Pierre Frisschen: 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.
Pierre Frisschen
Largest movements
- Tangible fixed assets -€199,976
down €199,976 (-12.7%), from €1.6m to €1.4m
of which Land and buildings: -€198,488
- Receivables within one year +€61,383
up €61,383 (+258%), from €23,755 to €85,137
of which Trade receivables: +€57,714
- Debts after one year -€219,017
down €219,017 (-16.7%), from €1.3m to €1.1m
- Reserves +€39,348
up €39,348 (+7,870%), from €500 to €39,848
of which Distributable reserves: +€33,698
- Other debts +€23,443
up €23,443 (+40.3%), from €58,184 to €81,626
- Gross operating margin +€47,186
up €47,186 (+14.9%), from €317,744 to €364,929
- Write-downs +€41,875
new in 2025: €41,875
- Taxes +€16,065
up €16,065 (+6,028%), from €267 to €16,332
- Financial charges -€3,767
down €3,767 (-12.0%), from €31,350 to €27,584
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 | €1,698,245 | €1,544,467 | -€153,777 | -9.1% |
| Fixed assets | 21/28 | €1,569,919 | €1,369,944 | -€199,976 | -12.7% |
| Tangible fixed assets | 22/27 | €1,569,919 | €1,369,944 | -€199,976 | -12.7% |
| Land and buildings | 22 | €1,564,829 | €1,366,341 | -€198,488 | -12.7% |
| Furniture and vehicles | 24 | €5,090 | €3,603 | -€1,488 | -29.2% |
| Current assets | 29/58 | €128,325 | €174,524 | +€46,198 | +36.0% |
| Amounts receivable within one year | 40/41 | €23,755 | €85,137 | +€61,383 | +258% |
| Trade receivables | 40 | €23,755 | €81,469 | +€57,714 | +243% |
| Other amounts receivable | 41 | - | €3,668 | +€3,668 | |
| Cash at bank and in hand | 54/58 | €93,651 | €89,386 | -€4,265 | -4.6% |
| Deferred charges and accrued income | 490/1 | €10,920 | €0 | -€10,920 | -100% |
| Total equity and liabilities | 10/49 | €1,698,245 | €1,544,467 | -€153,777 | -9.1% |
| Equity | 10/15 | €57,837 | €101,348 | +€43,511 | +75.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €500 | €39,848 | +€39,348 | +7,870% |
| Non-distributable reserves | 130/1 | €500 | €6,150 | +€5,650 | +1,130% |
| Legal reserve | 130 | €500 | €6,150 | +€5,650 | +1,130% |
| Distributable reserves | 133 | - | €33,698 | +€33,698 | |
| Profit (loss) carried forward | 14 | -€4,163 | €0 | +€4,163 | |
| Amounts payable | 17/49 | €1,640,408 | €1,443,119 | -€197,289 | -12.0% |
| Amounts payable after more than one year | 17 | €1,309,339 | €1,090,322 | -€219,017 | -16.7% |
| Financial debts | 170/4 | €1,309,339 | €1,090,322 | -€219,017 | -16.7% |
| Amounts payable within one year | 42/48 | €305,350 | €325,790 | +€20,440 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €215,013 | €219,017 | +€4,004 | +1.9% |
| Trade debts | 44 | €17,804 | €10,510 | -€7,294 | -41.0% |
| Suppliers | 440/4 | €17,804 | €10,510 | -€7,294 | -41.0% |
| Taxes, remuneration and social security | 45 | €14,349 | €14,636 | +€287 | +2.0% |
| Taxes | 450/3 | €14,349 | €14,636 | +€287 | +2.0% |
| Other amounts payable | 47/48 | €58,184 | €81,626 | +€23,443 | +40.3% |
| Accrued charges and deferred income | 492/3 | €25,719 | €27,008 | +€1,289 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,976 | €199,976 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €41,875 | +€41,875 | |
| Other operating charges | 640/8 | €35,096 | €35,652 | +€556 | +1.6% |
| Gross operating margin | 9900 | €317,744 | €364,929 | +€47,186 | +14.9% |
| Operating profit (loss) | 9901 | €82,672 | €87,427 | +€4,755 | +5.8% |
| Financial charges | 65/66B | €31,350 | €27,584 | -€3,767 | -12.0% |
| Recurring financial charges | 65 | €31,350 | €27,584 | -€3,767 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €51,322 | €59,843 | +€8,521 | +16.6% |
| Income taxes | 67/77 | €267 | €16,332 | +€16,065 | +6,028% |
| Profit (loss) for the period | 9904 | €51,055 | €43,511 | -€7,544 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,055 | €43,511 | -€7,544 | -14.8% |
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 25 October 2026 via checked.be.