FR MANAGEMENT: what changed
FR MANAGEMENT
Largest movements
- Cash -€12,050
down €12,050 (-32.4%), from €37,149 to €25,099
mainly Debts after one year (-€13,118) and Receivables within one year (-€9,861)
- Receivables within one year +€9,861
up €9,861 (+67.1%), from €14,697 to €24,557
of which Trade receivables: +€12,398
- Tangible fixed assets -€8,640
down €8,640 (-5.8%), from €148,292 to €139,652
- Debts after one year -€13,118
down €13,118 (-11.2%), from €116,994 to €103,876
of which Financial debts: -€13,118
- Reserves +€10,345
up €10,345 (+50.6%), from €20,446 to €30,791
- Other debts -€4,908
down €4,908 (-15.7%), from €31,264 to €26,356
- Tax, wage and social debts -€4,364
down €4,364 (-59.0%), from €7,398 to €3,034
- Gross operating margin +€4,529
up €4,529 (+19.9%), from €22,726 to €27,256
- Taxes +€1,182
up €1,182 (+37.6%), from €3,141 to €4,323
- Financial charges -€396
down €396 (-10.4%), from €3,807 to €3,411
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €204,012 | €192,098 | -€11,913 | -5.8% |
| Fixed assets | 21/28 | €148,292 | €139,652 | -€8,640 | -5.8% |
| Tangible fixed assets | 22/27 | €148,292 | €139,652 | -€8,640 | -5.8% |
| Land and buildings | 22 | €148,292 | €139,652 | -€8,640 | -5.8% |
| Current assets | 29/58 | €55,720 | €52,447 | -€3,273 | -5.9% |
| Amounts receivable within one year | 40/41 | €14,697 | €24,557 | +€9,861 | +67.1% |
| Trade receivables | 40 | €12,159 | €24,557 | +€12,398 | +102% |
| Other amounts receivable | 41 | €2,537 | - | -€2,537 | |
| Cash at bank and in hand | 54/58 | €37,149 | €25,099 | -€12,050 | -32.4% |
| Deferred charges and accrued income | 490/1 | €3,874 | €2,790 | -€1,084 | -28.0% |
| Total equity and liabilities | 10/49 | €204,012 | €192,098 | -€11,913 | -5.8% |
| Equity | 10/15 | €33,795 | €44,140 | +€10,345 | +30.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €20,446 | €30,791 | +€10,345 | +50.6% |
| Distributable reserves | 133 | €20,446 | €30,791 | +€10,345 | +50.6% |
| Profit (loss) carried forward | 14 | €949 | €949 | = | 0.0% |
| Amounts payable | 17/49 | €170,217 | €147,959 | -€22,258 | -13.1% |
| Amounts payable after more than one year | 17 | €116,994 | €103,876 | -€13,118 | -11.2% |
| Financial debts | 170/4 | €101,994 | €88,876 | -€13,118 | -12.9% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,223 | €44,083 | -€9,140 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €12,881 | €13,118 | +€237 | +1.8% |
| Trade debts | 44 | €1,679 | €1,574 | -€105 | -6.3% |
| Suppliers | 440/4 | €1,679 | €1,574 | -€105 | -6.3% |
| Taxes, remuneration and social security | 45 | €7,398 | €3,034 | -€4,364 | -59.0% |
| Taxes | 450/3 | €7,398 | €3,034 | -€4,364 | -59.0% |
| Other amounts payable | 47/48 | €31,264 | €26,356 | -€4,908 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,640 | €8,640 | = | 0.0% |
| Other operating charges | 640/8 | €559 | €537 | -€22 | -4.0% |
| Gross operating margin | 9900 | €22,726 | €27,256 | +€4,529 | +19.9% |
| Operating profit (loss) | 9901 | €13,527 | €18,079 | +€4,551 | +33.6% |
| Financial charges | 65/66B | €3,807 | €3,411 | -€396 | -10.4% |
| Recurring financial charges | 65 | €3,807 | €3,411 | -€396 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €9,721 | €14,668 | +€4,947 | +50.9% |
| Income taxes | 67/77 | €3,141 | €4,323 | +€1,182 | +37.6% |
| Profit (loss) for the period | 9904 | €6,580 | €10,345 | +€3,765 | +57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,580 | €10,345 | +€3,765 | +57.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.