FREA: 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.
FREA
Largest movements
- Cash +€30,894
up €30,894 (+56.7%), from €54,461 to €85,355
mainly Net result for the year (+€42,583) and Tax, wage and social debts (+€7,044)
- Tangible fixed assets +€13,348
up €13,348 (+22.8%), from €58,447 to €71,795
of which Land and buildings: +€11,681
- Receivables within one year +€6,415
up €6,415 (+30.1%), from €21,344 to €27,760
- Profit (loss) carried forward +€42,583
up €42,583 (+136.8%), from €31,133 to €73,716
- Tax, wage and social debts +€7,044
up €7,044 (+22.7%), from €31,000 to €38,045
of which Taxes: +€11,644
- Other debts +€4,952
up €4,952 (+16.8%), from €29,402 to €34,353
- Debts after one year -€4,446
down €4,446 (-12.1%), from €36,628 to €32,181
- Gross operating margin +€11,045
up €11,045 (+22.1%), from €50,039 to €61,084
- Taxes +€3,708
up €3,708 (+45.2%), from €8,197 to €11,905
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 | €136,155 | €186,794 | +€50,639 | +37.2% |
| Fixed assets | 21/28 | €58,447 | €71,795 | +€13,348 | +22.8% |
| Tangible fixed assets | 22/27 | €58,447 | €71,795 | +€13,348 | +22.8% |
| Land and buildings | 22 | €58,447 | €70,128 | +€11,681 | +20.0% |
| Plant, machinery and equipment | 23 | - | €1,668 | +€1,668 | |
| Current assets | 29/58 | €77,708 | €114,999 | +€37,291 | +48.0% |
| Amounts receivable within one year | 40/41 | €21,344 | €27,760 | +€6,415 | +30.1% |
| Trade receivables | 40 | €21,344 | €27,760 | +€6,415 | +30.1% |
| Cash at bank and in hand | 54/58 | €54,461 | €85,355 | +€30,894 | +56.7% |
| Deferred charges and accrued income | 490/1 | €1,903 | €1,884 | -€19 | -1.0% |
| Total equity and liabilities | 10/49 | €136,155 | €186,794 | +€50,639 | +37.2% |
| Equity | 10/15 | €34,133 | €76,716 | +€42,583 | +124.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,133 | €73,716 | +€42,583 | +136.8% |
| Amounts payable | 17/49 | €102,022 | €110,078 | +€8,056 | +7.9% |
| Amounts payable after more than one year | 17 | €36,628 | €32,181 | -€4,446 | -12.1% |
| Financial debts | 170/4 | €36,628 | €32,181 | -€4,446 | -12.1% |
| Amounts payable within one year | 42/48 | €65,395 | €77,896 | +€12,502 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €4,273 | €4,446 | +€173 | +4.1% |
| Trade debts | 44 | €719 | €1,052 | +€333 | +46.3% |
| Suppliers | 440/4 | €719 | €1,052 | +€333 | +46.3% |
| Taxes, remuneration and social security | 45 | €31,000 | €38,045 | +€7,044 | +22.7% |
| Taxes | 450/3 | €21,800 | €33,445 | +€11,644 | +53.4% |
| Remuneration and social security | 454/9 | €9,200 | €4,600 | -€4,600 | -50.0% |
| Other amounts payable | 47/48 | €29,402 | €34,353 | +€4,952 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,700 | €4,216 | -€485 | -10.3% |
| Other operating charges | 640/8 | €574 | €510 | -€64 | -11.1% |
| Gross operating margin | 9900 | €50,039 | €61,084 | +€11,045 | +22.1% |
| Operating profit (loss) | 9901 | €44,764 | €56,358 | +€11,593 | +25.9% |
| Financial charges | 65/66B | €1,835 | €1,869 | +€34 | +1.8% |
| Recurring financial charges | 65 | €1,835 | €1,869 | +€34 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €42,929 | €54,488 | +€11,559 | +26.9% |
| Income taxes | 67/77 | €8,197 | €11,905 | +€3,708 | +45.2% |
| Profit (loss) for the period | 9904 | €34,732 | €42,583 | +€7,851 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,732 | €42,583 | +€7,851 | +22.6% |
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.