Freebird: 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.
Freebird
Largest movements
- Financial fixed assets +€13.7m
up €13.7m (+623%), from €2.2m to €15.9m
- Receivables within one year +€3.7m
up €3.7m (+2,272%), from €164,141 to €3.9m
of which Other amounts receivable: +€3.7m
- Tangible fixed assets +€1.0m
up €1.0m (+73.9%), from €1.4m to €2.4m
of which Land and buildings: +€1.0m
- Other debts +€10.1m
up €10.1m (+523%), from €1.9m to €12.1m
- Current portion of long-term debt +€9.3m
up €9.3m (+758%), from €1.2m to €10.5m
- Profit (loss) carried forward -€810,756
new in 2025: -€810,756
- Gross operating margin -€603,617
down €603,617, from €309,037 to -€294,579
- Financial charges +€303,558
up €303,558 (+249%), from €121,684 to €425,243
of which Financial charges: +€297,842
- Depreciation +€113,585
up €113,585 (+411%), from €27,618 to €141,203
- Financial income +€43,336
up €43,336 (+681%), from €6,367 to €49,703
of which Financial income: +€45,906
- Taxes +€15,444
up €15,444 (+121%), from €12,754 to €28,198
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 | €3,761,676 | €22,416,205 | +€18.7m | +496% |
| Fixed assets | 21/28 | €3,586,921 | €18,309,803 | +€14.7m | +410% |
| Tangible fixed assets | 22/27 | €1,387,755 | €2,413,133 | +€1.0m | +73.9% |
| Land and buildings | 22 | €1,384,582 | €2,411,426 | +€1.0m | +74.2% |
| Furniture and vehicles | 24 | €3,172 | €1,706 | -€1,466 | -46.2% |
| Financial fixed assets | 28 | €2,199,166 | €15,896,670 | +€13.7m | +623% |
| Current assets | 29/58 | €174,755 | €4,106,403 | +€3.9m | +2,250% |
| Amounts receivable within one year | 40/41 | €164,141 | €3,892,968 | +€3.7m | +2,272% |
| Trade receivables | 40 | €8,488 | €28,484 | +€19,996 | +236% |
| Other amounts receivable | 41 | €155,653 | €3,864,484 | +€3.7m | +2,383% |
| Cash at bank and in hand | 54/58 | €10,614 | €213,435 | +€202,821 | +1,911% |
| Total equity and liabilities | 10/49 | €3,761,676 | €22,416,205 | +€18.7m | +496% |
| Equity | 10/15 | €446,557 | -€393,819 | -€840,376 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €427,957 | €398,337 | -€29,620 | -6.9% |
| Tax-exempt reserves | 132 | €427,911 | €398,291 | -€29,620 | -6.9% |
| Distributable reserves | 133 | €46 | €46 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€810,756 | -€810,756 | |
| Provisions and deferred taxes | 16 | €142,637 | €132,764 | -€9,873 | -6.9% |
| Deferred taxes | 168 | €142,637 | €132,764 | -€9,873 | -6.9% |
| Amounts payable | 17/49 | €3,172,482 | €22,677,261 | +€19.5m | +615% |
| Amounts payable within one year | 42/48 | €3,165,734 | €22,677,261 | +€19.5m | +616% |
| Current portion of amounts payable after more than one year | 42 | €1,229,733 | €10,549,733 | +€9.3m | +758% |
| Trade debts | 44 | - | €57,879 | +€57,879 | |
| Suppliers | 440/4 | - | €57,879 | +€57,879 | |
| Taxes, remuneration and social security | 45 | €554 | €3,292 | +€2,738 | +494% |
| Taxes | 450/3 | €554 | €3,292 | +€2,738 | +494% |
| Other amounts payable | 47/48 | €1,935,446 | €12,066,357 | +€10.1m | +523% |
| Accrued charges and deferred income | 492/3 | €6,748 | €0 | -€6,748 | -100% |
| Non-recurring operating income | 76A | €506,828 | €68,500 | -€438,328 | -86.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,618 | €141,203 | +€113,585 | +411% |
| Other operating charges | 640/8 | €7,372 | €10,729 | +€3,358 | +45.5% |
| Gross operating margin | 9900 | €309,037 | -€294,579 | -€603,617 | |
| Operating profit (loss) | 9901 | €274,048 | -€446,511 | -€720,559 | |
| Financial income | 75/76B | €6,367 | €49,703 | +€43,336 | +681% |
| Recurring financial income | 75 | €3,797 | €49,703 | +€45,906 | +1,209% |
| Non-recurring financial income | 76B | €2,570 | €0 | -€2,570 | -100% |
| Financial charges | 65/66B | €121,684 | €425,243 | +€303,558 | +249% |
| Recurring financial charges | 65 | €121,684 | €419,527 | +€297,842 | +245% |
| Non-recurring financial charges | 66B | €0 | €5,716 | +€5,716 | +57,160,100% |
| Profit (loss) for the period before taxes | 9903 | €158,731 | -€822,051 | -€980,782 | |
| Transfer from deferred taxes | 780 | - | €9,873 | +€9,873 | |
| Income taxes | 67/77 | €12,754 | €28,198 | +€15,444 | +121% |
| Profit (loss) for the period | 9904 | €145,976 | -€840,376 | -€986,353 | |
| Transfer from tax-exempt reserves | 789 | - | €29,620 | +€29,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €145,976 | -€810,756 | -€956,732 |
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 20 October 2026 via checked.be.