FREDERIK STEVENS: 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 STEVENS
Largest movements
- Receivables within one year -€43,607
down €43,607 (-6.8%), from €643,096 to €599,489
of which Trade receivables: -€89,646
- Tangible fixed assets -€25,362
down €25,362 (-41.5%), from €61,103 to €35,741
of which Leasing and similar rights: -€16,818
- Cash +€13,939
up €13,939 (+1,196%), from €1,165 to €15,105
mainly Other debts (+€90,477) and Receivables within one year (+€43,607)
- Other debts +€90,477
up €90,477 (+10,862%), from €833 to €91,310
- Profit (loss) carried forward -€87,976
down €87,976 (-100%), from €87,976 to €0
- Tax, wage and social debts -€34,970
down €34,970 (-24.6%), from €142,054 to €107,084
- Trade debts -€19,622
down €19,622 (-33.4%), from €58,676 to €39,054
- Gross operating margin -€145,654
down €145,654 (-65.3%), from €223,191 to €77,537
- Taxes -€67,125
down €67,125 (-86.0%), from €78,086 to €10,960
- Financial charges +€10,756
up €10,756 (+56.8%), from €18,924 to €29,680
- Depreciation -€3,632
down €3,632 (-12.5%), from €28,994 to €25,362
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 | €705,366 | €650,336 | -€55,030 | -7.8% |
| Fixed assets | 21/28 | €61,104 | €35,742 | -€25,362 | -41.5% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €61,103 | €35,741 | -€25,362 | -41.5% |
| Plant, machinery and equipment | 23 | €14,453 | €7,655 | -€6,798 | -47.0% |
| Furniture and vehicles | 24 | €1,746 | €0 | -€1,746 | -100% |
| Leasing and similar rights | 25 | €44,904 | €28,086 | -€16,818 | -37.5% |
| Current assets | 29/58 | €644,262 | €614,594 | -€29,668 | -4.6% |
| Amounts receivable within one year | 40/41 | €643,096 | €599,489 | -€43,607 | -6.8% |
| Trade receivables | 40 | €495,325 | €405,678 | -€89,646 | -18.1% |
| Other amounts receivable | 41 | €147,772 | €193,811 | +€46,039 | +31.2% |
| Cash at bank and in hand | 54/58 | €1,165 | €15,105 | +€13,939 | +1,196% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €705,366 | €650,336 | -€55,030 | -7.8% |
| Equity | 10/15 | €386,781 | €303,283 | -€83,498 | -21.6% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €286,405 | €284,683 | -€1,723 | -0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €284,545 | €282,823 | -€1,723 | -0.6% |
| Profit (loss) carried forward | 14 | €87,976 | €0 | -€87,976 | -100% |
| Amounts payable | 17/49 | €318,584 | €347,053 | +€28,469 | +8.9% |
| Amounts payable after more than one year | 17 | €30,832 | €27,567 | -€3,265 | -10.6% |
| Financial debts | 170/4 | €30,832 | €27,567 | -€3,265 | -10.6% |
| Amounts payable within one year | 42/48 | €286,061 | €319,322 | +€33,262 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €66,411 | €67,118 | +€708 | +1.1% |
| Financial debts | 43 | €18,087 | €14,756 | -€3,331 | -18.4% |
| Credit institutions | 430/8 | €18,087 | €14,756 | -€3,331 | -18.4% |
| Trade debts | 44 | €58,676 | €39,054 | -€19,622 | -33.4% |
| Suppliers | 440/4 | €58,676 | €39,054 | -€19,622 | -33.4% |
| Taxes, remuneration and social security | 45 | €142,054 | €107,084 | -€34,970 | -24.6% |
| Taxes | 450/3 | €142,054 | €107,084 | -€34,970 | -24.6% |
| Other amounts payable | 47/48 | €833 | €91,310 | +€90,477 | +10,862% |
| Accrued charges and deferred income | 492/3 | €1,692 | €164 | -€1,528 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,994 | €25,362 | -€3,632 | -12.5% |
| Other operating charges | 640/8 | €2,619 | €3,247 | +€628 | +24.0% |
| Gross operating margin | 9900 | €223,191 | €77,537 | -€145,654 | -65.3% |
| Operating profit (loss) | 9901 | €191,578 | €48,928 | -€142,650 | -74.5% |
| Financial income | 75/76B | €152 | €13 | -€139 | -91.5% |
| Recurring financial income | 75 | €152 | €13 | -€139 | -91.5% |
| Financial charges | 65/66B | €18,924 | €29,680 | +€10,756 | +56.8% |
| Recurring financial charges | 65 | €18,924 | €29,680 | +€10,756 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €172,806 | €19,262 | -€153,545 | -88.9% |
| Income taxes | 67/77 | €78,086 | €10,960 | -€67,125 | -86.0% |
| Profit (loss) for the period | 9904 | €94,721 | €8,302 | -€86,419 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €94,721 | €8,302 | -€86,419 | -91.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.