FREDERIC BOURDOUXHE: 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.
FREDERIC BOURDOUXHE
Largest movements
- Stocks and contracts +€26,645
new in 2025: €26,645
- Cash -€9,614
down €9,614 (-30.9%), from €31,150 to €21,536
mainly Stocks and contracts (-€26,645) and Contributions, distributions and other (-€23,827)
- Tangible fixed assets -€6,790
down €6,790 (-3.2%), from €212,225 to €205,435
of which Land and buildings: -€5,817
- Advances received +€32,240
new in 2025: €32,240
- Other debts +€23,827
new in 2025: €23,827
- Reserves -€23,824
down €23,824 (-94.6%), from €25,183 to €1,359
of which Distributable reserves: -€23,824
- Trade debts -€16,415
down €16,415 (-46.4%), from €35,357 to €18,942
- Debts after one year -€11,206
down €11,206 (-6.6%), from €168,937 to €157,732
- Gross operating margin +€6,146
up €6,146 (+7.6%), from €81,309 to €87,454
- Staff costs +€4,565
up €4,565 (+7.5%), from €60,587 to €65,152
- Other operating charges +€2,829
up €2,829 (+126%), from €2,242 to €5,071
- Financial income +€1,287
up €1,287 (+1,771%), from €73 to €1,360
- Depreciation -€1,005
down €1,005 (-12.9%), from €7,795 to €6,790
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 | €273,870 | €284,751 | +€10,881 | +4.0% |
| Fixed assets | 21/28 | €212,225 | €205,435 | -€6,790 | -3.2% |
| Tangible fixed assets | 22/27 | €212,225 | €205,435 | -€6,790 | -3.2% |
| Land and buildings | 22 | €209,722 | €203,905 | -€5,817 | -2.8% |
| Plant, machinery and equipment | 23 | €918 | €654 | -€265 | -28.8% |
| Furniture and vehicles | 24 | €1,584 | €876 | -€708 | -44.7% |
| Current assets | 29/58 | €61,645 | €79,316 | +€17,671 | +28.7% |
| Stocks and contracts in progress | 3 | - | €26,645 | +€26,645 | |
| Contracts in progress | 37 | - | €26,645 | +€26,645 | |
| Amounts receivable within one year | 40/41 | €25,360 | €25,866 | +€506 | +2.0% |
| Trade receivables | 40 | €2,731 | €5 | -€2,726 | -99.8% |
| Other amounts receivable | 41 | €22,629 | €25,861 | +€3,232 | +14.3% |
| Cash at bank and in hand | 54/58 | €31,150 | €21,536 | -€9,614 | -30.9% |
| Deferred charges and accrued income | 490/1 | €5,135 | €5,269 | +€134 | +2.6% |
| Total equity and liabilities | 10/49 | €273,870 | €284,751 | +€10,881 | +4.0% |
| Equity | 10/15 | €43,964 | €21,713 | -€22,251 | -50.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,183 | €1,359 | -€23,824 | -94.6% |
| Non-distributable reserves | 130/1 | €1,359 | €1,359 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,359 | €1,359 | = | 0.0% |
| Distributable reserves | 133 | €23,824 | - | -€23,824 | |
| Profit (loss) carried forward | 14 | €182 | €1,754 | +€1,572 | +865% |
| Amounts payable | 17/49 | €229,905 | €263,038 | +€33,133 | +14.4% |
| Amounts payable after more than one year | 17 | €168,937 | €157,732 | -€11,206 | -6.6% |
| Financial debts | 170/4 | €168,937 | €157,732 | -€11,206 | -6.6% |
| Amounts payable within one year | 42/48 | €60,968 | €104,288 | +€43,321 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | €10,769 | €11,206 | +€437 | +4.1% |
| Trade debts | 44 | €35,357 | €18,942 | -€16,415 | -46.4% |
| Suppliers | 440/4 | €35,357 | €18,942 | -€16,415 | -46.4% |
| Advances received on contracts in progress | 46 | - | €32,240 | +€32,240 | |
| Taxes, remuneration and social security | 45 | €14,842 | €18,073 | +€3,232 | +21.8% |
| Taxes | 450/3 | €6,968 | €7,266 | +€297 | +4.3% |
| Remuneration and social security | 454/9 | €7,873 | €10,808 | +€2,934 | +37.3% |
| Other amounts payable | 47/48 | - | €23,827 | +€23,827 | |
| Accrued charges and deferred income | 492/3 | - | €1,018 | +€1,018 | |
| Remuneration, social security and pensions | 62 | €60,587 | €65,152 | +€4,565 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,795 | €6,790 | -€1,005 | -12.9% |
| Other operating charges | 640/8 | €2,242 | €5,071 | +€2,829 | +126% |
| Gross operating margin | 9900 | €81,309 | €87,454 | +€6,146 | +7.6% |
| Operating profit (loss) | 9901 | €10,685 | €10,441 | -€244 | -2.3% |
| Financial income | 75/76B | €73 | €1,360 | +€1,287 | +1,771% |
| Recurring financial income | 75 | €73 | €1,360 | +€1,287 | +1,771% |
| Financial charges | 65/66B | €8,446 | €7,927 | -€519 | -6.1% |
| Recurring financial charges | 65 | €8,446 | €7,927 | -€519 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €2,312 | €3,874 | +€1,562 | +67.6% |
| Income taxes | 67/77 | €1,380 | €2,299 | +€919 | +66.6% |
| Profit (loss) for the period | 9904 | €932 | €1,575 | +€643 | +69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €932 | €1,575 | +€643 | +69.1% |
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 25 October 2026 via checked.be.