FRIEDL VANHAVERBEKE: 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.
FRIEDL VANHAVERBEKE
Largest movements
- Receivables after one year -€328,510
down €328,510 (-67.6%), from €485,925 to €157,415
- Current investments +€298,955
up €298,955 (+32.7%), from €913,546 to €1.2m
- Receivables within one year +€89,594
up €89,594 (+869%), from €10,304 to €99,898
of which Other amounts receivable: +€89,125
- Cash +€77,413
up €77,413 (+69.9%), from €110,808 to €188,221
mainly Net result for the year (+€379,392) and Receivables after one year (+€328,510)
- Deferred charges and accrued income +€44,464
up €44,464 (+27.9%), from €159,514 to €203,978
- Reserves +€132,100
up €132,100 (+9.0%), from €1.5m to €1.6m
- Tax, wage and social debts +€37,939
up €37,939 (+89.0%), from €42,623 to €80,563
of which Taxes: +€37,915
- Financial income -€8,032
down €8,032 (-17.8%), from €45,040 to €37,008
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 | €1,829,901 | €1,988,964 | +€159,063 | +8.7% |
| Fixed assets | 21/28 | €149,803 | €126,951 | -€22,852 | -15.3% |
| Tangible fixed assets | 22/27 | €149,803 | €126,951 | -€22,852 | -15.3% |
| Land and buildings | 22 | €102,631 | €95,240 | -€7,391 | -7.2% |
| Plant, machinery and equipment | 23 | €9,856 | €5,456 | -€4,400 | -44.6% |
| Furniture and vehicles | 24 | €37,316 | €26,254 | -€11,062 | -29.6% |
| Current assets | 29/58 | €1,680,098 | €1,862,014 | +€181,916 | +10.8% |
| Amounts receivable after more than one year | 29 | €485,925 | €157,415 | -€328,510 | -67.6% |
| Other amounts receivable | 291 | €485,925 | €157,415 | -€328,510 | -67.6% |
| Amounts receivable within one year | 40/41 | €10,304 | €99,898 | +€89,594 | +869% |
| Trade receivables | 40 | - | €469 | +€469 | |
| Other amounts receivable | 41 | €10,304 | €99,429 | +€89,125 | +865% |
| Current investments | 50/53 | €913,546 | €1,212,501 | +€298,955 | +32.7% |
| Cash at bank and in hand | 54/58 | €110,808 | €188,221 | +€77,413 | +69.9% |
| Deferred charges and accrued income | 490/1 | €159,514 | €203,978 | +€44,464 | +27.9% |
| Total equity and liabilities | 10/49 | €1,829,901 | €1,988,964 | +€159,063 | +8.7% |
| Equity | 10/15 | €1,528,543 | €1,660,644 | +€132,100 | +8.6% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €1,462,320 | €1,594,420 | +€132,100 | +9.0% |
| Distributable reserves | 133 | €1,462,320 | €1,594,420 | +€132,100 | +9.0% |
| Profit (loss) carried forward | 14 | €7,623 | €7,623 | = | 0.0% |
| Amounts payable | 17/49 | €301,358 | €328,320 | +€26,963 | +8.9% |
| Amounts payable within one year | 42/48 | €301,358 | €328,320 | +€26,963 | +8.9% |
| Trade debts | 44 | €1,182 | €466 | -€717 | -60.6% |
| Suppliers | 440/4 | €1,182 | €466 | -€717 | -60.6% |
| Taxes, remuneration and social security | 45 | €42,623 | €80,563 | +€37,939 | +89.0% |
| Taxes | 450/3 | €39,514 | €77,429 | +€37,915 | +96.0% |
| Remuneration and social security | 454/9 | €3,109 | €3,134 | +€25 | +0.8% |
| Other amounts payable | 47/48 | €257,552 | €247,292 | -€10,260 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,847 | €30,607 | -€239 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,000 | +€5,000 | |
| Other operating charges | 640/8 | €3,530 | €3,727 | +€197 | +5.6% |
| Gross operating margin | 9900 | €551,836 | €554,706 | +€2,870 | +0.5% |
| Operating profit (loss) | 9901 | €517,459 | €515,371 | -€2,088 | -0.4% |
| Financial income | 75/76B | €45,040 | €37,008 | -€8,032 | -17.8% |
| Recurring financial income | 75 | €45,040 | €37,008 | -€8,032 | -17.8% |
| Financial charges | 65/66B | €823 | €891 | +€68 | +8.3% |
| Recurring financial charges | 65 | €823 | €891 | +€68 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €561,676 | €551,488 | -€10,188 | -1.8% |
| Income taxes | 67/77 | €175,453 | €172,096 | -€3,357 | -1.9% |
| Profit (loss) for the period | 9904 | €386,223 | €379,392 | -€6,831 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €386,223 | €379,392 | -€6,831 | -1.8% |
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 30 October 2026 via checked.be.