FREDERIK BOURGOIS: what changed
Two fiscal 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 BOURGOIS
Largest movements
- Cash +€69,831
up €69,831 (+35.3%), from €197,846 to €267,677
mainly Other debts (+€95,957) and Net result for the year (+€74,404)
- Tangible fixed assets -€11,060
down €11,060 (-24.7%), from €44,759 to €33,699
of which Furniture and vehicles: -€8,753
- Other debts +€95,957
up €95,957 (+2130.9%), from €4,503 to €100,460
- Reserves -€28,135
down €28,135 (-6.7%), from €417,482 to €389,348
of which Distributable reserves: -€28,135
- Tax, wage and social debts -€6,034
down €6,034 (-85.1%), from €7,094 to €1,060
of which Taxes: -€6,289
- Gross operating margin +€28,104
up €28,104 (+23.9%), from €117,636 to €145,740
- Financial income +€21,176
up €21,176 (+1190.2%), from €1,779 to €22,955
- Taxes +€8,416
up €8,416 (+65.9%), from €12,766 to €21,183
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 | €450,930 | €512,455 | +€61,526 | +13.6% |
| Fixed assets | 21/28 | €44,894 | €33,834 | -€11,060 | -24.6% |
| Tangible fixed assets | 22/27 | €44,759 | €33,699 | -€11,060 | -24.7% |
| Plant, machinery and equipment | 23 | €1,644 | €1,409 | -€235 | -14.3% |
| Furniture and vehicles | 24 | €28,605 | €19,852 | -€8,753 | -30.6% |
| Other tangible fixed assets | 26 | €14,511 | €12,438 | -€2,073 | -14.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €406,035 | €478,621 | +€72,586 | +17.9% |
| Stocks and contracts in progress | 3 | €4,512 | €4,118 | -€393 | -8.7% |
| Stocks | 30/36 | €4,512 | €4,118 | -€393 | -8.7% |
| Amounts receivable within one year | 40/41 | €24,621 | €23,900 | -€721 | -2.9% |
| Trade receivables | 40 | €14,535 | €8,674 | -€5,861 | -40.3% |
| Other amounts receivable | 41 | €10,086 | €15,226 | +€5,140 | +51.0% |
| Current investments | 50/53 | €176,915 | €178,399 | +€1,484 | +0.8% |
| Cash at bank and in hand | 54/58 | €197,846 | €267,677 | +€69,831 | +35.3% |
| Deferred charges and accrued income | 490/1 | €2,142 | €4,527 | +€2,385 | +111.3% |
| Total equity and liabilities | 10/49 | €450,930 | €512,455 | +€61,526 | +13.6% |
| Equity | 10/15 | €436,082 | €407,948 | -€28,135 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €417,482 | €389,348 | -€28,135 | -6.7% |
| Tax-exempt reserves | 132 | €6,992 | €6,992 | = | 0.0% |
| Distributable reserves | 133 | €410,490 | €382,356 | -€28,135 | -6.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,847 | €104,507 | +€89,660 | +603.9% |
| Amounts payable within one year | 42/48 | €13,467 | €104,507 | +€91,040 | +676.0% |
| Trade debts | 44 | €1,870 | €2,987 | +€1,117 | +59.7% |
| Suppliers | 440/4 | €1,870 | €2,987 | +€1,117 | +59.7% |
| Taxes, remuneration and social security | 45 | €7,094 | €1,060 | -€6,034 | -85.1% |
| Taxes | 450/3 | €7,094 | €805 | -€6,289 | -88.7% |
| Remuneration and social security | 454/9 | - | €256 | +€256 | |
| Other amounts payable | 47/48 | €4,503 | €100,460 | +€95,957 | +2130.9% |
| Accrued charges and deferred income | 492/3 | €1,380 | €0 | -€1,380 | -100.0% |
| Remuneration, social security and pensions | 62 | €60,273 | €59,009 | -€1,264 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,798 | €11,907 | +€109 | +0.9% |
| Other operating charges | 640/8 | €1,855 | €1,159 | -€697 | -37.6% |
| Gross operating margin | 9900 | €117,636 | €145,740 | +€28,104 | +23.9% |
| Operating profit (loss) | 9901 | €43,710 | €73,666 | +€29,956 | +68.5% |
| Financial income | 75/76B | €1,779 | €22,955 | +€21,176 | +1190.2% |
| Recurring financial income | 75 | €1,779 | €22,955 | +€21,176 | +1190.2% |
| Financial charges | 65/66B | €437 | €1,035 | +€598 | +137.0% |
| Recurring financial charges | 65 | €437 | €1,035 | +€598 | +137.0% |
| Profit (loss) for the period before taxes | 9903 | €45,053 | €95,586 | +€50,534 | +112.2% |
| Income taxes | 67/77 | €12,766 | €21,183 | +€8,416 | +65.9% |
| Profit (loss) for the period | 9904 | €32,286 | €74,404 | +€42,117 | +130.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,286 | €74,404 | +€42,117 | +130.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.