FRE-MAX: 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.
FRE-MAX
Largest movements
- Tangible fixed assets -€107,302
down €107,302 (-8.8%), from €1.2m to €1.1m
- Other debts -€100,000
no longer reported in 2025 (was €100,000)
- Other operating charges -€4,091
down €4,091 (-22.1%), from €18,475 to €14,384
- Taxes +€1,715
up €1,715 (+11.6%), from €14,831 to €16,546
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 | €1,316,790 | €1,218,379 | -€98,411 | -7.5% |
| Fixed assets | 21/28 | €1,214,798 | €1,107,496 | -€107,302 | -8.8% |
| Tangible fixed assets | 22/27 | €1,214,724 | €1,107,422 | -€107,302 | -8.8% |
| Land and buildings | 22 | €1,214,724 | €1,107,422 | -€107,302 | -8.8% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €101,992 | €110,883 | +€8,891 | +8.7% |
| Amounts receivable within one year | 40/41 | €1,376 | €1,454 | +€78 | +5.7% |
| Other amounts receivable | 41 | €1,376 | €1,454 | +€78 | +5.7% |
| Cash at bank and in hand | 54/58 | €100,616 | €109,429 | +€8,813 | +8.8% |
| Total equity and liabilities | 10/49 | €1,316,790 | €1,218,379 | -€98,411 | -7.5% |
| Equity | 10/15 | €1,216,759 | €1,218,272 | +€1,513 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,187,578 | €1,189,091 | +€1,513 | +0.1% |
| Tax-exempt reserves | 132 | €39,483 | €39,483 | = | 0.0% |
| Distributable reserves | 133 | €1,148,095 | €1,149,608 | +€1,513 | +0.1% |
| Investment grants | 15 | €10,581 | €10,581 | = | 0.0% |
| Amounts payable | 17/49 | €100,031 | €108 | -€99,924 | -99.9% |
| Amounts payable within one year | 42/48 | €100,031 | €108 | -€99,924 | -99.9% |
| Trade debts | 44 | €31 | €108 | +€76 | +243% |
| Suppliers | 440/4 | €31 | €108 | +€76 | +243% |
| Other amounts payable | 47/48 | €100,000 | - | -€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,632 | €107,302 | -€330 | -0.3% |
| Other operating charges | 640/8 | €18,475 | €14,384 | -€4,091 | -22.1% |
| Non-recurring operating charges | 66A | €2,900 | - | -€2,900 | |
| Gross operating margin | 9900 | €140,227 | €139,998 | -€230 | -0.2% |
| Operating profit (loss) | 9901 | €11,221 | €18,311 | +€7,091 | +63.2% |
| Financial charges | 65/66B | €430 | €252 | -€178 | -41.3% |
| Recurring financial charges | 65 | €430 | €252 | -€178 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €10,791 | €18,059 | +€7,268 | +67.4% |
| Income taxes | 67/77 | €14,831 | €16,546 | +€1,715 | +11.6% |
| Profit (loss) for the period | 9904 | -€4,041 | €1,513 | +€5,554 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,041 | €1,513 | +€5,554 |
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.