Frédéric Dereppe: 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 Dereppe
Largest movements
- Intangible fixed assets +€672,668
up €672,668 (+245%), from €274,167 to €946,835
- Tangible fixed assets +€188,112
up €188,112 (+26.1%), from €720,918 to €909,030
of which Furniture and vehicles: +€169,454
- Cash +€126,855
up €126,855 (+33.6%), from €377,233 to €504,089
mainly Debts after one year (+€641,815) and Other debts (+€393,121)
- Receivables within one year +€59,389
up €59,389 (+70.0%), from €84,861 to €144,250
- Debts after one year +€641,815
up €641,815 (+92.2%), from €696,177 to €1.3m
- Other debts +€393,121
up €393,121 (+3,060%), from €12,847 to €405,968
- Profit (loss) carried forward -€99,891
down €99,891 (-17.8%), from €562,690 to €462,800
- Current portion of long-term debt +€70,248
up €70,248 (+67.6%), from €103,849 to €174,097
- Tax, wage and social debts +€52,455
up €52,455 (+67.6%), from €77,561 to €130,016
of which Remuneration and social security: +€72,476
- Gross operating margin +€394,213
up €394,213 (+48.4%), from €814,505 to €1.2m
- Staff costs +€227,881
up €227,881 (+84.1%), from €270,828 to €498,709
- Depreciation +€62,368
up €62,368 (+42.5%), from €146,845 to €209,214
- Taxes +€19,754
up €19,754 (+19.9%), from €99,472 to €119,226
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 | €1,470,927 | €2,524,970 | +€1.1m | +71.7% |
| Fixed assets | 21/28 | €995,085 | €1,855,865 | +€860,780 | +86.5% |
| Intangible fixed assets | 21 | €274,167 | €946,835 | +€672,668 | +245% |
| Tangible fixed assets | 22/27 | €720,918 | €909,030 | +€188,112 | +26.1% |
| Land and buildings | 22 | €582,956 | €601,614 | +€18,658 | +3.2% |
| Furniture and vehicles | 24 | €137,962 | €307,417 | +€169,454 | +123% |
| Current assets | 29/58 | €475,842 | €669,105 | +€193,263 | +40.6% |
| Amounts receivable within one year | 40/41 | €84,861 | €144,250 | +€59,389 | +70.0% |
| Trade receivables | 40 | €84,861 | €144,250 | +€59,389 | +70.0% |
| Cash at bank and in hand | 54/58 | €377,233 | €504,089 | +€126,855 | +33.6% |
| Deferred charges and accrued income | 490/1 | €13,747 | €20,767 | +€7,019 | +51.1% |
| Total equity and liabilities | 10/49 | €1,470,927 | €2,524,970 | +€1.1m | +71.7% |
| Equity | 10/15 | €567,690 | €467,800 | -€99,891 | -17.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €562,690 | €462,800 | -€99,891 | -17.8% |
| Amounts payable | 17/49 | €903,236 | €2,057,170 | +€1.2m | +128% |
| Amounts payable after more than one year | 17 | €696,177 | €1,337,992 | +€641,815 | +92.2% |
| Financial debts | 170/4 | €696,177 | €1,337,992 | +€641,815 | +92.2% |
| Amounts payable within one year | 42/48 | €203,200 | €719,179 | +€515,979 | +254% |
| Current portion of amounts payable after more than one year | 42 | €103,849 | €174,097 | +€70,248 | +67.6% |
| Trade debts | 44 | €8,942 | €9,098 | +€155 | +1.7% |
| Suppliers | 440/4 | €8,942 | €9,098 | +€155 | +1.7% |
| Taxes, remuneration and social security | 45 | €77,561 | €130,016 | +€52,455 | +67.6% |
| Taxes | 450/3 | €37,662 | €17,642 | -€20,020 | -53.2% |
| Remuneration and social security | 454/9 | €39,899 | €112,374 | +€72,476 | +182% |
| Other amounts payable | 47/48 | €12,847 | €405,968 | +€393,121 | +3,060% |
| Accrued charges and deferred income | 492/3 | €3,860 | - | -€3,860 | |
| Remuneration, social security and pensions | 62 | €270,828 | €498,709 | +€227,881 | +84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,845 | €209,214 | +€62,368 | +42.5% |
| Other operating charges | 640/8 | €13,027 | €13,865 | +€838 | +6.4% |
| Non-recurring operating charges | 66A | - | €4,357 | +€4,357 | |
| Gross operating margin | 9900 | €814,505 | €1,208,718 | +€394,213 | +48.4% |
| Operating profit (loss) | 9901 | €383,804 | €482,573 | +€98,769 | +25.7% |
| Financial income | 75/76B | €5,530 | - | -€5,530 | |
| Recurring financial income | 75 | €5,530 | - | -€5,530 | |
| Financial charges | 65/66B | €10,230 | €13,238 | +€3,008 | +29.4% |
| Recurring financial charges | 65 | €10,230 | €13,238 | +€3,008 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €379,104 | €469,335 | +€90,231 | +23.8% |
| Income taxes | 67/77 | €99,472 | €119,226 | +€19,754 | +19.9% |
| Profit (loss) for the period | 9904 | €279,632 | €350,109 | +€70,477 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €279,632 | €350,109 | +€70,477 | +25.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.