FRAPA: 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.
FRAPA
Largest movements
- Current investments +€175,000
up €175,000 (+87.5%), from €200,000 to €375,000
- Cash +€56,418
up €56,418 (+43.7%), from €129,073 to €185,491
mainly Net result for the year (+€327,857) and Depreciation (+€48,164)
- Tangible fixed assets +€43,322
up €43,322 (+25.7%), from €168,327 to €211,649
of which Plant, machinery and equipment: +€57,052
- Reserves +€300,000
up €300,000 (+85.7%), from €350,000 to €650,000
- Trade debts -€38,183
down €38,183 (-17.2%), from €222,523 to €184,341
- Profit (loss) carried forward +€27,857
up €27,857 (+505.6%), from €5,510 to €33,366
- Debts after one year -€20,736
down €20,736 (-92.2%), from €22,501 to €1,766
- Tax, wage and social debts +€12,712
up €12,712 (+33.4%), from €38,044 to €50,756
of which Taxes: +€17,853
- Gross operating margin +€36,634
up €36,634 (+5.9%), from €626,219 to €662,853
- Staff costs -€23,948
down €23,948 (-11.2%), from €213,975 to €190,027
- Depreciation +€16,839
up €16,839 (+53.8%), from €31,325 to €48,164
- Taxes +€12,296
up €12,296 (+14.0%), from €87,918 to €100,214
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 | €669,151 | €951,764 | +€282,613 | +42.2% |
| Fixed assets | 21/28 | €190,615 | €231,437 | +€40,822 | +21.4% |
| Intangible fixed assets | 21 | €22,288 | €19,788 | -€2,500 | -11.2% |
| Tangible fixed assets | 22/27 | €168,327 | €211,649 | +€43,322 | +25.7% |
| Plant, machinery and equipment | 23 | €113,638 | €170,690 | +€57,052 | +50.2% |
| Furniture and vehicles | 24 | €54,689 | €40,958 | -€13,731 | -25.1% |
| Current assets | 29/58 | €478,536 | €720,327 | +€241,791 | +50.5% |
| Stocks and contracts in progress | 3 | €48,220 | €49,400 | +€1,180 | +2.4% |
| Stocks | 30/36 | €48,220 | €49,400 | +€1,180 | +2.4% |
| Amounts receivable within one year | 40/41 | €101,209 | €106,965 | +€5,756 | +5.7% |
| Trade receivables | 40 | €101,209 | €103,403 | +€2,194 | +2.2% |
| Other amounts receivable | 41 | €0 | €3,562 | +€3,562 | |
| Current investments | 50/53 | €200,000 | €375,000 | +€175,000 | +87.5% |
| Cash at bank and in hand | 54/58 | €129,073 | €185,491 | +€56,418 | +43.7% |
| Deferred charges and accrued income | 490/1 | €34 | €3,471 | +€3,437 | +10247.8% |
| Total equity and liabilities | 10/49 | €669,151 | €951,764 | +€282,613 | +42.2% |
| Equity | 10/15 | €365,510 | €693,366 | +€327,857 | +89.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €350,000 | €650,000 | +€300,000 | +85.7% |
| Distributable reserves | 133 | €350,000 | €650,000 | +€300,000 | +85.7% |
| Profit (loss) carried forward | 14 | €5,510 | €33,366 | +€27,857 | +505.6% |
| Amounts payable | 17/49 | €303,642 | €258,398 | -€45,244 | -14.9% |
| Amounts payable after more than one year | 17 | €22,501 | €1,766 | -€20,736 | -92.2% |
| Financial debts | 170/4 | €22,501 | €1,766 | -€20,736 | -92.2% |
| Amounts payable within one year | 42/48 | €280,490 | €255,832 | -€24,658 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €19,923 | €20,736 | +€813 | +4.1% |
| Trade debts | 44 | €222,523 | €184,341 | -€38,183 | -17.2% |
| Suppliers | 440/4 | €222,523 | €184,341 | -€38,183 | -17.2% |
| Taxes, remuneration and social security | 45 | €38,044 | €50,756 | +€12,712 | +33.4% |
| Taxes | 450/3 | €12,026 | €29,879 | +€17,853 | +148.4% |
| Remuneration and social security | 454/9 | €26,018 | €20,877 | -€5,141 | -19.8% |
| Accrued charges and deferred income | 492/3 | €650 | €800 | +€150 | +23.1% |
| Non-recurring operating income | 76A | €2,500 | €10,650 | +€8,150 | +326.0% |
| Remuneration, social security and pensions | 62 | €213,975 | €190,027 | -€23,948 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,325 | €48,164 | +€16,839 | +53.8% |
| Other operating charges | 640/8 | €2,436 | €2,085 | -€352 | -14.4% |
| Gross operating margin | 9900 | €626,219 | €662,853 | +€36,634 | +5.9% |
| Operating profit (loss) | 9901 | €378,483 | €422,577 | +€44,094 | +11.7% |
| Financial income | 75/76B | €2,129 | €7,471 | +€5,342 | +250.9% |
| Recurring financial income | 75 | €2,129 | €7,471 | +€5,342 | +250.9% |
| Financial charges | 65/66B | €2,014 | €1,978 | -€37 | -1.8% |
| Recurring financial charges | 65 | €2,014 | €1,978 | -€37 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €378,597 | €428,071 | +€49,473 | +13.1% |
| Income taxes | 67/77 | €87,918 | €100,214 | +€12,296 | +14.0% |
| Profit (loss) for the period | 9904 | €290,680 | €327,857 | +€37,177 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €290,680 | €327,857 | +€37,177 | +12.8% |
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 9 October 2026 via checked.be.