Fred Royston: 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 Royston
Largest movements
- Receivables within one year +€39,385
up €39,385 (+1328.3%), from €2,965 to €42,350
of which Trade receivables: +€39,850
- Cash +€12,413
up €12,413 (+89.8%), from €13,825 to €26,238
mainly Net result for the year (+€26,751) and Tax, wage and social debts (+€14,639)
- Tangible fixed assets -€11,585
down €11,585 (-24.6%), from €47,151 to €35,565
- Reserves +€26,751
up €26,751 (+27471.2%), from €97 to €26,849
- Tax, wage and social debts +€14,639
up €14,639 (+2011.4%), from €728 to €15,366
- Trade debts -€3,592
down €3,592 (-59.1%), from €6,079 to €2,487
- Other debts +€1,660
up €1,660 (+3.2%), from €51,085 to €52,744
- Gross operating margin +€48,797
up €48,797 (+3536.4%), from €1,380 to €50,177
- Depreciation +€12,977
up €12,977 (+3728.0%), from €348 to €13,325
- Taxes +€8,097
up €8,097 (+1112.6%), from €728 to €8,825
- Other operating charges +€650
up €650 (+1299.2%), from €50 to €700
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 | €64,417 | €104,154 | +€39,737 | +61.7% |
| Fixed assets | 21/28 | €47,151 | €35,565 | -€11,585 | -24.6% |
| Tangible fixed assets | 22/27 | €47,151 | €35,565 | -€11,585 | -24.6% |
| Furniture and vehicles | 24 | €47,151 | €35,565 | -€11,585 | -24.6% |
| Current assets | 29/58 | €17,266 | €68,588 | +€51,322 | +297.2% |
| Amounts receivable within one year | 40/41 | €2,965 | €42,350 | +€39,385 | +1328.3% |
| Trade receivables | 40 | €2,500 | €42,350 | +€39,850 | +1594.0% |
| Other amounts receivable | 41 | €465 | - | -€465 | |
| Cash at bank and in hand | 54/58 | €13,825 | €26,238 | +€12,413 | +89.8% |
| Deferred charges and accrued income | 490/1 | €475 | - | -€475 | |
| Total equity and liabilities | 10/49 | €64,417 | €104,154 | +€39,737 | +61.7% |
| Equity | 10/15 | €5,097 | €31,849 | +€26,751 | +524.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €97 | €26,849 | +€26,751 | +27471.2% |
| Distributable reserves | 133 | €97 | €26,849 | +€26,751 | +27471.2% |
| Amounts payable | 17/49 | €59,319 | €72,305 | +€12,986 | +21.9% |
| Amounts payable within one year | 42/48 | €59,319 | €71,944 | +€12,625 | +21.3% |
| Financial debts | 43 | €1,428 | €1,346 | -€82 | -5.7% |
| Credit institutions | 430/8 | €1,428 | €1,346 | -€82 | -5.7% |
| Trade debts | 44 | €6,079 | €2,487 | -€3,592 | -59.1% |
| Suppliers | 440/4 | €6,079 | €2,487 | -€3,592 | -59.1% |
| Taxes, remuneration and social security | 45 | €728 | €15,366 | +€14,639 | +2011.4% |
| Taxes | 450/3 | €728 | €15,366 | +€14,639 | +2011.4% |
| Other amounts payable | 47/48 | €51,085 | €52,744 | +€1,660 | +3.2% |
| Accrued charges and deferred income | 492/3 | - | €361 | +€361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348 | €13,325 | +€12,977 | +3728.0% |
| Other operating charges | 640/8 | €50 | €700 | +€650 | +1299.2% |
| Gross operating margin | 9900 | €1,380 | €50,177 | +€48,797 | +3536.4% |
| Operating profit (loss) | 9901 | €982 | €36,153 | +€35,171 | +3582.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €157 | €576 | +€419 | +267.8% |
| Recurring financial charges | 65 | €157 | €576 | +€419 | +267.8% |
| Profit (loss) for the period before taxes | 9903 | €825 | €35,577 | +€34,751 | +4211.4% |
| Income taxes | 67/77 | €728 | €8,825 | +€8,097 | +1112.6% |
| Profit (loss) for the period | 9904 | €97 | €26,751 | +€26,654 | +27371.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97 | €26,751 | +€26,654 | +27371.2% |
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 2 October 2026 via checked.be.