FREYARVOR: 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.
FREYARVOR
Largest movements
- Receivables within one year -€1.0m
down €1.0m (-73.8%), from €1.4m to €357,266
of which Trade receivables: -€874,747
- Cash -€912,744
down €912,744 (-65.8%), from €1.4m to €473,968
mainly Trade debts (-€1.2m) and Debts after one year (-€306,274)
- Stocks and contracts +€210,195
up €210,195 (+44.8%), from €468,688 to €678,883
- Tangible fixed assets -€129,268
down €129,268 (-6.2%), from €2.1m to €2.0m
of which Plant, machinery and equipment: -€148,591
- Intangible fixed assets -€103,435
down €103,435 (-11.7%), from €885,292 to €781,857
- Trade debts -€1.2m
down €1.2m (-48.1%), from €2.4m to €1.2m
of which Suppliers: -€975,985
- Debts after one year -€306,274
down €306,274 (-12.9%), from €2.4m to €2.1m
of which Financial debts: -€306,274
- Current portion of long-term debt -€295,207
down €295,207 (-25.2%), from €1.2m to €874,274
- Profit (loss) carried forward -€163,558
down €163,558 (-85.8%), from -€190,652 to -€354,209
- Depreciation +€155,923
up €155,923 (+78.7%), from €198,010 to €353,933
- Financial charges +€76,928
up €76,928 (+46.7%), from €164,890 to €241,818
of which Financial charges: +€42,101
- Gross operating margin +€42,227
up €42,227 (+2.8%), from €1.5m to €1.5m
- Staff costs -€29,973
down €29,973 (-2.8%), from €1.1m to €1.0m
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 | €6,238,244 | €4,320,883 | -€1.9m | -30.7% |
| Formation expenses | 20 | €22,922 | €33,598 | +€10,677 | +46.6% |
| Fixed assets | 21/28 | €2,980,070 | €2,748,866 | -€231,203 | -7.8% |
| Intangible fixed assets | 21 | €885,292 | €781,857 | -€103,435 | -11.7% |
| Tangible fixed assets | 22/27 | €2,093,252 | €1,963,984 | -€129,268 | -6.2% |
| Land and buildings | 22 | €430,765 | €457,257 | +€26,492 | +6.2% |
| Plant, machinery and equipment | 23 | €1,550,465 | €1,401,873 | -€148,591 | -9.6% |
| Furniture and vehicles | 24 | €112,022 | €104,853 | -€7,169 | -6.4% |
| Financial fixed assets | 28 | €1,526 | €3,026 | +€1,500 | +98.3% |
| Current assets | 29/58 | €3,235,253 | €1,538,419 | -€1.7m | -52.4% |
| Stocks and contracts in progress | 3 | €468,688 | €678,883 | +€210,195 | +44.8% |
| Stocks | 30/36 | €468,688 | €678,883 | +€210,195 | +44.8% |
| Amounts receivable within one year | 40/41 | €1,366,100 | €357,266 | -€1.0m | -73.8% |
| Trade receivables | 40 | €1,200,230 | €325,484 | -€874,747 | -72.9% |
| Other amounts receivable | 41 | €165,870 | €31,782 | -€134,088 | -80.8% |
| Cash at bank and in hand | 54/58 | €1,386,712 | €473,968 | -€912,744 | -65.8% |
| Deferred charges and accrued income | 490/1 | €13,753 | €28,302 | +€14,549 | +105.8% |
| Total equity and liabilities | 10/49 | €6,238,244 | €4,320,883 | -€1.9m | -30.7% |
| Equity | 10/15 | €22,055 | -€81,502 | -€103,558 | |
| Contributions | 10/11 | €212,707 | €272,707 | +€60,000 | +28.2% |
| Capital | 10 | €212,707 | €272,707 | +€60,000 | +28.2% |
| Issued capital | 100 | €377,707 | €377,707 | = | 0.0% |
| Uncalled capital | 101 | €165,000 | €105,000 | -€60,000 | -36.4% |
| Profit (loss) carried forward | 14 | -€190,652 | -€354,209 | -€163,558 | -85.8% |
| Amounts payable | 17/49 | €6,216,189 | €4,402,386 | -€1.8m | -29.2% |
| Amounts payable after more than one year | 17 | €2,374,778 | €2,068,504 | -€306,274 | -12.9% |
| Financial debts | 170/4 | €2,370,978 | €2,064,704 | -€306,274 | -12.9% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,832,169 | €2,307,003 | -€1.5m | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €1,169,481 | €874,274 | -€295,207 | -25.2% |
| Trade debts | 44 | €2,393,988 | €1,242,004 | -€1.2m | -48.1% |
| Suppliers | 440/4 | €2,129,988 | €1,154,004 | -€975,985 | -45.8% |
| Bills of exchange payable | 441 | €264,000 | €88,000 | -€176,000 | -66.7% |
| Advances received on contracts in progress | 46 | €546 | - | -€546 | |
| Taxes, remuneration and social security | 45 | €206,656 | €189,123 | -€17,532 | -8.5% |
| Taxes | 450/3 | €33,041 | €25,007 | -€8,033 | -24.3% |
| Remuneration and social security | 454/9 | €173,615 | €164,116 | -€9,499 | -5.5% |
| Other amounts payable | 47/48 | €61,499 | €1,602 | -€59,897 | -97.4% |
| Accrued charges and deferred income | 492/3 | €9,242 | €26,879 | +€17,637 | +190.8% |
| Non-recurring operating income | 76A | €212,921 | €341,040 | +€128,119 | +60.2% |
| Remuneration, social security and pensions | 62 | €1,052,513 | €1,022,540 | -€29,973 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,010 | €353,933 | +€155,923 | +78.7% |
| Other operating charges | 640/8 | €80,897 | €81,003 | +€107 | +0.1% |
| Non-recurring operating charges | 66A | €320 | €2,314 | +€1,994 | +623.1% |
| Gross operating margin | 9900 | €1,495,037 | €1,537,264 | +€42,227 | +2.8% |
| Operating profit (loss) | 9901 | €163,298 | €77,474 | -€85,824 | -52.6% |
| Financial income | 75/76B | €333 | €1,513 | +€1,181 | +355.2% |
| Recurring financial income | 75 | €333 | €1,513 | +€1,181 | +355.2% |
| Financial charges | 65/66B | €164,890 | €241,818 | +€76,928 | +46.7% |
| Recurring financial charges | 65 | €160,592 | €202,693 | +€42,101 | +26.2% |
| Non-recurring financial charges | 66B | €4,298 | €39,125 | +€34,827 | +810.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,260 | -€162,831 | -€161,572 | -12828.2% |
| Income taxes | 67/77 | €473 | €727 | +€254 | +53.8% |
| Profit (loss) for the period | 9904 | -€1,732 | -€163,558 | -€161,826 | -9342.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,732 | -€163,558 | -€161,826 | -9342.9% |
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 28 September 2026 via checked.be.