FRAEYMAN: 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.
FRAEYMAN
Largest movements
- Cash +€37,768
up €37,768 (+11.5%), from €329,013 to €366,781
mainly Net result for the year (+€44,641) and Depreciation (+€19,361)
- Stocks and contracts -€17,911
down €17,911 (-41.1%), from €43,536 to €25,625
- Tangible fixed assets -€14,131
down €14,131 (-11.1%), from €126,741 to €112,610
of which Leasing and similar rights: -€9,065
- Receivables within one year -€6,446
down €6,446 (-10.5%), from €61,267 to €54,820
of which Trade receivables: -€6,572
- Trade debts -€17,015
down €17,015 (-23.5%), from €72,317 to €55,302
- Other debts +€9,225
up €9,225 (+25.1%), from €36,697 to €45,922
- Tax, wage and social debts +€6,624
up €6,624 (+65.8%), from €10,070 to €16,694
of which Taxes: +€6,577
- Gross operating margin +€6,659
up €6,659 (+4.1%), from €162,149 to €168,808
- Depreciation -€5,977
down €5,977 (-23.6%), from €25,338 to €19,361
- Staff costs +€2,421
up €2,421 (+3.1%), from €77,537 to €79,958
- Taxes +€2,406
up €2,406 (+15.6%), from €15,390 to €17,796
- Write-downs -€1,725
down €1,725, from €1,527 to -€198
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 | €564,846 | €566,529 | +€1,683 | +0.3% |
| Fixed assets | 21/28 | €126,741 | €112,610 | -€14,131 | -11.1% |
| Tangible fixed assets | 22/27 | €126,741 | €112,610 | -€14,131 | -11.1% |
| Land and buildings | 22 | €76,900 | €74,350 | -€2,550 | -3.3% |
| Plant, machinery and equipment | 23 | €29,633 | €21,364 | -€8,269 | -27.9% |
| Furniture and vehicles | 24 | €11,142 | €16,896 | +€5,754 | +51.6% |
| Leasing and similar rights | 25 | €9,065 | €0 | -€9,065 | -100% |
| Current assets | 29/58 | €438,105 | €453,919 | +€15,814 | +3.6% |
| Stocks and contracts in progress | 3 | €43,536 | €25,625 | -€17,911 | -41.1% |
| Stocks | 30/36 | €43,536 | €25,625 | -€17,911 | -41.1% |
| Amounts receivable within one year | 40/41 | €61,267 | €54,820 | -€6,446 | -10.5% |
| Trade receivables | 40 | €58,943 | €52,371 | -€6,572 | -11.1% |
| Other amounts receivable | 41 | €2,324 | €2,449 | +€125 | +5.4% |
| Cash at bank and in hand | 54/58 | €329,013 | €366,781 | +€37,768 | +11.5% |
| Deferred charges and accrued income | 490/1 | €4,289 | €6,693 | +€2,405 | +56.1% |
| Total equity and liabilities | 10/49 | €564,846 | €566,529 | +€1,683 | +0.3% |
| Equity | 10/15 | €443,380 | €446,707 | +€3,327 | +0.8% |
| Contributions | 10/11 | €148,223 | €148,223 | = | 0.0% |
| Reserves | 13 | €295,074 | €298,401 | +€3,327 | +1.1% |
| Tax-exempt reserves | 132 | €4,959 | €4,074 | -€886 | -17.9% |
| Distributable reserves | 133 | €290,115 | €294,327 | +€4,213 | +1.5% |
| Profit (loss) carried forward | 14 | €83 | €83 | = | 0.0% |
| Provisions and deferred taxes | 16 | €945 | €649 | -€295 | -31.2% |
| Deferred taxes | 168 | €945 | €649 | -€295 | -31.2% |
| Amounts payable | 17/49 | €120,521 | €119,172 | -€1,349 | -1.1% |
| Amounts payable within one year | 42/48 | €119,083 | €117,918 | -€1,166 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €72,317 | €55,302 | -€17,015 | -23.5% |
| Suppliers | 440/4 | €72,317 | €55,302 | -€17,015 | -23.5% |
| Taxes, remuneration and social security | 45 | €10,070 | €16,694 | +€6,624 | +65.8% |
| Taxes | 450/3 | €8,867 | €15,444 | +€6,577 | +74.2% |
| Remuneration and social security | 454/9 | €1,203 | €1,250 | +€48 | +4.0% |
| Other amounts payable | 47/48 | €36,697 | €45,922 | +€9,225 | +25.1% |
| Accrued charges and deferred income | 492/3 | €1,438 | €1,255 | -€183 | -12.7% |
| Remuneration, social security and pensions | 62 | €77,537 | €79,958 | +€2,421 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,338 | €19,361 | -€5,977 | -23.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,527 | -€198 | -€1,725 | |
| Other operating charges | 640/8 | €5,236 | €5,640 | +€403 | +7.7% |
| Non-recurring operating charges | 66A | - | €1,342 | +€1,342 | |
| Gross operating margin | 9900 | €162,149 | €168,808 | +€6,659 | +4.1% |
| Operating profit (loss) | 9901 | €52,510 | €62,705 | +€10,195 | +19.4% |
| Financial income | 75/76B | €6 | €203 | +€197 | +3,274% |
| Recurring financial income | 75 | €6 | €203 | +€197 | +3,274% |
| Financial charges | 65/66B | €1,168 | €767 | -€401 | -34.3% |
| Recurring financial charges | 65 | €1,168 | €767 | -€401 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €51,349 | €62,142 | +€10,794 | +21.0% |
| Transfer from deferred taxes | 780 | €295 | €295 | = | 0.0% |
| Income taxes | 67/77 | €15,390 | €17,796 | +€2,406 | +15.6% |
| Profit (loss) for the period | 9904 | €36,254 | €44,641 | +€8,387 | +23.1% |
| Transfer from tax-exempt reserves | 789 | €886 | €886 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,139 | €45,527 | +€8,387 | +22.6% |
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 28 October 2026 via checked.be.