FRAX: what changed
FRAX
Largest movements
- Receivables within one year +€917,668
up €917,668 (+162%), from €566,507 to €1.5m
of which Trade receivables: +€883,985
- Stocks and contracts -€915,371
down €915,371 (-53.4%), from €1.7m to €798,851
- Cash -€291,968
down €291,968 (-43.7%), from €667,735 to €375,767
mainly Receivables within one year (-€917,668) and Trade debts (-€862,453)
- Tangible fixed assets +€91,437
up €91,437 (+1,177%), from €7,768 to €99,205
of which Furniture and vehicles: +€85,820
- Trade debts -€862,453
down €862,453 (-54.0%), from €1.6m to €733,598
- Advances received +€327,707
up €327,707 (+28.1%), from €1.2m to €1.5m
- Reserves +€258,473
up €258,473 (+9,037%), from €2,860 to €261,333
- Accrued charges and deferred income +€153,565
new in 2025: €153,565
- Tax, wage and social debts -€90,003
down €90,003 (-40.8%), from €220,329 to €130,326
of which Taxes: -€114,358
- Gross operating margin +€652,386
up €652,386 (+480%), from €135,988 to €788,374
- Staff costs +€246,201
up €246,201 (+223%), from €110,182 to €356,383
- Taxes +€84,831
up €84,831 (+3,539%), from €2,397 to €87,228
- Write-downs +€42,225
new in 2025: €42,225
- Financial charges +€15,351
up €15,351 (+193%), from €7,966 to €23,316
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,994,207 | €2,781,876 | -€212,331 | -7.1% |
| Fixed assets | 21/28 | €20,717 | €106,353 | +€85,637 | +413% |
| Intangible fixed assets | 21 | €12,949 | €7,148 | -€5,801 | -44.8% |
| Tangible fixed assets | 22/27 | €7,768 | €99,205 | +€91,437 | +1,177% |
| Furniture and vehicles | 24 | €7,768 | €93,588 | +€85,820 | +1,105% |
| Other tangible fixed assets | 26 | - | €5,617 | +€5,617 | |
| Current assets | 29/58 | €2,973,491 | €2,675,523 | -€297,968 | -10.0% |
| Stocks and contracts in progress | 3 | €1,714,222 | €798,851 | -€915,371 | -53.4% |
| Stocks | 30/36 | €1,714,222 | €798,851 | -€915,371 | -53.4% |
| Amounts receivable within one year | 40/41 | €566,507 | €1,484,175 | +€917,668 | +162% |
| Trade receivables | 40 | €566,507 | €1,450,492 | +€883,985 | +156% |
| Other amounts receivable | 41 | - | €33,683 | +€33,683 | |
| Cash at bank and in hand | 54/58 | €667,735 | €375,767 | -€291,968 | -43.7% |
| Deferred charges and accrued income | 490/1 | €25,026 | €16,729 | -€8,297 | -33.2% |
| Total equity and liabilities | 10/49 | €2,994,207 | €2,781,876 | -€212,331 | -7.1% |
| Equity | 10/15 | €10,860 | €269,333 | +€258,473 | +2,380% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €2,860 | €261,333 | +€258,473 | +9,037% |
| Distributable reserves | 133 | €2,860 | €261,333 | +€258,473 | +9,037% |
| Amounts payable | 17/49 | €2,983,347 | €2,512,543 | -€470,805 | -15.8% |
| Amounts payable within one year | 42/48 | €2,983,347 | €2,358,977 | -€624,370 | -20.9% |
| Trade debts | 44 | €1,596,050 | €733,598 | -€862,453 | -54.0% |
| Suppliers | 440/4 | €1,596,050 | €733,598 | -€862,453 | -54.0% |
| Advances received on contracts in progress | 46 | €1,166,968 | €1,494,675 | +€327,707 | +28.1% |
| Taxes, remuneration and social security | 45 | €220,329 | €130,326 | -€90,003 | -40.8% |
| Taxes | 450/3 | €208,459 | €94,101 | -€114,358 | -54.9% |
| Remuneration and social security | 454/9 | €11,869 | €36,225 | +€24,355 | +205% |
| Other amounts payable | 47/48 | - | €379 | +€379 | |
| Accrued charges and deferred income | 492/3 | - | €153,565 | +€153,565 | |
| Remuneration, social security and pensions | 62 | €110,182 | €356,383 | +€246,201 | +223% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,409 | €17,726 | +€6,317 | +55.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,225 | +€42,225 | |
| Other operating charges | 640/8 | €1,709 | €3,277 | +€1,568 | +91.8% |
| Gross operating margin | 9900 | €135,988 | €788,374 | +€652,386 | +480% |
| Operating profit (loss) | 9901 | €12,688 | €368,763 | +€356,074 | +2,806% |
| Financial income | 75/76B | €535 | €255 | -€280 | -52.3% |
| Recurring financial income | 75 | €535 | €255 | -€280 | -52.3% |
| Financial charges | 65/66B | €7,966 | €23,316 | +€15,351 | +193% |
| Recurring financial charges | 65 | €7,966 | €23,316 | +€15,351 | +193% |
| Profit (loss) for the period before taxes | 9903 | €5,257 | €345,701 | +€340,444 | +6,476% |
| Income taxes | 67/77 | €2,397 | €87,228 | +€84,831 | +3,539% |
| Profit (loss) for the period | 9904 | €2,860 | €258,473 | +€255,613 | +8,937% |
| Profit (loss) for the period to be appropriated | 9905 | €2,860 | €258,473 | +€255,613 | +8,937% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.