Robert FREDERIC: what changed
Two fiscal 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.
Robert FREDERIC
Largest movements
- Cash +€150,544
up €150,544 (+143.9%), from €104,604 to €255,148
mainly Net result for the year (+€163,625) and Depreciation (+€76,426)
- Tangible fixed assets -€76,426
down €76,426 (-30.2%), from €253,296 to €176,870
of which Plant, machinery and equipment: -€48,411
- Receivables within one year -€68,356
down €68,356 (-10.4%), from €657,805 to €589,449
of which Other amounts receivable: -€36,743
- Stocks and contracts +€47,547
up €47,547 (+75.6%), from €62,853 to €110,400
- Profit (loss) carried forward +€63,625
up €63,625 (+18.9%), from €336,041 to €399,666
- Debts after one year -€49,619
down €49,619 (-26.4%), from €187,619 to €138,000
- Trade debts +€31,776
up €31,776 (+17.2%), from €184,859 to €216,635
- Tax, wage and social debts +€29,016
up €29,016 (+69.5%), from €41,756 to €70,772
of which Remuneration and social security: +€24,729
- Other debts -€14,507
down €14,507 (-8.4%), from €173,705 to €159,198
- Gross operating margin -€63,519
down €63,519 (-5.1%), from €1.2m to €1.2m
- Staff costs -€28,277
down €28,277 (-3.1%), from €909,379 to €881,102
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.
Cash bridge derived
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 | €1,138,950 | €1,197,093 | +€58,143 | +5.1% |
| Fixed assets | 21/28 | €292,500 | €217,190 | -€75,311 | -25.7% |
| Tangible fixed assets | 22/27 | €253,296 | €176,870 | -€76,426 | -30.2% |
| Plant, machinery and equipment | 23 | €181,976 | €133,565 | -€48,411 | -26.6% |
| Furniture and vehicles | 24 | €68,840 | €41,258 | -€27,582 | -40.1% |
| Other tangible fixed assets | 26 | €2,480 | €2,047 | -€433 | -17.5% |
| Financial fixed assets | 28 | €39,205 | €40,320 | +€1,115 | +2.8% |
| Current assets | 29/58 | €846,450 | €979,903 | +€133,453 | +15.8% |
| Stocks and contracts in progress | 3 | €62,853 | €110,400 | +€47,547 | +75.6% |
| Stocks | 30/36 | €62,853 | €110,400 | +€47,547 | +75.6% |
| Amounts receivable within one year | 40/41 | €657,805 | €589,449 | -€68,356 | -10.4% |
| Trade receivables | 40 | €599,573 | €567,960 | -€31,613 | -5.3% |
| Other amounts receivable | 41 | €58,232 | €21,489 | -€36,743 | -63.1% |
| Cash at bank and in hand | 54/58 | €104,604 | €255,148 | +€150,544 | +143.9% |
| Deferred charges and accrued income | 490/1 | €21,188 | €24,907 | +€3,718 | +17.5% |
| Total equity and liabilities | 10/49 | €1,138,950 | €1,197,093 | +€58,143 | +5.1% |
| Equity | 10/15 | €495,604 | €559,166 | +€63,562 | +12.8% |
| Contributions | 10/11 | €145,000 | €145,000 | = | 0.0% |
| Reserves | 13 | €14,500 | €14,500 | = | 0.0% |
| Distributable reserves | 133 | €14,500 | €14,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €336,041 | €399,666 | +€63,625 | +18.9% |
| Investment grants | 15 | €63 | €0 | -€63 | -100.0% |
| Amounts payable | 17/49 | €643,346 | €637,927 | -€5,419 | -0.8% |
| Amounts payable after more than one year | 17 | €187,619 | €138,000 | -€49,619 | -26.4% |
| Financial debts | 170/4 | €187,619 | €138,000 | -€49,619 | -26.4% |
| Amounts payable within one year | 42/48 | €452,229 | €496,429 | +€44,200 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €51,909 | €49,824 | -€2,086 | -4.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €184,859 | €216,635 | +€31,776 | +17.2% |
| Suppliers | 440/4 | €184,859 | €216,635 | +€31,776 | +17.2% |
| Taxes, remuneration and social security | 45 | €41,756 | €70,772 | +€29,016 | +69.5% |
| Taxes | 450/3 | €12,139 | €16,426 | +€4,287 | +35.3% |
| Remuneration and social security | 454/9 | €29,616 | €54,345 | +€24,729 | +83.5% |
| Other amounts payable | 47/48 | €173,705 | €159,198 | -€14,507 | -8.4% |
| Accrued charges and deferred income | 492/3 | €3,498 | €3,498 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €909,379 | €881,102 | -€28,277 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,550 | €76,426 | +€10,876 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,610 | -€60 | +€6,550 | +99.1% |
| Other operating charges | 640/8 | €11,904 | €3,476 | -€8,428 | -70.8% |
| Non-recurring operating charges | 66A | €975 | €0 | -€975 | -100.0% |
| Gross operating margin | 9900 | €1,240,379 | €1,176,860 | -€63,519 | -5.1% |
| Operating profit (loss) | 9901 | €259,182 | €215,916 | -€43,265 | -16.7% |
| Financial income | 75/76B | €1,112 | €3,088 | +€1,976 | +177.6% |
| Recurring financial income | 75 | €1,112 | €3,088 | +€1,976 | +177.6% |
| Financial charges | 65/66B | €10,559 | €8,411 | -€2,148 | -20.3% |
| Recurring financial charges | 65 | €10,559 | €8,411 | -€2,148 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €249,735 | €210,593 | -€39,141 | -15.7% |
| Income taxes | 67/77 | €54,827 | €46,969 | -€7,859 | -14.3% |
| Profit (loss) for the period | 9904 | €194,908 | €163,625 | -€31,283 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €194,908 | €163,625 | -€31,283 | -16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.