FREE STATE: 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 STATE
Largest movements
- Receivables within one year +€72,209
up €72,209 (+6.4%), from €1.1m to €1.2m
of which Other amounts receivable: +€74,472
- Tangible fixed assets -€63,419
down €63,419 (-1.8%), from €3.5m to €3.5m
of which Land and buildings: -€59,528
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges -€17,594
down €17,594 (-64.1%), from €27,458 to €9,864
- Financial income -€8,553
down €8,553 (-30.5%), from €27,998 to €19,445
- Gross operating margin +€801
up €801 (+3.2%), from €24,816 to €25,617
- Depreciation +€409
up €409 (+0.6%), from €63,010 to €63,419
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 | €5,597,750 | €5,528,166 | -€69,584 | -1.2% |
| Fixed assets | 21/28 | €3,539,061 | €3,475,642 | -€63,419 | -1.8% |
| Tangible fixed assets | 22/27 | €3,539,061 | €3,475,642 | -€63,419 | -1.8% |
| Land and buildings | 22 | €3,526,647 | €3,467,119 | -€59,528 | -1.7% |
| Plant, machinery and equipment | 23 | €12,413 | €8,523 | -€3,891 | -31.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €2,058,689 | €2,052,525 | -€6,165 | -0.3% |
| Amounts receivable after more than one year | 29 | €734,645 | €745,561 | +€10,916 | +1.5% |
| Trade receivables | 290 | €0 | €0 | = | |
| Other amounts receivable | 291 | €734,645 | €745,561 | +€10,916 | +1.5% |
| Amounts receivable within one year | 40/41 | €1,124,192 | €1,196,400 | +€72,209 | +6.4% |
| Trade receivables | 40 | €2,263 | €0 | -€2,263 | -100.0% |
| Other amounts receivable | 41 | €1,121,929 | €1,196,400 | +€74,472 | +6.6% |
| Current investments | 50/53 | €41 | €0 | -€41 | -99.7% |
| Cash at bank and in hand | 54/58 | €131,905 | €94,157 | -€37,748 | -28.6% |
| Deferred charges and accrued income | 490/1 | €67,907 | €16,406 | -€51,501 | -75.8% |
| Total equity and liabilities | 10/49 | €5,597,750 | €5,528,166 | -€69,584 | -1.2% |
| Equity | 10/15 | €5,284,380 | €5,249,623 | -€34,757 | -0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €5,264,380 | €5,229,623 | -€34,757 | -0.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €5,262,380 | €5,227,623 | -€34,757 | -0.7% |
| Amounts payable | 17/49 | €313,370 | €278,543 | -€34,827 | -11.1% |
| Amounts payable after more than one year | 17 | €262,151 | €240,402 | -€21,749 | -8.3% |
| Financial debts | 170/4 | €262,151 | €240,402 | -€21,749 | -8.3% |
| Amounts payable within one year | 42/48 | €51,219 | €38,141 | -€13,078 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €51,001 | €37,149 | -€13,852 | -27.2% |
| Trade debts | 44 | €218 | €992 | +€773 | +354.3% |
| Suppliers | 440/4 | €218 | €992 | +€773 | +354.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,010 | €63,419 | +€409 | +0.6% |
| Other operating charges | 640/8 | €27,458 | €9,864 | -€17,594 | -64.1% |
| Non-recurring operating charges | 66A | €1,095 | €0 | -€1,095 | -100.0% |
| Gross operating margin | 9900 | €24,816 | €25,617 | +€801 | +3.2% |
| Operating profit (loss) | 9901 | -€66,748 | -€47,666 | +€19,082 | +28.6% |
| Financial income | 75/76B | €27,998 | €19,445 | -€8,553 | -30.5% |
| Recurring financial income | 75 | €27,998 | €19,445 | -€8,553 | -30.5% |
| Financial charges | 65/66B | €6,463 | €6,535 | +€72 | +1.1% |
| Recurring financial charges | 65 | €6,463 | €6,535 | +€72 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,213 | -€34,757 | +€10,456 | +23.1% |
| Profit (loss) for the period | 9904 | -€45,213 | -€34,757 | +€10,456 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,213 | -€34,757 | +€10,456 | +23.1% |
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 9 October 2026 via checked.be.