David Frejlich: 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.
David Frejlich
Largest movements
- Receivables within one year +€139,952
up €139,952 (+41.4%), from €338,179 to €478,132
of which Trade receivables: +€181,532
- Cash -€14,304
down €14,304 (-46.6%), from €30,686 to €16,381
mainly Receivables within one year (-€139,952) and Investment in fixed assets (net) (-€855)
- Other debts +€43,418
up €43,418 (+2,373%), from €1,830 to €45,247
- Profit (loss) carried forward +€39,583
up €39,583 (+11.6%), from €340,119 to €379,701
- Trade debts +€28,220
new in 2025: €28,220
- Tax, wage and social debts +€11,053
up €11,053 (+32.2%), from €34,284 to €45,337
of which Taxes: +€7,565
- Turnover -€489,375
no longer reported in 2025 (was €489,375)
- Purchases and services -€388,627
no longer reported in 2025 (was €388,627)
- Gross operating margin +€24,178
up €24,178 (+24.0%), from €100,819 to €124,998
- Staff costs +€12,526
up €12,526 (+25.5%), from €49,147 to €61,673
- Taxes +€7,196
up €7,196 (+75.7%), from €9,503 to €16,699
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 | €388,632 | €510,905 | +€122,273 | +31.5% |
| Fixed assets | 21/28 | €19,767 | €16,392 | -€3,375 | -17.1% |
| Tangible fixed assets | 22/27 | €19,767 | €16,392 | -€3,375 | -17.1% |
| Furniture and vehicles | 24 | €19,767 | €16,392 | -€3,375 | -17.1% |
| Current assets | 29/58 | €368,865 | €494,513 | +€125,648 | +34.1% |
| Amounts receivable within one year | 40/41 | €338,179 | €478,132 | +€139,952 | +41.4% |
| Trade receivables | 40 | €295,845 | €477,377 | +€181,532 | +61.4% |
| Other amounts receivable | 41 | €42,334 | €754 | -€41,580 | -98.2% |
| Cash at bank and in hand | 54/58 | €30,686 | €16,381 | -€14,304 | -46.6% |
| Total equity and liabilities | 10/49 | €388,632 | €510,905 | +€122,273 | +31.5% |
| Equity | 10/15 | €352,519 | €392,101 | +€39,583 | +11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €340,119 | €379,701 | +€39,583 | +11.6% |
| Amounts payable | 17/49 | €36,114 | €118,804 | +€82,690 | +229% |
| Amounts payable within one year | 42/48 | €36,114 | €118,804 | +€82,690 | +229% |
| Trade debts | 44 | - | €28,220 | +€28,220 | |
| Suppliers | 440/4 | - | €28,220 | +€28,220 | |
| Taxes, remuneration and social security | 45 | €34,284 | €45,337 | +€11,053 | +32.2% |
| Taxes | 450/3 | €26,695 | €34,261 | +€7,565 | +28.3% |
| Remuneration and social security | 454/9 | €7,589 | €11,076 | +€3,487 | +46.0% |
| Other amounts payable | 47/48 | €1,830 | €45,247 | +€43,418 | +2,373% |
| Turnover | 70 | €489,375 | - | -€489,375 | |
| Goods, raw materials, services and sundry goods | 60/61 | €388,627 | - | -€388,627 | |
| Remuneration, social security and pensions | 62 | €49,147 | €61,673 | +€12,526 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259 | €4,230 | +€3,971 | +1,533% |
| Other operating charges | 640/8 | €591 | €2,481 | +€1,890 | +320% |
| Non-recurring operating charges | 66A | €2,500 | - | -€2,500 | |
| Gross operating margin | 9900 | €100,819 | €124,998 | +€24,178 | +24.0% |
| Operating profit (loss) | 9901 | €48,323 | €56,615 | +€8,292 | +17.2% |
| Financial income | 75/76B | €1 | €3 | +€3 | +565% |
| Recurring financial income | 75 | €1 | €3 | +€3 | +565% |
| Financial charges | 65/66B | €807 | €337 | -€470 | -58.3% |
| Recurring financial charges | 65 | €807 | €337 | -€470 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €47,516 | €56,281 | +€8,765 | +18.4% |
| Income taxes | 67/77 | €9,503 | €16,699 | +€7,196 | +75.7% |
| Profit (loss) for the period | 9904 | €38,013 | €39,583 | +€1,570 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,013 | €39,583 | +€1,570 | +4.1% |
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 16 October 2026 via checked.be.