Frederik Debrabander: 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 Debrabander
Largest movements
- Cash -€118,703
down €118,703 (-31.6%), from €375,310 to €256,607
mainly Contributions, distributions and other (-€680,090) and Current investments (-€50,000)
- Current investments +€50,000
up €50,000 (+92.2%), from €54,250 to €104,250
- Receivables within one year +€36,600
up €36,600 (+11.9%), from €306,600 to €343,200
of which Trade receivables: +€36,600
- Receivables after one year +€34,000
up €34,000 (+4.8%), from €714,000 to €748,000
- Reserves -€219,601
down €219,601 (-46.1%), from €476,182 to €256,580
- Other debts +€206,803
up €206,803 (+65.3%), from €316,890 to €523,693
- Short-term financial debts +€44,150
up €44,150 (+9.3%), from €475,233 to €519,383
- Tax, wage and social debts -€36,750
down €36,750 (-18.4%), from €200,034 to €163,284
- Gross operating margin +€79,042
up €79,042 (+14.1%), from €558,846 to €637,888
- Taxes +€17,804
up €17,804 (+13.5%), from €131,841 to €149,645
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 | €1,516,368 | €1,511,286 | -€5,082 | -0.3% |
| Fixed assets | 21/28 | €54,396 | €46,661 | -€7,735 | -14.2% |
| Tangible fixed assets | 22/27 | €52,896 | €45,161 | -€7,735 | -14.6% |
| Plant, machinery and equipment | 23 | €10,784 | €10,634 | -€150 | -1.4% |
| Furniture and vehicles | 24 | €26,307 | €21,620 | -€4,687 | -17.8% |
| Other tangible fixed assets | 26 | €15,806 | €12,907 | -€2,898 | -18.3% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,461,972 | €1,464,625 | +€2,653 | +0.2% |
| Amounts receivable after more than one year | 29 | €714,000 | €748,000 | +€34,000 | +4.8% |
| Other amounts receivable | 291 | €714,000 | €748,000 | +€34,000 | +4.8% |
| Amounts receivable within one year | 40/41 | €306,600 | €343,200 | +€36,600 | +11.9% |
| Trade receivables | 40 | €306,600 | €343,200 | +€36,600 | +11.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €54,250 | €104,250 | +€50,000 | +92.2% |
| Cash at bank and in hand | 54/58 | €375,310 | €256,607 | -€118,703 | -31.6% |
| Deferred charges and accrued income | 490/1 | €11,811 | €12,568 | +€756 | +6.4% |
| Total equity and liabilities | 10/49 | €1,516,368 | €1,511,286 | -€5,082 | -0.3% |
| Equity | 10/15 | €494,732 | €275,130 | -€219,601 | -44.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €476,182 | €256,580 | -€219,601 | -46.1% |
| Distributable reserves | 133 | €476,182 | €256,580 | -€219,601 | -46.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,021,637 | €1,236,156 | +€214,519 | +21.0% |
| Amounts payable within one year | 42/48 | €995,252 | €1,209,646 | +€214,394 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €475,233 | €519,383 | +€44,150 | +9.3% |
| Other loans | 439 | €475,233 | €519,383 | +€44,150 | +9.3% |
| Trade debts | 44 | €3,096 | €3,286 | +€190 | +6.2% |
| Suppliers | 440/4 | €3,096 | €3,286 | +€190 | +6.2% |
| Taxes, remuneration and social security | 45 | €200,034 | €163,284 | -€36,750 | -18.4% |
| Taxes | 450/3 | €200,034 | €163,284 | -€36,750 | -18.4% |
| Other amounts payable | 47/48 | €316,890 | €523,693 | +€206,803 | +65.3% |
| Accrued charges and deferred income | 492/3 | €26,384 | €26,510 | +€126 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,919 | €14,644 | +€726 | +5.2% |
| Other operating charges | 640/8 | €2,511 | €2,244 | -€266 | -10.6% |
| Non-recurring operating charges | 66A | - | €3,934 | +€3,934 | |
| Gross operating margin | 9900 | €558,846 | €637,888 | +€79,042 | +14.1% |
| Operating profit (loss) | 9901 | €542,417 | €617,066 | +€74,650 | +13.8% |
| Financial income | 75/76B | €17,652 | €17,057 | -€595 | -3.4% |
| Recurring financial income | 75 | €17,652 | €17,057 | -€595 | -3.4% |
| Financial charges | 65/66B | €23,137 | €23,990 | +€853 | +3.7% |
| Recurring financial charges | 65 | €23,137 | €23,990 | +€853 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €536,931 | €610,133 | +€73,202 | +13.6% |
| Income taxes | 67/77 | €131,841 | €149,645 | +€17,804 | +13.5% |
| Profit (loss) for the period | 9904 | €405,090 | €460,488 | +€55,399 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €405,090 | €460,488 | +€55,399 | +13.7% |
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 25 October 2026 via checked.be.