FREDERIK BIESEMANS: 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.
FREDERIK BIESEMANS
Largest movements
- Cash -€26,646
down €26,646 (-69.7%), from €38,215 to €11,569
mainly Trade debts (-€28,495) and Debts after one year (-€15,559)
- Stocks and contracts -€20,698
down €20,698 (-34.1%), from €60,632 to €39,934
- Receivables within one year +€3,846
up €3,846 (+5.7%), from €67,917 to €71,763
of which Other amounts receivable: +€6,759
- Trade debts -€28,495
down €28,495 (-89.1%), from €31,994 to €3,498
- Debts after one year -€15,559
down €15,559 (-54.4%), from €28,613 to €13,054
- Tax, wage and social debts -€7,936
down €7,936 (-27.3%), from €29,087 to €21,151
of which Remuneration and social security: -€4,212
- Current portion of long-term debt +€7,698
new in 2025: €7,698
- Purchases and services -€128,447
no longer reported in 2025 (was €128,447)
- Turnover -€98,384
no longer reported in 2025 (was €98,384)
- Gross operating margin +€22,235
up €22,235 (+197%), from €11,259 to €33,494
- Write-downs +€20,000
new in 2025: €20,000
- Other operating charges -€19,408
down €19,408 (-95.2%), from €20,387 to €980
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 | €236,117 | €191,645 | -€44,472 | -18.8% |
| Fixed assets | 21/28 | €17,791 | €16,817 | -€974 | -5.5% |
| Tangible fixed assets | 22/27 | €17,791 | €16,817 | -€974 | -5.5% |
| Land and buildings | 22 | €15,645 | €10,430 | -€5,215 | -33.3% |
| Plant, machinery and equipment | 23 | €2,147 | €6,388 | +€4,241 | +198% |
| Current assets | 29/58 | €218,326 | €174,827 | -€43,498 | -19.9% |
| Amounts receivable after more than one year | 29 | €51,561 | €51,561 | = | 0.0% |
| Other amounts receivable | 291 | €51,561 | €51,561 | = | 0.0% |
| Stocks and contracts in progress | 3 | €60,632 | €39,934 | -€20,698 | -34.1% |
| Stocks | 30/36 | €60,632 | €39,934 | -€20,698 | -34.1% |
| Amounts receivable within one year | 40/41 | €67,917 | €71,763 | +€3,846 | +5.7% |
| Trade receivables | 40 | €42,404 | €39,492 | -€2,912 | -6.9% |
| Other amounts receivable | 41 | €25,513 | €32,272 | +€6,759 | +26.5% |
| Cash at bank and in hand | 54/58 | €38,215 | €11,569 | -€26,646 | -69.7% |
| Total equity and liabilities | 10/49 | €236,117 | €191,645 | -€44,472 | -18.8% |
| Equity | 10/15 | €146,424 | €146,244 | -€180 | -0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €101,094 | €101,094 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,371 | €17,371 | = | 0.0% |
| Distributable reserves | 133 | €83,723 | €83,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,930 | €32,750 | -€180 | -0.5% |
| Amounts payable | 17/49 | €89,693 | €45,401 | -€44,292 | -49.4% |
| Amounts payable after more than one year | 17 | €28,613 | €13,054 | -€15,559 | -54.4% |
| Financial debts | 170/4 | €28,613 | €13,054 | -€15,559 | -54.4% |
| Amounts payable within one year | 42/48 | €61,080 | €32,347 | -€28,733 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,698 | +€7,698 | |
| Trade debts | 44 | €31,994 | €3,498 | -€28,495 | -89.1% |
| Suppliers | 440/4 | €31,994 | €3,498 | -€28,495 | -89.1% |
| Taxes, remuneration and social security | 45 | €29,087 | €21,151 | -€7,936 | -27.3% |
| Taxes | 450/3 | €24,875 | €21,151 | -€3,724 | -15.0% |
| Remuneration and social security | 454/9 | €4,212 | - | -€4,212 | |
| Turnover | 70 | €98,384 | - | -€98,384 | |
| Goods, raw materials, services and sundry goods | 60/61 | €128,447 | - | -€128,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,288 | €8,945 | +€2,657 | +42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,000 | +€20,000 | |
| Other operating charges | 640/8 | €20,387 | €980 | -€19,408 | -95.2% |
| Gross operating margin | 9900 | €11,259 | €33,494 | +€22,235 | +197% |
| Operating profit (loss) | 9901 | -€15,416 | €3,569 | +€18,985 | |
| Financial income | 75/76B | €542 | €0 | -€542 | -100.0% |
| Recurring financial income | 75 | €542 | €0 | -€542 | -100.0% |
| Financial charges | 65/66B | €4,114 | €3,749 | -€365 | -8.9% |
| Recurring financial charges | 65 | €4,114 | €3,749 | -€365 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,988 | -€180 | +€18,808 | +99.1% |
| Income taxes | 67/77 | €880 | - | -€880 | |
| Profit (loss) for the period | 9904 | -€19,868 | -€180 | +€19,688 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,868 | -€180 | +€19,688 | +99.1% |
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 14 October 2026 via checked.be.