Frasal: 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.
Frasal
Largest movements
- Tangible fixed assets +€445,571
up €445,571 (+19.9%), from €2.2m to €2.7m
of which Land and buildings: +€506,908
- Receivables within one year -€391,512
down €391,512 (-21.7%), from €1.8m to €1.4m
- Cash +€216,513
up €216,513 (+1,698%), from €12,754 to €229,267
mainly Receivables within one year (+€391,512) and Trade debts (+€227,864)
- Trade debts +€227,864
up €227,864 (+4,335%), from €5,256 to €233,120
- Reserves +€65,040
up €65,040 (+2.6%), from €2.5m to €2.5m
of which Distributable reserves: +€112,381
- Taxes -€62,327
down €62,327 (-63.5%), from €98,221 to €35,894
- Gross operating margin +€33,102
up €33,102 (+22.1%), from €149,845 to €182,947
- Other operating charges -€2,008
down €2,008 (-9.9%), from €20,237 to €18,229
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,077,120 | €4,350,490 | +€273,371 | +6.7% |
| Fixed assets | 21/28 | €2,238,180 | €2,683,751 | +€445,571 | +19.9% |
| Tangible fixed assets | 22/27 | €2,238,180 | €2,683,751 | +€445,571 | +19.9% |
| Land and buildings | 22 | €1,167,153 | €1,674,061 | +€506,908 | +43.4% |
| Leasing and similar rights | 25 | €1,071,026 | €1,009,689 | -€61,337 | -5.7% |
| Current assets | 29/58 | €1,838,940 | €1,666,740 | -€172,201 | -9.4% |
| Amounts receivable within one year | 40/41 | €1,807,673 | €1,416,161 | -€391,512 | -21.7% |
| Other amounts receivable | 41 | €1,807,673 | €1,416,161 | -€391,512 | -21.7% |
| Current investments | 50/53 | €1,198 | €1,198 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,754 | €229,267 | +€216,513 | +1,698% |
| Deferred charges and accrued income | 490/1 | €17,315 | €20,113 | +€2,798 | +16.2% |
| Total equity and liabilities | 10/49 | €4,077,120 | €4,350,490 | +€273,371 | +6.7% |
| Equity | 10/15 | €3,552,276 | €3,617,316 | +€65,040 | +1.8% |
| Contributions | 10/11 | €1,084,038 | €1,084,038 | = | 0.0% |
| Capital | 10 | €1,084,038 | €1,084,038 | = | 0.0% |
| Issued capital | 100 | €1,084,038 | €1,084,038 | = | 0.0% |
| Reserves | 13 | €2,468,238 | €2,533,277 | +€65,040 | +2.6% |
| Non-distributable reserves | 130/1 | €124,517 | €124,517 | = | 0.0% |
| Legal reserve | 130 | €124,517 | €124,517 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,106,616 | €1,059,275 | -€47,341 | -4.3% |
| Distributable reserves | 133 | €1,237,105 | €1,349,486 | +€112,381 | +9.1% |
| Provisions and deferred taxes | 16 | €433,391 | €414,950 | -€18,441 | -4.3% |
| Deferred taxes | 168 | €433,391 | €414,950 | -€18,441 | -4.3% |
| Amounts payable | 17/49 | €91,453 | €318,225 | +€226,772 | +248% |
| Amounts payable within one year | 42/48 | €87,844 | €314,502 | +€226,658 | +258% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,256 | €233,120 | +€227,864 | +4,335% |
| Suppliers | 440/4 | €5,256 | €233,120 | +€227,864 | +4,335% |
| Advances received on contracts in progress | 46 | €358 | €358 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €66,699 | €64,593 | -€2,106 | -3.2% |
| Taxes | 450/3 | €66,699 | €64,593 | -€2,106 | -3.2% |
| Other amounts payable | 47/48 | €15,532 | €16,432 | +€900 | +5.8% |
| Accrued charges and deferred income | 492/3 | €3,608 | €3,722 | +€114 | +3.2% |
| Non-recurring operating income | 76A | €23,582 | €0 | -€23,582 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,318 | €118,391 | -€927 | -0.8% |
| Other operating charges | 640/8 | €20,237 | €18,229 | -€2,008 | -9.9% |
| Gross operating margin | 9900 | €149,845 | €182,947 | +€33,102 | +22.1% |
| Operating profit (loss) | 9901 | €10,289 | €46,327 | +€36,037 | +350% |
| Financial income | 75/76B | €36,190 | €36,552 | +€361 | +1.0% |
| Recurring financial income | 75 | €36,190 | €36,552 | +€361 | +1.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,071 | €386 | -€685 | -64.0% |
| Recurring financial charges | 65 | €1,071 | €386 | -€685 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €45,409 | €82,493 | +€37,084 | +81.7% |
| Transfer from deferred taxes | 780 | €85,926 | €18,441 | -€67,485 | -78.5% |
| Transfer to deferred taxes | 680 | €5,896 | €0 | -€5,896 | -100% |
| Income taxes | 67/77 | €98,221 | €35,894 | -€62,327 | -63.5% |
| Profit (loss) for the period | 9904 | €27,218 | €65,040 | +€37,821 | +139% |
| Transfer from tax-exempt reserves | 789 | €249,674 | €47,341 | -€202,333 | -81.0% |
| Transfer to tax-exempt reserves | 689 | €17,687 | €0 | -€17,687 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €259,206 | €112,381 | -€146,825 | -56.6% |
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 20 October 2026 via checked.be.