FRED-projects: 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-projects
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-56.0%), from €2.5m to €1.1m
- Deferred charges and accrued income -€527,270
down €527,270 (-100%), from €527,270 to €0
- Receivables after one year +€260,085
new in 2025: €260,085
- Receivables within one year -€203,553
down €203,553 (-86.5%), from €235,365 to €31,812
of which Other amounts receivable: -€204,567
- Debts after one year -€1.4m
down €1.4m (-65.9%), from €2.1m to €703,663
of which Financial debts: -€895,614
- Accrued charges and deferred income -€482,553
down €482,553 (-100.0%), from €482,697 to €144
- Reserves -€47,428
down €47,428 (-6.5%), from €725,680 to €678,252
- Gross operating margin -€49,886
down €49,886 (-1,229%), from -€4,059 to -€53,945
- Financial income +€1,954
up €1,954 (+23.3%), from €8,377 to €10,331
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 | €3,307,570 | €1,412,928 | -€1.9m | -57.3% |
| Current assets | 29/58 | €3,307,570 | €1,412,928 | -€1.9m | -57.3% |
| Amounts receivable after more than one year | 29 | - | €260,085 | +€260,085 | |
| Other amounts receivable | 291 | - | €260,085 | +€260,085 | |
| Stocks and contracts in progress | 3 | €2,544,349 | €1,118,771 | -€1.4m | -56.0% |
| Stocks | 30/36 | €2,544,349 | €1,118,771 | -€1.4m | -56.0% |
| Amounts receivable within one year | 40/41 | €235,365 | €31,812 | -€203,553 | -86.5% |
| Trade receivables | 40 | - | €1,014 | +€1,014 | |
| Other amounts receivable | 41 | €235,365 | €30,798 | -€204,567 | -86.9% |
| Cash at bank and in hand | 54/58 | €586 | €2,260 | +€1,674 | +286% |
| Deferred charges and accrued income | 490/1 | €527,270 | €0 | -€527,270 | -100% |
| Total equity and liabilities | 10/49 | €3,307,570 | €1,412,928 | -€1.9m | -57.3% |
| Equity | 10/15 | €745,680 | €698,252 | -€47,428 | -6.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €725,680 | €678,252 | -€47,428 | -6.5% |
| Distributable reserves | 133 | €725,680 | €678,252 | -€47,428 | -6.5% |
| Amounts payable | 17/49 | €2,561,890 | €714,676 | -€1.8m | -72.1% |
| Amounts payable after more than one year | 17 | €2,062,450 | €703,663 | -€1.4m | -65.9% |
| Financial debts | 170/4 | €1,592,304 | €696,690 | -€895,614 | -56.2% |
| Other amounts payable | 178/9 | €470,145 | €6,973 | -€463,172 | -98.5% |
| Amounts payable within one year | 42/48 | €16,743 | €10,870 | -€5,873 | -35.1% |
| Financial debts | 43 | €9,466 | €2,300 | -€7,166 | -75.7% |
| Credit institutions | 430/8 | €9,466 | €2,300 | -€7,166 | -75.7% |
| Trade debts | 44 | €4,449 | €2,518 | -€1,931 | -43.4% |
| Suppliers | 440/4 | €4,449 | €2,518 | -€1,931 | -43.4% |
| Taxes, remuneration and social security | 45 | €2,828 | €6,051 | +€3,224 | +114% |
| Taxes | 450/3 | €2,828 | €2,748 | -€79 | -2.8% |
| Remuneration and social security | 454/9 | - | €3,303 | +€3,303 | |
| Accrued charges and deferred income | 492/3 | €482,697 | €144 | -€482,553 | -100.0% |
| Other operating charges | 640/8 | €1,173 | €1,308 | +€135 | +11.5% |
| Gross operating margin | 9900 | -€4,059 | -€53,945 | -€49,886 | -1,229% |
| Operating profit (loss) | 9901 | -€5,232 | -€55,254 | -€50,021 | -956% |
| Financial income | 75/76B | €8,377 | €10,331 | +€1,954 | +23.3% |
| Recurring financial income | 75 | €8,377 | €10,331 | +€1,954 | +23.3% |
| Financial charges | 65/66B | €2,020 | €2,506 | +€487 | +24.1% |
| Recurring financial charges | 65 | €2,020 | €2,506 | +€487 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €1,125 | -€47,428 | -€48,554 | |
| Income taxes | 67/77 | €245 | €0 | -€245 | -100% |
| Profit (loss) for the period | 9904 | €880 | -€47,428 | -€48,308 | |
| Profit (loss) for the period to be appropriated | 9905 | €880 | -€47,428 | -€48,308 |
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 14 October 2026 via checked.be.