Ernest Free: 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.
Ernest Free
Largest movements
- Tangible fixed assets -€10,729
down €10,729 (-28.2%), from €38,100 to €27,371
- Receivables within one year -€8,676
down €8,676 (-15.5%), from €56,147 to €47,470
- Cash -€5,469
down €5,469 (-30.5%), from €17,943 to €12,474
mainly Net result for the year (-€15,204) and Debts after one year (-€8,337)
- Profit (loss) carried forward -€15,204
down €15,204 (-26.7%), from €56,990 to €41,786
- Debts after one year -€8,337
down €8,337 (-46.2%), from €18,064 to €9,727
- Tax, wage and social debts -€1,333
down €1,333 (-15.9%), from €8,394 to €7,061
of which Taxes: -€1,630
- Staff costs +€26,140
up €26,140 (+55.7%), from €46,890 to €73,029
- Gross operating margin -€8,128
down €8,128 (-10.4%), from €78,265 to €70,137
- Taxes +€2,460
new in 2025: €2,460
- Financial charges -€2,028
down €2,028 (-90.2%), from €2,249 to €221
- Other operating charges -€1,927
down €1,927 (-51.6%), from €3,735 to €1,808
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 | €112,190 | €87,316 | -€24,874 | -22.2% |
| Fixed assets | 21/28 | €38,100 | €27,371 | -€10,729 | -28.2% |
| Tangible fixed assets | 22/27 | €38,100 | €27,371 | -€10,729 | -28.2% |
| Furniture and vehicles | 24 | €38,100 | €27,371 | -€10,729 | -28.2% |
| Current assets | 29/58 | €74,090 | €59,945 | -€14,145 | -19.1% |
| Amounts receivable within one year | 40/41 | €56,147 | €47,470 | -€8,676 | -15.5% |
| Other amounts receivable | 41 | €56,147 | €47,470 | -€8,676 | -15.5% |
| Cash at bank and in hand | 54/58 | €17,943 | €12,474 | -€5,469 | -30.5% |
| Total equity and liabilities | 10/49 | €112,190 | €87,316 | -€24,874 | -22.2% |
| Equity | 10/15 | €77,395 | €62,191 | -€15,204 | -19.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,990 | €41,786 | -€15,204 | -26.7% |
| Amounts payable | 17/49 | €34,795 | €25,125 | -€9,670 | -27.8% |
| Amounts payable after more than one year | 17 | €18,064 | €9,727 | -€8,337 | -46.2% |
| Financial debts | 170/4 | €18,064 | €9,727 | -€8,337 | -46.2% |
| Amounts payable within one year | 42/48 | €16,731 | €15,398 | -€1,333 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €8,337 | €8,337 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,394 | €7,061 | -€1,333 | -15.9% |
| Taxes | 450/3 | €5,399 | €3,769 | -€1,630 | -30.2% |
| Remuneration and social security | 454/9 | €2,995 | €3,292 | +€297 | +9.9% |
| Remuneration, social security and pensions | 62 | €46,890 | €73,029 | +€26,140 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,043 | €10,729 | +€1,686 | +18.6% |
| Other operating charges | 640/8 | €3,735 | €1,808 | -€1,927 | -51.6% |
| Gross operating margin | 9900 | €78,265 | €70,137 | -€8,128 | -10.4% |
| Operating profit (loss) | 9901 | €18,597 | -€15,429 | -€34,027 | |
| Financial income | 75/76B | €3,514 | €2,907 | -€607 | -17.3% |
| Recurring financial income | 75 | €3,514 | €2,907 | -€607 | -17.3% |
| Financial charges | 65/66B | €2,249 | €221 | -€2,028 | -90.2% |
| Recurring financial charges | 65 | €2,249 | €221 | -€2,028 | -90.2% |
| Profit (loss) for the period before taxes | 9903 | €19,862 | -€12,744 | -€32,606 | |
| Income taxes | 67/77 | - | €2,460 | +€2,460 | |
| Profit (loss) for the period | 9904 | €19,862 | -€15,204 | -€35,066 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,862 | -€15,204 | -€35,066 |
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 20 October 2026 via checked.be.