FRANKEL: what changed
Two fiscal 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
FRANKEL
NACE 47.221, Retail sale of meat and meat products, excluding game and poultry
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53,043
2024 · €53,533-€490
Equity
€223,055
2024 · €220,012+€3,043
Cash
€221,589
2024 · €217,457+€4,132
Balance sheet total
€589,042
2024 · €650,378-€61,336
Largest movements
Assets
- Tangible fixed assets -€52,211
down €52,211 (-15.7%), from €332,074 to €279,863
of which Plant, machinery and equipment: -€31,084
- Receivables within one year -€11,118
down €11,118 (-64.3%), from €17,288 to €6,170
Equity and liabilities
- Debts after one year -€33,106
down €33,106 (-29.1%), from €113,960 to €80,854
- Trade debts -€12,798
down €12,798 (-8.9%), from €144,312 to €131,514
- Accrued charges and deferred income -€9,882
down €9,882 (-43.6%), from €22,661 to €12,779
Income statement
- Gross operating margin +€32,806
up €32,806 (+5.0%), from €650,083 to €682,889
- Staff costs +€30,846
up €30,846 (+6.1%), from €504,349 to €535,196
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
€53,533
Gross operating margin
+€32,806
Staff costs
-€30,846
Depreciation
+€1,712
Other operating charges
-€3,613
Financial income
-€272
Financial charges
-€472
Taxes
+€195
Result 2025
€53,043
Cash bridge derived
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
+€110,035
Investment
-€18,513
Financing
-€87,390
Cash 2024
€217,457
From operations (derived)
+€110,035
Net result for the year
+€53,043
Depreciation
+€70,724
Stocks and contracts
+€2,904
Receivables within one year
+€11,118
Deferred charges and accrued income
-€764
Trade debts
-€12,798
Tax, wage and social debts
-€1,135
Other debts
-€3,175
Accrued charges and deferred income
-€9,882
Investment (derived)
-€18,513
Investment in fixed assets (net)
-€18,513
Financing
-€87,390
Debts after one year
-€33,106
Current portion of long-term debt
-€4,284
Contributions, distributions and other
-€50,000
Cash 2025
€221,589
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €650,378 | €589,042 | -€61,336 | -9.4% |
| Fixed assets | 21/28 | €332,074 | €279,863 | -€52,211 | -15.7% |
| Tangible fixed assets | 22/27 | €332,074 | €279,863 | -€52,211 | -15.7% |
| Land and buildings | 22 | €151,230 | €133,694 | -€17,536 | -11.6% |
| Plant, machinery and equipment | 23 | €169,530 | €138,447 | -€31,084 | -18.3% |
| Furniture and vehicles | 24 | €11,314 | €7,722 | -€3,591 | -31.7% |
| Current assets | 29/58 | €318,305 | €309,179 | -€9,125 | -2.9% |
| Stocks and contracts in progress | 3 | €45,270 | €42,366 | -€2,904 | -6.4% |
| Stocks | 30/36 | €45,270 | €42,366 | -€2,904 | -6.4% |
| Amounts receivable within one year | 40/41 | €17,288 | €6,170 | -€11,118 | -64.3% |
| Other amounts receivable | 41 | €17,288 | €6,170 | -€11,118 | -64.3% |
| Cash at bank and in hand | 54/58 | €217,457 | €221,589 | +€4,132 | +1.9% |
| Deferred charges and accrued income | 490/1 | €38,291 | €39,055 | +€764 | +2.0% |
| Total equity and liabilities | 10/49 | €650,378 | €589,042 | -€61,336 | -9.4% |
| Equity | 10/15 | €220,012 | €223,055 | +€3,043 | +1.4% |
| Contributions | 10/11 | €8,700 | €8,700 | = | 0.0% |
| Reserves | 13 | €211,312 | €214,355 | +€3,043 | +1.4% |
| Distributable reserves | 133 | €211,312 | €214,355 | +€3,043 | +1.4% |
| Amounts payable | 17/49 | €430,366 | €365,987 | -€64,379 | -15.0% |
| Amounts payable after more than one year | 17 | €113,960 | €80,854 | -€33,106 | -29.1% |
| Financial debts | 170/4 | €113,960 | €80,854 | -€33,106 | -29.1% |
| Amounts payable within one year | 42/48 | €293,745 | €272,354 | -€21,391 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €37,390 | €33,106 | -€4,284 | -11.5% |
| Trade debts | 44 | €144,312 | €131,514 | -€12,798 | -8.9% |
| Suppliers | 440/4 | €144,312 | €131,514 | -€12,798 | -8.9% |
| Taxes, remuneration and social security | 45 | €34,513 | €33,378 | -€1,135 | -3.3% |
| Taxes | 450/3 | €3,457 | - | -€3,457 | |
| Remuneration and social security | 454/9 | €31,056 | €33,378 | +€2,323 | +7.5% |
| Other amounts payable | 47/48 | €77,530 | €74,355 | -€3,175 | -4.1% |
| Accrued charges and deferred income | 492/3 | €22,661 | €12,779 | -€9,882 | -43.6% |
| Remuneration, social security and pensions | 62 | €504,349 | €535,196 | +€30,846 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,436 | €70,724 | -€1,712 | -2.4% |
| Other operating charges | 640/8 | €3,332 | €6,945 | +€3,613 | +108.4% |
| Gross operating margin | 9900 | €650,083 | €682,889 | +€32,806 | +5.0% |
| Operating profit (loss) | 9901 | €69,966 | €70,025 | +€59 | +0.1% |
| Financial income | 75/76B | €347 | €75 | -€272 | -78.3% |
| Recurring financial income | 75 | €347 | €75 | -€272 | -78.3% |
| Financial charges | 65/66B | €13,323 | €13,795 | +€472 | +3.5% |
| Recurring financial charges | 65 | €13,323 | €13,795 | +€472 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €56,990 | €56,305 | -€684 | -1.2% |
| Income taxes | 67/77 | €3,457 | €3,263 | -€195 | -5.6% |
| Profit (loss) for the period | 9904 | €53,533 | €53,043 | -€490 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,533 | €53,043 | -€490 | -0.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.