FRAY: 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.
FRAY
Largest movements
- Cash +€176,305
up €176,305 (+68.2%), from €258,488 to €434,793
mainly Net result for the year (+€125,838) and Depreciation (+€84,254)
- Tangible fixed assets -€86,280
down €86,280 (-22.8%), from €378,436 to €292,156
of which Other tangible fixed assets: -€69,624
- Receivables within one year +€37,198
up €37,198 (+44.1%), from €84,434 to €121,633
of which Other amounts receivable: +€21,616
- Profit (loss) carried forward +€125,838
up €125,838 (+48.4%), from €260,054 to €385,891
- Debts after one year -€64,563
down €64,563 (-31.5%), from €204,890 to €140,327
- Tax, wage and social debts +€40,791
up €40,791 (+532.5%), from €7,660 to €48,452
- Trade debts +€19,980
up €19,980 (+9.0%), from €222,723 to €242,703
- Turnover -€2.5m
no longer reported in 2025 (was €2.5m)
- Purchases and services -€2.3m
no longer reported in 2025 (was €2.3m)
- Gross operating margin +€117,413
up €117,413 (+52.1%), from €225,195 to €342,608
- Taxes +€28,783
up €28,783 (+240.8%), from €11,953 to €40,736
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 | €893,614 | €1,019,176 | +€125,562 | +14.1% |
| Fixed assets | 21/28 | €378,436 | €292,156 | -€86,280 | -22.8% |
| Tangible fixed assets | 22/27 | €378,436 | €292,156 | -€86,280 | -22.8% |
| Plant, machinery and equipment | 23 | €8,233 | €5,911 | -€2,322 | -28.2% |
| Furniture and vehicles | 24 | €102,975 | €88,642 | -€14,333 | -13.9% |
| Other tangible fixed assets | 26 | €267,227 | €197,603 | -€69,624 | -26.1% |
| Current assets | 29/58 | €515,178 | €727,020 | +€211,842 | +41.1% |
| Amounts receivable after more than one year | 29 | €30,200 | €30,200 | = | 0.0% |
| Other amounts receivable | 291 | €30,200 | €30,200 | = | 0.0% |
| Stocks and contracts in progress | 3 | €136,255 | €137,404 | +€1,149 | +0.8% |
| Stocks | 30/36 | €136,255 | €137,404 | +€1,149 | +0.8% |
| Amounts receivable within one year | 40/41 | €84,434 | €121,633 | +€37,198 | +44.1% |
| Trade receivables | 40 | €218 | €15,800 | +€15,582 | +7145.9% |
| Other amounts receivable | 41 | €84,216 | €105,832 | +€21,616 | +25.7% |
| Cash at bank and in hand | 54/58 | €258,488 | €434,793 | +€176,305 | +68.2% |
| Deferred charges and accrued income | 490/1 | €5,801 | €2,990 | -€2,811 | -48.5% |
| Total equity and liabilities | 10/49 | €893,614 | €1,019,176 | +€125,562 | +14.1% |
| Equity | 10/15 | €395,054 | €520,891 | +€125,838 | +31.9% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €260,054 | €385,891 | +€125,838 | +48.4% |
| Amounts payable | 17/49 | €498,560 | €498,285 | -€275 | -0.1% |
| Amounts payable after more than one year | 17 | €204,890 | €140,327 | -€64,563 | -31.5% |
| Financial debts | 170/4 | €204,890 | €140,327 | -€64,563 | -31.5% |
| Amounts payable within one year | 42/48 | €293,671 | €357,959 | +€64,288 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €63,287 | €64,563 | +€1,276 | +2.0% |
| Trade debts | 44 | €222,723 | €242,703 | +€19,980 | +9.0% |
| Suppliers | 440/4 | €222,723 | €242,703 | +€19,980 | +9.0% |
| Taxes, remuneration and social security | 45 | €7,660 | €48,452 | +€40,791 | +532.5% |
| Taxes | 450/3 | €7,660 | €48,452 | +€40,791 | +532.5% |
| Other amounts payable | 47/48 | - | €2,241 | +€2,241 | |
| Turnover | 70 | €2,502,542 | - | -€2.5m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,285,744 | - | -€2.3m | |
| Remuneration, social security and pensions | 62 | €83,394 | €80,593 | -€2,800 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,944 | €84,254 | +€2,310 | +2.8% |
| Other operating charges | 640/8 | €8,740 | €6,147 | -€2,593 | -29.7% |
| Gross operating margin | 9900 | €225,195 | €342,608 | +€117,413 | +52.1% |
| Operating profit (loss) | 9901 | €51,117 | €171,612 | +€120,496 | +235.7% |
| Financial income | 75/76B | €387 | €164 | -€224 | -57.8% |
| Recurring financial income | 75 | €387 | €164 | -€224 | -57.8% |
| Financial charges | 65/66B | €9,955 | €5,202 | -€4,752 | -47.7% |
| Recurring financial charges | 65 | €9,955 | €5,202 | -€4,752 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €41,549 | €166,574 | +€125,025 | +300.9% |
| Income taxes | 67/77 | €11,953 | €40,736 | +€28,783 | +240.8% |
| Profit (loss) for the period | 9904 | €29,596 | €125,838 | +€96,241 | +325.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,596 | €125,838 | +€96,241 | +325.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.