FREDERIC GEVAERT: 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 GEVAERT
Largest movements
- Financial fixed assets +€161,298
up €161,298 (+293269.6%), from €55 to €161,353
- Receivables within one year +€18,459
up €18,459 (+97.2%), from €18,997 to €37,456
of which Trade receivables: +€9,459
- Cash -€18,074
down €18,074 (-35.5%), from €50,981 to €32,907
mainly Investment in fixed assets (net) (-€167,893) and Receivables within one year (-€18,459)
- Tangible fixed assets +€4,172
up €4,172 (+104.2%), from €4,003 to €8,175
of which Plant, machinery and equipment: +€4,440
- Debts after one year +€134,310
new in 2025: €134,310
- Current portion of long-term debt +€20,520
new in 2025: €20,520
- Reserves +€5,996
up €5,996 (+9.8%), from €61,225 to €67,221
- Gross operating margin -€23,999
down €23,999 (-58.4%), from €41,062 to €17,064
- Taxes -€5,832
down €5,832 (-57.5%), from €10,149 to €4,317
- Financial charges +€2,686
up €2,686 (+1184.1%), from €227 to €2,912
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 | €75,515 | €239,891 | +€164,377 | +217.7% |
| Fixed assets | 21/28 | €4,058 | €169,529 | +€165,471 | +4077.4% |
| Tangible fixed assets | 22/27 | €4,003 | €8,175 | +€4,172 | +104.2% |
| Land and buildings | 22 | €1,709 | €1,506 | -€203 | -11.9% |
| Plant, machinery and equipment | 23 | €698 | €5,139 | +€4,440 | +635.7% |
| Furniture and vehicles | 24 | €1,596 | €1,530 | -€65 | -4.1% |
| Financial fixed assets | 28 | €55 | €161,353 | +€161,298 | +293269.6% |
| Current assets | 29/58 | €71,456 | €70,363 | -€1,094 | -1.5% |
| Amounts receivable within one year | 40/41 | €18,997 | €37,456 | +€18,459 | +97.2% |
| Trade receivables | 40 | €3,597 | €13,056 | +€9,459 | +263.0% |
| Other amounts receivable | 41 | €15,400 | €24,400 | +€9,000 | +58.4% |
| Cash at bank and in hand | 54/58 | €50,981 | €32,907 | -€18,074 | -35.5% |
| Deferred charges and accrued income | 490/1 | €1,479 | - | -€1,479 | |
| Total equity and liabilities | 10/49 | €75,515 | €239,891 | +€164,377 | +217.7% |
| Equity | 10/15 | €66,225 | €72,221 | +€5,996 | +9.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €61,225 | €67,221 | +€5,996 | +9.8% |
| Distributable reserves | 133 | €61,225 | €67,221 | +€5,996 | +9.8% |
| Amounts payable | 17/49 | €9,290 | €167,671 | +€158,381 | +1704.8% |
| Amounts payable after more than one year | 17 | - | €134,310 | +€134,310 | |
| Financial debts | 170/4 | - | €134,310 | +€134,310 | |
| Amounts payable within one year | 42/48 | €9,290 | €33,360 | +€24,070 | +259.1% |
| Current portion of amounts payable after more than one year | 42 | - | €20,520 | +€20,520 | |
| Trade debts | 44 | €2,029 | €3,371 | +€1,342 | +66.2% |
| Suppliers | 440/4 | €2,029 | €3,371 | +€1,342 | +66.2% |
| Taxes, remuneration and social security | 45 | €7,233 | €9,372 | +€2,138 | +29.6% |
| Taxes | 450/3 | €7,233 | €9,372 | +€2,138 | +29.6% |
| Other amounts payable | 47/48 | €28 | €98 | +€70 | +248.2% |
| Remuneration, social security and pensions | 62 | €279 | €337 | +€58 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,113 | €2,423 | +€310 | +14.7% |
| Other operating charges | 640/8 | €671 | €1,079 | +€408 | +60.7% |
| Gross operating margin | 9900 | €41,062 | €17,064 | -€23,999 | -58.4% |
| Operating profit (loss) | 9901 | €37,999 | €13,225 | -€24,774 | -65.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +9900.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +9900.0% |
| Financial charges | 65/66B | €227 | €2,912 | +€2,686 | +1184.1% |
| Recurring financial charges | 65 | €227 | €2,912 | +€2,686 | +1184.1% |
| Profit (loss) for the period before taxes | 9903 | €37,772 | €10,313 | -€27,459 | -72.7% |
| Income taxes | 67/77 | €10,149 | €4,317 | -€5,832 | -57.5% |
| Profit (loss) for the period | 9904 | €27,623 | €5,996 | -€21,627 | -78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,623 | €5,996 | -€21,627 | -78.3% |
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 10 October 2026 via checked.be.