FREEDOM: what changed
Two fiscal 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.
FREEDOM
Largest movements
- Stocks and contracts -€294,049
down €294,049 (-67.2%), from €437,514 to €143,465
- Cash +€69,732
up €69,732 (+51.4%), from €135,701 to €205,433
mainly Stocks and contracts (+€294,049) and Other debts (+€23,941)
- Tangible fixed assets -€16,475
down €16,475 (-34.2%), from €48,141 to €31,666
of which Furniture and vehicles: -€13,689
- Reserves -€106,409
down €106,409 (-46.6%), from €228,375 to €121,966
- Trade debts -€78,033
down €78,033 (-69.3%), from €112,543 to €34,510
- Debts after one year -€57,875
down €57,875 (-32.6%), from €177,613 to €119,738
of which Other amounts payable: -€30,000
- Profit (loss) carried forward -€29,950
down €29,950, from €0 to -€29,950
- Other debts +€23,941
up €23,941 (+56.2%), from €42,627 to €66,568
- Gross operating margin -€215,396
down €215,396 (-91.6%), from €235,230 to €19,834
- Write-downs -€116,690
down €116,690, from €45,079 to -€71,611
- Staff costs +€28,406
up €28,406 (+17.7%), from €160,094 to €188,500
- Financial income -€7,126
down €7,126 (-72.0%), from €9,903 to €2,778
- Financial charges +€2,811
up €2,811 (+38.4%), from €7,315 to €10,126
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €649,055 | €403,495 | -€245,559 | -37.8% |
| Fixed assets | 21/28 | €60,051 | €43,576 | -€16,475 | -27.4% |
| Tangible fixed assets | 22/27 | €48,141 | €31,666 | -€16,475 | -34.2% |
| Land and buildings | 22 | €825 | €0 | -€825 | -100.0% |
| Plant, machinery and equipment | 23 | €7,239 | €5,279 | -€1,960 | -27.1% |
| Furniture and vehicles | 24 | €40,077 | €26,388 | -€13,689 | -34.2% |
| Financial fixed assets | 28 | €11,910 | €11,910 | = | 0.0% |
| Current assets | 29/58 | €589,004 | €359,919 | -€229,084 | -38.9% |
| Stocks and contracts in progress | 3 | €437,514 | €143,465 | -€294,049 | -67.2% |
| Stocks | 30/36 | €437,514 | €143,465 | -€294,049 | -67.2% |
| Amounts receivable within one year | 40/41 | €10,367 | €9,710 | -€657 | -6.3% |
| Trade receivables | 40 | - | €164 | +€164 | |
| Other amounts receivable | 41 | €10,367 | €9,546 | -€822 | -7.9% |
| Cash at bank and in hand | 54/58 | €135,701 | €205,433 | +€69,732 | +51.4% |
| Deferred charges and accrued income | 490/1 | €5,422 | €1,311 | -€4,110 | -75.8% |
| Total equity and liabilities | 10/49 | €649,055 | €403,495 | -€245,559 | -37.8% |
| Equity | 10/15 | €246,975 | €110,616 | -€136,359 | -55.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €228,375 | €121,966 | -€106,409 | -46.6% |
| Distributable reserves | 133 | €228,375 | €121,966 | -€106,409 | -46.6% |
| Profit (loss) carried forward | 14 | €0 | -€29,950 | -€29,950 | |
| Amounts payable | 17/49 | €402,080 | €292,879 | -€109,201 | -27.2% |
| Amounts payable after more than one year | 17 | €177,613 | €119,738 | -€57,875 | -32.6% |
| Financial debts | 170/4 | €147,613 | €119,738 | -€27,875 | -18.9% |
| Other amounts payable | 178/9 | €30,000 | €0 | -€30,000 | -100.0% |
| Amounts payable within one year | 42/48 | €224,467 | €168,551 | -€55,916 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €27,485 | €29,333 | +€1,848 | +6.7% |
| Trade debts | 44 | €112,543 | €34,510 | -€78,033 | -69.3% |
| Suppliers | 440/4 | €112,543 | €34,510 | -€78,033 | -69.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €41,812 | €38,140 | -€3,672 | -8.8% |
| Taxes | 450/3 | €21,546 | €12,748 | -€8,799 | -40.8% |
| Remuneration and social security | 454/9 | €20,266 | €25,393 | +€5,127 | +25.3% |
| Other amounts payable | 47/48 | €42,627 | €66,568 | +€23,941 | +56.2% |
| Accrued charges and deferred income | 492/3 | €0 | €4,590 | +€4,590 | |
| Remuneration, social security and pensions | 62 | €160,094 | €188,500 | +€28,406 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,480 | €16,475 | -€5 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,079 | -€71,611 | -€116,690 | |
| Other operating charges | 640/8 | €9,880 | €11,407 | +€1,527 | +15.5% |
| Gross operating margin | 9900 | €235,230 | €19,834 | -€215,396 | -91.6% |
| Operating profit (loss) | 9901 | €3,698 | -€124,936 | -€128,634 | |
| Financial income | 75/76B | €9,903 | €2,778 | -€7,126 | -72.0% |
| Recurring financial income | 75 | €9,903 | €2,778 | -€7,126 | -72.0% |
| Financial charges | 65/66B | €7,315 | €10,126 | +€2,811 | +38.4% |
| Recurring financial charges | 65 | €7,315 | €10,126 | +€2,811 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €6,287 | -€132,285 | -€138,571 | |
| Income taxes | 67/77 | €2,508 | €4,074 | +€1,566 | +62.4% |
| Profit (loss) for the period | 9904 | €3,778 | -€136,359 | -€140,137 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,778 | -€136,359 | -€140,137 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.