FREDIG: 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.
FREDIG
Largest movements
- Cash +€4.4m
up €4.4m (+7105.2%), from €61,941 to €4.5m
mainly Net result for the year (+€2.6m) and Investment in fixed assets (net) (+€1.9m)
- Tangible fixed assets -€1.9m
down €1.9m (-100.0%), from €1.9m to €178
of which Assets under construction and advance payments: -€1.4m
- Receivables within one year +€683,804
up €683,804 (+6658.3%), from €10,270 to €694,074
of which Trade receivables: +€496,875
- Receivables after one year +€345,000
new in 2025: €345,000
- Reserves +€2.6m
up €2.6m (+1104.0%), from €232,388 to €2.8m
of which Tax-exempt reserves: +€2.6m
- Provisions +€852,922
new in 2025: €852,922
- Short-term financial debts -€750,000
down €750,000 (-100.0%), from €750,000 to €0
- Trade debts +€531,018
up €531,018 (+20273.3%), from €2,619 to €533,637
- Other debts +€380,568
up €380,568 (+67.7%), from €562,254 to €942,822
- Gross operating margin +€3.3m
up €3.3m (+2553.7%), from €130,837 to €3.5m
- Depreciation -€77,862
down €77,862 (-99.3%), from €78,397 to €535
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 | €1,949,949 | €5,502,240 | +€3.6m | +182.2% |
| Fixed assets | 21/28 | €1,877,738 | €178 | -€1.9m | -100.0% |
| Tangible fixed assets | 22/27 | €1,877,738 | €178 | -€1.9m | -100.0% |
| Land and buildings | 22 | €500,640 | €0 | -€500,640 | -100.0% |
| Furniture and vehicles | 24 | €714 | €178 | -€535 | -75.0% |
| Assets under construction and advance payments | 27 | €1,376,384 | €0 | -€1.4m | -100.0% |
| Current assets | 29/58 | €72,211 | €5,502,061 | +€5.4m | +7519.4% |
| Amounts receivable after more than one year | 29 | - | €345,000 | +€345,000 | |
| Other amounts receivable | 291 | - | €345,000 | +€345,000 | |
| Amounts receivable within one year | 40/41 | €10,270 | €694,074 | +€683,804 | +6658.3% |
| Trade receivables | 40 | €3,125 | €500,000 | +€496,875 | +15898.3% |
| Other amounts receivable | 41 | €7,145 | €194,074 | +€186,929 | +2616.4% |
| Cash at bank and in hand | 54/58 | €61,941 | €4,462,988 | +€4.4m | +7105.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,949,949 | €5,502,240 | +€3.6m | +182.2% |
| Equity | 10/15 | €603,053 | €3,168,576 | +€2.6m | +425.4% |
| Contributions | 10/11 | €321,625 | €321,625 | = | 0.0% |
| Capital | 10 | €321,625 | €321,625 | = | 0.0% |
| Issued capital | 100 | €321,625 | €321,625 | = | 0.0% |
| Reserves | 13 | €232,388 | €2,797,911 | +€2.6m | +1104.0% |
| Non-distributable reserves | 130/1 | €32,162 | €32,162 | = | 0.0% |
| Legal reserve | 130 | €32,162 | €32,162 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €2,558,767 | +€2.6m | |
| Distributable reserves | 133 | €200,225 | €206,982 | +€6,756 | +3.4% |
| Profit (loss) carried forward | 14 | €49,040 | €49,040 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €852,922 | +€852,922 | |
| Deferred taxes | 168 | - | €852,922 | +€852,922 | |
| Amounts payable | 17/49 | €1,346,896 | €1,480,741 | +€133,845 | +9.9% |
| Amounts payable within one year | 42/48 | €1,329,339 | €1,480,741 | +€151,403 | +11.4% |
| Financial debts | 43 | €750,000 | €0 | -€750,000 | -100.0% |
| Credit institutions | 430/8 | €750,000 | €0 | -€750,000 | -100.0% |
| Trade debts | 44 | €2,619 | €533,637 | +€531,018 | +20273.3% |
| Suppliers | 440/4 | €2,619 | €533,637 | +€531,018 | +20273.3% |
| Taxes, remuneration and social security | 45 | €14,465 | €4,282 | -€10,183 | -70.4% |
| Taxes | 450/3 | €14,465 | €4,282 | -€10,183 | -70.4% |
| Other amounts payable | 47/48 | €562,254 | €942,822 | +€380,568 | +67.7% |
| Accrued charges and deferred income | 492/3 | €17,558 | €0 | -€17,558 | -100.0% |
| Non-recurring operating income | 76A | - | €3,411,689 | +€3.4m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,397 | €535 | -€77,862 | -99.3% |
| Other operating charges | 640/8 | €20,578 | €20,837 | +€259 | +1.3% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €130,837 | €3,472,035 | +€3.3m | +2553.7% |
| Operating profit (loss) | 9901 | €31,861 | €3,450,613 | +€3.4m | +10730.2% |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.7% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.7% |
| Financial charges | 65/66B | €35,967 | €27,885 | -€8,083 | -22.5% |
| Recurring financial charges | 65 | €35,967 | €27,885 | -€8,083 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,103 | €3,422,728 | +€3.4m | |
| Transfer to deferred taxes | 680 | - | €852,922 | +€852,922 | |
| Income taxes | 67/77 | €77 | €4,282 | +€4,205 | +5445.0% |
| Profit (loss) for the period | 9904 | -€4,180 | €2,565,523 | +€2.6m | |
| Transfer to tax-exempt reserves | 689 | - | €2,558,767 | +€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,180 | €6,756 | +€10,936 |
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 7 October 2026 via checked.be.