FRE CONCEPTS: what changed
Two fiscal 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.
FRE CONCEPTS
Largest movements
- Cash -€106,383
down €106,383 (-41.6%), from €255,640 to €149,257
mainly Contributions, distributions and other (-€323,983) and Receivables within one year (-€31,036)
- Receivables within one year +€31,036
up €31,036 (+59.3%), from €52,326 to €83,362
of which Other amounts receivable: +€16,289
- Deferred charges and accrued income -€8,813
down €8,813 (-24.6%), from €35,791 to €26,979
- Reserves -€317,357
down €317,357 (-90.5%), from €350,713 to €33,356
- Other debts +€263,983
new in 2025: €263,983
- Tax, wage and social debts -€29,217
down €29,217 (-94.7%), from €30,847 to €1,630
- Gross operating margin -€200,521
down €200,521 (-91.4%), from €219,316 to €18,795
- Taxes -€47,983
down €47,983 (-90.3%), from €53,127 to €5,145
- Financial income -€8,641
down €8,641 (-100.0%), from €8,642 to €1
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 | €393,322 | €310,650 | -€82,672 | -21.0% |
| Fixed assets | 21/28 | €49,565 | €51,053 | +€1,488 | +3.0% |
| Tangible fixed assets | 22/27 | €9,564 | €11,052 | +€1,488 | +15.6% |
| Land and buildings | 22 | - | €5,085 | +€5,085 | |
| Furniture and vehicles | 24 | €9,564 | €5,967 | -€3,597 | -37.6% |
| Financial fixed assets | 28 | €40,001 | €40,001 | = | 0.0% |
| Current assets | 29/58 | €343,757 | €259,597 | -€84,160 | -24.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €52,326 | €83,362 | +€31,036 | +59.3% |
| Trade receivables | 40 | €3,480 | €18,227 | +€14,747 | +423.8% |
| Other amounts receivable | 41 | €48,846 | €65,135 | +€16,289 | +33.3% |
| Cash at bank and in hand | 54/58 | €255,640 | €149,257 | -€106,383 | -41.6% |
| Deferred charges and accrued income | 490/1 | €35,791 | €26,979 | -€8,813 | -24.6% |
| Total equity and liabilities | 10/49 | €393,322 | €310,650 | -€82,672 | -21.0% |
| Equity | 10/15 | €360,713 | €43,356 | -€317,357 | -88.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €350,713 | €33,356 | -€317,357 | -90.5% |
| Distributable reserves | 133 | €350,713 | €33,356 | -€317,357 | -90.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,609 | €267,294 | +€234,685 | +719.7% |
| Amounts payable within one year | 42/48 | €32,609 | €267,294 | +€234,685 | +719.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,762 | €1,682 | -€81 | -4.6% |
| Suppliers | 440/4 | €1,762 | €1,682 | -€81 | -4.6% |
| Taxes, remuneration and social security | 45 | €30,847 | €1,630 | -€29,217 | -94.7% |
| Taxes | 450/3 | €30,847 | €1,630 | -€29,217 | -94.7% |
| Other amounts payable | 47/48 | - | €263,983 | +€263,983 | |
| Non-recurring operating income | 76A | €23,124 | €0 | -€23,124 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,384 | €4,629 | +€1,246 | +36.8% |
| Other operating charges | 640/8 | €1,085 | €1,081 | -€4 | -0.3% |
| Gross operating margin | 9900 | €219,316 | €18,795 | -€200,521 | -91.4% |
| Operating profit (loss) | 9901 | €214,848 | €13,085 | -€201,763 | -93.9% |
| Financial income | 75/76B | €8,642 | €1 | -€8,641 | -100.0% |
| Recurring financial income | 75 | €8,642 | €1 | -€8,641 | -100.0% |
| Financial charges | 65/66B | €2,721 | €1,315 | -€1,406 | -51.7% |
| Recurring financial charges | 65 | €2,721 | €1,315 | -€1,406 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €220,769 | €11,770 | -€208,998 | -94.7% |
| Income taxes | 67/77 | €53,127 | €5,145 | -€47,983 | -90.3% |
| Profit (loss) for the period | 9904 | €167,641 | €6,626 | -€161,016 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,641 | €6,626 | -€161,016 | -96.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.