Frédéric BILLON: 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.
Frédéric BILLON
Largest movements
- Tangible fixed assets -€27,849
down €27,849 (-6.0%), from €465,735 to €437,886
of which Land and buildings: -€16,369
- Stocks and contracts +€18,792
up €18,792 (+15.3%), from €122,982 to €141,774
- Deferred charges and accrued income +€9,833
up €9,833 (+1482.1%), from €663 to €10,497
- Debts after one year -€27,409
down €27,409 (-15.8%), from €173,471 to €146,062
- Profit (loss) carried forward +€14,309
up €14,309 (+8.5%), from €168,524 to €182,832
- Trade debts +€7,346
up €7,346 (+34.3%), from €21,417 to €28,763
- Gross operating margin +€15,817
up €15,817 (+9.6%), from €165,592 to €181,409
- Staff costs +€6,923
up €6,923 (+7.9%), from €88,157 to €95,081
- Financial charges -€2,912
down €2,912 (-10.4%), from €28,060 to €25,148
- Taxes +€2,844
up €2,844 (+134.8%), from €2,110 to €4,954
- Other operating charges +€1,913
up €1,913 (+53.4%), from €3,584 to €5,496
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 | €680,057 | €671,245 | -€8,812 | -1.3% |
| Fixed assets | 21/28 | €465,760 | €437,911 | -€27,849 | -6.0% |
| Tangible fixed assets | 22/27 | €465,735 | €437,886 | -€27,849 | -6.0% |
| Land and buildings | 22 | €275,005 | €258,636 | -€16,369 | -6.0% |
| Plant, machinery and equipment | 23 | €183,728 | €175,262 | -€8,466 | -4.6% |
| Furniture and vehicles | 24 | €7,002 | €3,988 | -€3,013 | -43.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €214,297 | €233,334 | +€19,037 | +8.9% |
| Stocks and contracts in progress | 3 | €122,982 | €141,774 | +€18,792 | +15.3% |
| Stocks | 30/36 | €122,982 | €141,774 | +€18,792 | +15.3% |
| Amounts receivable within one year | 40/41 | €19,887 | €13,398 | -€6,489 | -32.6% |
| Trade receivables | 40 | €13,455 | €12,161 | -€1,294 | -9.6% |
| Other amounts receivable | 41 | €6,432 | €1,237 | -€5,195 | -80.8% |
| Cash at bank and in hand | 54/58 | €70,765 | €67,665 | -€3,100 | -4.4% |
| Deferred charges and accrued income | 490/1 | €663 | €10,497 | +€9,833 | +1482.1% |
| Total equity and liabilities | 10/49 | €680,057 | €671,245 | -€8,812 | -1.3% |
| Equity | 10/15 | €219,384 | €233,692 | +€14,309 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,260 | €32,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,400 | €30,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,524 | €182,832 | +€14,309 | +8.5% |
| Amounts payable | 17/49 | €460,673 | €437,553 | -€23,121 | -5.0% |
| Amounts payable after more than one year | 17 | €173,471 | €146,062 | -€27,409 | -15.8% |
| Financial debts | 170/4 | €173,471 | €146,062 | -€27,409 | -15.8% |
| Amounts payable within one year | 42/48 | €287,202 | €291,491 | +€4,288 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €29,488 | €29,908 | +€420 | +1.4% |
| Financial debts | 43 | €13,448 | €13,719 | +€271 | +2.0% |
| Credit institutions | 430/8 | €13,448 | €13,719 | +€271 | +2.0% |
| Trade debts | 44 | €21,417 | €28,763 | +€7,346 | +34.3% |
| Suppliers | 440/4 | €21,417 | €28,763 | +€7,346 | +34.3% |
| Taxes, remuneration and social security | 45 | €13,348 | €12,883 | -€465 | -3.5% |
| Taxes | 450/3 | €186 | €1,871 | +€1,685 | +906.8% |
| Remuneration and social security | 454/9 | €13,162 | €11,012 | -€2,150 | -16.3% |
| Other amounts payable | 47/48 | €209,501 | €206,217 | -€3,284 | -1.6% |
| Non-recurring operating income | 76A | - | €4,300 | +€4,300 | |
| Remuneration, social security and pensions | 62 | €88,157 | €95,081 | +€6,923 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,778 | €37,037 | +€259 | +0.7% |
| Other operating charges | 640/8 | €3,584 | €5,496 | +€1,913 | +53.4% |
| Gross operating margin | 9900 | €165,592 | €181,409 | +€15,817 | +9.6% |
| Operating profit (loss) | 9901 | €37,073 | €43,795 | +€6,721 | +18.1% |
| Financial income | 75/76B | €665 | €616 | -€49 | -7.4% |
| Recurring financial income | 75 | €665 | €616 | -€49 | -7.4% |
| Financial charges | 65/66B | €28,060 | €25,148 | -€2,912 | -10.4% |
| Recurring financial charges | 65 | €28,060 | €25,148 | -€2,912 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €9,678 | €19,262 | +€9,584 | +99.0% |
| Income taxes | 67/77 | €2,110 | €4,954 | +€2,844 | +134.8% |
| Profit (loss) for the period | 9904 | €7,568 | €14,309 | +€6,740 | +89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,568 | €14,309 | +€6,740 | +89.1% |
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 6 October 2026 via checked.be.