FRAJO'S: 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.
FRAJO'S
Largest movements
- Deferred charges and accrued income +€62,984
up €62,984 (+1830.3%), from €3,441 to €66,426
- Cash -€13,458
down €13,458 (-10.1%), from €133,569 to €120,111
mainly Deferred charges and accrued income (-€62,984) and Other debts (-€25,225)
- Tangible fixed assets -€13,189
down €13,189 (-28.8%), from €45,774 to €32,586
of which Other tangible fixed assets: -€9,501
- Receivables within one year +€9,445
up €9,445 (+191.2%), from €4,940 to €14,385
of which Trade receivables: +€9,472
- Trade debts +€75,215
up €75,215 (+111.0%), from €67,748 to €142,964
- Other debts -€25,225
down €25,225 (-23.7%), from €106,400 to €81,175
- Tax, wage and social debts -€11,502
down €11,502 (-9.6%), from €120,007 to €108,505
of which Remuneration and social security: -€8,109
- Profit (loss) carried forward +€5,194
up €5,194 (+5.5%), from -€94,431 to -€89,237
- Gross operating margin -€609,582
down €609,582 (-46.1%), from €1.3m to €713,446
- Staff costs -€525,765
down €525,765 (-43.5%), from €1.2m to €682,661
- Depreciation -€13,599
down €13,599 (-39.3%), from €34,580 to €20,981
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 | €220,175 | €265,416 | +€45,241 | +20.5% |
| Fixed assets | 21/28 | €48,399 | €35,210 | -€13,189 | -27.3% |
| Tangible fixed assets | 22/27 | €45,774 | €32,586 | -€13,189 | -28.8% |
| Plant, machinery and equipment | 23 | €24,474 | €20,786 | -€3,688 | -15.1% |
| Other tangible fixed assets | 26 | €21,300 | €11,799 | -€9,501 | -44.6% |
| Financial fixed assets | 28 | €2,625 | €2,625 | = | 0.0% |
| Current assets | 29/58 | €171,776 | €230,206 | +€58,429 | +34.0% |
| Stocks and contracts in progress | 3 | €29,827 | €29,285 | -€542 | -1.8% |
| Stocks | 30/36 | €29,827 | €29,285 | -€542 | -1.8% |
| Amounts receivable within one year | 40/41 | €4,940 | €14,385 | +€9,445 | +191.2% |
| Trade receivables | 40 | €4,913 | €14,385 | +€9,472 | +192.8% |
| Other amounts receivable | 41 | €27 | €0 | -€27 | -100.0% |
| Cash at bank and in hand | 54/58 | €133,569 | €120,111 | -€13,458 | -10.1% |
| Deferred charges and accrued income | 490/1 | €3,441 | €66,426 | +€62,984 | +1830.3% |
| Total equity and liabilities | 10/49 | €220,175 | €265,416 | +€45,241 | +20.5% |
| Equity | 10/15 | -€73,980 | -€68,786 | +€5,194 | +7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,431 | -€89,237 | +€5,194 | +5.5% |
| Amounts payable | 17/49 | €294,155 | €334,202 | +€40,047 | +13.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €294,155 | €334,202 | +€40,047 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €39 | +€39 | |
| Credit institutions | 430/8 | - | €39 | +€39 | |
| Trade debts | 44 | €67,748 | €142,964 | +€75,215 | +111.0% |
| Suppliers | 440/4 | €67,748 | €142,964 | +€75,215 | +111.0% |
| Advances received on contracts in progress | 46 | - | €1,520 | +€1,520 | |
| Taxes, remuneration and social security | 45 | €120,007 | €108,505 | -€11,502 | -9.6% |
| Taxes | 450/3 | €17,212 | €13,819 | -€3,393 | -19.7% |
| Remuneration and social security | 454/9 | €102,795 | €94,686 | -€8,109 | -7.9% |
| Other amounts payable | 47/48 | €106,400 | €81,175 | -€25,225 | -23.7% |
| Remuneration, social security and pensions | 62 | €1,208,426 | €682,661 | -€525,765 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,580 | €20,981 | -€13,599 | -39.3% |
| Other operating charges | 640/8 | €7,343 | €1,032 | -€6,311 | -85.9% |
| Gross operating margin | 9900 | €1,323,029 | €713,446 | -€609,582 | -46.1% |
| Operating profit (loss) | 9901 | €72,680 | €8,772 | -€63,908 | -87.9% |
| Financial income | 75/76B | €3,138 | €5,656 | +€2,518 | +80.2% |
| Recurring financial income | 75 | €3,138 | €5,656 | +€2,518 | +80.2% |
| Financial charges | 65/66B | €17,564 | €9,234 | -€8,330 | -47.4% |
| Recurring financial charges | 65 | €17,564 | €9,234 | -€8,330 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €58,253 | €5,194 | -€53,060 | -91.1% |
| Profit (loss) for the period | 9904 | €58,253 | €5,194 | -€53,060 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,253 | €5,194 | -€53,060 | -91.1% |
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 12 October 2026 via checked.be.