FREDERIK VANNESTE: 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 VANNESTE
Largest movements
- Receivables within one year +€78,368
up €78,368 (+223%), from €35,131 to €113,498
of which Trade receivables: +€60,253
- Tangible fixed assets +€62,606
up €62,606 (+50.4%), from €124,208 to €186,813
of which Furniture and vehicles: +€73,375
- Cash -€61,291
down €61,291 (-25.9%), from €237,007 to €175,716
mainly Investment in fixed assets (net) (-€85,265) and Receivables within one year (-€78,368)
- Reserves +€76,087
up €76,087 (+26.4%), from €287,976 to €364,064
of which Distributable reserves: +€76,087
- Contributions -€9,670
down €9,670 (-60.9%), from €15,870 to €6,200
- Tax, wage and social debts +€5,766
up €5,766 (+45.8%), from €12,579 to €18,345
of which Taxes: +€5,444
- Gross operating margin +€25,460
up €25,460 (+15.0%), from €169,479 to €194,939
- Depreciation +€5,296
up €5,296 (+30.0%), from €17,643 to €22,939
- Taxes +€4,116
up €4,116 (+19.2%), from €21,396 to €25,513
- Staff costs +€3,890
up €3,890 (+5.5%), from €71,107 to €74,998
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 | €431,385 | €512,411 | +€81,027 | +18.8% |
| Fixed assets | 21/28 | €125,404 | €187,730 | +€62,326 | +49.7% |
| Intangible fixed assets | 21 | €1,097 | €817 | -€280 | -25.5% |
| Tangible fixed assets | 22/27 | €124,208 | €186,813 | +€62,606 | +50.4% |
| Land and buildings | 22 | €98,400 | €87,467 | -€10,933 | -11.1% |
| Plant, machinery and equipment | 23 | €10,871 | €11,294 | +€423 | +3.9% |
| Furniture and vehicles | 24 | €14,677 | €88,052 | +€73,375 | +500% |
| Other tangible fixed assets | 26 | €259 | - | -€259 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €305,980 | €324,681 | +€18,701 | +6.1% |
| Stocks and contracts in progress | 3 | €25,391 | €25,790 | +€399 | +1.6% |
| Stocks | 30/36 | €25,391 | €25,790 | +€399 | +1.6% |
| Amounts receivable within one year | 40/41 | €35,131 | €113,498 | +€78,368 | +223% |
| Trade receivables | 40 | €32,948 | €93,201 | +€60,253 | +183% |
| Other amounts receivable | 41 | €2,182 | €20,297 | +€18,115 | +830% |
| Cash at bank and in hand | 54/58 | €237,007 | €175,716 | -€61,291 | -25.9% |
| Deferred charges and accrued income | 490/1 | €8,452 | €9,677 | +€1,225 | +14.5% |
| Total equity and liabilities | 10/49 | €431,385 | €512,411 | +€81,027 | +18.8% |
| Equity | 10/15 | €303,846 | €370,264 | +€66,417 | +21.9% |
| Contributions | 10/11 | €15,870 | €6,200 | -€9,670 | -60.9% |
| Reserves | 13 | €287,976 | €364,064 | +€76,087 | +26.4% |
| Tax-exempt reserves | 132 | €31,455 | €31,455 | = | 0.0% |
| Distributable reserves | 133 | €256,521 | €332,608 | +€76,087 | +29.7% |
| Amounts payable | 17/49 | €127,539 | €142,148 | +€14,609 | +11.5% |
| Amounts payable after more than one year | 17 | €98,543 | €102,397 | +€3,855 | +3.9% |
| Financial debts | 170/4 | €98,543 | €102,397 | +€3,855 | +3.9% |
| Amounts payable within one year | 42/48 | €28,834 | €39,611 | +€10,777 | +37.4% |
| Current portion of amounts payable after more than one year | 42 | €10,688 | €14,608 | +€3,919 | +36.7% |
| Trade debts | 44 | €4,419 | €5,542 | +€1,123 | +25.4% |
| Suppliers | 440/4 | €4,419 | €5,542 | +€1,123 | +25.4% |
| Taxes, remuneration and social security | 45 | €12,579 | €18,345 | +€5,766 | +45.8% |
| Taxes | 450/3 | €12,579 | €18,023 | +€5,444 | +43.3% |
| Remuneration and social security | 454/9 | - | €322 | +€322 | |
| Other amounts payable | 47/48 | €1,148 | €1,117 | -€31 | -2.7% |
| Accrued charges and deferred income | 492/3 | €162 | €140 | -€22 | -13.6% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €71,107 | €74,998 | +€3,890 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,643 | €22,939 | +€5,296 | +30.0% |
| Other operating charges | 640/8 | €5,453 | €5,355 | -€98 | -1.8% |
| Non-recurring operating charges | 66A | €8,827 | - | -€8,827 | |
| Gross operating margin | 9900 | €169,479 | €194,939 | +€25,460 | +15.0% |
| Operating profit (loss) | 9901 | €66,449 | €91,647 | +€25,198 | +37.9% |
| Financial income | 75/76B | €4,792 | €5,796 | +€1,004 | +21.0% |
| Recurring financial income | 75 | €4,792 | €5,796 | +€1,004 | +21.0% |
| Financial charges | 65/66B | €3,716 | €4,533 | +€817 | +22.0% |
| Recurring financial charges | 65 | €3,716 | €4,533 | +€817 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €67,525 | €92,910 | +€25,385 | +37.6% |
| Income taxes | 67/77 | €21,396 | €25,513 | +€4,116 | +19.2% |
| Profit (loss) for the period | 9904 | €46,129 | €67,397 | +€21,268 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,129 | €67,397 | +€21,268 | +46.1% |
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 23 October 2026 via checked.be.