FRANK GOEDERTIER: 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 GOEDERTIER
Largest movements
- Cash +€17,526
up €17,526 (+21.1%), from €82,919 to €100,445
mainly Net result for the year (+€87,974) and Other debts (+€12,120)
- Tangible fixed assets +€5,136
up €5,136 (+74.6%), from €6,881 to €12,017
of which Furniture and vehicles: +€5,763
- Deferred charges and accrued income +€1,335
up €1,335 (+15.8%), from €8,458 to €9,793
- Other debts +€12,120
up €12,120 (+15.9%), from €76,456 to €88,576
- Tax, wage and social debts +€8,612
up €8,612 (+177%), from €4,860 to €13,472
- Trade debts +€3,111
up €3,111, from €0 to €3,111
- Gross operating margin +€20,018
up €20,018 (+21.5%), from €93,293 to €113,310
- Taxes +€4,503
up €4,503 (+24.3%), from €18,505 to €23,008
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 | €100,583 | €124,426 | +€23,843 | +23.7% |
| Fixed assets | 21/28 | €6,951 | €12,087 | +€5,136 | +73.9% |
| Tangible fixed assets | 22/27 | €6,881 | €12,017 | +€5,136 | +74.6% |
| Plant, machinery and equipment | 23 | €558 | €823 | +€265 | +47.5% |
| Furniture and vehicles | 24 | - | €5,763 | +€5,763 | |
| Other tangible fixed assets | 26 | €6,323 | €5,430 | -€892 | -14.1% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €93,632 | €112,339 | +€18,707 | +20.0% |
| Amounts receivable within one year | 40/41 | €2,255 | €2,101 | -€154 | -6.8% |
| Trade receivables | 40 | €692 | €2,101 | +€1,409 | +204% |
| Other amounts receivable | 41 | €1,563 | €0 | -€1,563 | -100% |
| Cash at bank and in hand | 54/58 | €82,919 | €100,445 | +€17,526 | +21.1% |
| Deferred charges and accrued income | 490/1 | €8,458 | €9,793 | +€1,335 | +15.8% |
| Total equity and liabilities | 10/49 | €100,583 | €124,426 | +€23,843 | +23.7% |
| Equity | 10/15 | €19,266 | €19,266 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €716 | €716 | = | 0.0% |
| Tax-exempt reserves | 132 | €716 | €716 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €81,317 | €105,160 | +€23,843 | +29.3% |
| Amounts payable within one year | 42/48 | €81,317 | €105,160 | +€23,843 | +29.3% |
| Trade debts | 44 | €0 | €3,111 | +€3,111 | |
| Suppliers | 440/4 | €0 | €3,111 | +€3,111 | |
| Taxes, remuneration and social security | 45 | €4,860 | €13,472 | +€8,612 | +177% |
| Taxes | 450/3 | €4,860 | €13,472 | +€8,612 | +177% |
| Other amounts payable | 47/48 | €76,456 | €88,576 | +€12,120 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,292 | €1,687 | +€395 | +30.6% |
| Other operating charges | 640/8 | €785 | €755 | -€30 | -3.8% |
| Gross operating margin | 9900 | €93,293 | €113,310 | +€20,018 | +21.5% |
| Operating profit (loss) | 9901 | €91,216 | €110,868 | +€19,652 | +21.5% |
| Financial income | 75/76B | €226 | €210 | -€16 | -7.0% |
| Recurring financial income | 75 | €226 | €210 | -€16 | -7.0% |
| Financial charges | 65/66B | €399 | €96 | -€302 | -75.8% |
| Recurring financial charges | 65 | €399 | €96 | -€302 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | €91,044 | €110,982 | +€19,938 | +21.9% |
| Income taxes | 67/77 | €18,505 | €23,008 | +€4,503 | +24.3% |
| Profit (loss) for the period | 9904 | €72,539 | €87,974 | +€15,435 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,539 | €87,974 | +€15,435 | +21.3% |
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 31 October 2026 via checked.be.