FREDERIC DEMEYERE: 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 DEMEYERE
Largest movements
- Tangible fixed assets -€10,666
down €10,666 (-6.7%), from €158,513 to €147,847
of which Land and buildings: -€7,094
- Cash +€5,783
up €5,783 (+6.7%), from €86,434 to €92,217
mainly Other debts (+€29,865) and Depreciation (+€13,766)
- Receivables within one year +€4,085
up €4,085 (+18.7%), from €21,878 to €25,963
of which Other amounts receivable: +€2,810
- Deferred charges and accrued income +€2,745
up €2,745 (+99.1%), from €2,769 to €5,514
- Other debts +€29,865
up €29,865 (+385%), from €7,766 to €37,631
- Reserves -€17,304
down €17,304 (-15.5%), from €111,574 to €94,270
- Debts after one year -€11,958
down €11,958 (-11.6%), from €103,198 to €91,240
- Trade debts +€8,652
up €8,652 (+195%), from €4,440 to €13,092
- Current portion of long-term debt -€5,380
down €5,380 (-31.0%), from €17,338 to €11,958
- Gross operating margin -€16,490
down €16,490 (-31.9%), from €51,690 to €35,200
- Taxes -€3,971
down €3,971 (-40.0%), from €9,923 to €5,952
- Financial income +€1,148
up €1,148 (+2,869%), from €40 to €1,188
- Depreciation -€937
down €937 (-6.4%), from €14,703 to €13,766
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 | €269,595 | €271,542 | +€1,947 | +0.7% |
| Fixed assets | 21/28 | €158,513 | €147,847 | -€10,666 | -6.7% |
| Tangible fixed assets | 22/27 | €158,513 | €147,847 | -€10,666 | -6.7% |
| Land and buildings | 22 | €146,411 | €139,317 | -€7,094 | -4.8% |
| Plant, machinery and equipment | 23 | - | €1,581 | +€1,581 | |
| Furniture and vehicles | 24 | €12,102 | €6,949 | -€5,153 | -42.6% |
| Current assets | 29/58 | €111,081 | €123,695 | +€12,613 | +11.4% |
| Amounts receivable within one year | 40/41 | €21,878 | €25,963 | +€4,085 | +18.7% |
| Trade receivables | 40 | €19,581 | €20,856 | +€1,275 | +6.5% |
| Other amounts receivable | 41 | €2,297 | €5,108 | +€2,810 | +122% |
| Cash at bank and in hand | 54/58 | €86,434 | €92,217 | +€5,783 | +6.7% |
| Deferred charges and accrued income | 490/1 | €2,769 | €5,514 | +€2,745 | +99.1% |
| Total equity and liabilities | 10/49 | €269,595 | €271,542 | +€1,947 | +0.7% |
| Equity | 10/15 | €131,574 | €114,270 | -€17,304 | -13.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €111,574 | €94,270 | -€17,304 | -15.5% |
| Distributable reserves | 133 | €111,574 | €94,270 | -€17,304 | -15.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €138,020 | €157,272 | +€19,251 | +13.9% |
| Amounts payable after more than one year | 17 | €103,198 | €91,240 | -€11,958 | -11.6% |
| Financial debts | 170/4 | €103,198 | €91,240 | -€11,958 | -11.6% |
| Amounts payable within one year | 42/48 | €34,823 | €66,032 | +€31,210 | +89.6% |
| Current portion of amounts payable after more than one year | 42 | €17,338 | €11,958 | -€5,380 | -31.0% |
| Trade debts | 44 | €4,440 | €13,092 | +€8,652 | +195% |
| Suppliers | 440/4 | €4,440 | €13,092 | +€8,652 | +195% |
| Taxes, remuneration and social security | 45 | €5,279 | €3,350 | -€1,928 | -36.5% |
| Taxes | 450/3 | €5,279 | €3,350 | -€1,928 | -36.5% |
| Other amounts payable | 47/48 | €7,766 | €37,631 | +€29,865 | +385% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,703 | €13,766 | -€937 | -6.4% |
| Other operating charges | 640/8 | €1,114 | €1,365 | +€251 | +22.5% |
| Gross operating margin | 9900 | €51,690 | €35,200 | -€16,490 | -31.9% |
| Operating profit (loss) | 9901 | €35,873 | €20,069 | -€15,804 | -44.1% |
| Financial income | 75/76B | €40 | €1,188 | +€1,148 | +2,869% |
| Recurring financial income | 75 | €40 | €1,188 | +€1,148 | +2,869% |
| Financial charges | 65/66B | €2,088 | €1,578 | -€510 | -24.4% |
| Recurring financial charges | 65 | €2,088 | €1,578 | -€510 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €33,825 | €19,679 | -€14,146 | -41.8% |
| Income taxes | 67/77 | €9,923 | €5,952 | -€3,971 | -40.0% |
| Profit (loss) for the period | 9904 | €23,902 | €13,727 | -€10,176 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,902 | €13,727 | -€10,176 | -42.6% |
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 27 October 2026 via checked.be.