FRED SOLUTION: 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 SOLUTION
Largest movements
- Tangible fixed assets +€34,362
up €34,362 (+408.6%), from €8,411 to €42,773
of which Furniture and vehicles: +€24,835
- Receivables within one year +€10,872
up €10,872 (+39.0%), from €27,883 to €38,755
of which Trade receivables: +€10,875
- Cash -€7,347
down €7,347 (-17.0%), from €43,125 to €35,777
mainly Contributions, distributions and other (-€63,825) and Investment in fixed assets (net) (-€49,180)
- Other debts +€64,767
up €64,767 (+188.5%), from €34,367 to €99,134
- Profit (loss) carried forward -€29,017
no longer reported in 2025 (was €29,017)
- Tax, wage and social debts +€1,432
up €1,432 (+10.7%), from €13,365 to €14,797
of which Taxes: +€1,392
- Gross operating margin +€19,955
up €19,955 (+47.8%), from €41,738 to €61,692
- Depreciation +€13,228
up €13,228 (+832.3%), from €1,589 to €14,818
- Taxes +€1,421
up €1,421 (+16.3%), from €8,719 to €10,140
- Other operating charges +€1,364
up €1,364 (+352.2%), from €387 to €1,751
- Staff costs -€1,028
no longer reported in 2025 (was €1,028)
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 | €79,418 | €117,453 | +€38,035 | +47.9% |
| Fixed assets | 21/28 | €8,411 | €42,773 | +€34,362 | +408.6% |
| Tangible fixed assets | 22/27 | €8,411 | €42,773 | +€34,362 | +408.6% |
| Plant, machinery and equipment | 23 | - | €9,527 | +€9,527 | |
| Furniture and vehicles | 24 | €8,411 | €33,246 | +€24,835 | +295.3% |
| Current assets | 29/58 | €71,007 | €74,680 | +€3,673 | +5.2% |
| Amounts receivable within one year | 40/41 | €27,883 | €38,755 | +€10,872 | +39.0% |
| Trade receivables | 40 | €27,880 | €38,755 | +€10,875 | +39.0% |
| Other amounts receivable | 41 | €3 | - | -€3 | |
| Cash at bank and in hand | 54/58 | €43,125 | €35,777 | -€7,347 | -17.0% |
| Deferred charges and accrued income | 490/1 | - | €148 | +€148 | |
| Total equity and liabilities | 10/49 | €79,418 | €117,453 | +€38,035 | +47.9% |
| Equity | 10/15 | €31,517 | €2,500 | -€29,017 | -92.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,017 | - | -€29,017 | |
| Amounts payable | 17/49 | €47,901 | €114,953 | +€67,052 | +140.0% |
| Amounts payable within one year | 42/48 | €47,901 | €114,953 | +€67,052 | +140.0% |
| Trade debts | 44 | €168 | €1,022 | +€853 | +506.6% |
| Suppliers | 440/4 | €168 | €1,022 | +€853 | +506.6% |
| Taxes, remuneration and social security | 45 | €13,365 | €14,797 | +€1,432 | +10.7% |
| Taxes | 450/3 | €10,502 | €11,894 | +€1,392 | +13.3% |
| Remuneration and social security | 454/9 | €2,863 | €2,903 | +€40 | +1.4% |
| Other amounts payable | 47/48 | €34,367 | €99,134 | +€64,767 | +188.5% |
| Remuneration, social security and pensions | 62 | €1,028 | - | -€1,028 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,589 | €14,818 | +€13,228 | +832.3% |
| Other operating charges | 640/8 | €387 | €1,751 | +€1,364 | +352.2% |
| Gross operating margin | 9900 | €41,738 | €61,692 | +€19,955 | +47.8% |
| Operating profit (loss) | 9901 | €38,733 | €45,123 | +€6,390 | +16.5% |
| Financial charges | 65/66B | €138 | €175 | +€37 | +26.6% |
| Recurring financial charges | 65 | €138 | €175 | +€37 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €38,595 | €44,948 | +€6,353 | +16.5% |
| Income taxes | 67/77 | €8,719 | €10,140 | +€1,421 | +16.3% |
| Profit (loss) for the period | 9904 | €29,876 | €34,808 | +€4,932 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,876 | €34,808 | +€4,932 | +16.5% |
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.