FredMax: 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.
FredMax
Largest movements
- Cash +€189,938
up €189,938 (+713%), from €26,652 to €216,590
mainly Trade debts (+€247,439) and Depreciation (+€22,410)
- Receivables within one year +€60,043
up €60,043 (+22.4%), from €267,997 to €328,040
of which Trade receivables: +€65,334
- Tangible fixed assets -€22,410
down €22,410 (-27.8%), from €80,601 to €58,192
of which Furniture and vehicles: -€20,699
- Deferred charges and accrued income -€7,031
down €7,031 (-59.8%), from €11,757 to €4,726
- Trade debts +€247,439
up €247,439 (+178%), from €139,298 to €386,737
- Debts after one year -€23,686
down €23,686 (-40.1%), from €59,000 to €35,313
of which Financial debts: -€23,686
- Short-term financial debts +€19,976
up €19,976 (+9.7%), from €205,024 to €225,000
- Tax, wage and social debts -€10,907
down €10,907 (-85.1%), from €12,811 to €1,904
- Profit (loss) carried forward -€7,246
down €7,246 (-7.8%), from -€93,351 to -€100,597
- Gross operating margin +€144,736
up €144,736, from -€34,542 to €110,194
- Financial charges +€35,002
up €35,002 (+43.8%), from €79,867 to €114,869
- Financial income -€23,412
down €23,412 (-36.9%), from €63,521 to €40,109
- Taxes +€3,151
up €3,151 (+76.5%), from €4,118 to €7,270
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 | €388,823 | €609,363 | +€220,540 | +56.7% |
| Fixed assets | 21/28 | €82,416 | €60,007 | -€22,410 | -27.2% |
| Tangible fixed assets | 22/27 | €80,601 | €58,192 | -€22,410 | -27.8% |
| Plant, machinery and equipment | 23 | €1,301 | €965 | -€336 | -25.8% |
| Furniture and vehicles | 24 | €75,175 | €54,476 | -€20,699 | -27.5% |
| Other tangible fixed assets | 26 | €4,125 | €2,750 | -€1,375 | -33.3% |
| Financial fixed assets | 28 | €1,815 | €1,815 | = | 0.0% |
| Current assets | 29/58 | €306,406 | €549,356 | +€242,950 | +79.3% |
| Amounts receivable within one year | 40/41 | €267,997 | €328,040 | +€60,043 | +22.4% |
| Trade receivables | 40 | €230,917 | €296,251 | +€65,334 | +28.3% |
| Other amounts receivable | 41 | €37,080 | €31,789 | -€5,291 | -14.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,652 | €216,590 | +€189,938 | +713% |
| Deferred charges and accrued income | 490/1 | €11,757 | €4,726 | -€7,031 | -59.8% |
| Total equity and liabilities | 10/49 | €388,823 | €609,363 | +€220,540 | +56.7% |
| Equity | 10/15 | -€56,032 | -€63,278 | -€7,246 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,719 | €18,719 | = | 0.0% |
| Distributable reserves | 133 | €18,719 | €18,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,351 | -€100,597 | -€7,246 | -7.8% |
| Amounts payable | 17/49 | €444,855 | €672,641 | +€227,786 | +51.2% |
| Amounts payable after more than one year | 17 | €59,000 | €35,313 | -€23,686 | -40.1% |
| Financial debts | 170/4 | €59,000 | €35,313 | -€23,686 | -40.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €379,912 | €637,327 | +€257,415 | +67.8% |
| Current portion of amounts payable after more than one year | 42 | €22,779 | €23,686 | +€908 | +4.0% |
| Financial debts | 43 | €205,024 | €225,000 | +€19,976 | +9.7% |
| Credit institutions | 430/8 | €205,024 | €225,000 | +€19,976 | +9.7% |
| Trade debts | 44 | €139,298 | €386,737 | +€247,439 | +178% |
| Suppliers | 440/4 | €139,298 | €386,737 | +€247,439 | +178% |
| Taxes, remuneration and social security | 45 | €12,811 | €1,904 | -€10,907 | -85.1% |
| Taxes | 450/3 | €12,811 | €1,904 | -€10,907 | -85.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,943 | €0 | -€5,943 | -100% |
| Non-recurring operating income | 76A | €9,862 | €0 | -€9,862 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,517 | €22,410 | -€107 | -0.5% |
| Other operating charges | 640/8 | €13,009 | €13,001 | -€8 | -0.1% |
| Non-recurring operating charges | 66A | €2,818 | €0 | -€2,818 | -100% |
| Gross operating margin | 9900 | -€34,542 | €110,194 | +€144,736 | |
| Operating profit (loss) | 9901 | -€72,887 | €74,783 | +€147,670 | |
| Financial income | 75/76B | €63,521 | €40,109 | -€23,412 | -36.9% |
| Recurring financial income | 75 | €63,521 | €40,109 | -€23,412 | -36.9% |
| Financial charges | 65/66B | €79,867 | €114,869 | +€35,002 | +43.8% |
| Recurring financial charges | 65 | €79,867 | €114,869 | +€35,002 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | -€89,233 | €24 | +€89,257 | |
| Income taxes | 67/77 | €4,118 | €7,270 | +€3,151 | +76.5% |
| Profit (loss) for the period | 9904 | -€93,351 | -€7,246 | +€86,105 | +92.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,351 | -€7,246 | +€86,105 | +92.2% |
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 13 October 2026 via checked.be.