FRAA: what changed
Two financial 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.
FRAA
Largest movements
- Current investments -€522,000
down €522,000 (-38.4%), from €1.4m to €838,000
- Receivables after one year +€310,000
new in 2025: €310,000
- Stocks and contracts -€246,944
down €246,944 (-100.0%), from €246,944 to €0
- Cash +€235,796
up €235,796 (+237.4%), from €99,310 to €335,106
mainly Current investments (+€522,000) and Stocks and contracts (+€246,944)
- Receivables within one year +€101,692
up €101,692 (+233.6%), from €43,541 to €145,232
of which Other amounts receivable: +€104,898
- Tax, wage and social debts -€98,008
down €98,008 (-74.9%), from €130,919 to €32,911
of which Taxes: -€97,732
- Trade debts -€64,404
down €64,404 (-56.1%), from €114,750 to €50,346
- Financial income -€1.2m
down €1.2m (-97.9%), from €1.2m to €25,890
- Gross operating margin -€290,094
down €290,094 (-88.8%), from €326,563 to €36,469
- Taxes -€196,158
down €196,158 (-94.2%), from €208,283 to €12,125
- Other operating charges -€16,527
down €16,527 (-91.1%), from €18,142 to €1,615
- Financial charges -€9,280
down €9,280 (-90.8%), from €10,220 to €941
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 | €2,741,715 | €2,602,906 | -€138,809 | -5.1% |
| Fixed assets | 21/28 | €987,565 | €964,200 | -€23,365 | -2.4% |
| Tangible fixed assets | 22/27 | €224,244 | €203,878 | -€20,365 | -9.1% |
| Land and buildings | 22 | €177,765 | €169,853 | -€7,912 | -4.5% |
| Furniture and vehicles | 24 | €38,360 | €26,972 | -€11,389 | -29.7% |
| Other tangible fixed assets | 26 | €8,119 | €7,054 | -€1,065 | -13.1% |
| Financial fixed assets | 28 | €763,322 | €760,322 | -€3,000 | -0.4% |
| Current assets | 29/58 | €1,754,150 | €1,638,706 | -€115,444 | -6.6% |
| Amounts receivable after more than one year | 29 | - | €310,000 | +€310,000 | |
| Other amounts receivable | 291 | - | €310,000 | +€310,000 | |
| Stocks and contracts in progress | 3 | €246,944 | €0 | -€246,944 | -100.0% |
| Stocks | 30/36 | €246,944 | €0 | -€246,944 | -100.0% |
| Amounts receivable within one year | 40/41 | €43,541 | €145,232 | +€101,692 | +233.6% |
| Trade receivables | 40 | €16,607 | €13,401 | -€3,206 | -19.3% |
| Other amounts receivable | 41 | €26,934 | €131,831 | +€104,898 | +389.5% |
| Current investments | 50/53 | €1,360,000 | €838,000 | -€522,000 | -38.4% |
| Cash at bank and in hand | 54/58 | €99,310 | €335,106 | +€235,796 | +237.4% |
| Deferred charges and accrued income | 490/1 | €4,355 | €10,367 | +€6,012 | +138.1% |
| Total equity and liabilities | 10/49 | €2,741,715 | €2,602,906 | -€138,809 | -5.1% |
| Equity | 10/15 | €2,479,673 | €2,504,131 | +€24,458 | +1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,461,081 | €2,485,539 | +€24,458 | +1.0% |
| Tax-exempt reserves | 132 | €3,960 | €3,960 | = | 0.0% |
| Distributable reserves | 133 | €2,457,121 | €2,481,579 | +€24,458 | +1.0% |
| Amounts payable | 17/49 | €262,042 | €98,775 | -€163,267 | -62.3% |
| Amounts payable after more than one year | 17 | €5,493 | €0 | -€5,493 | -100.0% |
| Financial debts | 170/4 | €5,493 | €0 | -€5,493 | -100.0% |
| Amounts payable within one year | 42/48 | €256,549 | €88,750 | -€167,799 | -65.4% |
| Current portion of amounts payable after more than one year | 42 | €10,881 | €5,493 | -€5,388 | -49.5% |
| Trade debts | 44 | €114,750 | €50,346 | -€64,404 | -56.1% |
| Suppliers | 440/4 | €114,750 | €50,346 | -€64,404 | -56.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €130,919 | €32,911 | -€98,008 | -74.9% |
| Taxes | 450/3 | €130,642 | €32,911 | -€97,732 | -74.8% |
| Remuneration and social security | 454/9 | €276 | €0 | -€276 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €10,025 | +€10,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,689 | €23,220 | +€1,531 | +7.1% |
| Other operating charges | 640/8 | €18,142 | €1,615 | -€16,527 | -91.1% |
| Gross operating margin | 9900 | €326,563 | €36,469 | -€290,094 | -88.8% |
| Operating profit (loss) | 9901 | €286,732 | €11,633 | -€275,099 | -95.9% |
| Financial income | 75/76B | €1,209,606 | €25,890 | -€1.2m | -97.9% |
| Recurring financial income | 75 | €1,209,606 | €25,890 | -€1.2m | -97.9% |
| Financial charges | 65/66B | €10,220 | €941 | -€9,280 | -90.8% |
| Recurring financial charges | 65 | €10,220 | €941 | -€9,280 | -90.8% |
| Profit (loss) for the period before taxes | 9903 | €1,486,117 | €36,582 | -€1.4m | -97.5% |
| Income taxes | 67/77 | €208,283 | €12,125 | -€196,158 | -94.2% |
| Profit (loss) for the period | 9904 | €1,277,834 | €24,458 | -€1.3m | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,277,834 | €24,458 | -€1.3m | -98.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.