Kurt Defrancq: what changed
Kurt Defrancq
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Cash +€355,039
up €355,039 (+282%), from €125,867 to €480,906
- Tangible fixed assets +€276,816
up €276,816 (+205%), from €135,183 to €411,999
of which Assets under construction and advance payments: +€272,026
- Contributions +€1.0m
up €1.0m (+100,000%), from €1,000 to €1.0m
- Accrued charges and deferred income +€579,505
up €579,505 (+196%), from €295,899 to €875,404
- Trade debts +€59,353
up €59,353 (+1,418%), from €4,186 to €63,539
- Gross operating margin +€275
up €275 (+13.7%), from €2,007 to €2,282
- Depreciation +€166
up €166 (+85.8%), from €194 to €360
- Other operating charges +€53
up €53 (+3.2%), from €1,665 to €1,718
- Financial charges +€47
up €47 (+29.4%), from €158 to €204
Change in the result, 2024 to 2025
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,085 | €1,947,701 | +€1.6m | +547% |
| Fixed assets | 21/28 | €135,183 | €411,999 | +€276,816 | +205% |
| Tangible fixed assets | 22/27 | €135,183 | €411,999 | +€276,816 | +205% |
| Plant, machinery and equipment | 23 | €1,606 | €1,246 | -€360 | -22.4% |
| Other tangible fixed assets | 26 | - | €5,150 | +€5,150 | |
| Assets under construction and advance payments | 27 | €133,577 | €405,603 | +€272,026 | +204% |
| Current assets | 29/58 | €165,903 | €1,535,702 | +€1.4m | +826% |
| Amounts receivable within one year | 40/41 | €38,925 | €50,558 | +€11,633 | +29.9% |
| Trade receivables | 40 | €1,376 | €1,376 | = | 0.0% |
| Other amounts receivable | 41 | €37,550 | €49,182 | +€11,633 | +31.0% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €125,867 | €480,906 | +€355,039 | +282% |
| Deferred charges and accrued income | 490/1 | €1,110 | €4,238 | +€3,128 | +282% |
| Total equity and liabilities | 10/49 | €301,085 | €1,947,701 | +€1.6m | +547% |
| Equity | 10/15 | €1,000 | €1,001,000 | +€1.0m | +100,000% |
| Contributions | 10/11 | €1,000 | €1,001,000 | +€1.0m | +100,000% |
| Capital | 10 | €1,000 | €1,001,000 | +€1.0m | +100,000% |
| Amounts payable | 17/49 | €300,085 | €946,701 | +€646,616 | +215% |
| Amounts payable within one year | 42/48 | €4,186 | €71,297 | +€67,111 | +1,603% |
| Trade debts | 44 | €4,186 | €63,539 | +€59,353 | +1,418% |
| Suppliers | 440/4 | €4,186 | €63,539 | +€59,353 | +1,418% |
| Taxes, remuneration and social security | 45 | - | €7,758 | +€7,758 | |
| Taxes | 450/3 | - | €7,758 | +€7,758 | |
| Accrued charges and deferred income | 492/3 | €295,899 | €875,404 | +€579,505 | +196% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194 | €360 | +€166 | +85.8% |
| Other operating charges | 640/8 | €1,665 | €1,718 | +€53 | +3.2% |
| Gross operating margin | 9900 | €2,007 | €2,282 | +€275 | +13.7% |
| Operating profit (loss) | 9901 | €148 | €204 | +€56 | +38.0% |
| Financial income | 75/76B | €10 | €0 | -€10 | -96.9% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -96.9% |
| Financial charges | 65/66B | €158 | €204 | +€47 | +29.4% |
| Recurring financial charges | 65 | €158 | €204 | +€47 | +29.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.