FRATEL: 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.
FRATEL
Largest movements
- Current investments +€34,736
up €34,736 (+37.3%), from €93,076 to €127,811
- Cash +€24,391
up €24,391 (+39.1%), from €62,345 to €86,736
mainly Net result for the year (+€48,919) and Receivables within one year (+€16,715)
- Receivables within one year -€16,715
down €16,715 (-66.2%), from €25,262 to €8,547
of which Trade receivables: -€16,043
- Tangible fixed assets -€14,405
down €14,405 (-57.1%), from €25,227 to €10,822
of which Furniture and vehicles: -€17,208
- Reserves +€19,426
up €19,426 (+12.0%), from €162,180 to €181,605
- Other debts +€4,799
up €4,799 (+19.2%), from €25,018 to €29,817
- Trade debts +€2,750
up €2,750 (+242.5%), from €1,134 to €3,885
- Gross operating margin +€9,185
up €9,185 (+12.6%), from €72,930 to €82,115
- Taxes +€3,237
up €3,237 (+15.9%), from €20,382 to €23,619
- Depreciation -€1,493
down €1,493 (-17.1%), from €8,719 to €7,226
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 | €206,605 | €234,545 | +€27,940 | +13.5% |
| Fixed assets | 21/28 | €25,227 | €10,822 | -€14,405 | -57.1% |
| Tangible fixed assets | 22/27 | €25,227 | €10,822 | -€14,405 | -57.1% |
| Plant, machinery and equipment | 23 | €805 | €3,608 | +€2,803 | +348.3% |
| Furniture and vehicles | 24 | €24,422 | €7,214 | -€17,208 | -70.5% |
| Current assets | 29/58 | €181,378 | €223,723 | +€42,345 | +23.3% |
| Amounts receivable within one year | 40/41 | €25,262 | €8,547 | -€16,715 | -66.2% |
| Trade receivables | 40 | €24,590 | €8,547 | -€16,043 | -65.2% |
| Other amounts receivable | 41 | €672 | €0 | -€672 | -100.0% |
| Current investments | 50/53 | €93,076 | €127,811 | +€34,736 | +37.3% |
| Cash at bank and in hand | 54/58 | €62,345 | €86,736 | +€24,391 | +39.1% |
| Deferred charges and accrued income | 490/1 | €695 | €629 | -€67 | -9.6% |
| Total equity and liabilities | 10/49 | €206,605 | €234,545 | +€27,940 | +13.5% |
| Equity | 10/15 | €168,380 | €187,805 | +€19,426 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €162,180 | €181,605 | +€19,426 | +12.0% |
| Distributable reserves | 133 | €162,180 | €181,605 | +€19,426 | +12.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,225 | €46,740 | +€8,515 | +22.3% |
| Amounts payable within one year | 42/48 | €37,725 | €46,240 | +€8,515 | +22.6% |
| Trade debts | 44 | €1,134 | €3,885 | +€2,750 | +242.5% |
| Suppliers | 440/4 | €1,134 | €3,885 | +€2,750 | +242.5% |
| Taxes, remuneration and social security | 45 | €11,574 | €12,538 | +€965 | +8.3% |
| Taxes | 450/3 | €8,184 | €12,538 | +€4,354 | +53.2% |
| Remuneration and social security | 454/9 | €3,390 | €0 | -€3,390 | -100.0% |
| Other amounts payable | 47/48 | €25,018 | €29,817 | +€4,799 | +19.2% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,719 | €7,226 | -€1,493 | -17.1% |
| Other operating charges | 640/8 | €1,518 | €2,125 | +€607 | +40.0% |
| Gross operating margin | 9900 | €72,930 | €82,115 | +€9,185 | +12.6% |
| Operating profit (loss) | 9901 | €62,693 | €72,763 | +€10,070 | +16.1% |
| Financial income | 75/76B | €0 | €33 | +€33 | +83075.0% |
| Recurring financial income | 75 | €0 | €33 | +€33 | +83075.0% |
| Financial charges | 65/66B | €294 | €258 | -€36 | -12.1% |
| Recurring financial charges | 65 | €294 | €258 | -€36 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €62,400 | €72,539 | +€10,139 | +16.2% |
| Income taxes | 67/77 | €20,382 | €23,619 | +€3,237 | +15.9% |
| Profit (loss) for the period | 9904 | €42,018 | €48,919 | +€6,902 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,018 | €48,919 | +€6,902 | +16.4% |
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 5 October 2026 via checked.be.