FRONTRUNNER: 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.
FRONTRUNNER
Largest movements
- Cash +€20,360
up €20,360 (+25.0%), from €81,514 to €101,874
mainly Net result for the year (+€27,133) and Depreciation (+€7,067)
- Receivables within one year +€5,245
up €5,245 (+23.0%), from €22,819 to €28,063
of which Trade receivables: +€2,880
- Reserves +€27,000
up €27,000 (+12.1%), from €224,000 to €251,000
- Gross operating margin +€3,054
up €3,054 (+6.9%), from €44,262 to €47,315
- Depreciation +€1,594
up €1,594 (+29.1%), from €5,473 to €7,067
- Financial charges +€550
up €550 (+18.3%), from €3,007 to €3,558
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.
Cash bridge derived
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 | €278,852 | €305,669 | +€26,817 | +9.6% |
| Fixed assets | 21/28 | €11,748 | €12,834 | +€1,086 | +9.2% |
| Tangible fixed assets | 22/27 | €11,748 | €12,834 | +€1,086 | +9.2% |
| Land and buildings | 22 | €1,973 | €1,080 | -€892 | -45.2% |
| Plant, machinery and equipment | 23 | €1,030 | €3,354 | +€2,324 | +225.5% |
| Furniture and vehicles | 24 | €8,745 | €8,399 | -€346 | -4.0% |
| Current assets | 29/58 | €267,104 | €292,835 | +€25,731 | +9.6% |
| Amounts receivable within one year | 40/41 | €22,819 | €28,063 | +€5,245 | +23.0% |
| Trade receivables | 40 | €11,931 | €14,810 | +€2,880 | +24.1% |
| Other amounts receivable | 41 | €10,888 | €13,253 | +€2,365 | +21.7% |
| Current investments | 50/53 | €160,680 | €160,680 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,514 | €101,874 | +€20,360 | +25.0% |
| Deferred charges and accrued income | 490/1 | €2,091 | €2,218 | +€127 | +6.1% |
| Total equity and liabilities | 10/49 | €278,852 | €305,669 | +€26,817 | +9.6% |
| Equity | 10/15 | €270,717 | €297,850 | +€27,133 | +10.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €224,000 | €251,000 | +€27,000 | +12.1% |
| Distributable reserves | 133 | €224,000 | €251,000 | +€27,000 | +12.1% |
| Profit (loss) carried forward | 14 | €34,317 | €34,450 | +€133 | +0.4% |
| Amounts payable | 17/49 | €8,135 | €7,819 | -€316 | -3.9% |
| Amounts payable within one year | 42/48 | €8,135 | €7,819 | -€316 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €1,987 | €2,154 | +€167 | +8.4% |
| Suppliers | 440/4 | €1,987 | €2,154 | +€167 | +8.4% |
| Taxes, remuneration and social security | 45 | €3,648 | €3,165 | -€482 | -13.2% |
| Taxes | 450/3 | €3,648 | €3,165 | -€482 | -13.2% |
| Non-recurring operating income | 76A | €14,672 | €690 | -€13,982 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,473 | €7,067 | +€1,594 | +29.1% |
| Other operating charges | 640/8 | €1,233 | €1,274 | +€42 | +3.4% |
| Gross operating margin | 9900 | €44,262 | €47,315 | +€3,054 | +6.9% |
| Operating profit (loss) | 9901 | €37,556 | €38,975 | +€1,418 | +3.8% |
| Financial income | 75/76B | €3,238 | €2,943 | -€295 | -9.1% |
| Recurring financial income | 75 | €3,238 | €2,943 | -€295 | -9.1% |
| Financial charges | 65/66B | €3,007 | €3,558 | +€550 | +18.3% |
| Recurring financial charges | 65 | €3,007 | €3,558 | +€550 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €37,787 | €38,360 | +€572 | +1.5% |
| Income taxes | 67/77 | €10,966 | €11,227 | +€261 | +2.4% |
| Profit (loss) for the period | 9904 | €26,821 | €27,133 | +€312 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,821 | €27,133 | +€312 | +1.2% |
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 12 October 2026 via checked.be.