FRD Management: 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.
FRD Management
Largest movements
- Receivables within one year -€23,391
down €23,391 (-68.1%), from €34,361 to €10,971
of which Trade receivables: -€19,989
- Cash +€2,721
up €2,721 (+3,561%), from €76 to €2,798
mainly Net result for the year (+€31,311) and Receivables within one year (+€23,391)
- Receivables after one year +€1,634
up €1,634 (+2.3%), from €70,456 to €72,090
- Other debts -€25,225
no longer reported in 2025 (was €25,225)
- Tax, wage and social debts +€7,113
up €7,113 (+154%), from €4,623 to €11,736
- Trade debts -€2,391
no longer reported in 2025 (was €2,391)
- Reserves +€1,311
up €1,311 (+1.9%), from €70,407 to €71,718
- Gross operating margin +€13,391
up €13,391 (+47.9%), from €27,971 to €41,363
- Taxes +€3,212
up €3,212 (+41.1%), from €7,807 to €11,019
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 | €104,894 | €85,858 | -€19,036 | -18.1% |
| Current assets | 29/58 | €104,894 | €85,858 | -€19,036 | -18.1% |
| Amounts receivable after more than one year | 29 | €70,456 | €72,090 | +€1,634 | +2.3% |
| Other amounts receivable | 291 | €70,456 | €72,090 | +€1,634 | +2.3% |
| Amounts receivable within one year | 40/41 | €34,361 | €10,971 | -€23,391 | -68.1% |
| Trade receivables | 40 | €30,960 | €10,971 | -€19,989 | -64.6% |
| Other amounts receivable | 41 | €3,401 | - | -€3,401 | |
| Cash at bank and in hand | 54/58 | €76 | €2,798 | +€2,721 | +3,561% |
| Total equity and liabilities | 10/49 | €104,894 | €85,858 | -€19,036 | -18.1% |
| Equity | 10/15 | €72,407 | €73,718 | +€1,311 | +1.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €70,407 | €71,718 | +€1,311 | +1.9% |
| Distributable reserves | 133 | €70,407 | €71,718 | +€1,311 | +1.9% |
| Amounts payable | 17/49 | €32,487 | €12,140 | -€20,346 | -62.6% |
| Amounts payable within one year | 42/48 | €32,239 | €11,736 | -€20,503 | -63.6% |
| Trade debts | 44 | €2,391 | - | -€2,391 | |
| Suppliers | 440/4 | €2,391 | - | -€2,391 | |
| Taxes, remuneration and social security | 45 | €4,623 | €11,736 | +€7,113 | +154% |
| Taxes | 450/3 | €4,623 | €11,736 | +€7,113 | +154% |
| Other amounts payable | 47/48 | €25,225 | - | -€25,225 | |
| Accrued charges and deferred income | 492/3 | €247 | €404 | +€157 | +63.5% |
| Other operating charges | 640/8 | €585 | €649 | +€64 | +11.0% |
| Gross operating margin | 9900 | €27,971 | €41,363 | +€13,391 | +47.9% |
| Operating profit (loss) | 9901 | €27,386 | €40,714 | +€13,327 | +48.7% |
| Financial income | 75/76B | €1,951 | €1,760 | -€191 | -9.8% |
| Recurring financial income | 75 | €1,951 | €1,760 | -€191 | -9.8% |
| Financial charges | 65/66B | €242 | €144 | -€99 | -40.7% |
| Recurring financial charges | 65 | €242 | €144 | -€99 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €29,095 | €42,330 | +€13,235 | +45.5% |
| Income taxes | 67/77 | €7,807 | €11,019 | +€3,212 | +41.1% |
| Profit (loss) for the period | 9904 | €21,288 | €31,311 | +€10,023 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,288 | €31,311 | +€10,023 | +47.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.