Friedman Immo: 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.
What changed
Friedman Immo
NACE 43.333, Wallpapering and laying of floor and wall coverings in other materials
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,208
2024 · €8,591+€14,617
Equity
€91,568
2024 · €68,360+€23,208
Cash
€15,191
2024 · €13,358+€1,832
Balance sheet total
€3.9m
2024 · €3.8m+€109,711
Largest movements
Assets
- Receivables within one year +€136,884
up €136,884 (+43.0%), from €317,980 to €454,864
of which Trade receivables: +€126,639
Equity and liabilities
- Debts after one year +€102,342
up €102,342 (+2.8%), from €3.6m to €3.7m
Income statement
- Gross operating margin +€18,155
up €18,155 (+111%), from €16,404 to €34,559
- Staff costs -€8,767
down €8,767 (-16.5%), from €53,127 to €44,360
- Taxes +€6,429
up €6,429 (+182%), from €3,525 to €9,954
- Other operating charges +€5,504
up €5,504 (+135%), from €4,074 to €9,578
- Depreciation +€858
up €858 (+56.0%), from €1,532 to €2,389
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.
Result 2024
€8,591
Gross operating margin
+€18,155
Staff costs
+€8,767
Depreciation
-€858
Other operating charges
-€5,504
Financial income
+€69
Financial charges
+€417
Taxes
-€6,429
Result 2025
€23,208
raises the resultlowers the result
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.
From operations
-€96,803
Investment
-€3,707
Financing
+€102,342
Cash 2024
€13,358
From operations (derived)
-€96,803
Net result for the year
+€23,208
Depreciation
+€2,389
Receivables after one year
+€32,147
Receivables within one year
-€136,884
Deferred charges and accrued income
-€1,824
Trade debts
-€19,777
Tax, wage and social debts
+€3,937
Investment (derived)
-€3,707
Investment in fixed assets (net)
-€3,707
Financing
+€102,342
Debts after one year
+€102,342
Cash 2025
€15,191
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,777,988 | €3,887,699 | +€109,711 | +2.9% |
| Fixed assets | 21/28 | €850,904 | €852,222 | +€1,318 | +0.2% |
| Tangible fixed assets | 22/27 | €850,904 | €852,222 | +€1,318 | +0.2% |
| Land and buildings | 22 | €843,780 | €846,131 | +€2,351 | +0.3% |
| Plant, machinery and equipment | 23 | €2,494 | €2,531 | +€36 | +1.5% |
| Furniture and vehicles | 24 | €4,630 | €3,560 | -€1,070 | -23.1% |
| Current assets | 29/58 | €2,927,084 | €3,035,477 | +€108,393 | +3.7% |
| Amounts receivable after more than one year | 29 | €2,549,151 | €2,517,004 | -€32,147 | -1.3% |
| Other amounts receivable | 291 | €2,549,151 | €2,517,004 | -€32,147 | -1.3% |
| Amounts receivable within one year | 40/41 | €317,980 | €454,864 | +€136,884 | +43.0% |
| Trade receivables | 40 | €233,323 | €359,962 | +€126,639 | +54.3% |
| Other amounts receivable | 41 | €84,656 | €94,902 | +€10,245 | +12.1% |
| Cash at bank and in hand | 54/58 | €13,358 | €15,191 | +€1,832 | +13.7% |
| Deferred charges and accrued income | 490/1 | €46,594 | €48,418 | +€1,824 | +3.9% |
| Total equity and liabilities | 10/49 | €3,777,988 | €3,887,699 | +€109,711 | +2.9% |
| Equity | 10/15 | €68,360 | €91,568 | +€23,208 | +33.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,305 | €83,513 | +€23,208 | +38.5% |
| Amounts payable | 17/49 | €3,709,627 | €3,796,130 | +€86,503 | +2.3% |
| Amounts payable after more than one year | 17 | €3,600,855 | €3,703,197 | +€102,342 | +2.8% |
| Financial debts | 170/4 | €3,600,855 | €3,703,197 | +€102,342 | +2.8% |
| Amounts payable within one year | 42/48 | €108,773 | €92,933 | -€15,840 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €23,945 | €23,945 | = | 0.0% |
| Trade debts | 44 | €36,236 | €16,459 | -€19,777 | -54.6% |
| Suppliers | 440/4 | €36,236 | €16,459 | -€19,777 | -54.6% |
| Taxes, remuneration and social security | 45 | €46,746 | €50,683 | +€3,937 | +8.4% |
| Taxes | 450/3 | €12,911 | €11,108 | -€1,803 | -14.0% |
| Remuneration and social security | 454/9 | €33,834 | €39,575 | +€5,741 | +17.0% |
| Other amounts payable | 47/48 | €1,846 | €1,846 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €53,127 | €44,360 | -€8,767 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,532 | €2,389 | +€858 | +56.0% |
| Other operating charges | 640/8 | €4,074 | €9,578 | +€5,504 | +135% |
| Gross operating margin | 9900 | €16,404 | €34,559 | +€18,155 | +111% |
| Operating profit (loss) | 9901 | -€42,329 | -€21,769 | +€20,560 | +48.6% |
| Financial income | 75/76B | €73,868 | €73,937 | +€69 | +0.1% |
| Recurring financial income | 75 | €73,868 | €73,937 | +€69 | +0.1% |
| Financial charges | 65/66B | €19,423 | €19,006 | -€417 | -2.1% |
| Recurring financial charges | 65 | €19,423 | €19,006 | -€417 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €12,116 | €33,162 | +€21,046 | +174% |
| Income taxes | 67/77 | €3,525 | €9,954 | +€6,429 | +182% |
| Profit (loss) for the period | 9904 | €8,591 | €23,208 | +€14,617 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €8,591 | €23,208 | +€14,617 | +170% |
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 14 October 2026 via checked.be.