FREYMAN: 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.
FREYMAN
Largest movements
- Tangible fixed assets +€334,306
up €334,306 (+44.9%), from €743,941 to €1.1m
of which Plant, machinery and equipment: +€355,030
- Cash -€37,688
down €37,688 (-35.1%), from €107,463 to €69,774
mainly Investment in fixed assets (net) (-€492,159) and Contributions, distributions and other (-€96,245)
- Debts after one year +€296,439
up €296,439 (+103%), from €288,731 to €585,170
of which Financial debts: +€296,439
- Other debts +€82,035
up €82,035 (+541%), from €15,152 to €97,187
- Reserves -€59,245
down €59,245 (-20.2%), from €293,438 to €234,193
of which Distributable reserves: -€46,500
- Trade debts -€23,553
down €23,553 (-48.9%), from €48,179 to €24,626
- Current portion of long-term debt +€15,095
up €15,095 (+18.8%), from €80,400 to €95,495
- Depreciation +€65,923
up €65,923 (+71.7%), from €91,930 to €157,853
- Gross operating margin +€48,836
up €48,836 (+16.8%), from €290,380 to €339,216
- Taxes -€16,085
down €16,085 (-70.5%), from €22,815 to €6,730
- Staff costs +€14,699
up €14,699 (+16.6%), from €88,715 to €103,414
- Financial charges +€4,438
up €4,438 (+31.8%), from €13,966 to €18,403
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 | €864,455 | €1,174,139 | +€309,684 | +35.8% |
| Fixed assets | 21/28 | €743,941 | €1,078,247 | +€334,306 | +44.9% |
| Tangible fixed assets | 22/27 | €743,941 | €1,078,247 | +€334,306 | +44.9% |
| Land and buildings | 22 | €559,398 | €515,969 | -€43,430 | -7.8% |
| Plant, machinery and equipment | 23 | €112,156 | €467,186 | +€355,030 | +317% |
| Furniture and vehicles | 24 | €60,408 | €91,964 | +€31,556 | +52.2% |
| Leasing and similar rights | 25 | €11,979 | €3,128 | -€8,851 | -73.9% |
| Current assets | 29/58 | €120,514 | €95,892 | -€24,622 | -20.4% |
| Stocks and contracts in progress | 3 | €1,110 | €1,182 | +€71 | +6.4% |
| Stocks | 30/36 | €1,110 | €1,182 | +€71 | +6.4% |
| Amounts receivable within one year | 40/41 | €10,107 | €17,194 | +€7,087 | +70.1% |
| Trade receivables | 40 | €10,008 | - | -€10,008 | |
| Other amounts receivable | 41 | €100 | €17,194 | +€17,094 | +17,134% |
| Cash at bank and in hand | 54/58 | €107,463 | €69,774 | -€37,688 | -35.1% |
| Deferred charges and accrued income | 490/1 | €1,834 | €7,742 | +€5,908 | +322% |
| Total equity and liabilities | 10/49 | €864,455 | €1,174,139 | +€309,684 | +35.8% |
| Equity | 10/15 | €326,350 | €267,698 | -€58,652 | -18.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €293,438 | €234,193 | -€59,245 | -20.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €152,938 | €140,193 | -€12,745 | -8.3% |
| Distributable reserves | 133 | €138,500 | €92,000 | -€46,500 | -33.6% |
| Profit (loss) carried forward | 14 | €12,912 | €13,505 | +€593 | +4.6% |
| Provisions and deferred taxes | 16 | €59,476 | €54,519 | -€4,956 | -8.3% |
| Deferred taxes | 168 | €59,476 | €54,519 | -€4,956 | -8.3% |
| Amounts payable | 17/49 | €478,629 | €851,922 | +€373,292 | +78.0% |
| Amounts payable after more than one year | 17 | €288,731 | €585,170 | +€296,439 | +103% |
| Financial debts | 170/4 | €278,731 | €575,170 | +€296,439 | +106% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €185,980 | €266,752 | +€80,772 | +43.4% |
| Current portion of amounts payable after more than one year | 42 | €80,400 | €95,495 | +€15,095 | +18.8% |
| Trade debts | 44 | €48,179 | €24,626 | -€23,553 | -48.9% |
| Suppliers | 440/4 | €48,179 | €24,626 | -€23,553 | -48.9% |
| Taxes, remuneration and social security | 45 | €42,249 | €49,443 | +€7,195 | +17.0% |
| Taxes | 450/3 | €23,488 | €25,167 | +€1,679 | +7.1% |
| Remuneration and social security | 454/9 | €18,761 | €24,276 | +€5,515 | +29.4% |
| Other amounts payable | 47/48 | €15,152 | €97,187 | +€82,035 | +541% |
| Accrued charges and deferred income | 492/3 | €3,918 | - | -€3,918 | |
| Remuneration, social security and pensions | 62 | €88,715 | €103,414 | +€14,699 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,930 | €157,853 | +€65,923 | +71.7% |
| Other operating charges | 640/8 | €34,164 | €34,567 | +€403 | +1.2% |
| Gross operating margin | 9900 | €290,380 | €339,216 | +€48,836 | +16.8% |
| Operating profit (loss) | 9901 | €75,571 | €43,380 | -€32,190 | -42.6% |
| Financial income | 75/76B | €49 | €1,645 | +€1,595 | +3,230% |
| Recurring financial income | 75 | €49 | €1,645 | +€1,595 | +3,230% |
| Financial charges | 65/66B | €13,966 | €18,403 | +€4,438 | +31.8% |
| Recurring financial charges | 65 | €13,966 | €18,403 | +€4,438 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €61,654 | €26,622 | -€35,032 | -56.8% |
| Transfer from deferred taxes | 780 | €17,701 | €17,701 | = | 0.0% |
| Income taxes | 67/77 | €22,815 | €6,730 | -€16,085 | -70.5% |
| Profit (loss) for the period | 9904 | €56,540 | €37,593 | -€18,947 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,540 | €37,593 | -€18,947 | -33.5% |
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 30 October 2026 via checked.be.