F.R.D.: 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.D.
Largest movements
- Tangible fixed assets -€40,354
down €40,354 (-11.4%), from €353,242 to €312,888
of which Other tangible fixed assets: -€38,906
- Cash -€10,131
down €10,131 (-53.3%), from €19,020 to €8,889
mainly Debts after one year (-€55,259) and Trade debts (-€12,404)
- Debts after one year -€55,259
down €55,259 (-24.4%), from €226,263 to €171,004
- Other debts +€22,913
up €22,913 (+7.5%), from €303,666 to €326,579
- Trade debts -€12,404
down €12,404 (-53.5%), from €23,206 to €10,802
- Profit (loss) carried forward -€8,817
down €8,817 (-4.9%), from -€178,562 to -€187,379
- Gross operating margin -€13,681
down €13,681 (-19.7%), from €69,488 to €55,807
- Financial charges -€3,234
down €3,234 (-20.1%), from €16,114 to €12,880
- Financial income -€792
down €792 (-85.0%), from €931 to €140
- Depreciation -€791
down €791 (-1.9%), from €41,145 to €40,354
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 | €464,442 | €414,545 | -€49,897 | -10.7% |
| Fixed assets | 21/28 | €353,262 | €312,908 | -€40,354 | -11.4% |
| Tangible fixed assets | 22/27 | €353,242 | €312,888 | -€40,354 | -11.4% |
| Plant, machinery and equipment | 23 | €1,388 | €198 | -€1,190 | -85.7% |
| Furniture and vehicles | 24 | €691 | €432 | -€258 | -37.4% |
| Other tangible fixed assets | 26 | €351,163 | €312,257 | -€38,906 | -11.1% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €111,180 | €101,637 | -€9,543 | -8.6% |
| Stocks and contracts in progress | 3 | €74,779 | €77,069 | +€2,290 | +3.1% |
| Stocks | 30/36 | €74,779 | €77,069 | +€2,290 | +3.1% |
| Amounts receivable within one year | 40/41 | €17,381 | €15,679 | -€1,702 | -9.8% |
| Trade receivables | 40 | €11,167 | €9,431 | -€1,737 | -15.5% |
| Other amounts receivable | 41 | €6,214 | €6,248 | +€35 | +0.6% |
| Cash at bank and in hand | 54/58 | €19,020 | €8,889 | -€10,131 | -53.3% |
| Total equity and liabilities | 10/49 | €464,442 | €414,545 | -€49,897 | -10.7% |
| Equity | 10/15 | -€141,481 | -€150,298 | -€8,817 | -6.2% |
| Contributions | 10/11 | €18,642 | €18,642 | = | 0.0% |
| Reserves | 13 | €18,439 | €18,439 | = | 0.0% |
| Distributable reserves | 133 | €18,439 | €18,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,562 | -€187,379 | -€8,817 | -4.9% |
| Amounts payable | 17/49 | €605,923 | €564,843 | -€41,079 | -6.8% |
| Amounts payable after more than one year | 17 | €226,263 | €171,004 | -€55,259 | -24.4% |
| Financial debts | 170/4 | €226,263 | €171,004 | -€55,259 | -24.4% |
| Amounts payable within one year | 42/48 | €379,660 | €393,839 | +€14,180 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €52,788 | €55,259 | +€2,471 | +4.7% |
| Trade debts | 44 | €23,206 | €10,802 | -€12,404 | -53.5% |
| Suppliers | 440/4 | €23,206 | €10,802 | -€12,404 | -53.5% |
| Taxes, remuneration and social security | 45 | - | €1,200 | +€1,200 | |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €303,666 | €326,579 | +€22,913 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,145 | €40,354 | -€791 | -1.9% |
| Other operating charges | 640/8 | €11,275 | €11,530 | +€255 | +2.3% |
| Gross operating margin | 9900 | €69,488 | €55,807 | -€13,681 | -19.7% |
| Operating profit (loss) | 9901 | €17,067 | €3,923 | -€13,144 | -77.0% |
| Financial income | 75/76B | €931 | €140 | -€792 | -85.0% |
| Recurring financial income | 75 | €931 | €140 | -€792 | -85.0% |
| Financial charges | 65/66B | €16,114 | €12,880 | -€3,234 | -20.1% |
| Recurring financial charges | 65 | €16,114 | €12,880 | -€3,234 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €1,884 | -€8,817 | -€10,702 | |
| Income taxes | 67/77 | €64 | - | -€64 | |
| Profit (loss) for the period | 9904 | €1,820 | -€8,817 | -€10,638 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,820 | -€8,817 | -€10,638 |
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 6 October 2026 via checked.be.