FREDDY CAUBERGH: 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.
FREDDY CAUBERGH
Largest movements
- Current investments -€160,665
down €160,665 (-14.6%), from €1.1m to €938,465
- Cash +€45,129
up €45,129 (+765%), from €5,901 to €51,030
mainly Current investments (+€160,665) and Depreciation (+€43,196)
- Tangible fixed assets -€42,126
down €42,126 (-5.9%), from €714,165 to €672,039
of which Furniture and vehicles: -€22,573
- Receivables within one year -€24,191
down €24,191 (-82.3%), from €29,390 to €5,200
of which Trade receivables: -€19,663
- Reserves +€255,243
up €255,243 (+21.9%), from €1.2m to €1.4m
of which Distributable reserves: +€255,243
- Profit (loss) carried forward -€249,280
down €249,280 (-100%), from €249,280 to €0
- Other debts -€156,590
down €156,590 (-54.6%), from €286,728 to €130,138
- Debts after one year -€20,189
down €20,189 (-20.5%), from €98,388 to €78,198
- Financial income -€18,122
down €18,122 (-50.5%), from €35,858 to €17,735
- Gross operating margin -€15,416
down €15,416 (-15.6%), from €98,619 to €83,202
- Taxes -€10,560
down €10,560 (-40.2%), from €26,238 to €15,678
- Depreciation +€3,161
up €3,161 (+7.9%), from €40,035 to €43,196
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.
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 | €1,851,434 | €1,667,530 | -€183,904 | -9.9% |
| Fixed assets | 21/28 | €714,165 | €672,039 | -€42,126 | -5.9% |
| Tangible fixed assets | 22/27 | €714,165 | €672,039 | -€42,126 | -5.9% |
| Land and buildings | 22 | €609,425 | €590,986 | -€18,439 | -3.0% |
| Furniture and vehicles | 24 | €80,341 | €57,768 | -€22,573 | -28.1% |
| Other tangible fixed assets | 26 | €24,399 | €23,285 | -€1,114 | -4.6% |
| Current assets | 29/58 | €1,137,269 | €995,492 | -€141,778 | -12.5% |
| Amounts receivable within one year | 40/41 | €29,390 | €5,200 | -€24,191 | -82.3% |
| Trade receivables | 40 | €19,663 | €0 | -€19,663 | -100% |
| Other amounts receivable | 41 | €9,728 | €5,200 | -€4,528 | -46.5% |
| Current investments | 50/53 | €1,099,130 | €938,465 | -€160,665 | -14.6% |
| Cash at bank and in hand | 54/58 | €5,901 | €51,030 | +€45,129 | +765% |
| Deferred charges and accrued income | 490/1 | €2,848 | €798 | -€2,051 | -72.0% |
| Total equity and liabilities | 10/49 | €1,851,434 | €1,667,530 | -€183,904 | -9.9% |
| Equity | 10/15 | €1,422,044 | €1,428,007 | +€5,962 | +0.4% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €1,166,464 | €1,421,707 | +€255,243 | +21.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,164,604 | €1,419,847 | +€255,243 | +21.9% |
| Profit (loss) carried forward | 14 | €249,280 | €0 | -€249,280 | -100% |
| Amounts payable | 17/49 | €429,390 | €239,524 | -€189,866 | -44.2% |
| Amounts payable after more than one year | 17 | €98,388 | €78,198 | -€20,189 | -20.5% |
| Financial debts | 170/4 | €98,388 | €78,198 | -€20,189 | -20.5% |
| Amounts payable within one year | 42/48 | €329,942 | €160,265 | -€169,677 | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €19,917 | €20,189 | +€272 | +1.4% |
| Trade debts | 44 | €7,008 | €6,035 | -€972 | -13.9% |
| Suppliers | 440/4 | €7,008 | €6,035 | -€972 | -13.9% |
| Taxes, remuneration and social security | 45 | €16,289 | €3,903 | -€12,387 | -76.0% |
| Taxes | 450/3 | €16,289 | €2,955 | -€13,334 | -81.9% |
| Remuneration and social security | 454/9 | - | €947 | +€947 | |
| Other amounts payable | 47/48 | €286,728 | €130,138 | -€156,590 | -54.6% |
| Accrued charges and deferred income | 492/3 | €1,060 | €1,060 | = | 0.0% |
| Non-recurring operating income | 76A | €9,197 | €0 | -€9,197 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,035 | €43,196 | +€3,161 | +7.9% |
| Other operating charges | 640/8 | €3,120 | €3,985 | +€864 | +27.7% |
| Gross operating margin | 9900 | €98,619 | €83,202 | -€15,416 | -15.6% |
| Operating profit (loss) | 9901 | €55,464 | €36,022 | -€19,442 | -35.1% |
| Financial income | 75/76B | €35,858 | €17,735 | -€18,122 | -50.5% |
| Recurring financial income | 75 | €35,858 | €17,735 | -€18,122 | -50.5% |
| Financial charges | 65/66B | €1,932 | €1,783 | -€149 | -7.7% |
| Recurring financial charges | 65 | €1,932 | €1,783 | -€149 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €89,389 | €51,974 | -€37,415 | -41.9% |
| Income taxes | 67/77 | €26,238 | €15,678 | -€10,560 | -40.2% |
| Profit (loss) for the period | 9904 | €63,151 | €36,296 | -€26,855 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,151 | €36,296 | -€26,855 | -42.5% |
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.