FRAVEX: 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.
FRAVEX
Largest movements
- Cash -€3.0m
down €3.0m (-67.4%), from €4.4m to €1.4m
mainly Debts after one year (-€4.0m) and Deferred charges and accrued income (-€65,951)
- Current investments -€428,981
down €428,981 (-18.6%), from €2.3m to €1.9m
- Receivables within one year -€330,422
down €330,422 (-11.0%), from €3.0m to €2.7m
of which Other amounts receivable: -€316,704
- Debts after one year -€4.0m
down €4.0m (-39.8%), from €10.1m to €6.1m
of which Financial debts: -€4.0m
- Accrued charges and deferred income +€236,782
up €236,782 (+50.4%), from €470,231 to €707,014
- Financial income -€60,760
down €60,760 (-14.2%), from €426,443 to €365,683
- Gross operating margin +€19,019
up €19,019 (+127%), from €14,950 to €33,969
- Financial charges -€17,131
down €17,131 (-6.1%), from €280,338 to €263,207
- Staff costs -€4,655
down €4,655 (-97.3%), from €4,786 to €131
- Other operating charges +€975
up €975 (+3.1%), from €31,386 to €32,361
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 | €11,804,924 | €8,056,857 | -€3.7m | -31.8% |
| Fixed assets | 21/28 | €1,902,566 | €1,841,558 | -€61,008 | -3.2% |
| Tangible fixed assets | 22/27 | €1,885,549 | €1,824,542 | -€61,008 | -3.2% |
| Land and buildings | 22 | €1,885,549 | €1,824,542 | -€61,008 | -3.2% |
| Financial fixed assets | 28 | €17,017 | €17,017 | = | 0.0% |
| Current assets | 29/58 | €9,902,357 | €6,215,298 | -€3.7m | -37.2% |
| Amounts receivable within one year | 40/41 | €2,994,065 | €2,663,643 | -€330,422 | -11.0% |
| Trade receivables | 40 | €50,281 | €36,563 | -€13,718 | -27.3% |
| Other amounts receivable | 41 | €2,943,784 | €2,627,080 | -€316,704 | -10.8% |
| Current investments | 50/53 | €2,307,481 | €1,878,500 | -€428,981 | -18.6% |
| Cash at bank and in hand | 54/58 | €4,443,375 | €1,449,768 | -€3.0m | -67.4% |
| Deferred charges and accrued income | 490/1 | €157,436 | €223,387 | +€65,951 | +41.9% |
| Total equity and liabilities | 10/49 | €11,804,924 | €8,056,857 | -€3.7m | -31.8% |
| Equity | 10/15 | €1,185,787 | €1,228,732 | +€42,946 | +3.6% |
| Contributions | 10/11 | €1,558,482 | €1,558,482 | = | 0.0% |
| Capital | 10 | €1,558,482 | €1,558,482 | = | 0.0% |
| Issued capital | 100 | €1,558,482 | €1,558,482 | = | 0.0% |
| Revaluation surpluses | 12 | €1,117,700 | €1,075,968 | -€41,733 | -3.7% |
| Reserves | 13 | €1,019,133 | €1,060,866 | +€41,733 | +4.1% |
| Non-distributable reserves | 130/1 | €3,494 | €3,494 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €396 | +€396 | |
| Other | 1319 | €396 | - | -€396 | |
| Distributable reserves | 133 | €1,015,639 | €1,057,371 | +€41,733 | +4.1% |
| Profit (loss) carried forward | 14 | -€2,509,528 | -€2,466,583 | +€42,946 | +1.7% |
| Amounts payable | 17/49 | €10,619,137 | €6,828,125 | -€3.8m | -35.7% |
| Amounts payable after more than one year | 17 | €10,107,066 | €6,080,310 | -€4.0m | -39.8% |
| Financial debts | 170/4 | €10,103,806 | €6,077,050 | -€4.0m | -39.9% |
| Other amounts payable | 178/9 | €3,260 | €3,260 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,839 | €40,801 | -€1,038 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €23,690 | €24,563 | +€874 | +3.7% |
| Financial debts | 43 | €771 | €767 | -€3 | -0.4% |
| Credit institutions | 430/8 | €771 | €767 | -€3 | -0.4% |
| Trade debts | 44 | €2,810 | €272 | -€2,538 | -90.3% |
| Suppliers | 440/4 | €2,810 | €272 | -€2,538 | -90.3% |
| Advances received on contracts in progress | 46 | - | €4,581 | +€4,581 | |
| Taxes, remuneration and social security | 45 | €14,568 | - | -€14,568 | |
| Remuneration and social security | 454/9 | €14,568 | - | -€14,568 | |
| Other amounts payable | 47/48 | - | €10,617 | +€10,617 | |
| Accrued charges and deferred income | 492/3 | €470,231 | €707,014 | +€236,782 | +50.4% |
| Remuneration, social security and pensions | 62 | €4,786 | €131 | -€4,655 | -97.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,008 | €61,008 | = | 0.0% |
| Other operating charges | 640/8 | €31,386 | €32,361 | +€975 | +3.1% |
| Gross operating margin | 9900 | €14,950 | €33,969 | +€19,019 | +127% |
| Operating profit (loss) | 9901 | -€82,230 | -€59,531 | +€22,699 | +27.6% |
| Financial income | 75/76B | €426,443 | €365,683 | -€60,760 | -14.2% |
| Recurring financial income | 75 | €426,443 | €365,683 | -€60,760 | -14.2% |
| Financial charges | 65/66B | €280,338 | €263,207 | -€17,131 | -6.1% |
| Recurring financial charges | 65 | €280,338 | €263,207 | -€17,131 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €63,875 | €42,946 | -€20,929 | -32.8% |
| Income taxes | 67/77 | €4 | €0 | -€4 | -97.5% |
| Profit (loss) for the period | 9904 | €63,871 | €42,946 | -€20,925 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,871 | €42,946 | -€20,925 | -32.8% |
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 16 October 2026 via checked.be.