Fre-Projects: 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-Projects
Largest movements
- Tangible fixed assets +€692,897
up €692,897 (+6,034%), from €11,484 to €704,381
of which Land and buildings: +€625,913
- Cash -€72,958
down €72,958 (-51.3%), from €142,232 to €69,275
mainly Investment in fixed assets (net) (-€778,128) and Receivables within one year (-€55,650)
- Receivables within one year +€55,650
up €55,650 (+511%), from €10,883 to €66,532
of which Trade receivables: +€30,726
- Debts after one year +€639,370
new in 2025: €639,370
- Current portion of long-term debt +€49,888
new in 2025: €49,888
- Profit (loss) carried forward -€17,070
new in 2025: -€17,070
- Reserves -€10,767
down €10,767 (-8.3%), from €129,517 to €118,749
of which Distributable reserves: -€10,767
- Other debts +€10,767
new in 2025: €10,767
- Depreciation +€80,495
up €80,495 (+1,700%), from €4,736 to €85,231
- Gross operating margin -€33,461
down €33,461 (-30.0%), from €111,610 to €78,149
- Taxes -€30,881
down €30,881 (-99.0%), from €31,205 to €324
- Financial charges +€7,461
up €7,461 (+5,810%), from €128 to €7,590
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 | €164,599 | €843,643 | +€679,044 | +413% |
| Fixed assets | 21/28 | €11,484 | €704,381 | +€692,897 | +6,034% |
| Tangible fixed assets | 22/27 | €11,484 | €704,381 | +€692,897 | +6,034% |
| Land and buildings | 22 | - | €625,913 | +€625,913 | |
| Furniture and vehicles | 24 | €11,484 | €1,074 | -€10,410 | -90.6% |
| Leasing and similar rights | 25 | - | €77,394 | +€77,394 | |
| Current assets | 29/58 | €153,115 | €139,262 | -€13,854 | -9.0% |
| Amounts receivable within one year | 40/41 | €10,883 | €66,532 | +€55,650 | +511% |
| Trade receivables | 40 | €10,738 | €41,464 | +€30,726 | +286% |
| Other amounts receivable | 41 | €145 | €25,068 | +€24,923 | +17,180% |
| Cash at bank and in hand | 54/58 | €142,232 | €69,275 | -€72,958 | -51.3% |
| Deferred charges and accrued income | 490/1 | - | €3,455 | +€3,455 | |
| Total equity and liabilities | 10/49 | €164,599 | €843,643 | +€679,044 | +413% |
| Equity | 10/15 | €141,917 | €114,079 | -€27,838 | -19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €129,517 | €118,749 | -€10,767 | -8.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €127,657 | €116,889 | -€10,767 | -8.4% |
| Profit (loss) carried forward | 14 | - | -€17,070 | -€17,070 | |
| Amounts payable | 17/49 | €22,682 | €729,564 | +€706,882 | +3,116% |
| Amounts payable after more than one year | 17 | - | €639,370 | +€639,370 | |
| Financial debts | 170/4 | - | €639,370 | +€639,370 | |
| Amounts payable within one year | 42/48 | €22,154 | €88,392 | +€66,238 | +299% |
| Current portion of amounts payable after more than one year | 42 | - | €49,888 | +€49,888 | |
| Trade debts | 44 | €3,766 | €9,838 | +€6,073 | +161% |
| Suppliers | 440/4 | €3,766 | €9,838 | +€6,073 | +161% |
| Taxes, remuneration and social security | 45 | €18,388 | €17,899 | -€490 | -2.7% |
| Taxes | 450/3 | €17,360 | €17,899 | +€538 | +3.1% |
| Remuneration and social security | 454/9 | €1,028 | €0 | -€1,028 | -100% |
| Other amounts payable | 47/48 | - | €10,767 | +€10,767 | |
| Accrued charges and deferred income | 492/3 | €528 | €1,802 | +€1,273 | +241% |
| Non-recurring operating income | 76A | - | €6,064 | +€6,064 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,736 | €85,231 | +€80,495 | +1,700% |
| Other operating charges | 640/8 | €2,346 | €2,322 | -€24 | -1.0% |
| Gross operating margin | 9900 | €111,610 | €78,149 | -€33,461 | -30.0% |
| Operating profit (loss) | 9901 | €104,527 | -€9,404 | -€113,931 | |
| Financial income | 75/76B | - | €247 | +€247 | |
| Recurring financial income | 75 | - | €247 | +€247 | |
| Financial charges | 65/66B | €128 | €7,590 | +€7,461 | +5,810% |
| Recurring financial charges | 65 | €128 | €7,590 | +€7,461 | +5,810% |
| Profit (loss) for the period before taxes | 9903 | €104,399 | -€16,746 | -€121,145 | |
| Income taxes | 67/77 | €31,205 | €324 | -€30,881 | -99.0% |
| Profit (loss) for the period | 9904 | €73,194 | -€17,070 | -€90,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,194 | -€17,070 | -€90,264 |
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 20 October 2026 via checked.be.