FRADO: 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.
FRADO
Largest movements
- Tangible fixed assets -€31,343
down €31,343 (-5.2%), from €605,511 to €574,168
of which Land and buildings: -€24,629
- Debts after one year -€36,728
down €36,728 (-15.0%), from €244,290 to €207,562
- Reserves +€8,175
up €8,175 (+15.3%), from €53,496 to €61,671
of which Distributable reserves: +€9,101
- Other debts -€6,940
down €6,940 (-3.1%), from €221,729 to €214,790
- Gross operating margin +€11,299
up €11,299 (+23.5%), from €48,161 to €59,461
- Taxes +€2,682
up €2,682 (+747.6%), from €359 to €3,040
- Other operating charges +€1,180
up €1,180 (+29.8%), from €3,963 to €5,144
- Financial charges +€1,015
up €1,015 (+9.0%), from €11,220 to €12,235
- Depreciation +€906
up €906 (+3.0%), from €30,437 to €31,343
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 | €631,012 | €599,729 | -€31,283 | -5.0% |
| Fixed assets | 21/28 | €605,511 | €574,168 | -€31,343 | -5.2% |
| Tangible fixed assets | 22/27 | €605,511 | €574,168 | -€31,343 | -5.2% |
| Land and buildings | 22 | €481,718 | €457,089 | -€24,629 | -5.1% |
| Other tangible fixed assets | 26 | €123,793 | €117,079 | -€6,714 | -5.4% |
| Current assets | 29/58 | €25,501 | €25,561 | +€60 | +0.2% |
| Amounts receivable within one year | 40/41 | €2,193 | €2,453 | +€260 | +11.9% |
| Trade receivables | 40 | €2,167 | €2,427 | +€260 | +12.0% |
| Other amounts receivable | 41 | €26 | €26 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,309 | €23,109 | -€200 | -0.9% |
| Total equity and liabilities | 10/49 | €631,012 | €599,729 | -€31,283 | -5.0% |
| Equity | 10/15 | €123,996 | €132,171 | +€8,175 | +6.6% |
| Contributions | 10/11 | €70,500 | €70,500 | = | 0.0% |
| Reserves | 13 | €53,496 | €61,671 | +€8,175 | +15.3% |
| Tax-exempt reserves | 132 | €1,852 | €926 | -€926 | -50.0% |
| Distributable reserves | 133 | €51,645 | €60,745 | +€9,101 | +17.6% |
| Provisions and deferred taxes | 16 | €954 | €477 | -€477 | -50.0% |
| Deferred taxes | 168 | €954 | €477 | -€477 | -50.0% |
| Amounts payable | 17/49 | €506,062 | €467,081 | -€38,981 | -7.7% |
| Amounts payable after more than one year | 17 | €244,290 | €207,562 | -€36,728 | -15.0% |
| Financial debts | 170/4 | €244,290 | €207,562 | -€36,728 | -15.0% |
| Amounts payable within one year | 42/48 | €260,473 | €258,220 | -€2,253 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €36,995 | €37,808 | +€812 | +2.2% |
| Trade debts | 44 | - | €499 | +€499 | |
| Suppliers | 440/4 | - | €499 | +€499 | |
| Taxes, remuneration and social security | 45 | €1,748 | €5,124 | +€3,376 | +193.1% |
| Taxes | 450/3 | €1,748 | €5,124 | +€3,376 | +193.1% |
| Other amounts payable | 47/48 | €221,729 | €214,790 | -€6,940 | -3.1% |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,437 | €31,343 | +€906 | +3.0% |
| Other operating charges | 640/8 | €3,963 | €5,144 | +€1,180 | +29.8% |
| Gross operating margin | 9900 | €48,161 | €59,461 | +€11,299 | +23.5% |
| Operating profit (loss) | 9901 | €13,761 | €22,974 | +€9,213 | +67.0% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €11,220 | €12,235 | +€1,015 | +9.0% |
| Recurring financial charges | 65 | €11,220 | €12,235 | +€1,015 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €2,543 | €10,738 | +€8,195 | +322.3% |
| Transfer from deferred taxes | 780 | €477 | €477 | = | 0.0% |
| Income taxes | 67/77 | €359 | €3,040 | +€2,682 | +747.6% |
| Profit (loss) for the period | 9904 | €2,661 | €8,175 | +€5,514 | +207.2% |
| Transfer from tax-exempt reserves | 789 | €926 | €926 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,587 | €9,101 | +€5,514 | +153.7% |
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 5 October 2026 via checked.be.