FRATOVAL: 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.
FRATOVAL
Largest movements
- Cash -€183,123
down €183,123 (-56.9%), from €321,952 to €138,829
mainly Current investments (-€100,000) and Net result for the year (-€41,920)
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets -€20,920
down €20,920 (-3.8%), from €554,231 to €533,310
of which Land and buildings: -€11,905
- Receivables within one year +€11,571
up €11,571 (+121%), from €9,589 to €21,160
of which Trade receivables: +€9,369
- Profit (loss) carried forward -€39,784
down €39,784 (-270%), from -€14,750 to -€54,534
- Debts after one year -€26,068
down €26,068 (-21.5%), from €121,504 to €95,437
- Other debts -€17,240
down €17,240 (-67.4%), from €25,596 to €8,355
- Gross operating margin -€30,421
down €30,421, from €29,203 to -€1,218
- Taxes -€6,113
down €6,113 (-71.2%), from €8,581 to €2,468
- Financial income -€1,278
down €1,278 (-69.3%), from €1,843 to €565
- Financial charges -€719
down €719 (-19.2%), from €3,745 to €3,026
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 | €901,615 | €809,265 | -€92,351 | -10.2% |
| Fixed assets | 21/28 | €564,488 | €544,882 | -€19,606 | -3.5% |
| Tangible fixed assets | 22/27 | €554,231 | €533,310 | -€20,920 | -3.8% |
| Land and buildings | 22 | €527,947 | €516,042 | -€11,905 | -2.3% |
| Furniture and vehicles | 24 | €26,283 | €17,269 | -€9,015 | -34.3% |
| Financial fixed assets | 28 | €10,257 | €11,572 | +€1,314 | +12.8% |
| Current assets | 29/58 | €337,127 | €264,382 | -€72,745 | -21.6% |
| Amounts receivable within one year | 40/41 | €9,589 | €21,160 | +€11,571 | +121% |
| Trade receivables | 40 | €3,258 | €12,627 | +€9,369 | +288% |
| Other amounts receivable | 41 | €6,331 | €8,534 | +€2,203 | +34.8% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €321,952 | €138,829 | -€183,123 | -56.9% |
| Deferred charges and accrued income | 490/1 | €5,587 | €4,393 | -€1,194 | -21.4% |
| Total equity and liabilities | 10/49 | €901,615 | €809,265 | -€92,351 | -10.2% |
| Equity | 10/15 | €696,662 | €654,742 | -€41,920 | -6.0% |
| Contributions | 10/11 | €298,000 | €298,000 | = | 0.0% |
| Capital | 10 | €298,000 | €298,000 | = | 0.0% |
| Issued capital | 100 | €298,000 | €298,000 | = | 0.0% |
| Reserves | 13 | €413,412 | €411,276 | -€2,136 | -0.5% |
| Non-distributable reserves | 130/1 | €25,648 | €25,648 | = | 0.0% |
| Legal reserve | 130 | €25,648 | €25,648 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,694 | €23,558 | -€2,136 | -8.3% |
| Distributable reserves | 133 | €362,070 | €362,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,750 | -€54,534 | -€39,784 | -270% |
| Provisions and deferred taxes | 16 | €6,585 | €6,038 | -€547 | -8.3% |
| Deferred taxes | 168 | €6,585 | €6,038 | -€547 | -8.3% |
| Amounts payable | 17/49 | €198,368 | €148,485 | -€49,884 | -25.1% |
| Amounts payable after more than one year | 17 | €121,504 | €95,437 | -€26,068 | -21.5% |
| Financial debts | 170/4 | €121,504 | €95,437 | -€26,068 | -21.5% |
| Amounts payable within one year | 42/48 | €74,320 | €50,548 | -€23,772 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €25,722 | €26,068 | +€346 | +1.3% |
| Trade debts | 44 | €7,410 | €9,264 | +€1,854 | +25.0% |
| Suppliers | 440/4 | €7,410 | €9,264 | +€1,854 | +25.0% |
| Taxes, remuneration and social security | 45 | €15,592 | €6,861 | -€8,731 | -56.0% |
| Taxes | 450/3 | €13,892 | €5,161 | -€8,731 | -62.9% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €25,596 | €8,355 | -€17,240 | -67.4% |
| Accrued charges and deferred income | 492/3 | €2,544 | €2,500 | -€44 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,524 | €26,615 | +€90 | +0.3% |
| Other operating charges | 640/8 | €9,630 | €9,706 | +€77 | +0.8% |
| Gross operating margin | 9900 | €29,203 | -€1,218 | -€30,421 | |
| Operating profit (loss) | 9901 | -€6,951 | -€37,539 | -€30,588 | -440% |
| Financial income | 75/76B | €1,843 | €565 | -€1,278 | -69.3% |
| Recurring financial income | 75 | €1,843 | €565 | -€1,278 | -69.3% |
| Financial charges | 65/66B | €3,745 | €3,026 | -€719 | -19.2% |
| Recurring financial charges | 65 | €3,745 | €3,026 | -€719 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,852 | -€39,999 | -€31,147 | -352% |
| Transfer from deferred taxes | 780 | €547 | €547 | = | 0.0% |
| Income taxes | 67/77 | €8,581 | €2,468 | -€6,113 | -71.2% |
| Profit (loss) for the period | 9904 | -€16,886 | -€41,920 | -€25,034 | -148% |
| Transfer from tax-exempt reserves | 789 | €2,136 | €2,136 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,750 | -€39,784 | -€25,034 | -170% |
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 22 October 2026 via checked.be.