Frank Giegas: what changed
Frank Giegas
Largest movements
- Receivables within one year +€43,060
up €43,060 (+13.3%), from €324,640 to €367,700
of which Trade receivables: +€27,811
- Current investments +€24,768
up €24,768 (+7.9%), from €311,759 to €336,527
- Cash +€19,249
up €19,249 (+9.8%), from €197,308 to €216,556
mainly Net result for the year (+€53,602) and Trade debts (+€14,851)
- Reserves +€53,602
up €53,602 (+6.6%), from €808,286 to €861,888
- Trade debts +€14,851
up €14,851 (+851%), from €1,745 to €16,596
- Tax, wage and social debts +€13,822
up €13,822 (+57.0%), from €24,260 to €38,082
of which Remuneration and social security: +€8,350
- Gross operating margin -€20,528
down €20,528 (-20.4%), from €100,501 to €79,973
- Taxes -€5,801
down €5,801 (-20.6%), from €28,133 to €22,332
- Depreciation -€1,784
down €1,784 (-21.9%), from €8,164 to €6,380
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €846,691 | €928,966 | +€82,275 | +9.7% |
| Fixed assets | 21/28 | €8,769 | €3,775 | -€4,994 | -56.9% |
| Tangible fixed assets | 22/27 | €8,769 | €3,775 | -€4,994 | -56.9% |
| Plant, machinery and equipment | 23 | €1,577 | €780 | -€797 | -50.6% |
| Furniture and vehicles | 24 | €4,924 | €1,105 | -€3,818 | -77.6% |
| Other tangible fixed assets | 26 | €2,268 | €1,890 | -€378 | -16.7% |
| Current assets | 29/58 | €837,922 | €925,191 | +€87,269 | +10.4% |
| Amounts receivable within one year | 40/41 | €324,640 | €367,700 | +€43,060 | +13.3% |
| Trade receivables | 40 | €19,110 | €46,921 | +€27,811 | +146% |
| Other amounts receivable | 41 | €305,530 | €320,779 | +€15,249 | +5.0% |
| Current investments | 50/53 | €311,759 | €336,527 | +€24,768 | +7.9% |
| Cash at bank and in hand | 54/58 | €197,308 | €216,556 | +€19,249 | +9.8% |
| Deferred charges and accrued income | 490/1 | €4,215 | €4,408 | +€193 | +4.6% |
| Total equity and liabilities | 10/49 | €846,691 | €928,966 | +€82,275 | +9.7% |
| Equity | 10/15 | €820,686 | €874,288 | +€53,602 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €808,286 | €861,888 | +€53,602 | +6.6% |
| Distributable reserves | 133 | €808,286 | €861,888 | +€53,602 | +6.6% |
| Amounts payable | 17/49 | €26,005 | €54,678 | +€28,673 | +110% |
| Amounts payable within one year | 42/48 | €26,005 | €54,678 | +€28,673 | +110% |
| Trade debts | 44 | €1,745 | €16,596 | +€14,851 | +851% |
| Suppliers | 440/4 | €1,745 | €16,596 | +€14,851 | +851% |
| Taxes, remuneration and social security | 45 | €24,260 | €38,082 | +€13,822 | +57.0% |
| Taxes | 450/3 | €22,260 | €27,732 | +€5,472 | +24.6% |
| Remuneration and social security | 454/9 | €2,000 | €10,350 | +€8,350 | +418% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,164 | €6,380 | -€1,784 | -21.9% |
| Other operating charges | 640/8 | €538 | €481 | -€57 | -10.7% |
| Non-recurring operating charges | 66A | €487 | €347 | -€140 | -28.7% |
| Gross operating margin | 9900 | €100,501 | €79,973 | -€20,528 | -20.4% |
| Operating profit (loss) | 9901 | €91,311 | €72,765 | -€18,546 | -20.3% |
| Financial income | 75/76B | €4,211 | €3,276 | -€936 | -22.2% |
| Recurring financial income | 75 | €4,211 | €3,276 | -€936 | -22.2% |
| Financial charges | 65/66B | €274 | €107 | -€167 | -61.0% |
| Recurring financial charges | 65 | €274 | €107 | -€167 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €95,248 | €75,934 | -€19,314 | -20.3% |
| Income taxes | 67/77 | €28,133 | €22,332 | -€5,801 | -20.6% |
| Profit (loss) for the period | 9904 | €67,115 | €53,602 | -€13,513 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,115 | €53,602 | -€13,513 | -20.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.