FRANES: what changed
Two fiscal 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.
FRANES
Largest movements
- Cash -€228,357
down €228,357 (-39.8%), from €574,160 to €345,803
mainly Contributions, distributions and other (-€1.0m) and Debts after one year (-€35,700)
- Intangible fixed assets -€90,000
down €90,000 (-68.9%), from €130,685 to €40,685
- Current investments -€52,897
down €52,897 (-99.2%), from €53,329 to €432
- Deferred charges and accrued income +€20,304
up €20,304 (+6.0%), from €335,802 to €356,107
- Receivables within one year -€13,594
down €13,594 (-100.0%), from €13,594 to €0
- Reserves -€369,745
down €369,745 (-36.7%), from €1.0m to €638,471
- Other debts +€76,178
up €76,178 (+2793.8%), from €2,727 to €78,905
- Debts after one year -€35,700
down €35,700 (-100.0%), from €35,700 to €0
- Current portion of long-term debt -€25,066
down €25,066 (-41.2%), from €60,766 to €35,700
- Financial income -€27,974
down €27,974 (-88.8%), from €31,518 to €3,544
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 | €1,122,746 | €768,366 | -€354,380 | -31.6% |
| Fixed assets | 21/28 | €145,862 | €66,025 | -€79,837 | -54.7% |
| Intangible fixed assets | 21 | €130,685 | €40,685 | -€90,000 | -68.9% |
| Tangible fixed assets | 22/27 | €15,177 | €25,340 | +€10,163 | +67.0% |
| Plant, machinery and equipment | 23 | €3,751 | €2,391 | -€1,360 | -36.2% |
| Furniture and vehicles | 24 | €9,117 | €20,957 | +€11,840 | +129.9% |
| Other tangible fixed assets | 26 | €2,309 | €1,992 | -€317 | -13.7% |
| Current assets | 29/58 | €976,885 | €702,341 | -€274,544 | -28.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €13,594 | €0 | -€13,594 | -100.0% |
| Other amounts receivable | 41 | €13,594 | €0 | -€13,594 | -100.0% |
| Current investments | 50/53 | €53,329 | €432 | -€52,897 | -99.2% |
| Cash at bank and in hand | 54/58 | €574,160 | €345,803 | -€228,357 | -39.8% |
| Deferred charges and accrued income | 490/1 | €335,802 | €356,107 | +€20,304 | +6.0% |
| Total equity and liabilities | 10/49 | €1,122,746 | €768,366 | -€354,380 | -31.6% |
| Equity | 10/15 | €1,014,216 | €644,471 | -€369,745 | -36.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €1,008,216 | €638,471 | -€369,745 | -36.7% |
| Distributable reserves | 133 | €1,008,216 | €638,471 | -€369,745 | -36.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,531 | €123,895 | +€15,365 | +14.2% |
| Amounts payable after more than one year | 17 | €35,700 | €0 | -€35,700 | -100.0% |
| Financial debts | 170/4 | €35,700 | €0 | -€35,700 | -100.0% |
| Amounts payable within one year | 42/48 | €72,830 | €123,895 | +€51,065 | +70.1% |
| Current portion of amounts payable after more than one year | 42 | €60,766 | €35,700 | -€25,066 | -41.2% |
| Trade debts | 44 | €1,676 | €2,216 | +€539 | +32.2% |
| Suppliers | 440/4 | €1,676 | €2,216 | +€539 | +32.2% |
| Taxes, remuneration and social security | 45 | €7,662 | €7,075 | -€587 | -7.7% |
| Taxes | 450/3 | €7,662 | €7,075 | -€587 | -7.7% |
| Other amounts payable | 47/48 | €2,727 | €78,905 | +€76,178 | +2793.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,921 | €93,640 | +€719 | +0.8% |
| Other operating charges | 640/8 | €1,283 | €1,323 | +€40 | +3.2% |
| Gross operating margin | 9900 | €930,410 | €938,329 | +€7,918 | +0.9% |
| Operating profit (loss) | 9901 | €836,206 | €843,365 | +€7,159 | +0.9% |
| Financial income | 75/76B | €31,518 | €3,544 | -€27,974 | -88.8% |
| Recurring financial income | 75 | €31,518 | €3,544 | -€27,974 | -88.8% |
| Financial charges | 65/66B | €2,028 | €1,364 | -€664 | -32.8% |
| Recurring financial charges | 65 | €2,028 | €1,364 | -€664 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €865,696 | €845,546 | -€20,150 | -2.3% |
| Income taxes | 67/77 | €207,662 | €207,075 | -€587 | -0.3% |
| Profit (loss) for the period | 9904 | €658,034 | €638,471 | -€19,563 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €658,034 | €638,471 | -€19,563 | -3.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.