FRAEJ: 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.
FRAEJ
Largest movements
- Receivables within one year +€13,517
up €13,517 (+71.6%), from €18,871 to €32,389
of which Other amounts receivable: +€12,932
- Tangible fixed assets -€10,909
down €10,909 (-30.0%), from €36,351 to €25,442
- Cash -€5,710
down €5,710 (-10.8%), from €52,721 to €47,011
mainly Contributions, distributions and other (-€69,506) and Receivables within one year (-€13,517)
- Deferred charges and accrued income +€1,178
up €1,178 (+30.0%), from €3,933 to €5,111
- Trade debts -€6,562
down €6,562 (-36.6%), from €17,944 to €11,382
- Other debts +€5,537
up €5,537 (+7.8%), from €70,723 to €76,260
- Gross operating margin +€22,239
up €22,239 (+15.4%), from €144,333 to €166,572
- Depreciation +€11,360
up €11,360 (+556.1%), from €2,043 to €13,403
- Staff costs +€4,067
up €4,067 (+7.7%), from €52,581 to €56,648
- Taxes +€2,819
up €2,819 (+12.2%), from €23,085 to €25,905
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 | €111,876 | €109,953 | -€1,923 | -1.7% |
| Fixed assets | 21/28 | €36,351 | €25,442 | -€10,909 | -30.0% |
| Tangible fixed assets | 22/27 | €36,351 | €25,442 | -€10,909 | -30.0% |
| Furniture and vehicles | 24 | €36,351 | €25,442 | -€10,909 | -30.0% |
| Current assets | 29/58 | €75,525 | €84,511 | +€8,986 | +11.9% |
| Amounts receivable within one year | 40/41 | €18,871 | €32,389 | +€13,517 | +71.6% |
| Trade receivables | 40 | €14,961 | €15,546 | +€585 | +3.9% |
| Other amounts receivable | 41 | €3,910 | €16,843 | +€12,932 | +330.7% |
| Cash at bank and in hand | 54/58 | €52,721 | €47,011 | -€5,710 | -10.8% |
| Deferred charges and accrued income | 490/1 | €3,933 | €5,111 | +€1,178 | +30.0% |
| Total equity and liabilities | 10/49 | €111,876 | €109,953 | -€1,923 | -1.7% |
| Equity | 10/15 | €10,000 | €10,000 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €101,876 | €99,953 | -€1,923 | -1.9% |
| Amounts payable within one year | 42/48 | €101,876 | €99,953 | -€1,923 | -1.9% |
| Trade debts | 44 | €17,944 | €11,382 | -€6,562 | -36.6% |
| Suppliers | 440/4 | €17,944 | €11,382 | -€6,562 | -36.6% |
| Taxes, remuneration and social security | 45 | €13,209 | €12,310 | -€899 | -6.8% |
| Taxes | 450/3 | €13,187 | €12,310 | -€877 | -6.6% |
| Remuneration and social security | 454/9 | €22 | €0 | -€22 | -100.0% |
| Other amounts payable | 47/48 | €70,723 | €76,260 | +€5,537 | +7.8% |
| Remuneration, social security and pensions | 62 | €52,581 | €56,648 | +€4,067 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,043 | €13,403 | +€11,360 | +556.1% |
| Other operating charges | 640/8 | €2,559 | €1,082 | -€1,477 | -57.7% |
| Gross operating margin | 9900 | €144,333 | €166,572 | +€22,239 | +15.4% |
| Operating profit (loss) | 9901 | €87,150 | €95,439 | +€8,289 | +9.5% |
| Financial income | 75/76B | €179 | €121 | -€58 | -32.4% |
| Recurring financial income | 75 | €179 | €121 | -€58 | -32.4% |
| Financial charges | 65/66B | €125 | €149 | +€24 | +19.4% |
| Recurring financial charges | 65 | €125 | €149 | +€24 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €87,204 | €95,411 | +€8,207 | +9.4% |
| Income taxes | 67/77 | €23,085 | €25,905 | +€2,819 | +12.2% |
| Profit (loss) for the period | 9904 | €64,119 | €69,506 | +€5,387 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €64,119 | €69,506 | +€5,387 | +8.4% |
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 10 October 2026 via checked.be.