F.R.A.: 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.
F.R.A.
Largest movements
- Current investments +€103,339
up €103,339 (+5092.7%), from €2,029 to €105,369
- Cash -€48,148
down €48,148 (-38.4%), from €125,471 to €77,323
mainly Current investments (-€103,339) and Receivables within one year (-€10,544)
- Tangible fixed assets -€36,053
down €36,053 (-26.8%), from €134,650 to €98,598
of which Furniture and vehicles: -€34,545
- Receivables within one year +€10,544
up €10,544 (+52.7%), from €19,994 to €30,538
of which Trade receivables: +€6,278
- Deferred charges and accrued income +€9,091
up €9,091 (+87.4%), from €10,405 to €19,496
- Profit (loss) carried forward +€40,930
up €40,930 (+9.5%), from -€429,323 to -€388,393
- Financial income -€34,323
down €34,323 (-66.3%), from €51,748 to €17,425
- Gross operating margin +€24,210
up €24,210 (+50.2%), from €48,271 to €72,481
- Depreciation -€9,482
down €9,482 (-17.4%), from €54,447 to €44,966
- Financial charges +€1,837
up €1,837 (+282.8%), from €650 to €2,487
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 | €607,549 | €646,323 | +€38,774 | +6.4% |
| Fixed assets | 21/28 | €134,650 | €98,598 | -€36,053 | -26.8% |
| Tangible fixed assets | 22/27 | €134,650 | €98,598 | -€36,053 | -26.8% |
| Plant, machinery and equipment | 23 | €6,485 | €4,978 | -€1,507 | -23.2% |
| Furniture and vehicles | 24 | €113,565 | €79,019 | -€34,545 | -30.4% |
| Other tangible fixed assets | 26 | €14,600 | €14,600 | = | 0.0% |
| Current assets | 29/58 | €472,899 | €547,726 | +€74,826 | +15.8% |
| Amounts receivable after more than one year | 29 | €315,000 | €315,000 | = | 0.0% |
| Trade receivables | 290 | €315,000 | €315,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,994 | €30,538 | +€10,544 | +52.7% |
| Trade receivables | 40 | €17,239 | €23,518 | +€6,278 | +36.4% |
| Other amounts receivable | 41 | €2,755 | €7,021 | +€4,266 | +154.8% |
| Current investments | 50/53 | €2,029 | €105,369 | +€103,339 | +5092.7% |
| Cash at bank and in hand | 54/58 | €125,471 | €77,323 | -€48,148 | -38.4% |
| Deferred charges and accrued income | 490/1 | €10,405 | €19,496 | +€9,091 | +87.4% |
| Total equity and liabilities | 10/49 | €607,549 | €646,323 | +€38,774 | +6.4% |
| Equity | 10/15 | €596,207 | €637,137 | +€40,930 | +6.9% |
| Contributions | 10/11 | €1,020,000 | €1,020,000 | = | 0.0% |
| Capital | 10 | €1,020,000 | €1,020,000 | = | 0.0% |
| Issued capital | 100 | €1,020,000 | €1,020,000 | = | 0.0% |
| Reserves | 13 | €5,530 | €5,530 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,530 | €5,530 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€429,323 | -€388,393 | +€40,930 | +9.5% |
| Amounts payable | 17/49 | €11,343 | €9,186 | -€2,156 | -19.0% |
| Amounts payable within one year | 42/48 | €11,343 | €9,186 | -€2,156 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €20 | €695 | +€675 | +3393.2% |
| Credit institutions | 430/8 | €20 | €695 | +€675 | +3393.2% |
| Trade debts | 44 | €872 | €1,753 | +€881 | +101.0% |
| Suppliers | 440/4 | €872 | €1,753 | +€881 | +101.0% |
| Taxes, remuneration and social security | 45 | €10,291 | €6,060 | -€4,231 | -41.1% |
| Taxes | 450/3 | €10,291 | €6,060 | -€4,231 | -41.1% |
| Other amounts payable | 47/48 | €159 | €678 | +€519 | +326.2% |
| Non-recurring operating income | 76A | - | €181 | +€181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,447 | €44,966 | -€9,482 | -17.4% |
| Other operating charges | 640/8 | €624 | €960 | +€336 | +53.9% |
| Non-recurring operating charges | 66A | €7,583 | €0 | -€7,583 | -100.0% |
| Gross operating margin | 9900 | €48,271 | €72,481 | +€24,210 | +50.2% |
| Operating profit (loss) | 9901 | -€14,383 | €26,556 | +€40,939 | |
| Financial income | 75/76B | €51,748 | €17,425 | -€34,323 | -66.3% |
| Recurring financial income | 75 | €51,748 | €17,425 | -€34,323 | -66.3% |
| Financial charges | 65/66B | €650 | €2,487 | +€1,837 | +282.8% |
| Recurring financial charges | 65 | €650 | €2,487 | +€1,837 | +282.8% |
| Profit (loss) for the period before taxes | 9903 | €36,715 | €41,494 | +€4,779 | +13.0% |
| Income taxes | 67/77 | €605 | €564 | -€41 | -6.8% |
| Profit (loss) for the period | 9904 | €36,110 | €40,930 | +€4,820 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,110 | €40,930 | +€4,820 | +13.3% |
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 7 October 2026 via checked.be.