FRONTLINE: 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.
FRONTLINE
Largest movements
- Current investments +€100,584
up €100,584 (+18.3%), from €550,346 to €650,930
- Cash +€27,600
up €27,600 (+39.8%), from €69,341 to €96,941
mainly Net result for the year (+€111,946) and Tax, wage and social debts (+€7,745)
- Reserves +€111,946
up €111,946 (+17.0%), from €658,142 to €770,089
of which Distributable reserves: +€111,946
- Gross operating margin +€98,429
up €98,429 (+136%), from €72,344 to €170,773
- Taxes +€26,238
up €26,238 (+91.2%), from €28,762 to €55,000
- Financial income -€16,728
down €16,728 (-57.2%), from €29,237 to €12,509
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 | €698,581 | €821,212 | +€122,631 | +17.6% |
| Fixed assets | 21/28 | €16,005 | €13,623 | -€2,381 | -14.9% |
| Tangible fixed assets | 22/27 | €16,005 | €13,623 | -€2,381 | -14.9% |
| Plant, machinery and equipment | 23 | €11,312 | €7,456 | -€3,856 | -34.1% |
| Furniture and vehicles | 24 | €4,693 | €6,167 | +€1,474 | +31.4% |
| Current assets | 29/58 | €682,577 | €807,588 | +€125,012 | +18.3% |
| Amounts receivable within one year | 40/41 | €58,505 | €57,146 | -€1,359 | -2.3% |
| Trade receivables | 40 | €42,287 | €42,429 | +€142 | +0.3% |
| Other amounts receivable | 41 | €16,218 | €14,718 | -€1,501 | -9.3% |
| Current investments | 50/53 | €550,346 | €650,930 | +€100,584 | +18.3% |
| Cash at bank and in hand | 54/58 | €69,341 | €96,941 | +€27,600 | +39.8% |
| Deferred charges and accrued income | 490/1 | €4,385 | €2,571 | -€1,814 | -41.4% |
| Total equity and liabilities | 10/49 | €698,581 | €821,212 | +€122,631 | +17.6% |
| Equity | 10/15 | €664,342 | €776,289 | +€111,946 | +16.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €658,142 | €770,089 | +€111,946 | +17.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €658,042 | €769,989 | +€111,946 | +17.0% |
| Amounts payable | 17/49 | €34,239 | €44,923 | +€10,684 | +31.2% |
| Amounts payable within one year | 42/48 | €34,239 | €44,923 | +€10,684 | +31.2% |
| Financial debts | 43 | €3,652 | €9,772 | +€6,119 | +168% |
| Credit institutions | 430/8 | €3,652 | €9,772 | +€6,119 | +168% |
| Trade debts | 44 | €4,905 | €2,923 | -€1,981 | -40.4% |
| Suppliers | 440/4 | €4,905 | €2,923 | -€1,981 | -40.4% |
| Taxes, remuneration and social security | 45 | €24,483 | €32,228 | +€7,745 | +31.6% |
| Taxes | 450/3 | €24,483 | €32,228 | +€7,745 | +31.6% |
| Other amounts payable | 47/48 | €1,198 | €0 | -€1,198 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,161 | €7,400 | +€239 | +3.3% |
| Other operating charges | 640/8 | €1,687 | €1,796 | +€109 | +6.4% |
| Gross operating margin | 9900 | €72,344 | €170,773 | +€98,429 | +136% |
| Operating profit (loss) | 9901 | €63,496 | €161,577 | +€98,081 | +154% |
| Financial income | 75/76B | €29,237 | €12,509 | -€16,728 | -57.2% |
| Recurring financial income | 75 | €29,237 | €12,509 | -€16,728 | -57.2% |
| Financial charges | 65/66B | €5,788 | €7,140 | +€1,351 | +23.3% |
| Recurring financial charges | 65 | €5,788 | €7,140 | +€1,351 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €86,944 | €166,946 | +€80,002 | +92.0% |
| Income taxes | 67/77 | €28,762 | €55,000 | +€26,238 | +91.2% |
| Profit (loss) for the period | 9904 | €58,182 | €111,946 | +€53,764 | +92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,182 | €111,946 | +€53,764 | +92.4% |
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 27 October 2026 via checked.be.