Hubert Fransen: 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.
Hubert Fransen
Largest movements
- Current investments +€33,444
up €33,444 (+139.3%), from €24,000 to €57,444
- Receivables within one year +€20,426
up €20,426 (+192.9%), from €10,591 to €31,018
of which Trade receivables: +€15,828
- Cash -€18,289
down €18,289 (-28.6%), from €63,844 to €45,556
mainly Current investments (-€33,444) and Receivables within one year (-€20,426)
- Tangible fixed assets -€1,726
down €1,726 (-33.2%), from €5,202 to €3,476
of which Furniture and vehicles: -€926
- Other debts +€19,580
up €19,580 (+24.5%), from €79,908 to €99,488
- Trade debts +€18,317
up €18,317 (+2044.6%), from €896 to €19,213
- Profit (loss) carried forward -€2,828
down €2,828, from €0 to -€2,828
- Gross operating margin -€6,175
down €6,175, from €2,159 to -€4,016
- Financial income +€2,889
up €2,889, from €0 to €2,889
- Taxes -€1,493
down €1,493 (-68.6%), from €2,177 to €685
- Depreciation +€215
up €215 (+14.2%), from €1,511 to €1,726
- Other operating charges +€62
up €62 (+13.9%), from €449 to €512
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 | €104,608 | €137,569 | +€32,961 | +31.5% |
| Fixed assets | 21/28 | €5,202 | €3,476 | -€1,726 | -33.2% |
| Tangible fixed assets | 22/27 | €5,202 | €3,476 | -€1,726 | -33.2% |
| Plant, machinery and equipment | 23 | €1,285 | €485 | -€800 | -62.3% |
| Furniture and vehicles | 24 | €3,917 | €2,992 | -€926 | -23.6% |
| Current assets | 29/58 | €99,406 | €134,092 | +€34,687 | +34.9% |
| Amounts receivable within one year | 40/41 | €10,591 | €31,018 | +€20,426 | +192.9% |
| Trade receivables | 40 | €6,050 | €21,878 | +€15,828 | +261.6% |
| Other amounts receivable | 41 | €4,541 | €9,140 | +€4,598 | +101.3% |
| Current investments | 50/53 | €24,000 | €57,444 | +€33,444 | +139.3% |
| Cash at bank and in hand | 54/58 | €63,844 | €45,556 | -€18,289 | -28.6% |
| Deferred charges and accrued income | 490/1 | €970 | €76 | -€895 | -92.2% |
| Total equity and liabilities | 10/49 | €104,608 | €137,569 | +€32,961 | +31.5% |
| Equity | 10/15 | €19,908 | €15,772 | -€4,135 | -20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,308 | €0 | -€1,308 | -100.0% |
| Distributable reserves | 133 | €1,308 | €0 | -€1,308 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€2,828 | -€2,828 | |
| Amounts payable | 17/49 | €84,700 | €121,796 | +€37,096 | +43.8% |
| Amounts payable within one year | 42/48 | €84,700 | €121,796 | +€37,096 | +43.8% |
| Trade debts | 44 | €896 | €19,213 | +€18,317 | +2044.6% |
| Suppliers | 440/4 | €896 | €19,213 | +€18,317 | +2044.6% |
| Taxes, remuneration and social security | 45 | €3,896 | €3,095 | -€801 | -20.6% |
| Taxes | 450/3 | €3,896 | €3,095 | -€801 | -20.6% |
| Other amounts payable | 47/48 | €79,908 | €99,488 | +€19,580 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,511 | €1,726 | +€215 | +14.2% |
| Other operating charges | 640/8 | €449 | €512 | +€62 | +13.9% |
| Gross operating margin | 9900 | €2,159 | -€4,016 | -€6,175 | |
| Operating profit (loss) | 9901 | €198 | -€6,254 | -€6,452 | |
| Financial income | 75/76B | €0 | €2,889 | +€2,889 | |
| Recurring financial income | 75 | €0 | €2,889 | +€2,889 | |
| Financial charges | 65/66B | €108 | €86 | -€21 | -19.7% |
| Recurring financial charges | 65 | €108 | €86 | -€21 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €91 | -€3,451 | -€3,542 | |
| Income taxes | 67/77 | €2,177 | €685 | -€1,493 | -68.6% |
| Profit (loss) for the period | 9904 | -€2,086 | -€4,135 | -€2,049 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,086 | -€4,135 | -€2,049 | -98.2% |
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.