GLENN VANFRAUSSEN: 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.
GLENN VANFRAUSSEN
Largest movements
- Cash -€118,371
down €118,371 (-93.4%), from €126,788 to €8,417
mainly Trade debts (-€119,387) and Net result for the year (-€61,262)
- Stocks and contracts -€95,676
down €95,676 (-100%), from €95,676 to €0
- Receivables within one year +€20,182
up €20,182 (+109%), from €18,510 to €38,692
of which Trade receivables: +€27,858
- Tangible fixed assets -€2,835
down €2,835 (-100%), from €2,835 to €0
- Trade debts -€119,387
down €119,387 (-97.8%), from €122,094 to €2,706
- Profit (loss) carried forward -€61,262
down €61,262, from €41,564 to -€19,698
- Advances received +€31,550
new in 2025: €31,550
- Tax, wage and social debts -€28,715
down €28,715 (-54.9%), from €52,268 to €23,553
of which Remuneration and social security: -€30,472
- Current portion of long-term debt -€9,091
down €9,091 (-97.6%), from €9,314 to €223
- Gross operating margin -€423,400
down €423,400 (-87.1%), from €485,967 to €62,567
- Staff costs -€284,051
down €284,051 (-71.1%), from €399,528 to €115,476
- Financial charges -€12,399
down €12,399 (-65.2%), from €19,029 to €6,630
- Taxes -€11,013
down €11,013 (-97.0%), from €11,359 to €346
- Other operating charges -€7,597
down €7,597 (-85.1%), from €8,924 to €1,327
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 | €245,163 | €50,278 | -€194,885 | -79.5% |
| Fixed assets | 21/28 | €2,835 | €0 | -€2,835 | -100% |
| Tangible fixed assets | 22/27 | €2,835 | €0 | -€2,835 | -100% |
| Furniture and vehicles | 24 | €2,835 | €0 | -€2,835 | -100% |
| Current assets | 29/58 | €242,328 | €50,278 | -€192,050 | -79.3% |
| Stocks and contracts in progress | 3 | €95,676 | €0 | -€95,676 | -100% |
| Stocks | 30/36 | €95,676 | €0 | -€95,676 | -100% |
| Amounts receivable within one year | 40/41 | €18,510 | €38,692 | +€20,182 | +109% |
| Trade receivables | 40 | €9,265 | €37,123 | +€27,858 | +301% |
| Other amounts receivable | 41 | €9,245 | €1,569 | -€7,676 | -83.0% |
| Cash at bank and in hand | 54/58 | €126,788 | €8,417 | -€118,371 | -93.4% |
| Deferred charges and accrued income | 490/1 | €1,354 | €3,169 | +€1,815 | +134% |
| Total equity and liabilities | 10/49 | €245,163 | €50,278 | -€194,885 | -79.5% |
| Equity | 10/15 | €46,564 | -€14,698 | -€61,262 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,564 | -€19,698 | -€61,262 | |
| Amounts payable | 17/49 | €198,599 | €64,976 | -€133,623 | -67.3% |
| Amounts payable after more than one year | 17 | €223 | €0 | -€223 | -100% |
| Financial debts | 170/4 | €223 | €0 | -€223 | -100% |
| Amounts payable within one year | 42/48 | €198,376 | €64,976 | -€133,400 | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €9,314 | €223 | -€9,091 | -97.6% |
| Trade debts | 44 | €122,094 | €2,706 | -€119,387 | -97.8% |
| Suppliers | 440/4 | €122,094 | €2,706 | -€119,387 | -97.8% |
| Advances received on contracts in progress | 46 | - | €31,550 | +€31,550 | |
| Taxes, remuneration and social security | 45 | €52,268 | €23,553 | -€28,715 | -54.9% |
| Taxes | 450/3 | €12,371 | €14,128 | +€1,756 | +14.2% |
| Remuneration and social security | 454/9 | €39,897 | €9,425 | -€30,472 | -76.4% |
| Other amounts payable | 47/48 | €14,700 | €6,944 | -€7,756 | -52.8% |
| Remuneration, social security and pensions | 62 | €399,528 | €115,476 | -€284,051 | -71.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,118 | €340 | -€2,778 | -89.1% |
| Other operating charges | 640/8 | €8,924 | €1,327 | -€7,597 | -85.1% |
| Non-recurring operating charges | 66A | €1,000 | €0 | -€1,000 | -100% |
| Gross operating margin | 9900 | €485,967 | €62,567 | -€423,400 | -87.1% |
| Operating profit (loss) | 9901 | €73,398 | -€54,576 | -€127,973 | |
| Financial income | 75/76B | €737 | €290 | -€447 | -60.7% |
| Recurring financial income | 75 | €737 | €290 | -€447 | -60.7% |
| Financial charges | 65/66B | €19,029 | €6,630 | -€12,399 | -65.2% |
| Recurring financial charges | 65 | €19,029 | €6,630 | -€12,399 | -65.2% |
| Profit (loss) for the period before taxes | 9903 | €55,105 | -€60,916 | -€116,021 | |
| Income taxes | 67/77 | €11,359 | €346 | -€11,013 | -97.0% |
| Profit (loss) for the period | 9904 | €43,746 | -€61,262 | -€105,008 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,746 | -€61,262 | -€105,008 |
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 22 October 2026 via checked.be.