Fred ERRARD: 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.
Fred ERRARD
Largest movements
- Deferred charges and accrued income -€43,841
down €43,841 (-52.2%), from €83,929 to €40,087
- Tangible fixed assets -€40,895
down €40,895 (-16.4%), from €249,698 to €208,803
of which Furniture and vehicles: -€39,129
- Profit (loss) carried forward -€40,342
new in 2025: -€40,342
- Debts after one year -€27,296
down €27,296 (-49.7%), from €54,948 to €27,652
- Current portion of long-term debt -€12,278
down €12,278 (-54.8%), from €22,389 to €10,111
- Trade debts -€6,823
down €6,823 (-8.0%), from €84,792 to €77,969
- Tax, wage and social debts +€4,594
up €4,594 (+22.1%), from €20,773 to €25,367
of which Remuneration and social security: +€3,269
- Gross operating margin -€65,087
down €65,087 (-37.1%), from €175,623 to €110,536
- Taxes -€8,402
down €8,402 (-99.9%), from €8,414 to €12
- Depreciation +€5,879
up €5,879 (+13.7%), from €42,784 to €48,663
- Staff costs +€5,152
up €5,152 (+6.0%), from €85,736 to €90,888
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €445,529 | €359,064 | -€86,465 | -19.4% |
| Fixed assets | 21/28 | €251,700 | €210,755 | -€40,945 | -16.3% |
| Tangible fixed assets | 22/27 | €249,698 | €208,803 | -€40,895 | -16.4% |
| Land and buildings | 22 | €39,850 | €39,126 | -€724 | -1.8% |
| Plant, machinery and equipment | 23 | €1,067 | €1,482 | +€415 | +38.9% |
| Furniture and vehicles | 24 | €199,687 | €160,558 | -€39,129 | -19.6% |
| Other tangible fixed assets | 26 | €9,094 | €7,637 | -€1,457 | -16.0% |
| Financial fixed assets | 28 | €2,002 | €1,952 | -€50 | -2.5% |
| Current assets | 29/58 | €193,829 | €148,309 | -€45,520 | -23.5% |
| Amounts receivable within one year | 40/41 | €109,900 | €108,221 | -€1,679 | -1.5% |
| Trade receivables | 40 | €65,091 | €68,365 | +€3,274 | +5.0% |
| Other amounts receivable | 41 | €44,809 | €39,856 | -€4,953 | -11.1% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €83,929 | €40,087 | -€43,841 | -52.2% |
| Total equity and liabilities | 10/49 | €445,529 | €359,064 | -€86,465 | -19.4% |
| Equity | 10/15 | €249,672 | €209,330 | -€40,342 | -16.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €235,412 | €235,412 | = | 0.0% |
| Distributable reserves | 133 | €235,412 | €235,412 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,342 | -€40,342 | |
| Amounts payable | 17/49 | €195,857 | €149,734 | -€46,123 | -23.5% |
| Amounts payable after more than one year | 17 | €54,948 | €27,652 | -€27,296 | -49.7% |
| Financial debts | 170/4 | €54,948 | €27,652 | -€27,296 | -49.7% |
| Amounts payable within one year | 42/48 | €140,509 | €121,578 | -€18,930 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €22,389 | €10,111 | -€12,278 | -54.8% |
| Trade debts | 44 | €84,792 | €77,969 | -€6,823 | -8.0% |
| Suppliers | 440/4 | €84,792 | €77,969 | -€6,823 | -8.0% |
| Taxes, remuneration and social security | 45 | €20,773 | €25,367 | +€4,594 | +22.1% |
| Taxes | 450/3 | €3,965 | €5,290 | +€1,324 | +33.4% |
| Remuneration and social security | 454/9 | €16,807 | €20,077 | +€3,269 | +19.5% |
| Other amounts payable | 47/48 | €12,555 | €8,132 | -€4,423 | -35.2% |
| Accrued charges and deferred income | 492/3 | €400 | €504 | +€104 | +26.0% |
| Remuneration, social security and pensions | 62 | €85,736 | €90,888 | +€5,152 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,784 | €48,663 | +€5,879 | +13.7% |
| Other operating charges | 640/8 | €5,319 | €4,144 | -€1,175 | -22.1% |
| Non-recurring operating charges | 66A | - | €6,812 | +€6,812 | |
| Gross operating margin | 9900 | €175,623 | €110,536 | -€65,087 | -37.1% |
| Operating profit (loss) | 9901 | €41,784 | -€39,970 | -€81,754 | |
| Financial income | 75/76B | €2,519 | €1,967 | -€552 | -21.9% |
| Recurring financial income | 75 | €2,519 | €1,967 | -€552 | -21.9% |
| Financial charges | 65/66B | €3,720 | €2,328 | -€1,392 | -37.4% |
| Recurring financial charges | 65 | €3,720 | €2,328 | -€1,392 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €40,583 | -€40,331 | -€80,914 | |
| Income taxes | 67/77 | €8,414 | €12 | -€8,402 | -99.9% |
| Profit (loss) for the period | 9904 | €32,169 | -€40,342 | -€72,512 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,169 | -€40,342 | -€72,512 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.