Frank Soen: 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 Soen
Largest movements
- Cash -€19,613
down €19,613 (-37.0%), from €53,016 to €33,403
mainly Tax, wage and social debts (-€17,663) and Receivables within one year (-€12,736)
- Receivables within one year +€12,736
up €12,736 (+60.1%), from €21,195 to €33,931
of which Other amounts receivable: +€11,431
- Tax, wage and social debts -€17,663
down €17,663 (-65.2%), from €27,087 to €9,424
of which Taxes: -€15,926
- Reserves +€12,079
up €12,079 (+25.0%), from €48,262 to €60,341
- Trade debts -€2,337
down €2,337 (-64.3%), from €3,632 to €1,295
- Gross operating margin +€22,382
up €22,382 (+18.8%), from €119,354 to €141,736
- Staff costs +€6,520
up €6,520 (+5.9%), from €110,717 to €117,237
- Taxes +€3,738
up €3,738 (+317%), from €1,179 to €4,917
- Financial charges -€2,050
down €2,050 (-71.1%), from €2,883 to €832
- Financial income -€1,454
down €1,454 (-90.7%), from €1,604 to €150
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 | €86,336 | €78,476 | -€7,859 | -9.1% |
| Fixed assets | 21/28 | €11,954 | €11,119 | -€835 | -7.0% |
| Tangible fixed assets | 22/27 | €11,954 | €11,119 | -€835 | -7.0% |
| Furniture and vehicles | 24 | €11,954 | €11,119 | -€835 | -7.0% |
| Current assets | 29/58 | €74,382 | €67,357 | -€7,024 | -9.4% |
| Stocks and contracts in progress | 3 | €171 | €23 | -€147 | -86.3% |
| Stocks | 30/36 | €171 | €23 | -€147 | -86.3% |
| Amounts receivable within one year | 40/41 | €21,195 | €33,931 | +€12,736 | +60.1% |
| Trade receivables | 40 | - | €1,304 | +€1,304 | |
| Other amounts receivable | 41 | €21,195 | €32,626 | +€11,431 | +53.9% |
| Cash at bank and in hand | 54/58 | €53,016 | €33,403 | -€19,613 | -37.0% |
| Total equity and liabilities | 10/49 | €86,336 | €78,476 | -€7,859 | -9.1% |
| Equity | 10/15 | €50,262 | €62,341 | +€12,079 | +24.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €48,262 | €60,341 | +€12,079 | +25.0% |
| Distributable reserves | 133 | €48,262 | €60,341 | +€12,079 | +25.0% |
| Amounts payable | 17/49 | €36,074 | €16,136 | -€19,938 | -55.3% |
| Amounts payable within one year | 42/48 | €36,074 | €16,136 | -€19,938 | -55.3% |
| Current portion of amounts payable after more than one year | 42 | €5,355 | €5,417 | +€61 | +1.1% |
| Trade debts | 44 | €3,632 | €1,295 | -€2,337 | -64.3% |
| Suppliers | 440/4 | €3,632 | €1,295 | -€2,337 | -64.3% |
| Taxes, remuneration and social security | 45 | €27,087 | €9,424 | -€17,663 | -65.2% |
| Taxes | 450/3 | €19,392 | €3,467 | -€15,926 | -82.1% |
| Remuneration and social security | 454/9 | €7,695 | €5,958 | -€1,738 | -22.6% |
| Non-recurring operating income | 76A | €3,242 | €2,531 | -€711 | -21.9% |
| Remuneration, social security and pensions | 62 | €110,717 | €117,237 | +€6,520 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,303 | €6,421 | +€1,117 | +21.1% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €119,354 | €141,736 | +€22,382 | +18.8% |
| Operating profit (loss) | 9901 | €3,334 | €17,679 | +€14,345 | +430% |
| Financial income | 75/76B | €1,604 | €150 | -€1,454 | -90.7% |
| Recurring financial income | 75 | €1,604 | €150 | -€1,454 | -90.7% |
| Financial charges | 65/66B | €2,883 | €832 | -€2,050 | -71.1% |
| Recurring financial charges | 65 | €2,883 | €832 | -€2,050 | -71.1% |
| Profit (loss) for the period before taxes | 9903 | €2,055 | €16,996 | +€14,941 | +727% |
| Income taxes | 67/77 | €1,179 | €4,917 | +€3,738 | +317% |
| Profit (loss) for the period | 9904 | €876 | €12,079 | +€11,203 | +1,279% |
| Profit (loss) for the period to be appropriated | 9905 | €876 | €12,079 | +€11,203 | +1,279% |
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 15 October 2026 via checked.be.