Friedl & Koen: 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.
Friedl & Koen
Largest movements
- Cash +€60,307
up €60,307 (+158%), from €38,253 to €98,560
mainly Net result for the year (+€81,122) and Tax, wage and social debts (+€16,295)
- Reserves +€79,456
up €79,456 (+157%), from €50,540 to €129,996
- Debts after one year -€47,217
down €47,217 (-10.4%), from €453,897 to €406,681
- Tax, wage and social debts +€16,295
up €16,295 (+55.6%), from €29,322 to €45,617
- Gross operating margin +€56,185
up €56,185 (+63.5%), from €88,480 to €144,666
- Taxes +€13,799
up €13,799 (+70.7%), from €19,510 to €33,309
- Financial charges +€6,110
up €6,110 (+38.0%), from €16,062 to €22,173
- Depreciation +€5,437
up €5,437 (+1,730%), from €314 to €5,751
- Other operating charges +€1,923
up €1,923 (+496%), from €387 to €2,310
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 | €762,755 | €817,200 | +€54,445 | +7.1% |
| Fixed assets | 21/28 | €723,337 | €717,585 | -€5,751 | -0.8% |
| Tangible fixed assets | 22/27 | €28,443 | €22,692 | -€5,751 | -20.2% |
| Furniture and vehicles | 24 | €28,443 | €22,692 | -€5,751 | -20.2% |
| Financial fixed assets | 28 | €694,893 | €694,893 | = | 0.0% |
| Current assets | 29/58 | €39,419 | €99,615 | +€60,196 | +153% |
| Amounts receivable within one year | 40/41 | €197 | €0 | -€197 | -100% |
| Trade receivables | 40 | €197 | €0 | -€197 | -100% |
| Cash at bank and in hand | 54/58 | €38,253 | €98,560 | +€60,307 | +158% |
| Deferred charges and accrued income | 490/1 | €968 | €1,055 | +€87 | +9.0% |
| Total equity and liabilities | 10/49 | €762,755 | €817,200 | +€54,445 | +7.1% |
| Equity | 10/15 | €225,540 | €304,996 | +€79,456 | +35.2% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €50,540 | €129,996 | +€79,456 | +157% |
| Distributable reserves | 133 | €50,540 | €129,996 | +€79,456 | +157% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €537,215 | €512,204 | -€25,011 | -4.7% |
| Amounts payable after more than one year | 17 | €453,897 | €406,681 | -€47,217 | -10.4% |
| Financial debts | 170/4 | €453,897 | €406,681 | -€47,217 | -10.4% |
| Amounts payable within one year | 42/48 | €76,423 | €95,181 | +€18,758 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €45,435 | €47,217 | +€1,782 | +3.9% |
| Trade debts | 44 | - | €681 | +€681 | |
| Suppliers | 440/4 | - | €681 | +€681 | |
| Taxes, remuneration and social security | 45 | €29,322 | €45,617 | +€16,295 | +55.6% |
| Taxes | 450/3 | €29,322 | €45,617 | +€16,295 | +55.6% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,895 | €10,343 | +€3,448 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314 | €5,751 | +€5,437 | +1,730% |
| Other operating charges | 640/8 | €387 | €2,310 | +€1,923 | +496% |
| Gross operating margin | 9900 | €88,480 | €144,666 | +€56,185 | +63.5% |
| Operating profit (loss) | 9901 | €87,778 | €136,604 | +€48,825 | +55.6% |
| Financial charges | 65/66B | €16,062 | €22,173 | +€6,110 | +38.0% |
| Recurring financial charges | 65 | €16,062 | €22,173 | +€6,110 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €71,716 | €114,431 | +€42,715 | +59.6% |
| Income taxes | 67/77 | €19,510 | €33,309 | +€13,799 | +70.7% |
| Profit (loss) for the period | 9904 | €52,206 | €81,122 | +€28,916 | +55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,206 | €81,122 | +€28,916 | +55.4% |
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 21 October 2026 via checked.be.