LES AD FRERES: 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.
LES AD FRERES
Largest movements
- Receivables within one year +€124,787
up €124,787 (+319%), from €39,090 to €163,877
of which Trade receivables: +€128,078
- Cash -€58,254
down €58,254 (-94.1%), from €61,906 to €3,652
mainly Receivables within one year (-€124,787) and Net result for the year (-€29,638)
- Trade debts +€91,172
up €91,172 (+32,846%), from €278 to €91,449
- Profit (loss) carried forward -€29,638
down €29,638 (-34.3%), from €86,383 to €56,745
- Other debts +€10,756
new in 2025: €10,756
- Tax, wage and social debts -€6,434
down €6,434 (-20.3%), from €31,650 to €25,216
of which Taxes: -€6,034
- Gross operating margin -€88,073
down €88,073, from €73,757 to -€14,317
- Taxes -€13,223
no longer reported in 2025 (was €13,223)
- Staff costs +€4,741
new in 2025: €4,741
- Other operating charges -€878
down €878 (-11.4%), from €7,723 to €6,845
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 | €118,311 | €184,166 | +€65,855 | +55.7% |
| Fixed assets | 21/28 | €17,123 | €16,084 | -€1,039 | -6.1% |
| Tangible fixed assets | 22/27 | €2,123 | €1,084 | -€1,039 | -48.9% |
| Plant, machinery and equipment | 23 | €2,123 | €1,084 | -€1,039 | -48.9% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €101,188 | €168,082 | +€66,894 | +66.1% |
| Amounts receivable within one year | 40/41 | €39,090 | €163,877 | +€124,787 | +319% |
| Trade receivables | 40 | €35,799 | €163,877 | +€128,078 | +358% |
| Other amounts receivable | 41 | €3,291 | - | -€3,291 | |
| Cash at bank and in hand | 54/58 | €61,906 | €3,652 | -€58,254 | -94.1% |
| Deferred charges and accrued income | 490/1 | €192 | €553 | +€361 | +188% |
| Total equity and liabilities | 10/49 | €118,311 | €184,166 | +€65,855 | +55.7% |
| Equity | 10/15 | €86,383 | €56,745 | -€29,638 | -34.3% |
| Profit (loss) carried forward | 14 | €86,383 | €56,745 | -€29,638 | -34.3% |
| Amounts payable | 17/49 | €31,927 | €127,421 | +€95,493 | +299% |
| Amounts payable within one year | 42/48 | €31,927 | €127,421 | +€95,493 | +299% |
| Trade debts | 44 | €278 | €91,449 | +€91,172 | +32,846% |
| Suppliers | 440/4 | €278 | €91,449 | +€91,172 | +32,846% |
| Taxes, remuneration and social security | 45 | €31,650 | €25,216 | -€6,434 | -20.3% |
| Taxes | 450/3 | €31,250 | €25,216 | -€6,034 | -19.3% |
| Remuneration and social security | 454/9 | €400 | - | -€400 | |
| Other amounts payable | 47/48 | - | €10,756 | +€10,756 | |
| Remuneration, social security and pensions | 62 | - | €4,741 | +€4,741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €993 | €1,039 | +€45 | +4.6% |
| Other operating charges | 640/8 | €7,723 | €6,845 | -€878 | -11.4% |
| Gross operating margin | 9900 | €73,757 | -€14,317 | -€88,073 | |
| Operating profit (loss) | 9901 | €65,041 | -€26,940 | -€91,981 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,408 | €2,698 | -€711 | -20.9% |
| Recurring financial charges | 65 | €3,408 | €2,698 | -€711 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €61,634 | -€29,638 | -€91,272 | |
| Income taxes | 67/77 | €13,223 | - | -€13,223 | |
| Profit (loss) for the period | 9904 | €48,411 | -€29,638 | -€78,049 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,411 | -€29,638 | -€78,049 |
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 17 October 2026 via checked.be.