FRED: 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.
FRED
Largest movements
- Receivables within one year -€91,225
down €91,225 (-65.7%), from €138,832 to €47,607
of which Trade receivables: -€69,425
- Cash +€70,367
up €70,367 (+173.7%), from €40,508 to €110,875
mainly Receivables within one year (+€91,225) and Net result for the year (+€18,860)
- Other debts -€30,026
down €30,026 (-100.0%), from €30,026 to €0
- Profit (loss) carried forward +€18,860
up €18,860 (+30.7%), from €61,412 to €80,272
- Trade debts -€12,467
down €12,467 (-23.2%), from €53,694 to €41,227
- Tax, wage and social debts +€3,255
up €3,255 (+16.0%), from €20,321 to €23,576
- Gross operating margin -€64,522
down €64,522 (-70.5%), from €91,562 to €27,040
- Taxes -€8,607
down €8,607 (-57.6%), from €14,947 to €6,341
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 | €180,453 | €160,075 | -€20,378 | -11.3% |
| Fixed assets | 21/28 | €1,112 | €0 | -€1,112 | -100.0% |
| Tangible fixed assets | 22/27 | €1,112 | €0 | -€1,112 | -100.0% |
| Furniture and vehicles | 24 | €1,112 | €0 | -€1,112 | -100.0% |
| Current assets | 29/58 | €179,341 | €160,075 | -€19,265 | -10.7% |
| Amounts receivable within one year | 40/41 | €138,832 | €47,607 | -€91,225 | -65.7% |
| Trade receivables | 40 | €117,032 | €47,607 | -€69,425 | -59.3% |
| Other amounts receivable | 41 | €21,800 | €0 | -€21,800 | -100.0% |
| Current investments | 50/53 | - | €1,570 | +€1,570 | |
| Cash at bank and in hand | 54/58 | €40,508 | €110,875 | +€70,367 | +173.7% |
| Deferred charges and accrued income | 490/1 | - | €23 | +€23 | |
| Total equity and liabilities | 10/49 | €180,453 | €160,075 | -€20,378 | -11.3% |
| Equity | 10/15 | €76,412 | €95,272 | +€18,860 | +24.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,412 | €80,272 | +€18,860 | +30.7% |
| Amounts payable | 17/49 | €104,041 | €64,803 | -€39,238 | -37.7% |
| Amounts payable within one year | 42/48 | €104,041 | €64,803 | -€39,238 | -37.7% |
| Trade debts | 44 | €53,694 | €41,227 | -€12,467 | -23.2% |
| Suppliers | 440/4 | €53,694 | €41,227 | -€12,467 | -23.2% |
| Taxes, remuneration and social security | 45 | €20,321 | €23,576 | +€3,255 | +16.0% |
| Taxes | 450/3 | €20,321 | €23,576 | +€3,255 | +16.0% |
| Other amounts payable | 47/48 | €30,026 | €0 | -€30,026 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,271 | €1,112 | -€159 | -12.5% |
| Other operating charges | 640/8 | €163 | €546 | +€383 | +234.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €91,562 | €27,040 | -€64,522 | -70.5% |
| Operating profit (loss) | 9901 | €90,128 | €25,382 | -€64,746 | -71.8% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €767 | €187 | -€581 | -75.7% |
| Recurring financial charges | 65 | €767 | €187 | -€581 | -75.7% |
| Profit (loss) for the period before taxes | 9903 | €89,360 | €25,201 | -€64,160 | -71.8% |
| Income taxes | 67/77 | €14,947 | €6,341 | -€8,607 | -57.6% |
| Profit (loss) for the period | 9904 | €74,413 | €18,860 | -€55,553 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,413 | €18,860 | -€55,553 | -74.7% |
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 6 October 2026 via checked.be.