FRESHMEN: 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.
FRESHMEN
Largest movements
- Financial fixed assets -€1.2m
down €1.2m (-19.1%), from €6.1m to €4.9m
- Receivables within one year -€343,463
down €343,463 (-96.6%), from €355,600 to €12,136
of which Other amounts receivable: -€343,463
- Deferred charges and accrued income -€135,097
down €135,097 (-65.6%), from €206,068 to €70,972
- Cash +€110,514
up €110,514 (+39.7%), from €278,453 to €388,966
mainly Investment in fixed assets (net) (+€1.2m) and Receivables within one year (+€343,463)
- Profit (loss) carried forward -€1.7m
down €1.7m (-22.9%), from -€7.4m to -€9.0m
- Other debts +€150,000
up €150,000 (+60.0%), from €250,000 to €400,000
- Financial charges -€3.9m
down €3.9m (-76.3%), from €5.1m to €1.2m
of which Non-recurring financial charges: -€3.9m
- Purchases and services -€460,425
no longer reported in 2025 (was €460,425)
- Gross operating margin +€134,614
up €134,614 (+29.2%), from -€460,425 to -€325,811
- Financial income +€43,337
up €43,337 (+107.9%), from €40,165 to €83,502
of which Financial income: +€43,337
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 | €6,932,531 | €5,403,189 | -€1.5m | -22.1% |
| Fixed assets | 21/28 | €6,092,411 | €4,931,115 | -€1.2m | -19.1% |
| Financial fixed assets | 28 | €6,092,411 | €4,931,115 | -€1.2m | -19.1% |
| Current assets | 29/58 | €840,120 | €472,074 | -€368,046 | -43.8% |
| Amounts receivable within one year | 40/41 | €355,600 | €12,136 | -€343,463 | -96.6% |
| Trade receivables | 40 | €1,609 | €1,609 | = | 0.0% |
| Other amounts receivable | 41 | €353,990 | €10,527 | -€343,463 | -97.0% |
| Cash at bank and in hand | 54/58 | €278,453 | €388,966 | +€110,514 | +39.7% |
| Deferred charges and accrued income | 490/1 | €206,068 | €70,972 | -€135,097 | -65.6% |
| Total equity and liabilities | 10/49 | €6,932,531 | €5,403,189 | -€1.5m | -22.1% |
| Equity | 10/15 | €6,667,147 | €4,983,635 | -€1.7m | -25.3% |
| Contributions | 10/11 | €14,025,700 | €14,025,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,358,553 | -€9,042,065 | -€1.7m | -22.9% |
| Amounts payable | 17/49 | €265,384 | €419,554 | +€154,170 | +58.1% |
| Amounts payable within one year | 42/48 | €265,384 | €419,554 | +€154,170 | +58.1% |
| Trade debts | 44 | €15,384 | €19,554 | +€4,170 | +27.1% |
| Suppliers | 440/4 | €15,384 | €19,554 | +€4,170 | +27.1% |
| Other amounts payable | 47/48 | €250,000 | €400,000 | +€150,000 | +60.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €460,425 | - | -€460,425 | |
| Other operating charges | 640/8 | €2,152 | €2,101 | -€52 | -2.4% |
| Non-recurring operating charges | 66A | €540,200 | €234,896 | -€305,304 | -56.5% |
| Gross operating margin | 9900 | -€460,425 | -€325,811 | +€134,614 | +29.2% |
| Operating profit (loss) | 9901 | -€1,002,778 | -€562,808 | +€439,970 | +43.9% |
| Financial income | 75/76B | €40,165 | €83,502 | +€43,337 | +107.9% |
| Recurring financial income | 75 | €40,165 | €83,502 | +€43,337 | +107.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,071,994 | €1,204,207 | -€3.9m | -76.3% |
| Recurring financial charges | 65 | €121 | €10,841 | +€10,720 | +8864.1% |
| Non-recurring financial charges | 66B | €5,071,873 | €1,193,365 | -€3.9m | -76.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,034,606 | -€1,683,512 | +€4.4m | +72.1% |
| Profit (loss) for the period | 9904 | -€6,034,606 | -€1,683,512 | +€4.4m | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,034,606 | -€1,683,512 | +€4.4m | +72.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.