FRADES: 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.
FRADES
Largest movements
- Cash +€61,704
up €61,704 (+151.6%), from €40,715 to €102,418
mainly Net result for the year (+€87,194) and Depreciation (+€52,833)
- Tangible fixed assets -€55,343
down €55,343 (-6.7%), from €821,449 to €766,105
of which Land and buildings: -€42,964
- Deferred charges and accrued income +€19,518
up €19,518 (+661.9%), from €2,949 to €22,467
- Receivables within one year -€18,225
down €18,225 (-30.8%), from €59,181 to €40,957
of which Trade receivables: -€12,317
- Profit (loss) carried forward +€87,194
up €87,194 (+620.0%), from €14,063 to €101,257
- Debts after one year -€47,463
down €47,463 (-21.6%), from €220,215 to €172,752
- Other debts -€28,940
no longer reported in 2025 (was €28,940)
- Other operating charges -€662,634
down €662,634 (-100.0%), from €662,814 to €179
- Gross operating margin +€91,768
up €91,768 (+119.7%), from €76,648 to €168,416
- Taxes +€20,084
up €20,084 (+1088.3%), from €1,845 to €21,929
- Write-downs -€5,083
no longer reported in 2025 (was €5,083)
- Staff costs -€3,925
down €3,925 (-81.5%), from €4,814 to €889
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 | €924,293 | €931,947 | +€7,654 | +0.8% |
| Fixed assets | 21/28 | €821,449 | €766,105 | -€55,343 | -6.7% |
| Tangible fixed assets | 22/27 | €821,449 | €766,105 | -€55,343 | -6.7% |
| Land and buildings | 22 | €794,352 | €751,388 | -€42,964 | -5.4% |
| Furniture and vehicles | 24 | €7,395 | €2,138 | -€5,257 | -71.1% |
| Leasing and similar rights | 25 | €16,223 | €9,611 | -€6,612 | -40.8% |
| Other tangible fixed assets | 26 | €3,479 | €2,968 | -€511 | -14.7% |
| Current assets | 29/58 | €102,845 | €165,842 | +€62,998 | +61.3% |
| Amounts receivable within one year | 40/41 | €59,181 | €40,957 | -€18,225 | -30.8% |
| Trade receivables | 40 | €49,172 | €36,855 | -€12,317 | -25.0% |
| Other amounts receivable | 41 | €10,010 | €4,102 | -€5,908 | -59.0% |
| Cash at bank and in hand | 54/58 | €40,715 | €102,418 | +€61,704 | +151.6% |
| Deferred charges and accrued income | 490/1 | €2,949 | €22,467 | +€19,518 | +661.9% |
| Total equity and liabilities | 10/49 | €924,293 | €931,947 | +€7,654 | +0.8% |
| Equity | 10/15 | €393,883 | €481,077 | +€87,194 | +22.1% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €379,821 | €379,821 | = | 0.0% |
| Distributable reserves | 133 | €379,821 | €379,821 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,063 | €101,257 | +€87,194 | +620.0% |
| Amounts payable | 17/49 | €530,410 | €450,870 | -€79,540 | -15.0% |
| Amounts payable after more than one year | 17 | €220,215 | €172,752 | -€47,463 | -21.6% |
| Financial debts | 170/4 | €220,215 | €172,752 | -€47,463 | -21.6% |
| Amounts payable within one year | 42/48 | €307,535 | €275,484 | -€32,051 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €47,161 | €47,463 | +€302 | +0.6% |
| Trade debts | 44 | €22,060 | €15,358 | -€6,702 | -30.4% |
| Suppliers | 440/4 | €22,060 | €15,358 | -€6,702 | -30.4% |
| Taxes, remuneration and social security | 45 | €209,374 | €212,664 | +€3,289 | +1.6% |
| Taxes | 450/3 | €209,342 | €212,664 | +€3,321 | +1.6% |
| Remuneration and social security | 454/9 | €32 | - | -€32 | |
| Other amounts payable | 47/48 | €28,940 | - | -€28,940 | |
| Accrued charges and deferred income | 492/3 | €2,660 | €2,634 | -€26 | -1.0% |
| Remuneration, social security and pensions | 62 | €4,814 | €889 | -€3,925 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,994 | €52,833 | -€2,160 | -3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,083 | - | -€5,083 | |
| Other operating charges | 640/8 | €662,814 | €179 | -€662,634 | -100.0% |
| Non-recurring operating charges | 66A | - | €641 | +€641 | |
| Gross operating margin | 9900 | €76,648 | €168,416 | +€91,768 | +119.7% |
| Operating profit (loss) | 9901 | -€651,057 | €113,874 | +€764,931 | |
| Financial income | 75/76B | €1 | €1 | +€0 | +3.7% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +3.7% |
| Financial charges | 65/66B | €5,731 | €4,751 | -€981 | -17.1% |
| Recurring financial charges | 65 | €5,731 | €4,751 | -€981 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€656,788 | €109,123 | +€765,911 | |
| Income taxes | 67/77 | €1,845 | €21,929 | +€20,084 | +1088.3% |
| Profit (loss) for the period | 9904 | -€658,633 | €87,194 | +€745,828 | |
| Profit (loss) for the period to be appropriated | 9905 | -€658,633 | €87,194 | +€745,828 |
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 2 October 2026 via checked.be.