FREDERIK BRACKE: 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 BRACKE
Largest movements
- Receivables within one year -€26,636
down €26,636 (-24.9%), from €106,785 to €80,149
of which Other amounts receivable: -€24,966
- Tangible fixed assets -€19,321
down €19,321 (-5.5%), from €353,337 to €334,016
of which Land and buildings: -€21,504
- Stocks and contracts +€8,000
up €8,000 (+40.0%), from €20,000 to €28,000
- Debts after one year -€35,577
down €35,577 (-12.4%), from €286,785 to €251,208
- Other debts -€10,001
down €10,001 (-100.0%), from €10,001 to €0
- Trade debts -€6,472
down €6,472 (-65.7%), from €9,854 to €3,382
- Short-term financial debts +€5,814
new in 2025: €5,814
- Depreciation +€2,070
up €2,070 (+6.9%), from €29,848 to €31,918
- Taxes +€1,931
up €1,931 (+73.2%), from €2,639 to €4,569
- Gross operating margin +€1,742
up €1,742 (+3.7%), from €47,239 to €48,981
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 | €502,619 | €463,629 | -€38,990 | -7.8% |
| Fixed assets | 21/28 | €353,337 | €334,016 | -€19,321 | -5.5% |
| Tangible fixed assets | 22/27 | €353,337 | €334,016 | -€19,321 | -5.5% |
| Land and buildings | 22 | €353,254 | €331,751 | -€21,504 | -6.1% |
| Plant, machinery and equipment | 23 | €0 | €2,183 | +€2,183 | |
| Furniture and vehicles | 24 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €149,282 | €129,613 | -€19,670 | -13.2% |
| Stocks and contracts in progress | 3 | €20,000 | €28,000 | +€8,000 | +40.0% |
| Stocks | 30/36 | €20,000 | €28,000 | +€8,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €106,785 | €80,149 | -€26,636 | -24.9% |
| Trade receivables | 40 | €25,377 | €23,708 | -€1,669 | -6.6% |
| Other amounts receivable | 41 | €81,408 | €56,441 | -€24,966 | -30.7% |
| Cash at bank and in hand | 54/58 | €4,574 | €5,471 | +€897 | +19.6% |
| Deferred charges and accrued income | 490/1 | €17,924 | €15,993 | -€1,931 | -10.8% |
| Total equity and liabilities | 10/49 | €502,619 | €463,629 | -€38,990 | -7.8% |
| Equity | 10/15 | €163,746 | €164,218 | +€472 | +0.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €32,012 | €32,012 | = | 0.0% |
| Non-distributable reserves | 130/1 | €992 | €992 | = | 0.0% |
| Reserves not available under the articles | 1311 | €992 | €992 | = | 0.0% |
| Distributable reserves | 133 | €31,020 | €31,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,734 | €7,206 | +€472 | +7.0% |
| Amounts payable | 17/49 | €338,873 | €299,411 | -€39,462 | -11.6% |
| Amounts payable after more than one year | 17 | €286,785 | €251,208 | -€35,577 | -12.4% |
| Financial debts | 170/4 | €286,785 | €251,208 | -€35,577 | -12.4% |
| Amounts payable within one year | 42/48 | €52,088 | €48,203 | -€3,885 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €31,002 | €34,930 | +€3,927 | +12.7% |
| Financial debts | 43 | - | €5,814 | +€5,814 | |
| Credit institutions | 430/8 | - | €5,814 | +€5,814 | |
| Trade debts | 44 | €9,854 | €3,382 | -€6,472 | -65.7% |
| Suppliers | 440/4 | €9,854 | €3,382 | -€6,472 | -65.7% |
| Taxes, remuneration and social security | 45 | €1,231 | €4,077 | +€2,846 | +231.2% |
| Taxes | 450/3 | €1,231 | €4,077 | +€2,846 | +231.2% |
| Other amounts payable | 47/48 | €10,001 | €0 | -€10,001 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,848 | €31,918 | +€2,070 | +6.9% |
| Other operating charges | 640/8 | €3,410 | €3,376 | -€34 | -1.0% |
| Gross operating margin | 9900 | €47,239 | €48,981 | +€1,742 | +3.7% |
| Operating profit (loss) | 9901 | €13,981 | €13,688 | -€293 | -2.1% |
| Financial income | 75/76B | €2,450 | €2,083 | -€367 | -15.0% |
| Recurring financial income | 75 | €2,450 | €2,083 | -€367 | -15.0% |
| Financial charges | 65/66B | €11,194 | €10,729 | -€465 | -4.1% |
| Recurring financial charges | 65 | €11,194 | €10,729 | -€465 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €5,238 | €5,042 | -€196 | -3.7% |
| Income taxes | 67/77 | €2,639 | €4,569 | +€1,931 | +73.2% |
| Profit (loss) for the period | 9904 | €2,599 | €472 | -€2,127 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,599 | €472 | -€2,127 | -81.8% |
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.