FRABEL INVEST: 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.
FRABEL INVEST
Largest movements
- Tangible fixed assets +€28,905
up €28,905 (+1,380%), from €2,094 to €30,999
of which Leasing and similar rights: +€29,898
- Cash +€7,902
up €7,902 (+942%), from €839 to €8,741
mainly Debts after one year (+€18,320) and Current portion of long-term debt (+€13,248)
- Deferred charges and accrued income +€7,615
up €7,615 (+60.8%), from €12,528 to €20,143
- Receivables within one year -€6,443
down €6,443 (-4.2%), from €154,277 to €147,834
- Debts after one year +€18,320
new in 2025: €18,320
- Current portion of long-term debt +€13,248
new in 2025: €13,248
- Reserves +€12,335
up €12,335 (+14.1%), from €87,396 to €99,730
- Tax, wage and social debts -€9,883
down €9,883 (-56.1%), from €17,615 to €7,733
- Trade debts +€3,144
up €3,144 (+393%), from €800 to €3,945
- Depreciation +€6,933
up €6,933 (+745%), from €931 to €7,864
- Gross operating margin +€6,242
up €6,242 (+32.0%), from €19,535 to €25,776
- Financial income -€1,709
down €1,709 (-17.4%), from €9,801 to €8,093
- Financial charges +€626
up €626 (+26.5%), from €2,360 to €2,987
- Taxes -€307
down €307 (-3.4%), from €8,944 to €8,637
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.
Derived cash bridge
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 | €169,738 | €207,717 | +€37,979 | +22.4% |
| Fixed assets | 21/28 | €2,094 | €30,999 | +€28,905 | +1,380% |
| Tangible fixed assets | 22/27 | €2,094 | €30,999 | +€28,905 | +1,380% |
| Furniture and vehicles | 24 | €2,094 | €1,100 | -€994 | -47.4% |
| Leasing and similar rights | 25 | - | €29,898 | +€29,898 | |
| Current assets | 29/58 | €167,644 | €176,718 | +€9,074 | +5.4% |
| Amounts receivable within one year | 40/41 | €154,277 | €147,834 | -€6,443 | -4.2% |
| Other amounts receivable | 41 | €154,277 | €147,834 | -€6,443 | -4.2% |
| Cash at bank and in hand | 54/58 | €839 | €8,741 | +€7,902 | +942% |
| Deferred charges and accrued income | 490/1 | €12,528 | €20,143 | +€7,615 | +60.8% |
| Total equity and liabilities | 10/49 | €169,738 | €207,717 | +€37,979 | +22.4% |
| Equity | 10/15 | €151,136 | €163,471 | +€12,335 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €87,396 | €99,730 | +€12,335 | +14.1% |
| Distributable reserves | 133 | €87,396 | €99,730 | +€12,335 | +14.1% |
| Profit (loss) carried forward | 14 | €57,541 | €57,541 | = | 0.0% |
| Amounts payable | 17/49 | €18,602 | €44,246 | +€25,644 | +138% |
| Amounts payable after more than one year | 17 | - | €18,320 | +€18,320 | |
| Financial debts | 170/4 | - | €18,320 | +€18,320 | |
| Amounts payable within one year | 42/48 | €18,500 | €25,926 | +€7,425 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | - | €13,248 | +€13,248 | |
| Financial debts | 43 | €85 | - | -€85 | |
| Credit institutions | 430/8 | €85 | - | -€85 | |
| Trade debts | 44 | €800 | €3,945 | +€3,144 | +393% |
| Suppliers | 440/4 | €800 | €3,945 | +€3,144 | +393% |
| Taxes, remuneration and social security | 45 | €17,615 | €7,733 | -€9,883 | -56.1% |
| Taxes | 450/3 | €17,615 | €7,733 | -€9,883 | -56.1% |
| Other amounts payable | 47/48 | - | €1,000 | +€1,000 | |
| Accrued charges and deferred income | 492/3 | €101 | - | -€101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €931 | €7,864 | +€6,933 | +745% |
| Other operating charges | 640/8 | €1,750 | €2,047 | +€297 | +17.0% |
| Gross operating margin | 9900 | €19,535 | €25,776 | +€6,242 | +32.0% |
| Operating profit (loss) | 9901 | €16,854 | €15,866 | -€988 | -5.9% |
| Financial income | 75/76B | €9,801 | €8,093 | -€1,709 | -17.4% |
| Recurring financial income | 75 | €9,801 | €8,093 | -€1,709 | -17.4% |
| Financial charges | 65/66B | €2,360 | €2,987 | +€626 | +26.5% |
| Recurring financial charges | 65 | €2,360 | €2,987 | +€626 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €24,295 | €20,972 | -€3,323 | -13.7% |
| Income taxes | 67/77 | €8,944 | €8,637 | -€307 | -3.4% |
| Profit (loss) for the period | 9904 | €15,351 | €12,335 | -€3,016 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,351 | €12,335 | -€3,016 | -19.6% |
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 30 October 2026 via checked.be.