FREDERIC BUSSCHAERT: 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.
FREDERIC BUSSCHAERT
Largest movements
- Cash -€214,472
down €214,472 (-95.1%), from €225,611 to €11,139
mainly Contributions, distributions and other (-€158,937) and Current investments (-€52,270)
- Current investments +€52,270
up €52,270 (+8.7%), from €597,759 to €650,029
- Reserves -€130,161
down €130,161 (-15.7%), from €829,618 to €699,458
of which Distributable reserves: -€130,161
- Tax, wage and social debts -€21,411
down €21,411 (-47.2%), from €45,374 to €23,963
of which Taxes: -€21,454
- Gross operating margin -€366,018
down €366,018 (-97.1%), from €376,789 to €10,772
- Taxes -€106,370
down €106,370 (-86.4%), from €123,176 to €16,806
- Financial income +€32,961
up €32,961 (+285.4%), from €11,549 to €44,510
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 | €890,431 | €739,378 | -€151,054 | -17.0% |
| Fixed assets | 21/28 | €12,650 | €17,035 | +€4,386 | +34.7% |
| Tangible fixed assets | 22/27 | €12,650 | €17,035 | +€4,386 | +34.7% |
| Furniture and vehicles | 24 | €10,381 | €11,989 | +€1,608 | +15.5% |
| Other tangible fixed assets | 26 | €2,268 | €5,046 | +€2,778 | +122.5% |
| Current assets | 29/58 | €877,782 | €722,342 | -€155,439 | -17.7% |
| Amounts receivable within one year | 40/41 | €52,731 | €59,325 | +€6,594 | +12.5% |
| Trade receivables | 40 | €13,310 | €12,100 | -€1,210 | -9.1% |
| Other amounts receivable | 41 | €39,421 | €47,225 | +€7,804 | +19.8% |
| Current investments | 50/53 | €597,759 | €650,029 | +€52,270 | +8.7% |
| Cash at bank and in hand | 54/58 | €225,611 | €11,139 | -€214,472 | -95.1% |
| Deferred charges and accrued income | 490/1 | €1,681 | €1,849 | +€169 | +10.0% |
| Total equity and liabilities | 10/49 | €890,431 | €739,378 | -€151,054 | -17.0% |
| Equity | 10/15 | €841,996 | €711,835 | -€130,161 | -15.5% |
| Contributions | 10/11 | €12,378 | €12,378 | = | 0.0% |
| Reserves | 13 | €829,618 | €699,458 | -€130,161 | -15.7% |
| Tax-exempt reserves | 132 | €460 | €460 | = | 0.0% |
| Distributable reserves | 133 | €829,158 | €698,998 | -€130,161 | -15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,435 | €27,542 | -€20,893 | -43.1% |
| Amounts payable within one year | 42/48 | €48,435 | €27,542 | -€20,893 | -43.1% |
| Trade debts | 44 | €3,061 | €3,579 | +€518 | +16.9% |
| Suppliers | 440/4 | €3,061 | €3,579 | +€518 | +16.9% |
| Taxes, remuneration and social security | 45 | €45,374 | €23,963 | -€21,411 | -47.2% |
| Taxes | 450/3 | €39,028 | €17,574 | -€21,454 | -55.0% |
| Remuneration and social security | 454/9 | €6,346 | €6,389 | +€43 | +0.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,167 | €4,780 | -€387 | -7.5% |
| Other operating charges | 640/8 | €2,293 | €4,734 | +€2,441 | +106.5% |
| Gross operating margin | 9900 | €376,789 | €10,772 | -€366,018 | -97.1% |
| Operating profit (loss) | 9901 | €369,329 | €1,258 | -€368,072 | -99.7% |
| Financial income | 75/76B | €11,549 | €44,510 | +€32,961 | +285.4% |
| Recurring financial income | 75 | €11,549 | €44,510 | +€32,961 | +285.4% |
| Financial charges | 65/66B | €136 | €185 | +€49 | +36.0% |
| Recurring financial charges | 65 | €136 | €185 | +€49 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €380,742 | €45,582 | -€335,160 | -88.0% |
| Income taxes | 67/77 | €123,176 | €16,806 | -€106,370 | -86.4% |
| Profit (loss) for the period | 9904 | €257,566 | €28,776 | -€228,790 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €257,566 | €28,776 | -€228,790 | -88.8% |
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.