FRASK: 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
FRASK
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€140,444
2024 · -€81,690+€222,134
Equity
€4.3m
2024 · €4.2m+€140,444
Cash
€885
2024 · €100,340-€99,455
Balance sheet total
€13.4m
2024 · €14.2m-€753,560
Largest movements
Assets
- Tangible fixed assets -€421,553
down €421,553 (-7.3%), from €5.8m to €5.3m
of which Land and buildings: -€417,057
- Stocks and contracts -€394,066
down €394,066 (-16.6%), from €2.4m to €2.0m
- Financial fixed assets +€280,821
up €280,821 (+5.0%), from €5.6m to €5.9m
- Receivables within one year -€149,891
down €149,891 (-42.2%), from €355,522 to €205,632
of which Other amounts receivable: -€146,093
Equity and liabilities
- Debts after one year -€414,754
down €414,754 (-4.7%), from €8.8m to €8.4m
- Other debts -€375,785
down €375,785 (-52.1%), from €720,685 to €344,900
Income statement
- Gross operating margin +€213,532
up €213,532 (+36.5%), from €585,735 to €799,267
- Financial charges -€97,199
down €97,199 (-20.0%), from €486,571 to €389,372
of which Financial charges: -€94,779
- Taxes +€61,934
up €61,934 (+182.4%), from €33,961 to €95,895
- Financial income -€18,174
down €18,174 (-16.8%), from €108,412 to €90,239
- Depreciation -€9,433
down €9,433 (-5.9%), from €158,643 to €149,210
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
-€81,690
Gross operating margin
+€213,532
Staff costs
+€6,597
Depreciation
+€9,433
Write-downs
-€7,839
Other operating charges
+€2,646
Other operating items
-€30
Financial income
-€18,174
Financial charges
+€97,199
Taxes
-€61,934
Deferred taxes and other
-€19,297
Result 2025
€140,444
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.
From operations
+€323,778
Investment
-€8,478
Financing
-€414,754
Cash 2024
€100,340
From operations (derived)
+€323,778
Net result for the year
+€140,444
Depreciation
+€149,210
Stocks and contracts
+€394,066
Receivables within one year
+€149,891
Deferred charges and accrued income
-€30,583
Provisions
-€32,876
Trade debts
-€7,963
Tax, wage and social debts
-€23,530
Other debts
-€375,785
Accrued charges and deferred income
-€39,095
Investment (derived)
-€8,478
Investment in fixed assets (net)
-€8,478
Financing
-€414,754
Debts after one year
-€414,754
Cash 2025
€885
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,200,486 | €13,446,926 | -€753,560 | -5.3% |
| Fixed assets | 21/28 | €11,365,086 | €11,224,353 | -€140,732 | -1.2% |
| Tangible fixed assets | 22/27 | €5,760,971 | €5,339,419 | -€421,553 | -7.3% |
| Land and buildings | 22 | €5,748,617 | €5,331,560 | -€417,057 | -7.3% |
| Furniture and vehicles | 24 | €12,355 | €7,859 | -€4,496 | -36.4% |
| Financial fixed assets | 28 | €5,604,114 | €5,884,935 | +€280,821 | +5.0% |
| Current assets | 29/58 | €2,835,400 | €2,222,572 | -€612,828 | -21.6% |
| Stocks and contracts in progress | 3 | €2,371,552 | €1,977,487 | -€394,066 | -16.6% |
| Stocks | 30/36 | €2,371,552 | €1,977,487 | -€394,066 | -16.6% |
| Amounts receivable within one year | 40/41 | €355,522 | €205,632 | -€149,891 | -42.2% |
| Trade receivables | 40 | €4,923 | €1,126 | -€3,797 | -77.1% |
| Other amounts receivable | 41 | €350,599 | €204,506 | -€146,093 | -41.7% |
| Current investments | 50/53 | €5,951 | €5,951 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,340 | €885 | -€99,455 | -99.1% |
| Deferred charges and accrued income | 490/1 | €2,035 | €32,618 | +€30,583 | +1502.9% |
| Total equity and liabilities | 10/49 | €14,200,486 | €13,446,926 | -€753,560 | -5.3% |
| Equity | 10/15 | €4,201,105 | €4,341,549 | +€140,444 | +3.3% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Capital | 10 | €175,000 | €175,000 | = | 0.0% |
| Issued capital | 100 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €4,026,105 | €4,166,549 | +€140,444 | +3.5% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Legal reserve | 130 | €17,500 | €17,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €983,300 | €884,671 | -€98,629 | -10.0% |
| Distributable reserves | 133 | €3,025,304 | €3,264,378 | +€239,073 | +7.9% |
| Provisions and deferred taxes | 16 | €327,767 | €294,890 | -€32,876 | -10.0% |
| Deferred taxes | 168 | €327,767 | €294,890 | -€32,876 | -10.0% |
| Amounts payable | 17/49 | €9,671,614 | €8,810,487 | -€861,127 | -8.9% |
| Amounts payable after more than one year | 17 | €8,811,542 | €8,396,788 | -€414,754 | -4.7% |
| Financial debts | 170/4 | €8,811,542 | €8,396,788 | -€414,754 | -4.7% |
| Amounts payable within one year | 42/48 | €775,864 | €368,586 | -€407,278 | -52.5% |
| Trade debts | 44 | €22,508 | €14,545 | -€7,963 | -35.4% |
| Suppliers | 440/4 | €22,508 | €14,545 | -€7,963 | -35.4% |
| Taxes, remuneration and social security | 45 | €32,672 | €9,142 | -€23,530 | -72.0% |
| Taxes | 450/3 | €23,563 | €548 | -€23,016 | -97.7% |
| Remuneration and social security | 454/9 | €9,109 | €8,594 | -€514 | -5.6% |
| Other amounts payable | 47/48 | €720,685 | €344,900 | -€375,785 | -52.1% |
| Accrued charges and deferred income | 492/3 | €84,208 | €45,112 | -€39,095 | -46.4% |
| Non-recurring operating income | 76A | €4,671 | €161 | -€4,511 | -96.6% |
| Remuneration, social security and pensions | 62 | €86,771 | €80,173 | -€6,597 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,643 | €149,210 | -€9,433 | -5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,335 | €4,505 | +€7,839 | |
| Other operating charges | 640/8 | €65,399 | €62,753 | -€2,646 | -4.0% |
| Non-recurring operating charges | 66A | - | €30 | +€30 | |
| Gross operating margin | 9900 | €585,735 | €799,267 | +€213,532 | +36.5% |
| Operating profit (loss) | 9901 | €278,257 | €502,596 | +€224,339 | +80.6% |
| Financial income | 75/76B | €108,412 | €90,239 | -€18,174 | -16.8% |
| Recurring financial income | 75 | €108,412 | €90,239 | -€18,174 | -16.8% |
| Financial charges | 65/66B | €486,571 | €389,372 | -€97,199 | -20.0% |
| Recurring financial charges | 65 | €484,151 | €389,372 | -€94,779 | -19.6% |
| Non-recurring financial charges | 66B | €2,420 | - | -€2,420 | |
| Profit (loss) for the period before taxes | 9903 | -€99,902 | €203,462 | +€303,364 | |
| Transfer from deferred taxes | 780 | €52,173 | €32,876 | -€19,297 | -37.0% |
| Income taxes | 67/77 | €33,961 | €95,895 | +€61,934 | +182.4% |
| Profit (loss) for the period | 9904 | -€81,690 | €140,444 | +€222,134 | |
| Transfer from tax-exempt reserves | 789 | €156,519 | €98,629 | -€57,890 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,829 | €239,073 | +€164,245 | +219.5% |
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 11 October 2026 via checked.be.