Friendship E: 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.
Friendship E
Largest movements
- Stocks and contracts +€10.8m
new in 2025: €10.8m
- Tangible fixed assets -€10.1m
no longer reported in 2025 (was €10.1m)
of which Land and buildings: -€10.1m
- Financial fixed assets +€2.6m
new in 2025: €2.6m
- Receivables within one year -€412,169
down €412,169 (-93.8%), from €439,399 to €27,230
of which Other amounts receivable: -€412,119
- Debts after one year +€5.7m
up €5.7m (+40.2%), from €14.3m to €20.0m
of which Financial debts: +€5.8m
- Other debts -€1.5m
no longer reported in 2025 (was €1.5m)
- Current portion of long-term debt -€880,000
no longer reported in 2025 (was €880,000)
- Tax, wage and social debts -€401,549
no longer reported in 2025 (was €401,549)
- Financial charges -€861,003
no longer reported in 2025 (was €861,003)
- Depreciation -€607,068
down €607,068 (-98.5%), from €616,622 to €9,554
- Financial income +€89,742
up €89,742 (+2507.7%), from €3,579 to €93,321
- Other operating charges -€76,138
down €76,138 (-97.6%), from €77,999 to €1,861
- Gross operating margin +€40,649
up €40,649, from -€26,698 to €13,951
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 | €10,588,010 | €13,644,603 | +€3.1m | +28.9% |
| Fixed assets | 21/28 | €10,067,090 | €2,610,000 | -€7.5m | -74.1% |
| Tangible fixed assets | 22/27 | €10,067,090 | - | -€10.1m | |
| Land and buildings | 22 | €10,067,037 | - | -€10.1m | |
| Plant, machinery and equipment | 23 | €53 | - | -€53 | |
| Financial fixed assets | 28 | - | €2,610,000 | +€2.6m | |
| Current assets | 29/58 | €520,921 | €11,034,603 | +€10.5m | +2018.3% |
| Stocks and contracts in progress | 3 | - | €10,846,562 | +€10.8m | |
| Stocks | 30/36 | - | €10,846,562 | +€10.8m | |
| Amounts receivable within one year | 40/41 | €439,399 | €27,230 | -€412,169 | -93.8% |
| Trade receivables | 40 | €27,280 | €27,230 | -€50 | -0.2% |
| Other amounts receivable | 41 | €412,119 | - | -€412,119 | |
| Cash at bank and in hand | 54/58 | €67,968 | €59,045 | -€8,923 | -13.1% |
| Deferred charges and accrued income | 490/1 | €13,553 | €101,767 | +€88,213 | +650.9% |
| Total equity and liabilities | 10/49 | €10,588,010 | €13,644,603 | +€3.1m | +28.9% |
| Equity | 10/15 | -€6,480,936 | -€6,374,579 | +€106,357 | +1.6% |
| Contributions | 10/11 | €311,500 | €311,500 | = | 0.0% |
| Capital | 10 | €311,500 | €311,500 | = | 0.0% |
| Issued capital | 100 | €311,500 | €311,500 | = | 0.0% |
| Reserves | 13 | €5,987 | €5,987 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,987 | €5,987 | = | 0.0% |
| Legal reserve | 130 | €5,987 | €5,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,798,423 | -€6,692,066 | +€106,357 | +1.6% |
| Amounts payable | 17/49 | €17,068,947 | €20,019,183 | +€3.0m | +17.3% |
| Amounts payable after more than one year | 17 | €14,255,476 | €19,990,000 | +€5.7m | +40.2% |
| Financial debts | 170/4 | €14,225,000 | €19,990,000 | +€5.8m | +40.5% |
| Other amounts payable | 178/9 | €30,476 | - | -€30,476 | |
| Amounts payable within one year | 42/48 | €2,813,471 | €4,235 | -€2.8m | -99.8% |
| Current portion of amounts payable after more than one year | 42 | €880,000 | - | -€880,000 | |
| Trade debts | 44 | €3,264 | €4,235 | +€971 | +29.7% |
| Suppliers | 440/4 | €3,264 | €4,235 | +€971 | +29.7% |
| Taxes, remuneration and social security | 45 | €401,549 | - | -€401,549 | |
| Taxes | 450/3 | €401,549 | - | -€401,549 | |
| Other amounts payable | 47/48 | €1,528,658 | - | -€1.5m | |
| Accrued charges and deferred income | 492/3 | - | €24,948 | +€24,948 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €616,622 | €9,554 | -€607,068 | -98.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€10,500 | -€10,500 | |
| Other operating charges | 640/8 | €77,999 | €1,861 | -€76,138 | -97.6% |
| Gross operating margin | 9900 | -€26,698 | €13,951 | +€40,649 | |
| Operating profit (loss) | 9901 | -€721,319 | €13,036 | +€734,355 | |
| Financial income | 75/76B | €3,579 | €93,321 | +€89,742 | +2507.7% |
| Recurring financial income | 75 | €3,579 | €93,321 | +€89,742 | +2507.7% |
| Financial charges | 65/66B | €861,003 | - | -€861,003 | |
| Recurring financial charges | 65 | €861,003 | - | -€861,003 | |
| Profit (loss) for the period before taxes | 9903 | -€1,578,743 | €106,357 | +€1.7m | |
| Profit (loss) for the period | 9904 | -€1,578,743 | €106,357 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,578,743 | €106,357 | +€1.7m |
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 4 October 2026 via checked.be.