FRANK'S: 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.
What changed
FRANK'S
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€47,376
2024 · €245,487-€292,863
Equity
€5.7m
2024 · €5.7m-€49,924
Cash
€4
2024 · €306-€302
Balance sheet total
€16.7m
2024 · €17.7m-€1.0m
Largest movements
Assets
- Financial fixed assets -€4.5m
down €4.5m (-100%), from €4.5m to €0
- Receivables within one year +€4.1m
up €4.1m (+585%), from €703,019 to €4.8m
of which Other amounts receivable: +€4.3m
- Tangible fixed assets -€748,603
down €748,603 (-6.0%), from €12.4m to €11.7m
Equity and liabilities
- Debts after one year -€1.9m
down €1.9m (-17.2%), from €10.9m to €9.0m
- Current portion of long-term debt +€1.1m
up €1.1m (+138%), from €782,373 to €1.9m
- Accrued charges and deferred income -€191,373
down €191,373 (-77.8%), from €245,946 to €54,574
Income statement
- Gross operating margin -€653,741
down €653,741 (-43.7%), from €1.5m to €841,594
- Financial income +€205,783
up €205,783 (+111%), from €185,479 to €391,262
- Financial charges -€160,303
down €160,303 (-35.0%), from €458,517 to €298,214
- Write-downs +€96,182
new in 2025: €96,182
- Taxes -€47,157
down €47,157 (-80.9%), from €58,310 to €11,153
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.
Result 2024
€245,487
Gross operating margin
-€653,741
Depreciation
-€2,690
Write-downs
-€96,182
Other operating charges
-€3,866
Financial income
+€205,783
Financial charges
+€160,303
Taxes
+€47,157
Deferred taxes and other
+€50,371
Result 2025
-€47,376
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3.6m
Investment
+€4.4m
Financing
-€784,547
Cash 2024
€306
From operations (derived)
-€3.6m
Net result for the year
-€47,376
Depreciation
+€832,275
Receivables within one year
-€4.1m
Deferred charges and accrued income
-€132,149
Provisions
-€26,693
Trade debts
-€35,750
Advances received
+€12,867
Other debts
+€67,552
Accrued charges and deferred income
-€191,373
Investment (derived)
+€4.4m
Investment in fixed assets (net)
+€4.4m
Financing
-€784,547
Debts after one year
-€1.9m
Current portion of long-term debt
+€1.1m
Short-term financial debts
+€373
Contributions, distributions and other
-€2,548
Cash 2025
€4
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,727,154 | €16,721,834 | -€1.0m | -5.7% |
| Fixed assets | 21/28 | €16,932,805 | €11,684,202 | -€5.2m | -31.0% |
| Tangible fixed assets | 22/27 | €12,432,805 | €11,684,202 | -€748,603 | -6.0% |
| Land and buildings | 22 | €12,432,805 | €11,684,202 | -€748,603 | -6.0% |
| Financial fixed assets | 28 | €4,500,000 | €0 | -€4.5m | -100% |
| Current assets | 29/58 | €794,350 | €5,037,632 | +€4.2m | +534% |
| Amounts receivable within one year | 40/41 | €703,019 | €4,814,453 | +€4.1m | +585% |
| Trade receivables | 40 | €170,029 | €29,536 | -€140,493 | -82.6% |
| Other amounts receivable | 41 | €532,990 | €4,784,918 | +€4.3m | +798% |
| Cash at bank and in hand | 54/58 | €306 | €4 | -€302 | -98.6% |
| Deferred charges and accrued income | 490/1 | €91,025 | €223,174 | +€132,149 | +145% |
| Total equity and liabilities | 10/49 | €17,727,154 | €16,721,834 | -€1.0m | -5.7% |
| Equity | 10/15 | €5,708,305 | €5,658,380 | -€49,924 | -0.9% |
| Contributions | 10/11 | €2,757,520 | €2,757,520 | = | 0.0% |
| Capital | 10 | €2,757,520 | €2,757,520 | = | 0.0% |
| Issued capital | 100 | €2,757,520 | €2,757,520 | = | 0.0% |
| Reserves | 13 | €407,068 | €326,988 | -€80,079 | -19.7% |
| Non-distributable reserves | 130/1 | €275,752 | €275,752 | = | 0.0% |
| Legal reserve | 130 | €275,752 | €275,752 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,316 | €51,236 | -€80,079 | -61.0% |
| Profit (loss) carried forward | 14 | €2,528,429 | €2,561,132 | +€32,703 | +1.3% |
| Investment grants | 15 | €15,288 | €12,740 | -€2,548 | -16.7% |
| Provisions and deferred taxes | 16 | €43,772 | €17,079 | -€26,693 | -61.0% |
| Deferred taxes | 168 | €43,772 | €17,079 | -€26,693 | -61.0% |
| Amounts payable | 17/49 | €11,975,078 | €11,046,375 | -€928,703 | -7.8% |
| Amounts payable after more than one year | 17 | €10,876,765 | €9,011,059 | -€1.9m | -17.2% |
| Financial debts | 170/4 | €10,876,765 | €9,011,059 | -€1.9m | -17.2% |
| Amounts payable within one year | 42/48 | €852,367 | €1,980,742 | +€1.1m | +132% |
| Current portion of amounts payable after more than one year | 42 | €782,373 | €1,865,706 | +€1.1m | +138% |
| Financial debts | 43 | - | €373 | +€373 | |
| Credit institutions | 430/8 | - | €373 | +€373 | |
| Trade debts | 44 | €53,812 | €18,062 | -€35,750 | -66.4% |
| Suppliers | 440/4 | €53,812 | €18,062 | -€35,750 | -66.4% |
| Advances received on contracts in progress | 46 | €0 | €12,867 | +€12,867 | |
| Taxes, remuneration and social security | 45 | €8,307 | €8,307 | = | 0.0% |
| Taxes | 450/3 | €8,307 | €8,307 | = | 0.0% |
| Other amounts payable | 47/48 | €7,875 | €75,427 | +€67,552 | +858% |
| Accrued charges and deferred income | 492/3 | €245,946 | €54,574 | -€191,373 | -77.8% |
| Non-recurring operating income | 76A | €100,742 | €0 | -€100,742 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €829,585 | €832,275 | +€2,690 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €96,182 | +€96,182 | |
| Other operating charges | 640/8 | €65,235 | €69,102 | +€3,866 | +5.9% |
| Gross operating margin | 9900 | €1,495,335 | €841,594 | -€653,741 | -43.7% |
| Operating profit (loss) | 9901 | €600,514 | -€155,964 | -€756,478 | |
| Financial income | 75/76B | €185,479 | €391,262 | +€205,783 | +111% |
| Recurring financial income | 75 | €185,479 | €391,262 | +€205,783 | +111% |
| Financial charges | 65/66B | €458,517 | €298,214 | -€160,303 | -35.0% |
| Recurring financial charges | 65 | €458,517 | €298,214 | -€160,303 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €327,476 | -€62,916 | -€390,392 | |
| Transfer from deferred taxes | 780 | €1,508 | €26,693 | +€25,186 | +1,671% |
| Transfer to deferred taxes | 680 | €25,186 | €0 | -€25,186 | -100% |
| Income taxes | 67/77 | €58,310 | €11,153 | -€47,157 | -80.9% |
| Profit (loss) for the period | 9904 | €245,487 | -€47,376 | -€292,863 | |
| Transfer from tax-exempt reserves | 789 | €4,523 | €80,079 | +€75,557 | +1,671% |
| Transfer to tax-exempt reserves | 689 | €75,557 | €0 | -€75,557 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €174,453 | €32,703 | -€141,750 | -81.3% |
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 24 October 2026 via checked.be.