J. Frederickx: what changed
Two fiscal 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.
J. Frederickx
Largest movements
- Cash +€21,099
up €21,099 (+49.9%), from €42,242 to €63,341
mainly Net result for the year (+€51,471) and Depreciation (+€15,062)
- Tangible fixed assets -€16,834
down €16,834 (-15.5%), from €108,745 to €91,911
of which Furniture and vehicles: -€9,299
- Other debts +€12,819
up €12,819 (+30.6%), from €41,952 to €54,772
- Current portion of long-term debt -€11,181
down €11,181 (-100.0%), from €11,181 to €0
- Reserves -€3,301
down €3,301 (-1.4%), from €228,509 to €225,208
- Financial charges -€14,501
down €14,501 (-88.7%), from €16,346 to €1,846
- Gross operating margin +€9,545
up €9,545 (+10.9%), from €87,245 to €96,790
- Taxes +€6,818
up €6,818 (+35.4%), from €19,271 to €26,089
- Depreciation -€5,976
down €5,976 (-28.4%), from €21,037 to €15,062
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 | €294,380 | €295,463 | +€1,084 | +0.4% |
| Fixed assets | 21/28 | €108,745 | €91,911 | -€16,834 | -15.5% |
| Tangible fixed assets | 22/27 | €108,745 | €91,911 | -€16,834 | -15.5% |
| Land and buildings | 22 | €92,232 | €86,967 | -€5,265 | -5.7% |
| Plant, machinery and equipment | 23 | €1,629 | €607 | -€1,021 | -62.7% |
| Furniture and vehicles | 24 | €11,218 | €1,919 | -€9,299 | -82.9% |
| Other tangible fixed assets | 26 | €3,666 | €2,418 | -€1,248 | -34.1% |
| Current assets | 29/58 | €185,635 | €203,552 | +€17,917 | +9.7% |
| Amounts receivable within one year | 40/41 | €3,129 | €1,227 | -€1,902 | -60.8% |
| Trade receivables | 40 | €246 | €0 | -€246 | -100.0% |
| Other amounts receivable | 41 | €2,883 | €1,227 | -€1,656 | -57.4% |
| Current investments | 50/53 | €128,334 | €129,512 | +€1,179 | +0.9% |
| Cash at bank and in hand | 54/58 | €42,242 | €63,341 | +€21,099 | +49.9% |
| Deferred charges and accrued income | 490/1 | €11,930 | €9,472 | -€2,458 | -20.6% |
| Total equity and liabilities | 10/49 | €294,380 | €295,463 | +€1,084 | +0.4% |
| Equity | 10/15 | €240,909 | €237,608 | -€3,301 | -1.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €228,509 | €225,208 | -€3,301 | -1.4% |
| Distributable reserves | 133 | €228,509 | €225,208 | -€3,301 | -1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,470 | €57,855 | +€4,385 | +8.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €53,470 | €57,855 | +€4,385 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €11,181 | €0 | -€11,181 | -100.0% |
| Financial debts | 43 | - | €17 | +€17 | |
| Credit institutions | 430/8 | - | €17 | +€17 | |
| Trade debts | 44 | €100 | €1,014 | +€915 | +919.2% |
| Suppliers | 440/4 | €100 | €1,014 | +€915 | +919.2% |
| Taxes, remuneration and social security | 45 | €238 | €2,052 | +€1,814 | +762.7% |
| Taxes | 450/3 | €238 | €2,052 | +€1,814 | +762.7% |
| Other amounts payable | 47/48 | €41,952 | €54,772 | +€12,819 | +30.6% |
| Non-recurring operating income | 76A | - | €17,524 | +€17,524 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,037 | €15,062 | -€5,976 | -28.4% |
| Other operating charges | 640/8 | €2,129 | €2,478 | +€350 | +16.4% |
| Gross operating margin | 9900 | €87,245 | €96,790 | +€9,545 | +10.9% |
| Operating profit (loss) | 9901 | €64,079 | €79,250 | +€15,171 | +23.7% |
| Financial income | 75/76B | €253 | €155 | -€98 | -38.8% |
| Recurring financial income | 75 | €253 | €155 | -€98 | -38.8% |
| Financial charges | 65/66B | €16,346 | €1,846 | -€14,501 | -88.7% |
| Recurring financial charges | 65 | €16,346 | €1,846 | -€14,501 | -88.7% |
| Profit (loss) for the period before taxes | 9903 | €47,985 | €77,559 | +€29,574 | +61.6% |
| Income taxes | 67/77 | €19,271 | €26,089 | +€6,818 | +35.4% |
| Profit (loss) for the period | 9904 | €28,715 | €51,471 | +€22,756 | +79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,715 | €51,471 | +€22,756 | +79.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.