FRANK VANBEGIN: what changed
FRANK VANBEGIN
Largest movements
- Tangible fixed assets -€161,346
down €161,346 (-78.7%), from €205,062 to €43,716
of which Land and buildings: -€131,926
- Current investments -€24,703
down €24,703 (-4.2%), from €584,550 to €559,847
- Receivables within one year +€14,137
up €14,137 (+28.5%), from €49,688 to €63,825
of which Trade receivables: +€11,657
- Cash -€11,966
down €11,966 (-28.5%), from €42,000 to €30,034
mainly Contributions, distributions and other (-€94,900) and Tax, wage and social debts (-€88,334)
- Tax, wage and social debts -€88,334
no longer reported in 2025 (was €88,334)
- Other debts -€60,264
down €60,264 (-11.2%), from €538,019 to €477,755
- Debts after one year -€19,300
no longer reported in 2025 (was €19,300)
- Reserves -€16,887
down €16,887 (-6.3%), from €269,775 to €252,888
of which Distributable reserves: -€16,887
- Trade debts +€10,542
up €10,542 (+50.7%), from €20,806 to €31,348
- Gross operating margin +€125,041
up €125,041, from -€29,292 to €95,749
- Financial income -€41,615
down €41,615 (-58.8%), from €70,767 to €29,152
- Depreciation -€32,002
down €32,002 (-45.7%), from €69,960 to €37,958
- Taxes +€4,125
up €4,125 (+1,547%), from €267 to €4,392
- Other operating charges -€4,019
down €4,019 (-62.2%), from €6,465 to €2,446
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 | €1,045,496 | €861,619 | -€183,877 | -17.6% |
| Fixed assets | 21/28 | €369,259 | €207,913 | -€161,346 | -43.7% |
| Tangible fixed assets | 22/27 | €205,062 | €43,716 | -€161,346 | -78.7% |
| Land and buildings | 22 | €131,926 | - | -€131,926 | |
| Plant, machinery and equipment | 23 | €9,186 | €8,449 | -€738 | -8.0% |
| Furniture and vehicles | 24 | €44,710 | €12,013 | -€32,697 | -73.1% |
| Leasing and similar rights | 25 | €310 | - | -€310 | |
| Other tangible fixed assets | 26 | €18,930 | €23,254 | +€4,324 | +22.8% |
| Financial fixed assets | 28 | €164,197 | €164,197 | = | 0.0% |
| Current assets | 29/58 | €676,238 | €653,706 | -€22,531 | -3.3% |
| Amounts receivable within one year | 40/41 | €49,688 | €63,825 | +€14,137 | +28.5% |
| Trade receivables | 40 | €700 | €12,357 | +€11,657 | +1,665% |
| Other amounts receivable | 41 | €48,988 | €51,468 | +€2,480 | +5.1% |
| Current investments | 50/53 | €584,550 | €559,847 | -€24,703 | -4.2% |
| Cash at bank and in hand | 54/58 | €42,000 | €30,034 | -€11,966 | -28.5% |
| Total equity and liabilities | 10/49 | €1,045,496 | €861,619 | -€183,877 | -17.6% |
| Equity | 10/15 | €347,603 | €330,716 | -€16,887 | -4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €269,775 | €252,888 | -€16,887 | -6.3% |
| Tax-exempt reserves | 132 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €263,525 | €246,638 | -€16,887 | -6.4% |
| Profit (loss) carried forward | 14 | €59,236 | €59,236 | = | 0.0% |
| Amounts payable | 17/49 | €697,893 | €530,903 | -€166,990 | -23.9% |
| Amounts payable after more than one year | 17 | €19,300 | - | -€19,300 | |
| Financial debts | 170/4 | €19,300 | - | -€19,300 | |
| Amounts payable within one year | 42/48 | €668,520 | €528,403 | -€140,118 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €21,361 | €19,300 | -€2,061 | -9.6% |
| Trade debts | 44 | €20,806 | €31,348 | +€10,542 | +50.7% |
| Suppliers | 440/4 | €20,806 | €31,348 | +€10,542 | +50.7% |
| Taxes, remuneration and social security | 45 | €88,334 | - | -€88,334 | |
| Taxes | 450/3 | €88,334 | - | -€88,334 | |
| Other amounts payable | 47/48 | €538,019 | €477,755 | -€60,264 | -11.2% |
| Accrued charges and deferred income | 492/3 | €10,073 | €2,500 | -€7,573 | -75.2% |
| Non-recurring operating income | 76A | - | €168,680 | +€168,680 | |
| Remuneration, social security and pensions | 62 | €475 | - | -€475 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,960 | €37,958 | -€32,002 | -45.7% |
| Other operating charges | 640/8 | €6,465 | €2,446 | -€4,019 | -62.2% |
| Gross operating margin | 9900 | -€29,292 | €95,749 | +€125,041 | |
| Operating profit (loss) | 9901 | -€106,193 | €55,345 | +€161,538 | |
| Financial income | 75/76B | €70,767 | €29,152 | -€41,615 | -58.8% |
| Recurring financial income | 75 | €70,767 | €29,152 | -€41,615 | -58.8% |
| Financial charges | 65/66B | €2,358 | €2,092 | -€266 | -11.3% |
| Recurring financial charges | 65 | €2,358 | €2,092 | -€266 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€37,784 | €82,405 | +€120,189 | |
| Income taxes | 67/77 | €267 | €4,392 | +€4,125 | +1,547% |
| Profit (loss) for the period | 9904 | -€38,051 | €78,013 | +€116,064 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,051 | €78,013 | +€116,064 |
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 7 November 2026 via checked.be.