ELUZAI FRIEDMAN: 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.
ELUZAI FRIEDMAN
Largest movements
- Cash -€230,901
down €230,901 (-89.0%), from €259,308 to €28,406
mainly Trade debts (-€268,333) and Receivables within one year (-€134,263)
- Receivables within one year +€134,263
up €134,263 (+45.6%), from €294,421 to €428,684
of which Other amounts receivable: +€281,736
- Deferred charges and accrued income +€47,633
up €47,633 (+1,217%), from €3,913 to €51,545
- Stocks and contracts -€46,213
down €46,213 (-6.9%), from €669,565 to €623,352
- Trade debts -€268,333
down €268,333 (-43.7%), from €614,188 to €345,855
- Tax, wage and social debts +€105,734
up €105,734 (+55.0%), from €192,157 to €297,891
of which Taxes: +€113,841
- Reserves +€80,236
up €80,236 (+23.1%), from €348,021 to €428,258
- Taxes -€45,651
down €45,651 (-43.8%), from €104,310 to €58,659
- Staff costs -€29,710
down €29,710 (-89.1%), from €33,334 to €3,623
- Gross operating margin +€5,201
up €5,201 (+3.6%), from €143,712 to €148,913
- Other operating charges +€3,671
up €3,671 (+486%), from €755 to €4,426
- Depreciation +€1,613
new in 2025: €1,613
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 | €1,227,805 | €1,144,138 | -€83,667 | -6.8% |
| Fixed assets | 21/28 | €599 | €12,151 | +€11,552 | +1,929% |
| Tangible fixed assets | 22/27 | €2 | €6,454 | +€6,452 | +275,723% |
| Furniture and vehicles | 24 | €2 | €2 | = | 0.0% |
| Other tangible fixed assets | 26 | - | €6,452 | +€6,452 | |
| Financial fixed assets | 28 | €597 | €5,697 | +€5,100 | +855% |
| Current assets | 29/58 | €1,227,206 | €1,131,987 | -€95,219 | -7.8% |
| Stocks and contracts in progress | 3 | €669,565 | €623,352 | -€46,213 | -6.9% |
| Stocks | 30/36 | €669,565 | €623,352 | -€46,213 | -6.9% |
| Amounts receivable within one year | 40/41 | €294,421 | €428,684 | +€134,263 | +45.6% |
| Trade receivables | 40 | €193,910 | €46,437 | -€147,473 | -76.1% |
| Other amounts receivable | 41 | €100,510 | €382,247 | +€281,736 | +280% |
| Cash at bank and in hand | 54/58 | €259,308 | €28,406 | -€230,901 | -89.0% |
| Deferred charges and accrued income | 490/1 | €3,913 | €51,545 | +€47,633 | +1,217% |
| Total equity and liabilities | 10/49 | €1,227,805 | €1,144,138 | -€83,667 | -6.8% |
| Equity | 10/15 | €366,621 | €446,858 | +€80,236 | +21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €348,021 | €428,258 | +€80,236 | +23.1% |
| Distributable reserves | 133 | €348,021 | €428,258 | +€80,236 | +23.1% |
| Amounts payable | 17/49 | €861,183 | €697,281 | -€163,903 | -19.0% |
| Amounts payable within one year | 42/48 | €861,183 | €697,281 | -€163,903 | -19.0% |
| Trade debts | 44 | €614,188 | €345,855 | -€268,333 | -43.7% |
| Suppliers | 440/4 | €614,188 | €345,855 | -€268,333 | -43.7% |
| Taxes, remuneration and social security | 45 | €192,157 | €297,891 | +€105,734 | +55.0% |
| Taxes | 450/3 | €180,312 | €294,153 | +€113,841 | +63.1% |
| Remuneration and social security | 454/9 | €11,845 | €3,738 | -€8,107 | -68.4% |
| Other amounts payable | 47/48 | €54,838 | €53,535 | -€1,303 | -2.4% |
| Remuneration, social security and pensions | 62 | €33,334 | €3,623 | -€29,710 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,613 | +€1,613 | |
| Other operating charges | 640/8 | €755 | €4,426 | +€3,671 | +486% |
| Gross operating margin | 9900 | €143,712 | €148,913 | +€5,201 | +3.6% |
| Operating profit (loss) | 9901 | €109,623 | €139,251 | +€29,628 | +27.0% |
| Financial income | 75/76B | €1,171 | €446 | -€725 | -61.9% |
| Recurring financial income | 75 | €1,171 | €446 | -€725 | -61.9% |
| Financial charges | 65/66B | €46 | €801 | +€755 | +1,640% |
| Recurring financial charges | 65 | €46 | €801 | +€755 | +1,640% |
| Profit (loss) for the period before taxes | 9903 | €110,748 | €138,895 | +€28,147 | +25.4% |
| Income taxes | 67/77 | €104,310 | €58,659 | -€45,651 | -43.8% |
| Profit (loss) for the period | 9904 | €6,438 | €80,236 | +€73,798 | +1,146% |
| Profit (loss) for the period to be appropriated | 9905 | €6,438 | €80,236 | +€73,798 | +1,146% |
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.