Frans Beirnaert: 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.
Frans Beirnaert
Largest movements
- Stocks and contracts +€197,299
up €197,299 (+376%), from €52,455 to €249,754
- Cash -€35,456
down €35,456 (-36.1%), from €98,342 to €62,886
mainly Stocks and contracts (-€197,299) and Contributions, distributions and other (-€45,000)
- Tangible fixed assets +€24,098
up €24,098 (+173%), from €13,909 to €38,007
of which Plant, machinery and equipment: +€27,582
- Receivables within one year -€20,076
down €20,076 (-26.0%), from €77,087 to €57,010
of which Trade receivables: -€13,432
- Other debts +€88,268
up €88,268 (+66.0%), from €133,744 to €222,012
- Tax, wage and social debts +€21,766
new in 2025: €21,766
- Reserves +€18,056
up €18,056 (+20.6%), from €87,858 to €105,914
of which Distributable reserves: +€18,056
- Debts after one year +€17,091
new in 2025: €17,091
- Accrued charges and deferred income +€11,539
up €11,539 (+2,073%), from €557 to €12,096
- Gross operating margin +€50,302
up €50,302 (+122%), from €41,391 to €91,692
- Taxes +€7,910
up €7,910 (+131%), from €6,046 to €13,956
- Financial charges +€3,500
up €3,500 (+125%), from €2,792 to €6,291
- Depreciation +€2,301
up €2,301 (+47.8%), from €4,812 to €7,112
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 | €247,028 | €412,407 | +€165,379 | +66.9% |
| Fixed assets | 21/28 | €13,909 | €38,007 | +€24,098 | +173% |
| Tangible fixed assets | 22/27 | €13,909 | €38,007 | +€24,098 | +173% |
| Plant, machinery and equipment | 23 | €4,278 | €31,860 | +€27,582 | +645% |
| Furniture and vehicles | 24 | €9,631 | €6,147 | -€3,484 | -36.2% |
| Current assets | 29/58 | €233,118 | €374,400 | +€141,281 | +60.6% |
| Stocks and contracts in progress | 3 | €52,455 | €249,754 | +€197,299 | +376% |
| Stocks | 30/36 | €52,455 | €249,754 | +€197,299 | +376% |
| Amounts receivable within one year | 40/41 | €77,087 | €57,010 | -€20,076 | -26.0% |
| Trade receivables | 40 | €56,246 | €42,814 | -€13,432 | -23.9% |
| Other amounts receivable | 41 | €20,841 | €14,196 | -€6,644 | -31.9% |
| Cash at bank and in hand | 54/58 | €98,342 | €62,886 | -€35,456 | -36.1% |
| Deferred charges and accrued income | 490/1 | €5,235 | €4,750 | -€485 | -9.3% |
| Total equity and liabilities | 10/49 | €247,028 | €412,407 | +€165,379 | +66.9% |
| Equity | 10/15 | €106,450 | €124,506 | +€18,056 | +17.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €87,858 | €105,914 | +€18,056 | +20.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €87,858 | €105,914 | +€18,056 | +20.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,577 | €287,900 | +€147,323 | +105% |
| Amounts payable after more than one year | 17 | - | €17,091 | +€17,091 | |
| Financial debts | 170/4 | - | €17,091 | +€17,091 | |
| Amounts payable within one year | 42/48 | €140,021 | €258,714 | +€118,693 | +84.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,744 | +€9,744 | |
| Trade debts | 44 | €6,277 | €5,192 | -€1,085 | -17.3% |
| Suppliers | 440/4 | €6,277 | €5,192 | -€1,085 | -17.3% |
| Taxes, remuneration and social security | 45 | - | €21,766 | +€21,766 | |
| Taxes | 450/3 | - | €21,766 | +€21,766 | |
| Other amounts payable | 47/48 | €133,744 | €222,012 | +€88,268 | +66.0% |
| Accrued charges and deferred income | 492/3 | €557 | €12,096 | +€11,539 | +2,073% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,812 | €7,112 | +€2,301 | +47.8% |
| Other operating charges | 640/8 | €1,796 | €1,572 | -€224 | -12.5% |
| Gross operating margin | 9900 | €41,391 | €91,692 | +€50,302 | +122% |
| Operating profit (loss) | 9901 | €34,783 | €83,008 | +€48,225 | +139% |
| Financial income | 75/76B | €471 | €295 | -€176 | -37.3% |
| Recurring financial income | 75 | €471 | €295 | -€176 | -37.3% |
| Financial charges | 65/66B | €2,792 | €6,291 | +€3,500 | +125% |
| Recurring financial charges | 65 | €2,792 | €6,291 | +€3,500 | +125% |
| Profit (loss) for the period before taxes | 9903 | €32,462 | €77,012 | +€44,550 | +137% |
| Income taxes | 67/77 | €6,046 | €13,956 | +€7,910 | +131% |
| Profit (loss) for the period | 9904 | €26,416 | €63,056 | +€36,640 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €26,416 | €63,056 | +€36,640 | +139% |
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.