AD FREM: what changed
AD FREM
Largest movements
- Cash +€30,980
up €30,980 (+17.5%), from €176,717 to €207,696
mainly Net result for the year (+€109,543) and Depreciation (+€33,040)
- Tangible fixed assets -€26,881
down €26,881 (-16.8%), from €160,263 to €133,382
of which Other tangible fixed assets: -€24,271
- Receivables within one year -€12,618
down €12,618 (-43.7%), from €28,897 to €16,278
of which Other amounts receivable: -€6,944
- Intangible fixed assets -€5,000
down €5,000 (-22.0%), from €22,702 to €17,702
- Other debts -€13,268
down €13,268 (-12.5%), from €106,380 to €93,112
- Debts after one year -€13,099
down €13,099 (-10.1%), from €129,613 to €116,514
- Tax, wage and social debts +€10,522
up €10,522 (+120%), from €8,797 to €19,319
- Gross operating margin +€28,648
up €28,648 (+14.2%), from €202,303 to €230,951
- Financial charges +€12,534
up €12,534 (+30.6%), from €40,955 to €53,489
- Taxes +€6,256
up €6,256 (+23.5%), from €26,632 to €32,888
- Depreciation -€2,700
down €2,700 (-7.6%), from €35,740 to €33,040
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,141 | €376,462 | -€15,678 | -4.0% |
| Fixed assets | 21/28 | €182,965 | €151,084 | -€31,881 | -17.4% |
| Intangible fixed assets | 21 | €22,702 | €17,702 | -€5,000 | -22.0% |
| Tangible fixed assets | 22/27 | €160,263 | €133,382 | -€26,881 | -16.8% |
| Plant, machinery and equipment | 23 | €375 | - | -€375 | |
| Furniture and vehicles | 24 | €4,986 | €2,751 | -€2,235 | -44.8% |
| Other tangible fixed assets | 26 | €154,902 | €130,631 | -€24,271 | -15.7% |
| Current assets | 29/58 | €209,176 | €225,379 | +€16,203 | +7.7% |
| Amounts receivable within one year | 40/41 | €28,897 | €16,278 | -€12,618 | -43.7% |
| Trade receivables | 40 | €15,303 | €9,629 | -€5,675 | -37.1% |
| Other amounts receivable | 41 | €13,593 | €6,650 | -€6,944 | -51.1% |
| Cash at bank and in hand | 54/58 | €176,717 | €207,696 | +€30,980 | +17.5% |
| Deferred charges and accrued income | 490/1 | €3,562 | €1,404 | -€2,158 | -60.6% |
| Total equity and liabilities | 10/49 | €392,141 | €376,462 | -€15,678 | -4.0% |
| Equity | 10/15 | €104,565 | €104,565 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €94,565 | €94,565 | = | 0.0% |
| Distributable reserves | 133 | €94,565 | €94,565 | = | 0.0% |
| Amounts payable | 17/49 | €287,576 | €271,897 | -€15,678 | -5.5% |
| Amounts payable after more than one year | 17 | €129,613 | €116,514 | -€13,099 | -10.1% |
| Financial debts | 170/4 | €129,613 | €116,514 | -€13,099 | -10.1% |
| Amounts payable within one year | 42/48 | €134,512 | €128,835 | -€5,677 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €12,948 | €13,099 | +€152 | +1.2% |
| Trade debts | 44 | €6,387 | €3,304 | -€3,083 | -48.3% |
| Suppliers | 440/4 | €6,387 | €3,304 | -€3,083 | -48.3% |
| Taxes, remuneration and social security | 45 | €8,797 | €19,319 | +€10,522 | +120% |
| Taxes | 450/3 | €8,797 | €19,319 | +€10,522 | +120% |
| Other amounts payable | 47/48 | €106,380 | €93,112 | -€13,268 | -12.5% |
| Accrued charges and deferred income | 492/3 | €23,450 | €26,549 | +€3,098 | +13.2% |
| Non-recurring operating income | 76A | - | €15,702 | +€15,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,740 | €33,040 | -€2,700 | -7.6% |
| Other operating charges | 640/8 | €1,961 | €2,000 | +€39 | +2.0% |
| Gross operating margin | 9900 | €202,303 | €230,951 | +€28,648 | +14.2% |
| Operating profit (loss) | 9901 | €164,602 | €195,911 | +€31,309 | +19.0% |
| Financial income | 75/76B | €50 | €9 | -€41 | -81.3% |
| Recurring financial income | 75 | €50 | €9 | -€41 | -81.3% |
| Financial charges | 65/66B | €40,955 | €53,489 | +€12,534 | +30.6% |
| Recurring financial charges | 65 | €40,955 | €53,489 | +€12,534 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €123,697 | €142,431 | +€18,734 | +15.1% |
| Income taxes | 67/77 | €26,632 | €32,888 | +€6,256 | +23.5% |
| Profit (loss) for the period | 9904 | €97,065 | €109,543 | +€12,479 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €97,065 | €109,543 | +€12,479 | +12.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.