FRAGO: 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.
FRAGO
Largest movements
- Cash +€175,506
up €175,506 (+142.2%), from €123,445 to €298,951
mainly Other debts (+€173,388) and Investment in fixed assets (net) (+€133,620)
- Tangible fixed assets -€159,832
down €159,832 (-37.6%), from €425,473 to €265,642
of which Other tangible fixed assets: -€177,408
- Receivables within one year -€47,910
down €47,910 (-36.6%), from €131,067 to €83,157
of which Trade receivables: -€43,437
- Other debts +€173,388
up €173,388 (+234.2%), from €74,043 to €247,431
- Debts after one year -€124,581
down €124,581 (-72.6%), from €171,581 to €47,000
- Reserves -€62,995
down €62,995 (-16.2%), from €387,907 to €324,912
of which Distributable reserves: -€62,995
- Current portion of long-term debt -€27,721
down €27,721 (-82.2%), from €33,721 to €6,000
- Trade debts +€7,778
up €7,778 (+64.5%), from €12,063 to €19,840
- Depreciation -€17,274
down €17,274 (-39.7%), from €43,486 to €26,211
- Taxes +€8,955
up €8,955 (+38.7%), from €23,123 to €32,078
- Gross operating margin +€8,535
up €8,535 (+3.8%), from €223,676 to €232,211
- Other operating charges +€8,241
up €8,241 (+35.2%), from €23,397 to €31,638
- Financial charges +€6,084
up €6,084 (+113.2%), from €5,375 to €11,459
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 | €720,499 | €688,495 | -€32,004 | -4.4% |
| Fixed assets | 21/28 | €425,473 | €265,642 | -€159,832 | -37.6% |
| Tangible fixed assets | 22/27 | €425,473 | €265,642 | -€159,832 | -37.6% |
| Land and buildings | 22 | €125,097 | €123,208 | -€1,889 | -1.5% |
| Plant, machinery and equipment | 23 | €11,009 | €15,264 | +€4,255 | +38.6% |
| Furniture and vehicles | 24 | €24,916 | €40,126 | +€15,210 | +61.0% |
| Other tangible fixed assets | 26 | €264,451 | €87,043 | -€177,408 | -67.1% |
| Current assets | 29/58 | €295,025 | €422,853 | +€127,827 | +43.3% |
| Stocks and contracts in progress | 3 | €40,514 | €40,281 | -€233 | -0.6% |
| Stocks | 30/36 | €33,699 | €33,465 | -€233 | -0.7% |
| Contracts in progress | 37 | €6,815 | €6,815 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,067 | €83,157 | -€47,910 | -36.6% |
| Trade receivables | 40 | €120,093 | €76,656 | -€43,437 | -36.2% |
| Other amounts receivable | 41 | €10,974 | €6,501 | -€4,473 | -40.8% |
| Cash at bank and in hand | 54/58 | €123,445 | €298,951 | +€175,506 | +142.2% |
| Deferred charges and accrued income | 490/1 | €0 | €464 | +€464 | |
| Total equity and liabilities | 10/49 | €720,499 | €688,495 | -€32,004 | -4.4% |
| Equity | 10/15 | €406,507 | €343,512 | -€62,995 | -15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €387,907 | €324,912 | -€62,995 | -16.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €369,157 | €306,162 | -€62,995 | -17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €313,992 | €344,983 | +€30,991 | +9.9% |
| Amounts payable after more than one year | 17 | €171,581 | €47,000 | -€124,581 | -72.6% |
| Financial debts | 170/4 | €171,581 | €47,000 | -€124,581 | -72.6% |
| Amounts payable within one year | 42/48 | €142,411 | €295,203 | +€152,792 | +107.3% |
| Current portion of amounts payable after more than one year | 42 | €33,721 | €6,000 | -€27,721 | -82.2% |
| Trade debts | 44 | €12,063 | €19,840 | +€7,778 | +64.5% |
| Suppliers | 440/4 | €12,063 | €19,840 | +€7,778 | +64.5% |
| Advances received on contracts in progress | 46 | €1,533 | €1,533 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €21,051 | €20,399 | -€652 | -3.1% |
| Taxes | 450/3 | €11,289 | €10,095 | -€1,194 | -10.6% |
| Remuneration and social security | 454/9 | €9,762 | €10,303 | +€541 | +5.5% |
| Other amounts payable | 47/48 | €74,043 | €247,431 | +€173,388 | +234.2% |
| Accrued charges and deferred income | 492/3 | €0 | €2,779 | +€2,779 | |
| Non-recurring operating income | 76A | - | €45,231 | +€45,231 | |
| Remuneration, social security and pensions | 62 | €59,774 | €62,881 | +€3,107 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,486 | €26,211 | -€17,274 | -39.7% |
| Other operating charges | 640/8 | €23,397 | €31,638 | +€8,241 | +35.2% |
| Gross operating margin | 9900 | €223,676 | €232,211 | +€8,535 | +3.8% |
| Operating profit (loss) | 9901 | €97,019 | €111,481 | +€14,462 | +14.9% |
| Financial income | 75/76B | €716 | €0 | -€716 | -100.0% |
| Recurring financial income | 75 | €716 | €0 | -€716 | -100.0% |
| Financial charges | 65/66B | €5,375 | €11,459 | +€6,084 | +113.2% |
| Recurring financial charges | 65 | €5,375 | €11,459 | +€6,084 | +113.2% |
| Profit (loss) for the period before taxes | 9903 | €92,360 | €100,022 | +€7,662 | +8.3% |
| Income taxes | 67/77 | €23,123 | €32,078 | +€8,955 | +38.7% |
| Profit (loss) for the period | 9904 | €69,237 | €67,944 | -€1,294 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,237 | €67,944 | -€1,294 | -1.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.