FRIEDEMANN: 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.
FRIEDEMANN
Largest movements
- Current investments +€130,456
up €130,456 (+423.8%), from €30,781 to €161,237
- Cash -€102,948
down €102,948 (-72.8%), from €141,422 to €38,474
mainly Current investments (-€130,456) and Investment in fixed assets (net) (-€23,762)
- Receivables within one year -€19,143
down €19,143 (-68.7%), from €27,850 to €8,707
of which Trade receivables: -€13,333
- Tangible fixed assets +€16,239
up €16,239 (+92.5%), from €17,559 to €33,798
of which Leasing and similar rights: +€25,253
- Debts after one year +€12,484
new in 2025: €12,484
- Reserves +€11,326
up €11,326 (+11.0%), from €103,295 to €114,620
- Current portion of long-term debt +€3,068
up €3,068 (+438.8%), from €699 to €3,767
- Financial charges +€2,015
up €2,015 (+1400.3%), from €144 to €2,159
- Financial income -€1,853
down €1,853 (-46.8%), from €3,961 to €2,108
- Gross operating margin -€1,690
down €1,690 (-6.1%), from €27,475 to €25,785
- Taxes +€1,291
up €1,291 (+29.2%), from €4,428 to €5,719
- Depreciation +€389
up €389 (+5.5%), from €7,134 to €7,523
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 | €220,092 | €244,795 | +€24,703 | +11.2% |
| Fixed assets | 21/28 | €18,119 | €34,358 | +€16,239 | +89.6% |
| Tangible fixed assets | 22/27 | €17,559 | €33,798 | +€16,239 | +92.5% |
| Plant, machinery and equipment | 23 | €214 | €706 | +€492 | +229.3% |
| Furniture and vehicles | 24 | €14,046 | €5,286 | -€8,760 | -62.4% |
| Leasing and similar rights | 25 | - | €25,253 | +€25,253 | |
| Other tangible fixed assets | 26 | €3,298 | €2,553 | -€746 | -22.6% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €201,973 | €210,437 | +€8,464 | +4.2% |
| Amounts receivable within one year | 40/41 | €27,850 | €8,707 | -€19,143 | -68.7% |
| Trade receivables | 40 | €20,112 | €6,779 | -€13,333 | -66.3% |
| Other amounts receivable | 41 | €7,738 | €1,928 | -€5,810 | -75.1% |
| Current investments | 50/53 | €30,781 | €161,237 | +€130,456 | +423.8% |
| Cash at bank and in hand | 54/58 | €141,422 | €38,474 | -€102,948 | -72.8% |
| Deferred charges and accrued income | 490/1 | €1,920 | €2,019 | +€99 | +5.1% |
| Total equity and liabilities | 10/49 | €220,092 | €244,795 | +€24,703 | +11.2% |
| Equity | 10/15 | €213,979 | €225,305 | +€11,326 | +5.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €103,295 | €114,620 | +€11,326 | +11.0% |
| Distributable reserves | 133 | €103,295 | €114,620 | +€11,326 | +11.0% |
| Profit (loss) carried forward | 14 | €90,224 | €90,224 | = | 0.0% |
| Amounts payable | 17/49 | €6,113 | €19,490 | +€13,377 | +218.8% |
| Amounts payable after more than one year | 17 | - | €12,484 | +€12,484 | |
| Financial debts | 170/4 | - | €12,484 | +€12,484 | |
| Amounts payable within one year | 42/48 | €6,113 | €7,006 | +€893 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €699 | €3,767 | +€3,068 | +438.8% |
| Trade debts | 44 | €1,285 | €69 | -€1,216 | -94.7% |
| Suppliers | 440/4 | €1,285 | €69 | -€1,216 | -94.7% |
| Taxes, remuneration and social security | 45 | €4,129 | €3,170 | -€959 | -23.2% |
| Taxes | 450/3 | €4,129 | €3,170 | -€959 | -23.2% |
| Non-recurring operating income | 76A | - | €2,406 | +€2,406 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,134 | €7,523 | +€389 | +5.5% |
| Other operating charges | 640/8 | €1,021 | €1,166 | +€146 | +14.3% |
| Gross operating margin | 9900 | €27,475 | €25,785 | -€1,690 | -6.1% |
| Operating profit (loss) | 9901 | €19,320 | €17,096 | -€2,224 | -11.5% |
| Financial income | 75/76B | €3,961 | €2,108 | -€1,853 | -46.8% |
| Recurring financial income | 75 | €3,961 | €2,108 | -€1,853 | -46.8% |
| Financial charges | 65/66B | €144 | €2,159 | +€2,015 | +1400.3% |
| Recurring financial charges | 65 | €144 | €2,159 | +€2,015 | +1400.3% |
| Profit (loss) for the period before taxes | 9903 | €23,137 | €17,045 | -€6,092 | -26.3% |
| Income taxes | 67/77 | €4,428 | €5,719 | +€1,291 | +29.2% |
| Profit (loss) for the period | 9904 | €18,709 | €11,326 | -€7,383 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,709 | €11,326 | -€7,383 | -39.5% |
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 7 October 2026 via checked.be.