FREDERIC BRICOUT: 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 BRICOUT
Largest movements
- Receivables within one year -€223,527
down €223,527 (-56.5%), from €395,487 to €171,960
of which Other amounts receivable: -€222,082
- Current investments -€192,503
down €192,503 (-16.8%), from €1.1m to €952,063
- Cash +€177,821
up €177,821 (+7456.4%), from €2,385 to €180,205
mainly Other debts (+€227,768) and Receivables within one year (+€223,527)
- Intangible fixed assets -€62,134
down €62,134 (-68.1%), from €91,304 to €29,170
- Tangible fixed assets -€51,425
down €51,425 (-21.7%), from €236,786 to €185,362
of which Furniture and vehicles: -€50,195
- Profit (loss) carried forward -€397,073
down €397,073 (-100.0%), from €397,233 to €160
- Other debts +€227,768
up €227,768 (+80.4%), from €283,333 to €511,101
- Trade debts -€72,378
down €72,378 (-95.0%), from €76,169 to €3,791
- Tax, wage and social debts -€63,287
down €63,287 (-68.6%), from €92,299 to €29,012
of which Taxes: -€60,943
- Debts after one year -€26,445
down €26,445 (-31.2%), from €84,797 to €58,352
- Gross operating margin -€694,532
down €694,532 (-88.0%), from €789,308 to €94,776
- Financial income +€193,682
up €193,682 (+604.2%), from €32,057 to €225,739
- Taxes -€124,495
down €124,495 (-65.2%), from €190,940 to €66,445
- Financial charges +€94,996
up €94,996 (+749.6%), from €12,673 to €107,669
- Staff costs -€17,641
down €17,641 (-100.0%), from €17,641 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,005,068 | €1,653,271 | -€351,796 | -17.5% |
| Fixed assets | 21/28 | €328,227 | €214,532 | -€113,695 | -34.6% |
| Intangible fixed assets | 21 | €91,304 | €29,170 | -€62,134 | -68.1% |
| Tangible fixed assets | 22/27 | €236,786 | €185,362 | -€51,425 | -21.7% |
| Land and buildings | 22 | €19,239 | €15,644 | -€3,595 | -18.7% |
| Plant, machinery and equipment | 23 | €28,911 | €24,773 | -€4,138 | -14.3% |
| Furniture and vehicles | 24 | €164,636 | €114,441 | -€50,195 | -30.5% |
| Other tangible fixed assets | 26 | €24,000 | €30,503 | +€6,503 | +27.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €137 | €0 | -€137 | -100.0% |
| Current assets | 29/58 | €1,676,841 | €1,438,739 | -€238,102 | -14.2% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €395,487 | €171,960 | -€223,527 | -56.5% |
| Trade receivables | 40 | €35,632 | €34,187 | -€1,445 | -4.1% |
| Other amounts receivable | 41 | €359,855 | €137,773 | -€222,082 | -61.7% |
| Current investments | 50/53 | €1,144,567 | €952,063 | -€192,503 | -16.8% |
| Cash at bank and in hand | 54/58 | €2,385 | €180,205 | +€177,821 | +7456.4% |
| Deferred charges and accrued income | 490/1 | €4,403 | €4,511 | +€108 | +2.5% |
| Total equity and liabilities | 10/49 | €2,005,068 | €1,653,271 | -€351,796 | -17.5% |
| Equity | 10/15 | €1,397,860 | €1,000,787 | -€397,073 | -28.4% |
| Contributions | 10/11 | €580,750 | €580,750 | = | 0.0% |
| Reserves | 13 | €419,877 | €419,877 | = | 0.0% |
| Distributable reserves | 133 | €419,877 | €419,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | €397,233 | €160 | -€397,073 | -100.0% |
| Amounts payable | 17/49 | €607,208 | €652,485 | +€45,276 | +7.5% |
| Amounts payable after more than one year | 17 | €84,797 | €58,352 | -€26,445 | -31.2% |
| Financial debts | 170/4 | €84,797 | €58,352 | -€26,445 | -31.2% |
| Amounts payable within one year | 42/48 | €522,411 | €592,882 | +€70,471 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €25,480 | €26,445 | +€964 | +3.8% |
| Financial debts | 43 | €45,130 | €22,533 | -€22,596 | -50.1% |
| Credit institutions | 430/8 | €45,130 | €22,533 | -€22,596 | -50.1% |
| Trade debts | 44 | €76,169 | €3,791 | -€72,378 | -95.0% |
| Suppliers | 440/4 | €76,169 | €3,791 | -€72,378 | -95.0% |
| Taxes, remuneration and social security | 45 | €92,299 | €29,012 | -€63,287 | -68.6% |
| Taxes | 450/3 | €89,955 | €29,012 | -€60,943 | -67.7% |
| Remuneration and social security | 454/9 | €2,344 | €0 | -€2,344 | -100.0% |
| Other amounts payable | 47/48 | €283,333 | €511,101 | +€227,768 | +80.4% |
| Accrued charges and deferred income | 492/3 | €0 | €1,250 | +€1,250 | |
| Non-recurring operating income | 76A | €13,098 | €3,793 | -€9,305 | -71.0% |
| Remuneration, social security and pensions | 62 | €17,641 | €0 | -€17,641 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,392 | €74,815 | +€5,423 | +7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,000 | €0 | +€10,000 | |
| Other operating charges | 640/8 | €18,205 | €2,759 | -€15,446 | -84.8% |
| Gross operating margin | 9900 | €789,308 | €94,776 | -€694,532 | -88.0% |
| Operating profit (loss) | 9901 | €694,071 | €17,203 | -€676,868 | -97.5% |
| Financial income | 75/76B | €32,057 | €225,739 | +€193,682 | +604.2% |
| Recurring financial income | 75 | €32,057 | €225,739 | +€193,682 | +604.2% |
| Financial charges | 65/66B | €12,673 | €107,669 | +€94,996 | +749.6% |
| Recurring financial charges | 65 | €12,673 | €107,669 | +€94,996 | +749.6% |
| Profit (loss) for the period before taxes | 9903 | €713,455 | €135,273 | -€578,183 | -81.0% |
| Income taxes | 67/77 | €190,940 | €66,445 | -€124,495 | -65.2% |
| Profit (loss) for the period | 9904 | €522,515 | €68,827 | -€453,688 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €522,515 | €68,827 | -€453,688 | -86.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.