FRANK SORGELOOS: 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 SORGELOOS
Largest movements
- Tangible fixed assets +€10,586
up €10,586 (+30.5%), from €34,688 to €45,274
of which Plant, machinery and equipment: +€19,597
- Receivables within one year +€4,728
up €4,728 (+32.1%), from €14,708 to €19,436
of which Trade receivables: +€4,070
- Cash +€2,948
up €2,948 (+39.7%), from €7,428 to €10,376
mainly Debts after one year (+€14,724) and Depreciation (+€10,843)
- Deferred charges and accrued income +€2,911
up €2,911 (+103%), from €2,816 to €5,728
- Debts after one year +€14,724
new in 2025: €14,724
- Current portion of long-term debt +€3,755
up €3,755, from €0 to €3,755
- Other debts +€1,459
up €1,459 (+27.4%), from €5,318 to €6,777
- Trade debts +€1,203
up €1,203 (+26.2%), from €4,585 to €5,788
- Depreciation +€1,675
up €1,675 (+18.3%), from €9,167 to €10,843
- Other operating charges -€1,345
down €1,345 (-32.1%), from €4,197 to €2,852
- Taxes -€456
down €456 (-17.8%), from €2,568 to €2,112
- Gross operating margin +€440
up €440 (+2.3%), from €19,116 to €19,556
- Financial income -€280
down €280 (-51.7%), from €542 to €262
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 | €81,309 | €102,424 | +€21,115 | +26.0% |
| Fixed assets | 21/28 | €34,720 | €45,306 | +€10,586 | +30.5% |
| Tangible fixed assets | 22/27 | €34,688 | €45,274 | +€10,586 | +30.5% |
| Land and buildings | 22 | €34,688 | €25,677 | -€9,011 | -26.0% |
| Plant, machinery and equipment | 23 | - | €19,597 | +€19,597 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €32 | €32 | = | 0.0% |
| Current assets | 29/58 | €46,589 | €57,118 | +€10,529 | +22.6% |
| Stocks and contracts in progress | 3 | €15,638 | €16,379 | +€742 | +4.7% |
| Stocks | 30/36 | €2,475 | €2,235 | -€240 | -9.7% |
| Contracts in progress | 37 | €13,163 | €14,144 | +€982 | +7.5% |
| Amounts receivable within one year | 40/41 | €14,708 | €19,436 | +€4,728 | +32.1% |
| Trade receivables | 40 | €11,555 | €15,624 | +€4,070 | +35.2% |
| Other amounts receivable | 41 | €3,153 | €3,812 | +€659 | +20.9% |
| Current investments | 50/53 | €6,000 | €5,200 | -€800 | -13.3% |
| Cash at bank and in hand | 54/58 | €7,428 | €10,376 | +€2,948 | +39.7% |
| Deferred charges and accrued income | 490/1 | €2,816 | €5,728 | +€2,911 | +103% |
| Total equity and liabilities | 10/49 | €81,309 | €102,424 | +€21,115 | +26.0% |
| Equity | 10/15 | €71,337 | €71,253 | -€84 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,737 | €52,653 | -€84 | -0.2% |
| Distributable reserves | 133 | €52,737 | €52,653 | -€84 | -0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,972 | €31,171 | +€21,200 | +213% |
| Amounts payable after more than one year | 17 | - | €14,724 | +€14,724 | |
| Financial debts | 170/4 | - | €14,724 | +€14,724 | |
| Amounts payable within one year | 42/48 | €9,972 | €16,447 | +€6,476 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €3,755 | +€3,755 | |
| Trade debts | 44 | €4,585 | €5,788 | +€1,203 | +26.2% |
| Suppliers | 440/4 | €4,585 | €5,788 | +€1,203 | +26.2% |
| Taxes, remuneration and social security | 45 | €68 | €127 | +€59 | +86.7% |
| Taxes | 450/3 | €68 | €127 | +€59 | +86.7% |
| Other amounts payable | 47/48 | €5,318 | €6,777 | +€1,459 | +27.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,167 | €10,843 | +€1,675 | +18.3% |
| Other operating charges | 640/8 | €4,197 | €2,852 | -€1,345 | -32.1% |
| Gross operating margin | 9900 | €19,116 | €19,556 | +€440 | +2.3% |
| Operating profit (loss) | 9901 | €5,752 | €5,862 | +€110 | +1.9% |
| Financial income | 75/76B | €542 | €262 | -€280 | -51.7% |
| Recurring financial income | 75 | €542 | €262 | -€280 | -51.7% |
| Financial charges | 65/66B | €492 | €688 | +€195 | +39.6% |
| Recurring financial charges | 65 | €492 | €688 | +€195 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €5,801 | €5,436 | -€365 | -6.3% |
| Income taxes | 67/77 | €2,568 | €2,112 | -€456 | -17.8% |
| Profit (loss) for the period | 9904 | €3,233 | €3,324 | +€91 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,233 | €3,324 | +€91 | +2.8% |
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 22 October 2026 via checked.be.