FRENAY VINCENT: 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.
FRENAY VINCENT
Largest movements
- Tangible fixed assets +€26,968
up €26,968 (+119%), from €22,570 to €49,538
of which Furniture and vehicles: +€27,517
- Receivables within one year +€15,109
up €15,109 (+4,059%), from €372 to €15,481
of which Trade receivables: +€13,748
- Cash +€1,520
up €1,520 (+3.5%), from €43,191 to €44,712
mainly Other debts (+€42,734) and Debts after one year (+€21,412)
- Other debts +€42,734
up €42,734 (+27,084%), from €158 to €42,892
- Profit (loss) carried forward -€27,714
down €27,714 (-50.6%), from €54,803 to €27,089
- Debts after one year +€21,412
new in 2025: €21,412
- Current portion of long-term debt +€6,147
new in 2025: €6,147
- Trade debts +€1,200
up €1,200 (+104%), from €1,153 to €2,353
- Depreciation +€7,275
up €7,275 (+219%), from €3,317 to €10,593
- Financial charges +€1,576
up €1,576 (+56.1%), from €2,811 to €4,387
- Taxes -€1,124
down €1,124 (-16.1%), from €6,970 to €5,846
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 | €68,545 | €111,496 | +€42,951 | +62.7% |
| Formation expenses | 20 | €919 | €478 | -€441 | -48.0% |
| Fixed assets | 21/28 | €22,570 | €49,538 | +€26,968 | +119% |
| Tangible fixed assets | 22/27 | €22,570 | €49,538 | +€26,968 | +119% |
| Plant, machinery and equipment | 23 | - | €1,292 | +€1,292 | |
| Furniture and vehicles | 24 | €4,891 | €32,408 | +€27,517 | +563% |
| Other tangible fixed assets | 26 | €17,679 | €15,839 | -€1,841 | -10.4% |
| Current assets | 29/58 | €45,056 | €61,479 | +€16,423 | +36.5% |
| Amounts receivable within one year | 40/41 | €372 | €15,481 | +€15,109 | +4,059% |
| Trade receivables | 40 | - | €13,748 | +€13,748 | |
| Other amounts receivable | 41 | €372 | €1,733 | +€1,361 | +366% |
| Cash at bank and in hand | 54/58 | €43,191 | €44,712 | +€1,520 | +3.5% |
| Deferred charges and accrued income | 490/1 | €1,492 | €1,287 | -€206 | -13.8% |
| Total equity and liabilities | 10/49 | €68,545 | €111,496 | +€42,951 | +62.7% |
| Equity | 10/15 | €59,803 | €32,089 | -€27,714 | -46.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,803 | €27,089 | -€27,714 | -50.6% |
| Amounts payable | 17/49 | €8,742 | €79,406 | +€70,665 | +808% |
| Amounts payable after more than one year | 17 | - | €21,412 | +€21,412 | |
| Financial debts | 170/4 | - | €21,412 | +€21,412 | |
| Amounts payable within one year | 42/48 | €8,742 | €57,995 | +€49,253 | +563% |
| Current portion of amounts payable after more than one year | 42 | - | €6,147 | +€6,147 | |
| Trade debts | 44 | €1,153 | €2,353 | +€1,200 | +104% |
| Suppliers | 440/4 | €1,153 | €2,353 | +€1,200 | +104% |
| Taxes, remuneration and social security | 45 | €7,431 | €6,604 | -€827 | -11.1% |
| Taxes | 450/3 | €7,431 | €6,604 | -€827 | -11.1% |
| Other amounts payable | 47/48 | €158 | €42,892 | +€42,734 | +27,084% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,317 | €10,593 | +€7,275 | +219% |
| Other operating charges | 640/8 | €245 | €400 | +€155 | +63.1% |
| Gross operating margin | 9900 | €35,748 | €35,991 | +€243 | +0.7% |
| Operating profit (loss) | 9901 | €32,186 | €24,999 | -€7,187 | -22.3% |
| Financial charges | 65/66B | €2,811 | €4,387 | +€1,576 | +56.1% |
| Recurring financial charges | 65 | €2,811 | €4,387 | +€1,576 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €29,375 | €20,612 | -€8,763 | -29.8% |
| Income taxes | 67/77 | €6,970 | €5,846 | -€1,124 | -16.1% |
| Profit (loss) for the period | 9904 | €22,405 | €14,766 | -€7,639 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,405 | €14,766 | -€7,639 | -34.1% |
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.