FREE START: 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 START
Largest movements
- Receivables within one year +€24,551
up €24,551 (+12.3%), from €200,344 to €224,895
of which Other amounts receivable: +€38,343
- Cash +€19,598
up €19,598 (+133%), from €14,689 to €34,287
mainly Net result for the year (+€43,900) and Depreciation (+€8,141)
- Tangible fixed assets -€8,141
down €8,141 (-45.7%), from €17,803 to €9,662
of which Leasing and similar rights: -€7,670
- Profit (loss) carried forward +€43,900
up €43,900 (+51.6%), from €85,155 to €129,055
- Current portion of long-term debt -€10,466
down €10,466 (-53.7%), from €19,477 to €9,010
- Short-term financial debts -€7,915
no longer reported in 2025 (was €7,915)
- Trade debts +€5,264
up €5,264 (+212%), from €2,487 to €7,751
- Tax, wage and social debts +€5,226
up €5,226 (+51.4%), from €10,158 to €15,384
- Gross operating margin -€171,793
down €171,793 (-40.2%), from €427,348 to €255,555
- Staff costs -€73,913
down €73,913 (-36.7%), from €201,253 to €127,339
- Taxes +€12,256
up €12,256 (+278%), from €4,407 to €16,663
- Financial charges -€10,786
down €10,786 (-83.0%), from €12,995 to €2,210
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 | €242,026 | €278,034 | +€36,008 | +14.9% |
| Fixed assets | 21/28 | €26,993 | €18,852 | -€8,141 | -30.2% |
| Tangible fixed assets | 22/27 | €17,803 | €9,662 | -€8,141 | -45.7% |
| Furniture and vehicles | 24 | €1,413 | €942 | -€471 | -33.3% |
| Leasing and similar rights | 25 | €16,390 | €8,720 | -€7,670 | -46.8% |
| Financial fixed assets | 28 | €9,190 | €9,190 | = | 0.0% |
| Current assets | 29/58 | €215,033 | €259,182 | +€44,149 | +20.5% |
| Amounts receivable within one year | 40/41 | €200,344 | €224,895 | +€24,551 | +12.3% |
| Trade receivables | 40 | €15,866 | €2,074 | -€13,792 | -86.9% |
| Other amounts receivable | 41 | €184,478 | €222,821 | +€38,343 | +20.8% |
| Cash at bank and in hand | 54/58 | €14,689 | €34,287 | +€19,598 | +133% |
| Total equity and liabilities | 10/49 | €242,026 | €278,034 | +€36,008 | +14.9% |
| Equity | 10/15 | €106,055 | €149,955 | +€43,900 | +41.4% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Contributions outside capital | 11 | €20,900 | €20,900 | = | 0.0% |
| Other | 1109/19 | €20,900 | €20,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,155 | €129,055 | +€43,900 | +51.6% |
| Amounts payable | 17/49 | €135,970 | €128,079 | -€7,891 | -5.8% |
| Amounts payable after more than one year | 17 | €95,934 | €95,934 | = | 0.0% |
| Financial debts | 170/4 | €95,934 | €95,934 | = | 0.0% |
| Amounts payable within one year | 42/48 | €40,036 | €32,145 | -€7,891 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €19,477 | €9,010 | -€10,466 | -53.7% |
| Financial debts | 43 | €7,915 | - | -€7,915 | |
| Credit institutions | 430/8 | €7,915 | - | -€7,915 | |
| Trade debts | 44 | €2,487 | €7,751 | +€5,264 | +212% |
| Suppliers | 440/4 | €2,487 | €7,751 | +€5,264 | +212% |
| Taxes, remuneration and social security | 45 | €10,158 | €15,384 | +€5,226 | +51.4% |
| Taxes | 450/3 | €10,158 | €15,384 | +€5,226 | +51.4% |
| Remuneration, social security and pensions | 62 | €201,253 | €127,339 | -€73,913 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,141 | €8,141 | = | 0.0% |
| Other operating charges | 640/8 | €53,978 | €57,303 | +€3,324 | +6.2% |
| Gross operating margin | 9900 | €427,348 | €255,555 | -€171,793 | -40.2% |
| Operating profit (loss) | 9901 | €163,977 | €62,772 | -€101,205 | -61.7% |
| Financial charges | 65/66B | €12,995 | €2,210 | -€10,786 | -83.0% |
| Recurring financial charges | 65 | €12,995 | €2,210 | -€10,786 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | €150,981 | €60,563 | -€90,419 | -59.9% |
| Income taxes | 67/77 | €4,407 | €16,663 | +€12,256 | +278% |
| Profit (loss) for the period | 9904 | €146,574 | €43,900 | -€102,674 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,574 | €43,900 | -€102,674 | -70.0% |
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 29 October 2026 via checked.be.