Frédéric COSTERS: 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.
Frédéric COSTERS
Largest movements
- Current investments +€25,000
up €25,000 (+14.3%), from €175,000 to €200,000
- Tangible fixed assets -€24,009
down €24,009 (-26.7%), from €89,891 to €65,882
of which Furniture and vehicles: -€23,575
- Cash -€3,542
down €3,542 (-59.9%), from €5,916 to €2,374
mainly Current investments (-€25,000) and Debts after one year (-€15,971)
- Debts after one year -€15,971
down €15,971 (-32.1%), from €49,817 to €33,846
- Reserves +€14,876
up €14,876 (+8.1%), from €184,679 to €199,555
- Tax, wage and social debts -€5,482
down €5,482 (-100%), from €5,482 to €0
of which Remuneration and social security: -€4,368
- Other debts +€2,999
up €2,999 (+29.0%), from €10,330 to €13,329
- Gross operating margin -€10,051
down €10,051 (-14.4%), from €69,934 to €59,883
- Staff costs -€4,575
down €4,575 (-29.8%), from €15,336 to €10,762
- Depreciation +€4,013
up €4,013 (+20.1%), from €19,997 to €24,009
- Taxes -€2,993
down €2,993 (-27.4%), from €10,912 to €7,920
- Financial income -€2,886
down €2,886 (-61.6%), from €4,681 to €1,795
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 | €278,666 | €275,441 | -€3,225 | -1.2% |
| Fixed assets | 21/28 | €94,135 | €70,125 | -€24,009 | -25.5% |
| Tangible fixed assets | 22/27 | €89,891 | €65,882 | -€24,009 | -26.7% |
| Plant, machinery and equipment | 23 | €1,356 | €922 | -€435 | -32.0% |
| Furniture and vehicles | 24 | €88,535 | €64,960 | -€23,575 | -26.6% |
| Financial fixed assets | 28 | €4,243 | €4,243 | = | 0.0% |
| Current assets | 29/58 | €184,531 | €205,315 | +€20,785 | +11.3% |
| Amounts receivable within one year | 40/41 | €2,783 | €2,607 | -€176 | -6.3% |
| Trade receivables | 40 | €1,661 | €0 | -€1,661 | -100% |
| Other amounts receivable | 41 | €1,122 | €2,607 | +€1,485 | +132% |
| Current investments | 50/53 | €175,000 | €200,000 | +€25,000 | +14.3% |
| Cash at bank and in hand | 54/58 | €5,916 | €2,374 | -€3,542 | -59.9% |
| Deferred charges and accrued income | 490/1 | €832 | €334 | -€498 | -59.9% |
| Total equity and liabilities | 10/49 | €278,666 | €275,441 | -€3,225 | -1.2% |
| Equity | 10/15 | €197,079 | €211,955 | +€14,876 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,679 | €199,555 | +€14,876 | +8.1% |
| Distributable reserves | 133 | €184,679 | €199,555 | +€14,876 | +8.1% |
| Amounts payable | 17/49 | €81,587 | €63,486 | -€18,100 | -22.2% |
| Amounts payable after more than one year | 17 | €49,817 | €33,846 | -€15,971 | -32.1% |
| Financial debts | 170/4 | €49,817 | €33,846 | -€15,971 | -32.1% |
| Amounts payable within one year | 42/48 | €31,770 | €29,640 | -€2,129 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €15,394 | €15,971 | +€577 | +3.7% |
| Trade debts | 44 | €564 | €341 | -€223 | -39.6% |
| Suppliers | 440/4 | €564 | €341 | -€223 | -39.6% |
| Taxes, remuneration and social security | 45 | €5,482 | €0 | -€5,482 | -100% |
| Taxes | 450/3 | €1,113 | €0 | -€1,113 | -100% |
| Remuneration and social security | 454/9 | €4,368 | €0 | -€4,368 | -100% |
| Other amounts payable | 47/48 | €10,330 | €13,329 | +€2,999 | +29.0% |
| Non-recurring operating income | 76A | €9,513 | €0 | -€9,513 | -100% |
| Remuneration, social security and pensions | 62 | €15,336 | €10,762 | -€4,575 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,997 | €24,009 | +€4,013 | +20.1% |
| Other operating charges | 640/8 | €1,735 | €1,551 | -€184 | -10.6% |
| Gross operating margin | 9900 | €69,934 | €59,883 | -€10,051 | -14.4% |
| Operating profit (loss) | 9901 | €32,866 | €23,560 | -€9,305 | -28.3% |
| Financial income | 75/76B | €4,681 | €1,795 | -€2,886 | -61.6% |
| Recurring financial income | 75 | €4,681 | €1,795 | -€2,886 | -61.6% |
| Financial charges | 65/66B | €2,589 | €2,561 | -€28 | -1.1% |
| Recurring financial charges | 65 | €2,589 | €2,561 | -€28 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €34,958 | €22,795 | -€12,163 | -34.8% |
| Income taxes | 67/77 | €10,912 | €7,920 | -€2,993 | -27.4% |
| Profit (loss) for the period | 9904 | €24,045 | €14,876 | -€9,170 | -38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,045 | €14,876 | -€9,170 | -38.1% |
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 13 October 2026 via checked.be.