Friegel: 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.
Friegel
Largest movements
- Tangible fixed assets +€126,867
up €126,867 (+25.8%), from €491,917 to €618,783
of which Land and buildings: +€147,350
- Receivables within one year -€83,138
down €83,138 (-64.2%), from €129,528 to €46,390
of which Trade receivables: -€96,427
- Cash +€46,736
up €46,736 (+189%), from €24,731 to €71,467
mainly Debts after one year (+€97,998) and Receivables within one year (+€83,138)
- Stocks and contracts +€43,962
up €43,962 (+54.9%), from €80,036 to €123,998
of which Contracts in progress: +€55,403
- Debts after one year +€97,998
up €97,998 (+43.2%), from €226,699 to €324,696
- Reserves +€51,310
up €51,310 (+16.2%), from €316,817 to €368,127
- Trade debts -€14,459
down €14,459 (-18.8%), from €76,856 to €62,398
- Gross operating margin -€20,783
down €20,783 (-9.7%), from €214,629 to €193,846
- Taxes -€9,526
down €9,526 (-36.5%), from €26,112 to €16,586
- Depreciation +€4,858
up €4,858 (+10.4%), from €46,678 to €51,536
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 | €730,981 | €866,357 | +€135,376 | +18.5% |
| Fixed assets | 21/28 | €491,917 | €618,783 | +€126,867 | +25.8% |
| Tangible fixed assets | 22/27 | €491,917 | €618,783 | +€126,867 | +25.8% |
| Land and buildings | 22 | €422,916 | €570,266 | +€147,350 | +34.8% |
| Plant, machinery and equipment | 23 | €6,035 | €1,274 | -€4,761 | -78.9% |
| Furniture and vehicles | 24 | €5,973 | €4,316 | -€1,658 | -27.7% |
| Leasing and similar rights | 25 | €56,992 | €42,927 | -€14,065 | -24.7% |
| Current assets | 29/58 | €239,065 | €247,574 | +€8,509 | +3.6% |
| Stocks and contracts in progress | 3 | €80,036 | €123,998 | +€43,962 | +54.9% |
| Stocks | 30/36 | €78,931 | €67,490 | -€11,441 | -14.5% |
| Contracts in progress | 37 | €1,106 | €56,508 | +€55,403 | +5,012% |
| Amounts receivable within one year | 40/41 | €129,528 | €46,390 | -€83,138 | -64.2% |
| Trade receivables | 40 | €125,044 | €28,616 | -€96,427 | -77.1% |
| Other amounts receivable | 41 | €4,485 | €17,774 | +€13,289 | +296% |
| Cash at bank and in hand | 54/58 | €24,731 | €71,467 | +€46,736 | +189% |
| Deferred charges and accrued income | 490/1 | €4,769 | €5,719 | +€950 | +19.9% |
| Total equity and liabilities | 10/49 | €730,981 | €866,357 | +€135,376 | +18.5% |
| Equity | 10/15 | €323,017 | €374,327 | +€51,310 | +15.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €316,817 | €368,127 | +€51,310 | +16.2% |
| Distributable reserves | 133 | €316,817 | €368,127 | +€51,310 | +16.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €407,964 | €492,030 | +€84,066 | +20.6% |
| Amounts payable after more than one year | 17 | €226,699 | €324,696 | +€97,998 | +43.2% |
| Financial debts | 170/4 | €226,699 | €324,696 | +€97,998 | +43.2% |
| Amounts payable within one year | 42/48 | €181,266 | €167,334 | -€13,932 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €64,986 | €72,933 | +€7,947 | +12.2% |
| Financial debts | 43 | €14,583 | €6,250 | -€8,333 | -57.1% |
| Credit institutions | 430/8 | €14,583 | €6,250 | -€8,333 | -57.1% |
| Trade debts | 44 | €76,856 | €62,398 | -€14,459 | -18.8% |
| Suppliers | 440/4 | €76,856 | €62,398 | -€14,459 | -18.8% |
| Taxes, remuneration and social security | 45 | €5,871 | €7,529 | +€1,657 | +28.2% |
| Taxes | 450/3 | €1,149 | €1,135 | -€14 | -1.2% |
| Remuneration and social security | 454/9 | €4,722 | €6,393 | +€1,672 | +35.4% |
| Other amounts payable | 47/48 | €18,969 | €18,225 | -€744 | -3.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €46,466 | €47,845 | +€1,378 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,678 | €51,536 | +€4,858 | +10.4% |
| Other operating charges | 640/8 | €4,205 | €5,742 | +€1,537 | +36.6% |
| Gross operating margin | 9900 | €214,629 | €193,846 | -€20,783 | -9.7% |
| Operating profit (loss) | 9901 | €117,280 | €88,724 | -€28,556 | -24.3% |
| Financial income | 75/76B | €39 | €183 | +€144 | +373% |
| Recurring financial income | 75 | €39 | €183 | +€144 | +373% |
| Financial charges | 65/66B | €14,538 | €15,011 | +€474 | +3.3% |
| Recurring financial charges | 65 | €14,538 | €15,011 | +€474 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €102,781 | €73,896 | -€28,885 | -28.1% |
| Income taxes | 67/77 | €26,112 | €16,586 | -€9,526 | -36.5% |
| Profit (loss) for the period | 9904 | €76,670 | €57,310 | -€19,360 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,670 | €57,310 | -€19,360 | -25.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.