PHILIPPE FRECHES: 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.
PHILIPPE FRECHES
Largest movements
- Tangible fixed assets -€223,065
down €223,065 (-10.5%), from €2.1m to €1.9m
of which Plant, machinery and equipment: -€247,359
- Cash -€47,365
down €47,365 (-61.9%), from €76,564 to €29,199
mainly Investment in fixed assets (net) (-€475,477) and Debts after one year (-€301,325)
- Receivables within one year +€40,581
up €40,581 (+4.1%), from €995,490 to €1.0m
of which Trade receivables: +€25,565
- Debts after one year -€301,325
down €301,325 (-51.2%), from €588,052 to €286,727
- Other debts +€163,017
up €163,017 (+1,332%), from €12,238 to €175,255
- Reserves -€86,818
down €86,818 (-13.2%), from €658,800 to €571,982
- Trade debts -€61,105
down €61,105 (-16.1%), from €378,711 to €317,606
- Tax, wage and social debts +€55,735
up €55,735 (+115%), from €48,432 to €104,168
of which Taxes: +€50,473
- Depreciation +€58,533
up €58,533 (+9.1%), from €640,156 to €698,689
- Gross operating margin +€39,270
up €39,270 (+3.8%), from €1.0m to €1.1m
- Financial charges -€13,319
down €13,319 (-29.1%), from €45,813 to €32,493
- Taxes +€13,207
up €13,207 (+71.3%), from €18,530 to €31,737
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 | €3,269,686 | €3,019,450 | -€250,236 | -7.7% |
| Fixed assets | 21/28 | €2,136,376 | €1,913,163 | -€223,212 | -10.4% |
| Tangible fixed assets | 22/27 | €2,133,931 | €1,910,866 | -€223,065 | -10.5% |
| Land and buildings | 22 | €376,952 | €404,037 | +€27,085 | +7.2% |
| Plant, machinery and equipment | 23 | €1,749,997 | €1,502,638 | -€247,359 | -14.1% |
| Furniture and vehicles | 24 | €6,982 | €4,191 | -€2,791 | -40.0% |
| Financial fixed assets | 28 | €2,445 | €2,298 | -€147 | -6.0% |
| Current assets | 29/58 | €1,133,311 | €1,106,287 | -€27,024 | -2.4% |
| Stocks and contracts in progress | 3 | €56,086 | €35,453 | -€20,632 | -36.8% |
| Stocks | 30/36 | €56,086 | €35,453 | -€20,632 | -36.8% |
| Amounts receivable within one year | 40/41 | €995,490 | €1,036,071 | +€40,581 | +4.1% |
| Trade receivables | 40 | €935,591 | €961,156 | +€25,565 | +2.7% |
| Other amounts receivable | 41 | €59,899 | €74,915 | +€15,016 | +25.1% |
| Cash at bank and in hand | 54/58 | €76,564 | €29,199 | -€47,365 | -61.9% |
| Deferred charges and accrued income | 490/1 | €5,171 | €5,563 | +€392 | +7.6% |
| Total equity and liabilities | 10/49 | €3,269,686 | €3,019,450 | -€250,236 | -7.7% |
| Equity | 10/15 | €1,709,140 | €1,612,075 | -€97,065 | -5.7% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €658,800 | €571,982 | -€86,818 | -13.2% |
| Distributable reserves | 133 | €658,800 | €571,982 | -€86,818 | -13.2% |
| Profit (loss) carried forward | 14 | €942,755 | €943,580 | +€825 | +0.1% |
| Investment grants | 15 | €33,217 | €22,145 | -€11,072 | -33.3% |
| Amounts payable | 17/49 | €1,560,546 | €1,407,375 | -€153,171 | -9.8% |
| Amounts payable after more than one year | 17 | €588,052 | €286,727 | -€301,325 | -51.2% |
| Financial debts | 170/4 | €588,052 | €286,727 | -€301,325 | -51.2% |
| Amounts payable within one year | 42/48 | €969,903 | €1,118,235 | +€148,333 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €329,742 | €299,258 | -€30,484 | -9.2% |
| Financial debts | 43 | €199,810 | €221,949 | +€22,139 | +11.1% |
| Credit institutions | 430/8 | €199,810 | €221,949 | +€22,139 | +11.1% |
| Trade debts | 44 | €378,711 | €317,606 | -€61,105 | -16.1% |
| Suppliers | 440/4 | €378,711 | €317,606 | -€61,105 | -16.1% |
| Advances received on contracts in progress | 46 | €969 | - | -€969 | |
| Taxes, remuneration and social security | 45 | €48,432 | €104,168 | +€55,735 | +115% |
| Taxes | 450/3 | €20,046 | €70,519 | +€50,473 | +252% |
| Remuneration and social security | 454/9 | €28,387 | €33,649 | +€5,262 | +18.5% |
| Other amounts payable | 47/48 | €12,238 | €175,255 | +€163,017 | +1,332% |
| Accrued charges and deferred income | 492/3 | €2,591 | €2,413 | -€178 | -6.9% |
| Non-recurring operating income | 76A | €29,056 | - | -€29,056 | |
| Remuneration, social security and pensions | 62 | €229,132 | €238,898 | +€9,766 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €640,156 | €698,689 | +€58,533 | +9.1% |
| Other operating charges | 640/8 | €6,292 | €6,150 | -€141 | -2.2% |
| Gross operating margin | 9900 | €1,045,327 | €1,084,597 | +€39,270 | +3.8% |
| Operating profit (loss) | 9901 | €169,747 | €140,860 | -€28,888 | -17.0% |
| Financial income | 75/76B | €12,910 | €19,196 | +€6,286 | +48.7% |
| Recurring financial income | 75 | €12,910 | €19,196 | +€6,286 | +48.7% |
| Financial charges | 65/66B | €45,813 | €32,493 | -€13,319 | -29.1% |
| Recurring financial charges | 65 | €45,813 | €32,493 | -€13,319 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €136,844 | €127,562 | -€9,282 | -6.8% |
| Income taxes | 67/77 | €18,530 | €31,737 | +€13,207 | +71.3% |
| Profit (loss) for the period | 9904 | €118,315 | €95,825 | -€22,489 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,315 | €95,825 | -€22,489 | -19.0% |
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 23 October 2026 via checked.be.