FREDERIK PASCAL: what changed
FREDERIK PASCAL
Largest movements
- Current investments +€61,500
up €61,500 (+37.5%), from €164,005 to €225,505
- Tangible fixed assets -€24,776
down €24,776 (-9.4%), from €264,841 to €240,064
of which Other tangible fixed assets: -€24,021
- Receivables within one year +€19,123
up €19,123 (+426%), from €4,492 to €23,616
of which Trade receivables: +€17,195
- Deferred charges and accrued income -€12,809
down €12,809 (-90.8%), from €14,114 to €1,305
- Other debts +€37,227
up €37,227 (+82.8%), from €44,939 to €82,167
- Reserves +€26,697
up €26,697 (+12.4%), from €216,131 to €242,827
of which Distributable reserves: +€26,697
- Debts after one year -€26,223
down €26,223 (-17.1%), from €153,707 to €127,484
- Tax, wage and social debts +€5,847
up €5,847 (+72.2%), from €8,099 to €13,946
- Gross operating margin +€15,034
up €15,034 (+14.1%), from €106,455 to €121,490
- Taxes +€6,007
up €6,007 (+25.2%), from €23,878 to €29,885
- Other operating charges -€2,826
down €2,826 (-40.0%), from €7,066 to €4,240
- Financial income +€2,097
up €2,097 (+96.9%), from €2,163 to €4,260
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 | €460,368 | €498,488 | +€38,120 | +8.3% |
| Fixed assets | 21/28 | €264,891 | €240,114 | -€24,776 | -9.4% |
| Tangible fixed assets | 22/27 | €264,841 | €240,064 | -€24,776 | -9.4% |
| Furniture and vehicles | 24 | €756 | €0 | -€756 | -100% |
| Other tangible fixed assets | 26 | €264,085 | €240,064 | -€24,021 | -9.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €195,477 | €258,373 | +€62,896 | +32.2% |
| Amounts receivable within one year | 40/41 | €4,492 | €23,616 | +€19,123 | +426% |
| Trade receivables | 40 | €0 | €17,195 | +€17,195 | |
| Other amounts receivable | 41 | €4,492 | €6,420 | +€1,928 | +42.9% |
| Current investments | 50/53 | €164,005 | €225,505 | +€61,500 | +37.5% |
| Cash at bank and in hand | 54/58 | €12,865 | €7,948 | -€4,918 | -38.2% |
| Deferred charges and accrued income | 490/1 | €14,114 | €1,305 | -€12,809 | -90.8% |
| Total equity and liabilities | 10/49 | €460,368 | €498,488 | +€38,120 | +8.3% |
| Equity | 10/15 | €216,131 | €242,827 | +€26,697 | +12.4% |
| Reserves | 13 | €216,131 | €242,827 | +€26,697 | +12.4% |
| Tax-exempt reserves | 132 | €869 | €869 | = | 0.0% |
| Distributable reserves | 133 | €215,262 | €241,958 | +€26,697 | +12.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €244,237 | €255,660 | +€11,423 | +4.7% |
| Amounts payable after more than one year | 17 | €153,707 | €127,484 | -€26,223 | -17.1% |
| Financial debts | 170/4 | €153,707 | €127,484 | -€26,223 | -17.1% |
| Amounts payable within one year | 42/48 | €87,935 | €126,224 | +€38,290 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €25,848 | €26,223 | +€375 | +1.4% |
| Trade debts | 44 | €708 | €49 | -€659 | -93.0% |
| Suppliers | 440/4 | €708 | €49 | -€659 | -93.0% |
| Advances received on contracts in progress | 46 | €8,340 | €3,840 | -€4,500 | -54.0% |
| Taxes, remuneration and social security | 45 | €8,099 | €13,946 | +€5,847 | +72.2% |
| Taxes | 450/3 | €8,099 | €13,946 | +€5,847 | +72.2% |
| Other amounts payable | 47/48 | €44,939 | €82,167 | +€37,227 | +82.8% |
| Accrued charges and deferred income | 492/3 | €2,596 | €1,952 | -€644 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,082 | €24,776 | -€306 | -1.2% |
| Other operating charges | 640/8 | €7,066 | €4,240 | -€2,826 | -40.0% |
| Gross operating margin | 9900 | €106,455 | €121,490 | +€15,034 | +14.1% |
| Operating profit (loss) | 9901 | €74,308 | €92,474 | +€18,166 | +24.4% |
| Financial income | 75/76B | €2,163 | €4,260 | +€2,097 | +96.9% |
| Recurring financial income | 75 | €2,163 | €4,260 | +€2,097 | +96.9% |
| Financial charges | 65/66B | €5,461 | €6,580 | +€1,119 | +20.5% |
| Recurring financial charges | 65 | €5,461 | €6,580 | +€1,119 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €71,010 | €90,154 | +€19,144 | +27.0% |
| Income taxes | 67/77 | €23,878 | €29,885 | +€6,007 | +25.2% |
| Profit (loss) for the period | 9904 | €47,132 | €60,269 | +€13,137 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,132 | €60,269 | +€13,137 | +27.9% |
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 6 November 2026 via checked.be.