Frederik D'heer: what changed
Frederik D'heer
Largest movements
- Receivables within one year +€262,018
up €262,018 (+54.2%), from €483,106 to €745,125
of which Other amounts receivable: +€258,376
- Cash -€146,908
down €146,908 (-92.3%), from €159,212 to €12,303
mainly Receivables within one year (-€262,018) and Current investments (-€124,999)
- Current investments +€124,999
new in 2025: €124,999
- Receivables after one year +€83,673
up €83,673 (+8.3%), from €1.0m to €1.1m
- Tangible fixed assets -€59,448
down €59,448 (-26.1%), from €227,571 to €168,123
of which Land and buildings: -€37,822
- Reserves +€264,168
up €264,168 (+31.1%), from €850,311 to €1.1m
of which Distributable reserves: +€264,168
- Debts after one year -€124,701
down €124,701 (-41.0%), from €303,865 to €179,164
- Short-term financial debts +€78,267
up €78,267 (+15.2%), from €514,267 to €592,533
- Current portion of long-term debt +€38,512
up €38,512 (+33.1%), from €116,440 to €154,952
- Financial income +€19,413
up €19,413 (+47.7%), from €40,673 to €60,086
- Other operating charges -€19,199
down €19,199 (-76.5%), from €25,093 to €5,894
- Gross operating margin +€18,544
up €18,544 (+4.2%), from €444,773 to €463,317
- Taxes +€14,447
up €14,447 (+12.4%), from €116,840 to €131,287
- Financial charges -€5,746
down €5,746 (-13.3%), from €43,141 to €37,396
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,889,761 | €2,160,947 | +€271,186 | +14.4% |
| Fixed assets | 21/28 | €227,571 | €168,123 | -€59,448 | -26.1% |
| Tangible fixed assets | 22/27 | €227,571 | €168,123 | -€59,448 | -26.1% |
| Land and buildings | 22 | €169,584 | €131,763 | -€37,822 | -22.3% |
| Plant, machinery and equipment | 23 | €532 | €92 | -€441 | -82.8% |
| Furniture and vehicles | 24 | €57,454 | €36,269 | -€21,185 | -36.9% |
| Current assets | 29/58 | €1,662,190 | €1,992,824 | +€330,634 | +19.9% |
| Amounts receivable after more than one year | 29 | €1,002,725 | €1,086,398 | +€83,673 | +8.3% |
| Other amounts receivable | 291 | €1,002,725 | €1,086,398 | +€83,673 | +8.3% |
| Amounts receivable within one year | 40/41 | €483,106 | €745,125 | +€262,018 | +54.2% |
| Trade receivables | 40 | - | €3,643 | +€3,643 | |
| Other amounts receivable | 41 | €483,106 | €741,482 | +€258,376 | +53.5% |
| Current investments | 50/53 | - | €124,999 | +€124,999 | |
| Cash at bank and in hand | 54/58 | €159,212 | €12,303 | -€146,908 | -92.3% |
| Deferred charges and accrued income | 490/1 | €17,147 | €23,999 | +€6,852 | +40.0% |
| Total equity and liabilities | 10/49 | €1,889,761 | €2,160,947 | +€271,186 | +14.4% |
| Equity | 10/15 | €880,311 | €1,144,479 | +€264,168 | +30.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €850,311 | €1,114,479 | +€264,168 | +31.1% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €847,311 | €1,111,479 | +€264,168 | +31.2% |
| Amounts payable | 17/49 | €1,009,450 | €1,016,468 | +€7,018 | +0.7% |
| Amounts payable after more than one year | 17 | €303,865 | €179,164 | -€124,701 | -41.0% |
| Financial debts | 170/4 | €303,865 | €179,164 | -€124,701 | -41.0% |
| Amounts payable within one year | 42/48 | €678,986 | €807,988 | +€129,002 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €116,440 | €154,952 | +€38,512 | +33.1% |
| Financial debts | 43 | €514,267 | €592,533 | +€78,267 | +15.2% |
| Other loans | 439 | €514,267 | €592,533 | +€78,267 | +15.2% |
| Trade debts | 44 | €4,624 | €15,234 | +€10,610 | +229% |
| Suppliers | 440/4 | €4,624 | €15,234 | +€10,610 | +229% |
| Taxes, remuneration and social security | 45 | €43,655 | €45,269 | +€1,614 | +3.7% |
| Taxes | 450/3 | €40,951 | €42,399 | +€1,449 | +3.5% |
| Remuneration and social security | 454/9 | €2,704 | €2,869 | +€165 | +6.1% |
| Accrued charges and deferred income | 492/3 | €26,599 | €29,316 | +€2,717 | +10.2% |
| Remuneration, social security and pensions | 62 | €20,484 | €20,874 | +€390 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,642 | €63,784 | +€4,141 | +6.9% |
| Other operating charges | 640/8 | €25,093 | €5,894 | -€19,199 | -76.5% |
| Gross operating margin | 9900 | €444,773 | €463,317 | +€18,544 | +4.2% |
| Operating profit (loss) | 9901 | €339,554 | €372,765 | +€33,211 | +9.8% |
| Financial income | 75/76B | €40,673 | €60,086 | +€19,413 | +47.7% |
| Recurring financial income | 75 | €40,673 | €60,086 | +€19,413 | +47.7% |
| Financial charges | 65/66B | €43,141 | €37,396 | -€5,746 | -13.3% |
| Recurring financial charges | 65 | €43,141 | €37,396 | -€5,746 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €337,086 | €395,456 | +€58,370 | +17.3% |
| Income taxes | 67/77 | €116,840 | €131,287 | +€14,447 | +12.4% |
| Profit (loss) for the period | 9904 | €220,246 | €264,168 | +€43,923 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €220,246 | €264,168 | +€43,923 | +19.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.