Friendship Development: 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.
What changed
Friendship Development
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€17,960
2024 · -€308,268+€326,228
Equity
€1.4m
2024 · €1.4m+€17,960
Cash
€13,584
2024 · €117,943-€104,359
Balance sheet total
€10.5m
2024 · €9.6m+€876,285
Largest movements
Assets
- Receivables within one year -€2.7m
down €2.7m (-95.5%), from €2.9m to €127,718
of which Other amounts receivable: -€2.7m
- Stocks and contracts +€2.5m
up €2.5m (+44.0%), from €5.6m to €8.1m
of which Stocks: +€8.1m
- Financial fixed assets +€1.2m
up €1.2m (+116.6%), from €1.0m to €2.2m
Equity and liabilities
- Debts after one year +€3.6m
up €3.6m (+68.4%), from €5.3m to €8.9m
- Short-term financial debts -€2.7m
no longer reported in 2025 (was €2.7m)
Income statement
- Services and other goods +€592,713
up €592,713 (+36.9%), from €1.6m to €2.2m
- Financial charges -€341,208
no longer reported in 2025 (was €341,208)
of which Financial charges: -€341,208
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
-€308,268
Other operating income
-€1,938
Services and other goods
-€592,713
Depreciation
-€0
Other operating charges
-€29
Other operating items
+€600,417
Financial income
-€20,717
Financial charges
+€341,208
Result 2025
€17,960
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.
From operations
+€154,641
Investment
-€1.2m
Financing
+€931,000
Cash 2024
€117,943
From operations (derived)
+€154,641
Net result for the year
+€17,960
Depreciation
+€498
Stocks and contracts
-€2.5m
Receivables within one year
+€2.7m
Deferred charges and accrued income
-€41,460
Smaller working-capital items
-€4,011
Accrued charges and deferred income
-€68,664
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€931,000
Debts after one year
+€3.6m
Short-term financial debts
-€2.7m
Cash 2025
€13,584
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,642,548 | €10,518,833 | +€876,285 | +9.1% |
| Fixed assets | 21/28 | €1,021,380 | €2,210,881 | +€1.2m | +116.5% |
| Tangible fixed assets | 22/27 | €498 | - | -€498 | |
| Furniture and vehicles | 24 | €498 | - | -€498 | |
| Financial fixed assets | 28 | €1,020,881 | €2,210,881 | +€1.2m | +116.6% |
| Affiliated companies | 280/1 | €1,020,881 | €2,210,881 | +€1.2m | +116.6% |
| Participating interests | 280 | €1,020,881 | €1,020,881 | = | 0.0% |
| Amounts receivable | 281 | - | €1,190,000 | +€1.2m | |
| Current assets | 29/58 | €8,621,168 | €8,307,952 | -€313,217 | -3.6% |
| Stocks and contracts in progress | 3 | €5,638,603 | €8,121,284 | +€2.5m | +44.0% |
| Stocks | 30/36 | - | €8,121,284 | +€8.1m | |
| Property held for sale | 35 | - | €8,121,284 | +€8.1m | |
| Contracts in progress | 37 | €5,638,603 | - | -€5.6m | |
| Amounts receivable within one year | 40/41 | €2,860,716 | €127,718 | -€2.7m | -95.5% |
| Trade receivables | 40 | €4,105 | - | -€4,105 | |
| Other amounts receivable | 41 | €2,856,610 | €127,718 | -€2.7m | -95.5% |
| Cash at bank and in hand | 54/58 | €117,943 | €13,584 | -€104,359 | -88.5% |
| Deferred charges and accrued income | 490/1 | €3,906 | €45,366 | +€41,460 | +1061.4% |
| Total equity and liabilities | 10/49 | €9,642,548 | €10,518,833 | +€876,285 | +9.1% |
| Equity | 10/15 | €1,354,545 | €1,372,505 | +€17,960 | +1.3% |
| Contributions | 10/11 | €5,661,500 | €5,661,500 | = | 0.0% |
| Capital | 10 | €5,661,500 | €5,661,500 | = | 0.0% |
| Issued capital | 100 | €5,661,500 | €5,661,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,306,955 | -€4,288,995 | +€17,960 | +0.4% |
| Amounts payable | 17/49 | €8,288,003 | €9,146,328 | +€858,325 | +10.4% |
| Amounts payable after more than one year | 17 | €5,309,000 | €8,940,000 | +€3.6m | +68.4% |
| Financial debts | 170/4 | €5,309,000 | €8,940,000 | +€3.6m | +68.4% |
| Credit institutions | 173 | - | €3,930,000 | +€3.9m | |
| Other loans | 174 | €5,309,000 | €5,010,000 | -€299,000 | -5.6% |
| Amounts payable within one year | 42/48 | €2,788,908 | €84,897 | -€2.7m | -97.0% |
| Financial debts | 43 | €2,700,000 | - | -€2.7m | |
| Credit institutions | 430/8 | €2,700,000 | - | -€2.7m | |
| Trade debts | 44 | €88,744 | €84,897 | -€3,847 | -4.3% |
| Suppliers | 440/4 | €88,744 | €84,897 | -€3,847 | -4.3% |
| Other amounts payable | 47/48 | €164 | - | -€164 | |
| Accrued charges and deferred income | 492/3 | €190,095 | €121,431 | -€68,664 | -36.1% |
| Operating income | 70/76A | €1,574,703 | €2,173,182 | +€598,480 | +38.0% |
| Turnover | 70 | €0 | - | = | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,570,952 | €2,171,727 | +€600,775 | +38.2% |
| Other operating income | 74 | €3,393 | €1,455 | -€1,938 | -57.1% |
| Non-recurring operating income | 76A | €358 | - | -€358 | |
| Operating charges | 60/66A | €1,607,845 | €2,200,588 | +€592,743 | +36.9% |
| Services and other goods | 61 | €1,605,886 | €2,198,599 | +€592,713 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498 | €498 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,461 | €1,491 | +€29 | +2.0% |
| Operating profit (loss) | 9901 | -€33,142 | -€27,406 | +€5,737 | +17.3% |
| Financial income | 75/76B | €66,082 | €45,366 | -€20,717 | -31.3% |
| Recurring financial income | 75 | €66,082 | €45,366 | -€20,717 | -31.3% |
| Income from financial fixed assets | 750 | - | €45,366 | +€45,366 | |
| Income from current assets | 751 | €66,082 | - | -€66,082 | |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €341,208 | - | -€341,208 | |
| Recurring financial charges | 65 | €341,208 | - | -€341,208 | |
| Debt charges | 650 | €340,592 | - | -€340,592 | |
| Other financial charges | 652/9 | €616 | - | -€616 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€308,268 | €17,960 | +€326,228 | |
| Profit (loss) for the period | 9904 | -€308,268 | €17,960 | +€326,228 | |
| Profit (loss) for the period to be appropriated | 9905 | -€308,268 | €17,960 | +€326,228 |
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 3 October 2026 via checked.be.