FREDDIE: 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.
FREDDIE
Largest movements
- Receivables within one year +€8,945
up €8,945 (+37.0%), from €24,164 to €33,109
of which Trade receivables: +€9,285
- Cash +€6,756
up €6,756 (+26.6%), from €25,358 to €32,114
mainly Trade debts (+€17,132) and Net result for the year (+€8,040)
- Deferred charges and accrued income -€3,159
down €3,159 (-43.7%), from €7,231 to €4,072
- Intangible fixed assets -€1,559
down €1,559 (-33.0%), from €4,726 to €3,167
- Trade debts +€17,132
up €17,132 (+81.5%), from €21,011 to €38,143
- Other debts -€13,814
down €13,814 (-69.1%), from €20,000 to €6,186
- Tax, wage and social debts +€4,008
up €4,008 (+147%), from €2,732 to €6,740
of which Taxes: +€4,008
- Profit (loss) carried forward +€2,040
up €2,040 (+17.3%), from €11,794 to €13,835
- Short-term financial debts +€1,068
new in 2025: €1,068
- Gross operating margin -€33,025
down €33,025 (-73.2%), from €45,138 to €12,113
- Staff costs -€18,622
down €18,622 (-99.6%), from €18,698 to €76
- Other operating charges +€3,172
up €3,172 (+601%), from €528 to €3,700
- Write-downs -€2,513
down €2,513 (-351%), from -€716 to -€3,229
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 | €62,037 | €72,594 | +€10,557 | +17.0% |
| Fixed assets | 21/28 | €5,283 | €3,299 | -€1,985 | -37.6% |
| Intangible fixed assets | 21 | €4,726 | €3,167 | -€1,559 | -33.0% |
| Tangible fixed assets | 22/27 | €298 | €132 | -€166 | -55.7% |
| Furniture and vehicles | 24 | €298 | €132 | -€166 | -55.7% |
| Financial fixed assets | 28 | €259 | €0 | -€259 | -100% |
| Current assets | 29/58 | €56,753 | €69,295 | +€12,542 | +22.1% |
| Amounts receivable within one year | 40/41 | €24,164 | €33,109 | +€8,945 | +37.0% |
| Trade receivables | 40 | €23,111 | €32,396 | +€9,285 | +40.2% |
| Other amounts receivable | 41 | €1,053 | €713 | -€340 | -32.3% |
| Cash at bank and in hand | 54/58 | €25,358 | €32,114 | +€6,756 | +26.6% |
| Deferred charges and accrued income | 490/1 | €7,231 | €4,072 | -€3,159 | -43.7% |
| Total equity and liabilities | 10/49 | €62,037 | €72,594 | +€10,557 | +17.0% |
| Equity | 10/15 | €15,794 | €17,835 | +€2,040 | +12.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,794 | €13,835 | +€2,040 | +17.3% |
| Amounts payable | 17/49 | €46,243 | €54,759 | +€8,517 | +18.4% |
| Amounts payable within one year | 42/48 | €43,743 | €52,259 | +€8,517 | +19.5% |
| Financial debts | 43 | - | €1,068 | +€1,068 | |
| Credit institutions | 430/8 | - | €1,068 | +€1,068 | |
| Trade debts | 44 | €21,011 | €38,143 | +€17,132 | +81.5% |
| Suppliers | 440/4 | €21,011 | €38,143 | +€17,132 | +81.5% |
| Advances received on contracts in progress | 46 | - | €124 | +€124 | |
| Taxes, remuneration and social security | 45 | €2,732 | €6,740 | +€4,008 | +147% |
| Taxes | 450/3 | €2,732 | €6,740 | +€4,008 | +147% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €20,000 | €6,186 | -€13,814 | -69.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -100% |
| Remuneration, social security and pensions | 62 | €18,698 | €76 | -€18,622 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,725 | €1,725 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€716 | -€3,229 | -€2,513 | -351% |
| Other operating charges | 640/8 | €528 | €3,700 | +€3,172 | +601% |
| Gross operating margin | 9900 | €45,138 | €12,113 | -€33,025 | -73.2% |
| Operating profit (loss) | 9901 | €24,903 | €9,841 | -€15,062 | -60.5% |
| Financial income | 75/76B | €176 | €24 | -€151 | -86.1% |
| Recurring financial income | 75 | €176 | €24 | -€151 | -86.1% |
| Financial charges | 65/66B | €550 | €682 | +€131 | +23.8% |
| Recurring financial charges | 65 | €550 | €682 | +€131 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €24,529 | €9,184 | -€15,345 | -62.6% |
| Income taxes | 67/77 | €1,056 | €1,143 | +€87 | +8.3% |
| Profit (loss) for the period | 9904 | €23,472 | €8,040 | -€15,432 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,472 | €8,040 | -€15,432 | -65.7% |
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.