Pierre - Fritsche: 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 - Fritsche
Largest movements
- Receivables within one year +€12,934
up €12,934 (+50.8%), from €25,465 to €38,400
of which Trade receivables: +€7,494
- Intangible fixed assets -€5,499
down €5,499 (-13.2%), from €41,504 to €36,005
- Cash -€3,621
down €3,621 (-33.0%), from €10,961 to €7,340
mainly Receivables within one year (-€12,934) and Trade debts (-€7,839)
- Stocks and contracts +€1,603
up €1,603 (+61.5%), from €2,605 to €4,208
- Deferred charges and accrued income -€1,205
down €1,205 (-46.0%), from €2,621 to €1,416
- Tax, wage and social debts +€8,964
up €8,964 (+96.8%), from €9,256 to €18,220
of which Taxes: +€6,983
- Trade debts -€7,839
down €7,839 (-17.8%), from €44,049 to €36,210
- Profit (loss) carried forward +€4,330
up €4,330 (+23.4%), from €18,471 to €22,801
- Current portion of long-term debt -€2,262
no longer reported in 2025 (was €2,262)
- Staff costs +€15,458
up €15,458 (+126%), from €12,311 to €27,769
- Gross operating margin -€14,076
down €14,076 (-23.7%), from €59,312 to €45,236
- Other operating charges -€13,804
down €13,804 (-76.5%), from €18,049 to €4,245
- Taxes -€4,265
down €4,265 (-78.2%), from €5,457 to €1,192
- Depreciation +€2,474
up €2,474 (+61.2%), from €4,045 to €6,519
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 | €94,038 | €97,231 | +€3,193 | +3.4% |
| Fixed assets | 21/28 | €52,386 | €45,868 | -€6,519 | -12.4% |
| Intangible fixed assets | 21 | €41,504 | €36,005 | -€5,499 | -13.2% |
| Tangible fixed assets | 22/27 | €4,550 | €3,530 | -€1,020 | -22.4% |
| Land and buildings | 22 | €2,621 | €2,071 | -€551 | -21.0% |
| Plant, machinery and equipment | 23 | €1,928 | €1,459 | -€469 | -24.3% |
| Financial fixed assets | 28 | €6,333 | €6,333 | = | 0.0% |
| Current assets | 29/58 | €41,652 | €51,363 | +€9,711 | +23.3% |
| Stocks and contracts in progress | 3 | €2,605 | €4,208 | +€1,603 | +61.5% |
| Stocks | 30/36 | €2,605 | €4,208 | +€1,603 | +61.5% |
| Amounts receivable within one year | 40/41 | €25,465 | €38,400 | +€12,934 | +50.8% |
| Trade receivables | 40 | €5,151 | €12,644 | +€7,494 | +145% |
| Other amounts receivable | 41 | €20,315 | €25,755 | +€5,441 | +26.8% |
| Cash at bank and in hand | 54/58 | €10,961 | €7,340 | -€3,621 | -33.0% |
| Deferred charges and accrued income | 490/1 | €2,621 | €1,416 | -€1,205 | -46.0% |
| Total equity and liabilities | 10/49 | €94,038 | €97,231 | +€3,193 | +3.4% |
| Equity | 10/15 | €38,471 | €42,801 | +€4,330 | +11.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,471 | €22,801 | +€4,330 | +23.4% |
| Amounts payable | 17/49 | €55,567 | €54,430 | -€1,137 | -2.0% |
| Amounts payable within one year | 42/48 | €55,567 | €54,430 | -€1,137 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €2,262 | - | -€2,262 | |
| Trade debts | 44 | €44,049 | €36,210 | -€7,839 | -17.8% |
| Suppliers | 440/4 | €44,049 | €36,210 | -€7,839 | -17.8% |
| Taxes, remuneration and social security | 45 | €9,256 | €18,220 | +€8,964 | +96.8% |
| Taxes | 450/3 | €6,711 | €13,694 | +€6,983 | +104% |
| Remuneration and social security | 454/9 | €2,545 | €4,526 | +€1,982 | +77.9% |
| Remuneration, social security and pensions | 62 | €12,311 | €27,769 | +€15,458 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,045 | €6,519 | +€2,474 | +61.2% |
| Other operating charges | 640/8 | €18,049 | €4,245 | -€13,804 | -76.5% |
| Gross operating margin | 9900 | €59,312 | €45,236 | -€14,076 | -23.7% |
| Operating profit (loss) | 9901 | €24,907 | €6,704 | -€18,203 | -73.1% |
| Financial income | 75/76B | €889 | €1,365 | +€476 | +53.6% |
| Recurring financial income | 75 | €889 | €1,365 | +€476 | +53.6% |
| Financial charges | 65/66B | €1,868 | €2,546 | +€679 | +36.3% |
| Recurring financial charges | 65 | €1,868 | €2,546 | +€679 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €23,928 | €5,522 | -€18,406 | -76.9% |
| Income taxes | 67/77 | €5,457 | €1,192 | -€4,265 | -78.2% |
| Profit (loss) for the period | 9904 | €18,471 | €4,330 | -€14,141 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,471 | €4,330 | -€14,141 | -76.6% |
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 26 October 2026 via checked.be.