Freda: 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.
Freda
Largest movements
- Cash +€28,732
up €28,732 (+83.0%), from €34,625 to €63,357
mainly Short-term financial debts (+€60,000) and Other debts (+€21,632)
- Receivables after one year -€13,051
down €13,051 (-100.0%), from €13,051 to €0
- Receivables within one year -€7,595
down €7,595 (-7.9%), from €96,367 to €88,772
of which Trade receivables: -€15,623
- Stocks and contracts -€6,171
down €6,171 (-7.0%), from €88,252 to €82,081
- Intangible fixed assets -€5,744
down €5,744 (-16.8%), from €34,257 to €28,513
- Short-term financial debts +€60,000
up €60,000 (+80.0%), from €75,000 to €135,000
- Trade debts -€43,537
down €43,537 (-37.5%), from €116,009 to €72,472
- Debts after one year -€39,731
down €39,731 (-79.9%), from €49,742 to €10,011
- Other debts +€21,632
up €21,632 (+1571.0%), from €1,377 to €23,009
- Current portion of long-term debt -€15,778
down €15,778 (-28.4%), from €55,509 to €39,731
- Gross operating margin -€25,854
down €25,854 (-16.2%), from €159,596 to €133,742
- Staff costs +€9,823
up €9,823 (+11.2%), from €87,472 to €97,295
- Financial charges +€4,267
up €4,267 (+54.3%), from €7,857 to €12,125
- Financial income +€3,000
up €3,000 (+234.2%), from €1,281 to €4,280
of which Financial income: +€3,000
- Depreciation -€2,254
down €2,254 (-13.2%), from €17,081 to €14,827
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 | €303,544 | €298,738 | -€4,806 | -1.6% |
| Fixed assets | 21/28 | €69,184 | €63,388 | -€5,795 | -8.4% |
| Intangible fixed assets | 21 | €34,257 | €28,513 | -€5,744 | -16.8% |
| Tangible fixed assets | 22/27 | €31,859 | €31,807 | -€51 | -0.2% |
| Plant, machinery and equipment | 23 | €25,727 | €26,528 | +€800 | +3.1% |
| Furniture and vehicles | 24 | €6,131 | €5,280 | -€852 | -13.9% |
| Financial fixed assets | 28 | €3,068 | €3,068 | = | 0.0% |
| Current assets | 29/58 | €234,361 | €235,350 | +€989 | +0.4% |
| Amounts receivable after more than one year | 29 | €13,051 | €0 | -€13,051 | -100.0% |
| Other amounts receivable | 291 | €13,051 | €0 | -€13,051 | -100.0% |
| Stocks and contracts in progress | 3 | €88,252 | €82,081 | -€6,171 | -7.0% |
| Stocks | 30/36 | €88,252 | €82,081 | -€6,171 | -7.0% |
| Amounts receivable within one year | 40/41 | €96,367 | €88,772 | -€7,595 | -7.9% |
| Trade receivables | 40 | €96,336 | €80,712 | -€15,623 | -16.2% |
| Other amounts receivable | 41 | €31 | €8,060 | +€8,029 | +25832.2% |
| Cash at bank and in hand | 54/58 | €34,625 | €63,357 | +€28,732 | +83.0% |
| Deferred charges and accrued income | 490/1 | €2,065 | €1,140 | -€926 | -44.8% |
| Total equity and liabilities | 10/49 | €303,544 | €298,738 | -€4,806 | -1.6% |
| Equity | 10/15 | -€22,780 | -€13,598 | +€9,182 | +40.3% |
| Contributions | 10/11 | €14,900 | €14,900 | = | 0.0% |
| Reserves | 13 | €3,360 | €3,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,040 | -€31,858 | +€9,182 | +22.4% |
| Amounts payable | 17/49 | €326,324 | €312,336 | -€13,988 | -4.3% |
| Amounts payable after more than one year | 17 | €49,742 | €10,011 | -€39,731 | -79.9% |
| Financial debts | 170/4 | €49,742 | €10,011 | -€39,731 | -79.9% |
| Amounts payable within one year | 42/48 | €275,811 | €297,756 | +€21,945 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €55,509 | €39,731 | -€15,778 | -28.4% |
| Financial debts | 43 | €75,000 | €135,000 | +€60,000 | +80.0% |
| Credit institutions | 430/8 | €75,000 | €135,000 | +€60,000 | +80.0% |
| Trade debts | 44 | €116,009 | €72,472 | -€43,537 | -37.5% |
| Suppliers | 440/4 | €116,009 | €72,472 | -€43,537 | -37.5% |
| Advances received on contracts in progress | 46 | - | €8,750 | +€8,750 | |
| Taxes, remuneration and social security | 45 | €27,916 | €18,794 | -€9,122 | -32.7% |
| Taxes | 450/3 | €9,030 | €5,910 | -€3,120 | -34.6% |
| Remuneration and social security | 454/9 | €18,886 | €12,884 | -€6,002 | -31.8% |
| Other amounts payable | 47/48 | €1,377 | €23,009 | +€21,632 | +1571.0% |
| Accrued charges and deferred income | 492/3 | €771 | €4,569 | +€3,798 | +492.5% |
| Remuneration, social security and pensions | 62 | €87,472 | €97,295 | +€9,823 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,081 | €14,827 | -€2,254 | -13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €944 | +€944 | |
| Other operating charges | 640/8 | €3,520 | €1,595 | -€1,925 | -54.7% |
| Gross operating margin | 9900 | €159,596 | €133,742 | -€25,854 | -16.2% |
| Operating profit (loss) | 9901 | €51,523 | €19,081 | -€32,442 | -63.0% |
| Financial income | 75/76B | €1,281 | €4,280 | +€3,000 | +234.2% |
| Recurring financial income | 75 | €1,281 | €4,280 | +€3,000 | +234.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €7,857 | €12,125 | +€4,267 | +54.3% |
| Recurring financial charges | 65 | €7,857 | €12,125 | +€4,267 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €44,947 | €11,237 | -€33,710 | -75.0% |
| Income taxes | 67/77 | €385 | €2,055 | +€1,670 | +433.4% |
| Profit (loss) for the period | 9904 | €44,561 | €9,182 | -€35,380 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,561 | €9,182 | -€35,380 | -79.4% |
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 10 October 2026 via checked.be.