FRED BORG: 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.
FRED BORG
Largest movements
- Receivables within one year +€24,265
up €24,265 (+32.0%), from €75,803 to €100,068
of which Trade receivables: +€13,642
- Financial fixed assets +€18,000
up €18,000 (+4,444%), from €405 to €18,405
- Cash +€16,725
up €16,725 (+7.4%), from €225,477 to €242,202
mainly Net result for the year (+€104,612) and Depreciation (+€44,519)
- Stocks and contracts +€5,952
up €5,952 (+1,161%), from €513 to €6,464
- Reserves +€39,612
up €39,612 (+13.1%), from €302,502 to €342,114
of which Distributable reserves: +€39,612
- Trade debts +€10,491
up €10,491 (+122%), from €8,575 to €19,066
- Current portion of long-term debt +€8,270
up €8,270 (+43.3%), from €19,079 to €27,350
- Debts after one year +€6,919
up €6,919 (+86.3%), from €8,018 to €14,937
- Gross operating margin +€20,788
up €20,788 (+7.8%), from €266,270 to €287,058
- Staff costs +€9,710
up €9,710 (+11.8%), from €82,319 to €92,029
- Depreciation +€5,287
up €5,287 (+13.5%), from €39,232 to €44,519
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 | €401,024 | €466,020 | +€64,996 | +16.2% |
| Fixed assets | 21/28 | €92,709 | €109,199 | +€16,490 | +17.8% |
| Tangible fixed assets | 22/27 | €92,304 | €90,794 | -€1,510 | -1.6% |
| Furniture and vehicles | 24 | €63,946 | €81,156 | +€17,210 | +26.9% |
| Leasing and similar rights | 25 | €28,358 | €9,638 | -€18,720 | -66.0% |
| Financial fixed assets | 28 | €405 | €18,405 | +€18,000 | +4,444% |
| Current assets | 29/58 | €308,315 | €356,821 | +€48,506 | +15.7% |
| Stocks and contracts in progress | 3 | €513 | €6,464 | +€5,952 | +1,161% |
| Stocks | 30/36 | €513 | €6,464 | +€5,952 | +1,161% |
| Amounts receivable within one year | 40/41 | €75,803 | €100,068 | +€24,265 | +32.0% |
| Trade receivables | 40 | €70,190 | €83,832 | +€13,642 | +19.4% |
| Other amounts receivable | 41 | €5,613 | €16,236 | +€10,623 | +189% |
| Cash at bank and in hand | 54/58 | €225,477 | €242,202 | +€16,725 | +7.4% |
| Deferred charges and accrued income | 490/1 | €6,523 | €8,087 | +€1,564 | +24.0% |
| Total equity and liabilities | 10/49 | €401,024 | €466,020 | +€64,996 | +16.2% |
| Equity | 10/15 | €322,502 | €362,114 | +€39,612 | +12.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €302,502 | €342,114 | +€39,612 | +13.1% |
| Tax-exempt reserves | 132 | €25,921 | €25,921 | = | 0.0% |
| Distributable reserves | 133 | €276,581 | €316,193 | +€39,612 | +14.3% |
| Amounts payable | 17/49 | €78,522 | €103,906 | +€25,384 | +32.3% |
| Amounts payable after more than one year | 17 | €8,018 | €14,937 | +€6,919 | +86.3% |
| Financial debts | 170/4 | €8,018 | €14,937 | +€6,919 | +86.3% |
| Amounts payable within one year | 42/48 | €69,904 | €88,369 | +€18,465 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €19,079 | €27,350 | +€8,270 | +43.3% |
| Trade debts | 44 | €8,575 | €19,066 | +€10,491 | +122% |
| Suppliers | 440/4 | €8,575 | €19,066 | +€10,491 | +122% |
| Taxes, remuneration and social security | 45 | €42,250 | €41,954 | -€296 | -0.7% |
| Taxes | 450/3 | €31,681 | €31,786 | +€105 | +0.3% |
| Remuneration and social security | 454/9 | €10,569 | €10,167 | -€401 | -3.8% |
| Accrued charges and deferred income | 492/3 | €600 | €600 | = | 0.0% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Remuneration, social security and pensions | 62 | €82,319 | €92,029 | +€9,710 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,232 | €44,519 | +€5,287 | +13.5% |
| Other operating charges | 640/8 | €2,013 | €1,023 | -€990 | -49.2% |
| Non-recurring operating charges | 66A | €689 | - | -€689 | |
| Gross operating margin | 9900 | €266,270 | €287,058 | +€20,788 | +7.8% |
| Operating profit (loss) | 9901 | €142,017 | €149,486 | +€7,470 | +5.3% |
| Financial income | 75/76B | €9 | €110 | +€101 | +1,069% |
| Recurring financial income | 75 | €9 | €110 | +€101 | +1,069% |
| Financial charges | 65/66B | €1,388 | €1,681 | +€292 | +21.0% |
| Recurring financial charges | 65 | €1,388 | €1,681 | +€292 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €140,638 | €147,916 | +€7,278 | +5.2% |
| Income taxes | 67/77 | €41,281 | €43,304 | +€2,023 | +4.9% |
| Profit (loss) for the period | 9904 | €99,356 | €104,612 | +€5,255 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,356 | €104,612 | +€5,255 | +5.3% |
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 15 October 2026 via checked.be.