FREDERIC PETIT: 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 PETIT
Largest movements
- Receivables within one year +€58,588
up €58,588 (+123%), from €47,499 to €106,087
of which Other amounts receivable: +€54,925
- Current investments +€56,889
up €56,889 (+11.0%), from €516,538 to €573,427
- Tangible fixed assets -€26,700
down €26,700 (-15.7%), from €170,523 to €143,823
of which Land and buildings: -€13,538
- Other debts +€213,496
up €213,496 (+186%), from €114,753 to €328,249
- Reserves -€78,840
down €78,840 (-12.8%), from €614,999 to €536,159
of which Distributable reserves: -€75,000
- Profit (loss) carried forward -€32,960
down €32,960, from €6,805 to -€26,155
- Tax, wage and social debts -€16,082
no longer reported in 2025 (was €16,082)
- Taxes -€61,922
down €61,922, from €61,908 to -€14
- Financial income -€14,710
down €14,710 (-52.3%), from €28,134 to €13,423
- Gross operating margin -€10,870
down €10,870 (-5.2%), from €211,011 to €200,141
- Financial charges -€9,928
down €9,928, from €4,698 to -€5,230
of which Non-recurring financial charges: -€10,839
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 | €779,181 | €866,595 | +€87,414 | +11.2% |
| Fixed assets | 21/28 | €170,573 | €143,873 | -€26,700 | -15.7% |
| Tangible fixed assets | 22/27 | €170,523 | €143,823 | -€26,700 | -15.7% |
| Land and buildings | 22 | €129,353 | €115,815 | -€13,538 | -10.5% |
| Plant, machinery and equipment | 23 | €2,856 | €1,209 | -€1,648 | -57.7% |
| Furniture and vehicles | 24 | €38,313 | €26,799 | -€11,515 | -30.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €608,608 | €722,723 | +€114,114 | +18.8% |
| Amounts receivable within one year | 40/41 | €47,499 | €106,087 | +€58,588 | +123% |
| Trade receivables | 40 | €47,499 | €51,162 | +€3,663 | +7.7% |
| Other amounts receivable | 41 | - | €54,925 | +€54,925 | |
| Current investments | 50/53 | €516,538 | €573,427 | +€56,889 | +11.0% |
| Cash at bank and in hand | 54/58 | €44,572 | €41,142 | -€3,430 | -7.7% |
| Deferred charges and accrued income | 490/1 | - | €2,068 | +€2,068 | |
| Total equity and liabilities | 10/49 | €779,181 | €866,595 | +€87,414 | +11.2% |
| Equity | 10/15 | €641,803 | €530,004 | -€111,800 | -17.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €614,999 | €536,159 | -€78,840 | -12.8% |
| Tax-exempt reserves | 132 | €31,049 | €27,209 | -€3,840 | -12.4% |
| Distributable reserves | 133 | €583,950 | €508,950 | -€75,000 | -12.8% |
| Profit (loss) carried forward | 14 | €6,805 | -€26,155 | -€32,960 | |
| Provisions and deferred taxes | 16 | €3,075 | €2,115 | -€960 | -31.2% |
| Deferred taxes | 168 | €3,075 | €2,115 | -€960 | -31.2% |
| Amounts payable | 17/49 | €134,303 | €334,477 | +€200,174 | +149% |
| Amounts payable within one year | 42/48 | €132,301 | €332,547 | +€200,246 | +151% |
| Trade debts | 44 | €1,466 | €4,298 | +€2,833 | +193% |
| Suppliers | 440/4 | €1,466 | €4,298 | +€2,833 | +193% |
| Taxes, remuneration and social security | 45 | €16,082 | - | -€16,082 | |
| Taxes | 450/3 | €16,082 | - | -€16,082 | |
| Other amounts payable | 47/48 | €114,753 | €328,249 | +€213,496 | +186% |
| Accrued charges and deferred income | 492/3 | €2,002 | €1,930 | -€72 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,160 | €26,700 | -€460 | -1.7% |
| Other operating charges | 640/8 | €4,835 | €4,582 | -€253 | -5.2% |
| Non-recurring operating charges | 66A | - | €225,286 | +€225,286 | |
| Gross operating margin | 9900 | €211,011 | €200,141 | -€10,870 | -5.2% |
| Operating profit (loss) | 9901 | €179,017 | -€56,427 | -€235,443 | |
| Financial income | 75/76B | €28,134 | €13,423 | -€14,710 | -52.3% |
| Recurring financial income | 75 | €28,134 | €13,423 | -€14,710 | -52.3% |
| Financial charges | 65/66B | €4,698 | -€5,230 | -€9,928 | |
| Recurring financial charges | 65 | €3,869 | €4,780 | +€911 | +23.5% |
| Non-recurring financial charges | 66B | €829 | -€10,010 | -€10,839 | |
| Profit (loss) for the period before taxes | 9903 | €202,452 | -€37,774 | -€240,226 | |
| Transfer from deferred taxes | 780 | €960 | €960 | = | 0.0% |
| Income taxes | 67/77 | €61,908 | -€14 | -€61,922 | |
| Profit (loss) for the period | 9904 | €141,505 | -€36,800 | -€178,304 | |
| Transfer from tax-exempt reserves | 789 | €3,840 | €3,840 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,345 | -€32,960 | -€178,304 |
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 17 October 2026 via checked.be.