FREE MAX: 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.
FREE MAX
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€287,762
up €287,762 (+45.9%), from €627,526 to €915,288
- Debts after one year -€118,460
down €118,460 (-24.8%), from €478,338 to €359,879
of which Financial debts: -€118,460
- Reserves -€74,105
down €74,105 (-96.7%), from €76,665 to €2,560
of which Tax-exempt reserves: -€74,105
- Trade debts -€33,655
down €33,655 (-57.6%), from €58,397 to €24,741
- Provisions -€24,702
down €24,702 (-100%), from €24,702 to €0
- Financial income -€165,714
down €165,714 (-50.0%), from €331,429 to €165,714
- Financial charges +€85,081
up €85,081 (+712%), from €11,947 to €97,028
- Gross operating margin +€74,504
up €74,504 (+67.9%), from €109,707 to €184,211
- Taxes -€30,037
down €30,037 (-43.1%), from €69,750 to €39,713
- Depreciation -€4,761
down €4,761 (-20.5%), from €23,184 to €18,424
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 | €2,310,615 | €2,314,807 | +€4,192 | +0.2% |
| Fixed assets | 21/28 | €2,166,676 | €2,158,307 | -€8,369 | -0.4% |
| Tangible fixed assets | 22/27 | €278,456 | €270,087 | -€8,369 | -3.0% |
| Land and buildings | 22 | €246,112 | €244,805 | -€1,308 | -0.5% |
| Plant, machinery and equipment | 23 | €3,216 | €1,916 | -€1,300 | -40.4% |
| Furniture and vehicles | 24 | €29,128 | €23,367 | -€5,762 | -19.8% |
| Financial fixed assets | 28 | €1,888,220 | €1,888,220 | = | 0.0% |
| Current assets | 29/58 | €143,938 | €156,500 | +€12,561 | +8.7% |
| Amounts receivable within one year | 40/41 | €137,336 | €128,885 | -€8,452 | -6.2% |
| Trade receivables | 40 | €41,597 | €43,568 | +€1,971 | +4.7% |
| Other amounts receivable | 41 | €95,739 | €85,317 | -€10,423 | -10.9% |
| Cash at bank and in hand | 54/58 | €5,333 | €26,345 | +€21,013 | +394% |
| Deferred charges and accrued income | 490/1 | €1,269 | €1,269 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,310,615 | €2,314,807 | +€4,192 | +0.2% |
| Equity | 10/15 | €754,191 | €967,848 | +€213,657 | +28.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €76,665 | €2,560 | -€74,105 | -96.7% |
| Non-distributable reserves | 130/1 | €2,560 | €2,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,560 | €2,560 | = | 0.0% |
| Tax-exempt reserves | 132 | €74,105 | €0 | -€74,105 | -100% |
| Profit (loss) carried forward | 14 | €627,526 | €915,288 | +€287,762 | +45.9% |
| Provisions and deferred taxes | 16 | €24,702 | €0 | -€24,702 | -100% |
| Deferred taxes | 168 | €24,702 | €0 | -€24,702 | -100% |
| Amounts payable | 17/49 | €1,531,722 | €1,346,959 | -€184,763 | -12.1% |
| Amounts payable after more than one year | 17 | €478,338 | €359,879 | -€118,460 | -24.8% |
| Financial debts | 170/4 | €474,538 | €356,079 | -€118,460 | -25.0% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,053,383 | €987,080 | -€66,303 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €128,369 | €118,460 | -€9,910 | -7.7% |
| Trade debts | 44 | €58,397 | €24,741 | -€33,655 | -57.6% |
| Suppliers | 440/4 | €58,397 | €24,741 | -€33,655 | -57.6% |
| Taxes, remuneration and social security | 45 | €48,859 | €46,957 | -€1,902 | -3.9% |
| Taxes | 450/3 | €48,859 | €46,957 | -€1,902 | -3.9% |
| Other amounts payable | 47/48 | €817,758 | €796,922 | -€20,836 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,184 | €18,424 | -€4,761 | -20.5% |
| Other operating charges | 640/8 | €3,936 | €5,805 | +€1,869 | +47.5% |
| Gross operating margin | 9900 | €109,707 | €184,211 | +€74,504 | +67.9% |
| Operating profit (loss) | 9901 | €82,587 | €159,982 | +€77,395 | +93.7% |
| Financial income | 75/76B | €331,429 | €165,714 | -€165,714 | -50.0% |
| Recurring financial income | 75 | €331,429 | €165,714 | -€165,714 | -50.0% |
| Financial charges | 65/66B | €11,947 | €97,028 | +€85,081 | +712% |
| Recurring financial charges | 65 | €11,947 | €97,028 | +€85,081 | +712% |
| Profit (loss) for the period before taxes | 9903 | €402,068 | €228,668 | -€173,400 | -43.1% |
| Transfer from deferred taxes | 780 | €43,264 | €24,702 | -€18,562 | -42.9% |
| Income taxes | 67/77 | €69,750 | €39,713 | -€30,037 | -43.1% |
| Profit (loss) for the period | 9904 | €375,582 | €213,657 | -€161,925 | -43.1% |
| Transfer from tax-exempt reserves | 789 | €129,792 | €74,105 | -€55,687 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €505,373 | €287,762 | -€217,611 | -43.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.