FREDDY JULLIEN: 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.
FREDDY JULLIEN
Largest movements
- Stocks and contracts +€113,114
up €113,114 (+19.0%), from €595,821 to €708,935
- Intangible fixed assets -€37,300
down €37,300 (-12.5%), from €298,400 to €261,100
- Cash +€22,328
up €22,328 (+218%), from €10,257 to €32,585
mainly Net result for the year (+€104,565) and Depreciation (+€58,371)
- Receivables within one year +€21,614
up €21,614 (+10.5%), from €205,901 to €227,515
of which Trade receivables: +€35,130
- Tangible fixed assets +€21,448
up €21,448 (+31.2%), from €68,820 to €90,267
of which Furniture and vehicles: +€21,771
- Reserves +€101,067
up €101,067 (+50.0%), from €202,023 to €303,089
of which Distributable reserves: +€101,067
- Tax, wage and social debts +€49,725
up €49,725 (+256%), from €19,408 to €69,132
of which Taxes: +€48,224
- Trade debts +€27,233
up €27,233 (+4.0%), from €685,812 to €713,045
- Debts after one year -€16,995
down €16,995 (-21.3%), from €79,724 to €62,729
of which Financial debts: -€19,375
- Current portion of long-term debt -€15,264
down €15,264 (-44.1%), from €34,639 to €19,375
- Write-downs -€130,365
down €130,365, from €82,784 to -€47,581
- Staff costs +€27,165
up €27,165 (+47.8%), from €56,815 to €83,980
- Taxes +€20,938
up €20,938 (+66.7%), from €31,407 to €52,346
- Other operating charges +€20,436
up €20,436 (+560%), from €3,648 to €24,084
- Gross operating margin -€17,896
down €17,896 (-5.7%), from €313,883 to €295,986
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 | €1,236,119 | €1,386,932 | +€150,813 | +12.2% |
| Fixed assets | 21/28 | €412,220 | €396,367 | -€15,852 | -3.8% |
| Intangible fixed assets | 21 | €298,400 | €261,100 | -€37,300 | -12.5% |
| Tangible fixed assets | 22/27 | €68,820 | €90,267 | +€21,448 | +31.2% |
| Plant, machinery and equipment | 23 | €7,546 | €7,949 | +€404 | +5.3% |
| Furniture and vehicles | 24 | €54,175 | €75,945 | +€21,771 | +40.2% |
| Other tangible fixed assets | 26 | €7,099 | €6,372 | -€727 | -10.2% |
| Financial fixed assets | 28 | €45,000 | €45,000 | = | 0.0% |
| Current assets | 29/58 | €823,899 | €990,565 | +€166,665 | +20.2% |
| Stocks and contracts in progress | 3 | €595,821 | €708,935 | +€113,114 | +19.0% |
| Stocks | 30/36 | €595,821 | €708,935 | +€113,114 | +19.0% |
| Amounts receivable within one year | 40/41 | €205,901 | €227,515 | +€21,614 | +10.5% |
| Trade receivables | 40 | €185,567 | €220,697 | +€35,130 | +18.9% |
| Other amounts receivable | 41 | €20,334 | €6,817 | -€13,517 | -66.5% |
| Current investments | 50/53 | €104 | €104 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,257 | €32,585 | +€22,328 | +218% |
| Deferred charges and accrued income | 490/1 | €11,815 | €21,425 | +€9,610 | +81.3% |
| Total equity and liabilities | 10/49 | €1,236,119 | €1,386,932 | +€150,813 | +12.2% |
| Equity | 10/15 | €209,023 | €310,089 | +€101,067 | +48.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €202,023 | €303,089 | +€101,067 | +50.0% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Distributable reserves | 133 | €199,923 | €300,989 | +€101,067 | +50.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,027,097 | €1,076,843 | +€49,746 | +4.8% |
| Amounts payable after more than one year | 17 | €79,724 | €62,729 | -€16,995 | -21.3% |
| Financial debts | 170/4 | €79,724 | €60,349 | -€19,375 | -24.3% |
| Other amounts payable | 178/9 | - | €2,380 | +€2,380 | |
| Amounts payable within one year | 42/48 | €937,875 | €1,000,646 | +€62,771 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €34,639 | €19,375 | -€15,264 | -44.1% |
| Trade debts | 44 | €685,812 | €713,045 | +€27,233 | +4.0% |
| Suppliers | 440/4 | €685,812 | €713,045 | +€27,233 | +4.0% |
| Taxes, remuneration and social security | 45 | €19,408 | €69,132 | +€49,725 | +256% |
| Taxes | 450/3 | €8,421 | €56,646 | +€48,224 | +573% |
| Remuneration and social security | 454/9 | €10,987 | €12,487 | +€1,500 | +13.7% |
| Other amounts payable | 47/48 | €198,017 | €199,094 | +€1,077 | +0.5% |
| Accrued charges and deferred income | 492/3 | €9,497 | €13,467 | +€3,970 | +41.8% |
| Remuneration, social security and pensions | 62 | €56,815 | €83,980 | +€27,165 | +47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,746 | €58,371 | +€3,625 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €82,784 | -€47,581 | -€130,365 | |
| Other operating charges | 640/8 | €3,648 | €24,084 | +€20,436 | +560% |
| Gross operating margin | 9900 | €313,883 | €295,986 | -€17,896 | -5.7% |
| Operating profit (loss) | 9901 | €115,891 | €177,133 | +€61,242 | +52.8% |
| Financial income | 75/76B | €10 | €284 | +€274 | +2,749% |
| Recurring financial income | 75 | €10 | €284 | +€274 | +2,749% |
| Financial charges | 65/66B | €13,060 | €20,505 | +€7,445 | +57.0% |
| Recurring financial charges | 65 | €13,060 | €20,505 | +€7,445 | +57.0% |
| Profit (loss) for the period before taxes | 9903 | €102,841 | €156,911 | +€54,070 | +52.6% |
| Income taxes | 67/77 | €31,407 | €52,346 | +€20,938 | +66.7% |
| Profit (loss) for the period | 9904 | €71,434 | €104,565 | +€33,132 | +46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,434 | €104,565 | +€33,132 | +46.4% |
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 14 October 2026 via checked.be.