FRAMAX: 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.
What changed
FRAMAX
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€595,849
2024 · €665,425-€69,576
Equity
€3.1m
2024 · €2.5m+€595,849
Cash
€191,678
2024 · €1.2m-€1.1m
Balance sheet total
€21.5m
2024 · €20.3m+€1.2m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+383%), from €382,952 to €1.9m
of which Other amounts receivable: +€1.5m
- Cash -€1.1m
down €1.1m (-84.7%), from €1.2m to €191,678
mainly Investment in fixed assets (net) (-€1.6m) and Receivables within one year (-€1.5m)
- Tangible fixed assets +€758,473
up €758,473 (+4.4%), from €17.1m to €17.9m
of which Land and buildings: +€707,816
Equity and liabilities
- Other debts +€784,061
up €784,061 (+33.0%), from €2.4m to €3.2m
- Reserves +€595,849
up €595,849 (+280%), from €212,467 to €808,316
of which Distributable reserves: +€595,849
- Debts after one year -€521,996
down €521,996 (-5.4%), from €9.7m to €9.1m
of which Financial debts: -€523,846
Income statement
- Taxes +€239,742
up €239,742 (+517%), from €46,393 to €286,135
- Gross operating margin -€69,670
down €69,670 (-2.6%), from €2.7m to €2.6m
- Financial charges +€48,589
up €48,589 (+9.7%), from €501,917 to €550,506
- Other operating charges +€30,495
up €30,495 (+22.2%), from €137,669 to €168,164
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.
Result 2024
€665,425
Gross operating margin
-€69,670
Staff costs
-€9,412
Depreciation
+€15,302
Other operating charges
-€30,495
Other operating items
+€315,000
Financial income
-€1,971
Financial charges
-€48,589
Taxes
-€239,742
Result 2025
€595,849
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€967,461
Investment
-€1.6m
Financing
-€387,026
Cash 2024
€1.2m
From operations (derived)
+€967,461
Net result for the year
+€595,849
Depreciation
+€881,511
Receivables after one year
+€14,131
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€32,041
Provisions
+€51,734
Trade debts
-€33,012
Tax, wage and social debts
+€100,677
Other debts
+€784,061
Accrued charges and deferred income
+€72,621
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
-€387,026
Debts after one year
-€521,996
Current portion of long-term debt
+€76,844
Short-term financial debts
+€58,126
Cash 2025
€191,678
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,308,340 | €21,493,244 | +€1.2m | +5.8% |
| Fixed assets | 21/28 | €18,246,762 | €19,003,535 | +€756,773 | +4.1% |
| Intangible fixed assets | 21 | €13,254 | €11,554 | -€1,700 | -12.8% |
| Tangible fixed assets | 22/27 | €17,124,756 | €17,883,229 | +€758,473 | +4.4% |
| Land and buildings | 22 | €16,553,309 | €17,261,125 | +€707,816 | +4.3% |
| Plant, machinery and equipment | 23 | €349,551 | €341,339 | -€8,212 | -2.3% |
| Furniture and vehicles | 24 | €135,271 | €198,812 | +€63,541 | +47.0% |
| Other tangible fixed assets | 26 | €86,625 | €81,953 | -€4,672 | -5.4% |
| Financial fixed assets | 28 | €1,108,752 | €1,108,752 | = | 0.0% |
| Current assets | 29/58 | €2,061,578 | €2,489,709 | +€428,132 | +20.8% |
| Amounts receivable after more than one year | 29 | €214,331 | €200,200 | -€14,131 | -6.6% |
| Trade receivables | 290 | €214,331 | €200,200 | -€14,131 | -6.6% |
| Amounts receivable within one year | 40/41 | €382,952 | €1,851,022 | +€1.5m | +383% |
| Trade receivables | 40 | €86,075 | €98,482 | +€12,407 | +14.4% |
| Other amounts receivable | 41 | €296,877 | €1,752,541 | +€1.5m | +490% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,249,527 | €191,678 | -€1.1m | -84.7% |
| Deferred charges and accrued income | 490/1 | €213,767 | €245,809 | +€32,041 | +15.0% |
| Total equity and liabilities | 10/49 | €20,308,340 | €21,493,244 | +€1.2m | +5.8% |
| Equity | 10/15 | €2,494,848 | €3,090,698 | +€595,849 | +23.9% |
| Contributions | 10/11 | €2,170,000 | €2,170,000 | = | 0.0% |
| Reserves | 13 | €212,467 | €808,316 | +€595,849 | +280% |
| Non-distributable reserves | 130/1 | €16,087 | €16,087 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,087 | €16,087 | = | 0.0% |
| Distributable reserves | 133 | €196,380 | €792,229 | +€595,849 | +303% |
| Profit (loss) carried forward | 14 | €112,382 | €112,382 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,273,224 | €4,324,958 | +€51,734 | +1.2% |
| Provisions for liabilities and charges | 160/5 | €4,273,224 | €4,324,958 | +€51,734 | +1.2% |
| Other liabilities and charges | 164/5 | €4,273,224 | €4,324,958 | +€51,734 | +1.2% |
| Amounts payable | 17/49 | €13,540,268 | €14,077,589 | +€537,321 | +4.0% |
| Amounts payable after more than one year | 17 | €9,663,253 | €9,141,258 | -€521,996 | -5.4% |
| Financial debts | 170/4 | €9,652,153 | €9,128,308 | -€523,846 | -5.4% |
| Other amounts payable | 178/9 | €11,100 | €12,950 | +€1,850 | +16.7% |
| Amounts payable within one year | 42/48 | €3,778,122 | €4,764,818 | +€986,695 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €1,197,002 | €1,273,846 | +€76,844 | +6.4% |
| Financial debts | 43 | - | €58,126 | +€58,126 | |
| Credit institutions | 430/8 | - | €58,126 | +€58,126 | |
| Trade debts | 44 | €103,082 | €70,070 | -€33,012 | -32.0% |
| Suppliers | 440/4 | €103,082 | €70,070 | -€33,012 | -32.0% |
| Taxes, remuneration and social security | 45 | €103,458 | €204,134 | +€100,677 | +97.3% |
| Taxes | 450/3 | €89,207 | €173,193 | +€83,986 | +94.1% |
| Remuneration and social security | 454/9 | €14,250 | €30,941 | +€16,691 | +117% |
| Other amounts payable | 47/48 | €2,374,581 | €3,158,642 | +€784,061 | +33.0% |
| Accrued charges and deferred income | 492/3 | €98,892 | €171,513 | +€72,621 | +73.4% |
| Non-recurring operating income | 76A | €283,796 | €30,000 | -€253,796 | -89.4% |
| Remuneration, social security and pensions | 62 | €185,462 | €194,874 | +€9,412 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €896,814 | €881,511 | -€15,302 | -1.7% |
| Other operating charges | 640/8 | €137,669 | €168,164 | +€30,495 | +22.2% |
| Non-recurring operating charges | 66A | €315,000 | €0 | -€315,000 | -100% |
| Gross operating margin | 9900 | €2,698,872 | €2,629,202 | -€69,670 | -2.6% |
| Operating profit (loss) | 9901 | €1,163,927 | €1,384,653 | +€220,726 | +19.0% |
| Financial income | 75/76B | €49,808 | €47,837 | -€1,971 | -4.0% |
| Recurring financial income | 75 | €49,808 | €47,837 | -€1,971 | -4.0% |
| Financial charges | 65/66B | €501,917 | €550,506 | +€48,589 | +9.7% |
| Recurring financial charges | 65 | €501,917 | €550,506 | +€48,589 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €711,818 | €881,984 | +€170,166 | +23.9% |
| Income taxes | 67/77 | €46,393 | €286,135 | +€239,742 | +517% |
| Profit (loss) for the period | 9904 | €665,425 | €595,849 | -€69,576 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €665,425 | €595,849 | -€69,576 | -10.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.