 | €25,000 | +€11,000 | +78.6% |
| Amounts receivable within one year | 40/41 | €41,530 | €73,602 | +€32,072 | +77.2% |
| Trade receivables | 40 | €20,406 | €50,903 | +€30,497 | +149% |
| Other amounts receivable | 41 | €21,124 | €22,700 | +€1,576 | +7.5% |
| Current investments | 50/53 | €300,460 | €222,767 | -€77,693 | -25.9% |
| Cash at bank and in hand | 54/58 | €199,080 | €306,051 | +€106,970 | +53.7% |
| Deferred charges and accrued income | 490/1 | €15,015 | €18,080 | +€3,065 | +20.4% |
| Total equity and liabilities | 10/49 | €714,271 | €765,876 | +€51,605 | +7.2% |
| Equity | 10/15 | €593,948 | €641,813 | +€47,865 | +8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €581,548 | €629,413 | +€47,865 | +8.2% |
| Distributable reserves | 133 | €581,548 | €629,413 | +€47,865 | +8.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €120,323 | €124,063 | +€3,740 | +3.1% |
| Amounts payable after more than one year | 17 | €43,464 | €23,887 | -€19,577 | -45.0% |
| Financial debts | 170/4 | €43,464 | €23,887 | -€19,577 | -45.0% |
| Amounts payable within one year | 42/48 | €76,709 | €92,642 | +€15,934 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €24,716 | €19,577 | -€5,138 | -20.8% |
| Trade debts | 44 | €23,611 | €8,068 | -€15,542 | -65.8% |
| Suppliers | 440/4 | €23,611 | €8,068 | -€15,542 | -65.8% |
| Taxes, remuneration and social security | 45 | €28,281 | €31,380 | +€3,099 | +11.0% |
| Taxes | 450/3 | €16,789 | €20,739 | +€3,951 | +23.5% |
| Remuneration and social security | 454/9 | €11,493 | €10,641 | -€852 | -7.4% |
| Other amounts payable | 47/48 | €101 | €33,616 | +€33,515 | +33,174% |
| Accrued charges and deferred income | 492/3 | €150 | €7,533 | +€7,383 | +4,922% |
| Non-recurring operating income | 76A | €0 | €3,310 | +€3,310 | |
| Remuneration, social security and pensions | 62 | €383,852 | €385,947 | +€2,096 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,324 | €45,494 | +€2,170 | +5.0% |
| Other operating charges | 640/8 | €4,742 | €3,636 | -€1,105 | -23.3% |
| Gross operating margin | 9900 | €547,621 | €534,624 | -€12,997 | -2.4% |
| Operating profit (loss) | 9901 | €115,703 | €99,546 | -€16,157 | -14.0% |
| Financial income | 75/76B | €9,916 | €22,298 | +€12,382 | +125% |
| Recurring financial income | 75 | €9,916 | €22,298 | +€12,382 | +125% |
| Financial charges | 65/66B | €4,549 | €4,055 | -€495 | -10.9% |
| Recurring financial charges | 65 | €4,549 | €4,055 | -€495 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €121,070 | €117,790 | -€3,280 | -2.7% |
| Income taxes | 67/77 | €35,530 | €29,925 | -€5,605 | -15.8% |
| Profit (loss) for the period | 9904 | €85,540 | €87,865 | +€2,325 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,540 | €87,865 | +€2,325 | +2.7% |
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 23 October 2026 via checked.be.