FRANK DEWELDE: 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 DEWELDE
Largest movements
- Tangible fixed assets +€84,056
up €84,056 (+242%), from €34,774 to €118,829
of which Furniture and vehicles: +€83,548
- Cash -€35,326
down €35,326 (-8.9%), from €396,108 to €360,782
mainly Investment in fixed assets (net) (-€100,863) and Receivables within one year (-€31,630)
- Receivables within one year +€31,630
up €31,630 (+216%), from €14,614 to €46,244
of which Trade receivables: +€28,923
- Reserves +€51,285
up €51,285 (+20.3%), from €252,902 to €304,187
of which Distributable reserves: +€51,285
- Other debts +€29,773
up €29,773 (+21.8%), from €136,777 to €166,550
- Gross operating margin +€72,502
up €72,502 (+268%), from €27,095 to €99,597
- Taxes +€16,536
up €16,536 (+759%), from €2,178 to €18,714
- Depreciation +€5,874
up €5,874 (+53.7%), from €10,933 to €16,807
- Financial charges +€4,166
up €4,166 (+60.1%), from €6,933 to €11,099
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 | €453,457 | €534,897 | +€81,440 | +18.0% |
| Fixed assets | 21/28 | €34,774 | €118,829 | +€84,056 | +242% |
| Tangible fixed assets | 22/27 | €34,774 | €118,829 | +€84,056 | +242% |
| Land and buildings | 22 | €14,749 | €13,555 | -€1,194 | -8.1% |
| Plant, machinery and equipment | 23 | €9,646 | €11,348 | +€1,702 | +17.6% |
| Furniture and vehicles | 24 | €10,378 | €93,927 | +€83,548 | +805% |
| Current assets | 29/58 | €418,683 | €416,067 | -€2,616 | -0.6% |
| Stocks and contracts in progress | 3 | €6,260 | €6,021 | -€240 | -3.8% |
| Stocks | 30/36 | €6,260 | €6,021 | -€240 | -3.8% |
| Amounts receivable within one year | 40/41 | €14,614 | €46,244 | +€31,630 | +216% |
| Trade receivables | 40 | €1,041 | €29,964 | +€28,923 | +2,777% |
| Other amounts receivable | 41 | €13,572 | €16,280 | +€2,707 | +19.9% |
| Cash at bank and in hand | 54/58 | €396,108 | €360,782 | -€35,326 | -8.9% |
| Deferred charges and accrued income | 490/1 | €1,701 | €3,020 | +€1,319 | +77.6% |
| Total equity and liabilities | 10/49 | €453,457 | €534,897 | +€81,440 | +18.0% |
| Equity | 10/15 | €273,194 | €324,479 | +€51,285 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €252,902 | €304,187 | +€51,285 | +20.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €251,042 | €302,327 | +€51,285 | +20.4% |
| Profit (loss) carried forward | 14 | €1,692 | €1,692 | = | 0.0% |
| Amounts payable | 17/49 | €180,263 | €210,418 | +€30,155 | +16.7% |
| Amounts payable within one year | 42/48 | €180,263 | €210,410 | +€30,147 | +16.7% |
| Trade debts | 44 | €14,341 | €9,763 | -€4,578 | -31.9% |
| Suppliers | 440/4 | €14,341 | €9,763 | -€4,578 | -31.9% |
| Taxes, remuneration and social security | 45 | €29,145 | €34,097 | +€4,952 | +17.0% |
| Taxes | 450/3 | €4,545 | €9,497 | +€4,952 | +109% |
| Remuneration and social security | 454/9 | €24,600 | €24,600 | = | 0.0% |
| Other amounts payable | 47/48 | €136,777 | €166,550 | +€29,773 | +21.8% |
| Accrued charges and deferred income | 492/3 | - | €8 | +€8 | |
| Non-recurring operating income | 76A | - | €1,520 | +€1,520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,933 | €16,807 | +€5,874 | +53.7% |
| Other operating charges | 640/8 | €763 | €1,700 | +€937 | +123% |
| Gross operating margin | 9900 | €27,095 | €99,597 | +€72,502 | +268% |
| Operating profit (loss) | 9901 | €15,399 | €81,090 | +€65,691 | +427% |
| Financial income | 75/76B | €106 | €8 | -€98 | -92.5% |
| Recurring financial income | 75 | €106 | €8 | -€98 | -92.5% |
| Financial charges | 65/66B | €6,933 | €11,099 | +€4,166 | +60.1% |
| Recurring financial charges | 65 | €6,933 | €11,099 | +€4,166 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €8,572 | €69,999 | +€61,427 | +717% |
| Income taxes | 67/77 | €2,178 | €18,714 | +€16,536 | +759% |
| Profit (loss) for the period | 9904 | €6,394 | €51,285 | +€44,891 | +702% |
| Profit (loss) for the period to be appropriated | 9905 | €6,394 | €51,285 | +€44,891 | +702% |
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 17 October 2026 via checked.be.