FREAN: 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.
What changed
FREAN
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,133
2024 · €26,967+€1,166
Equity
€786,480
2024 · €758,347+€28,133
Cash
€52,149
2024 · €53,896-€1,747
Balance sheet total
€2.4m
2024 · €2.4m+€72,363
Largest movements
Assets
- Tangible fixed assets +€75,964
up €75,964 (+3.3%), from €2.3m to €2.4m
of which Land and buildings: +€77,426
Equity and liabilities
- Debts after one year +€50,000
up €50,000 (+3.2%), from €1.6m to €1.6m
of which Financial debts: +€50,000
- Profit (loss) carried forward +€31,590
up €31,590, from -€21,447 to €10,144
Income statement
- Gross operating margin +€22,553
up €22,553 (+16.1%), from €140,244 to €162,797
- Depreciation +€9,918
up €9,918 (+10.9%), from €90,884 to €100,802
- Taxes +€8,916
up €8,916 (+257.3%), from €3,466 to €12,382
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.
Result 2024
€26,967
Gross operating margin
+€22,553
Depreciation
-€9,918
Other operating charges
-€1,562
Financial income
-€51
Financial charges
-€940
Taxes
-€8,916
Result 2025
€28,133
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.
From operations
+€125,019
Investment
-€176,766
Financing
+€50,000
Cash 2024
€53,896
From operations (derived)
+€125,019
Net result for the year
+€28,133
Depreciation
+€100,802
Deferred charges and accrued income
+€1,853
Provisions
-€1,152
Trade debts
-€10,446
Tax, wage and social debts
-€1,100
Other debts
+€1,043
Accrued charges and deferred income
+€5,886
Investment (derived)
-€176,766
Investment in fixed assets (net)
-€176,766
Financing
+€50,000
Debts after one year
+€50,000
Cash 2025
€52,149
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,375,332 | €2,447,696 | +€72,363 | +3.0% |
| Fixed assets | 21/28 | €2,317,085 | €2,393,049 | +€75,964 | +3.3% |
| Tangible fixed assets | 22/27 | €2,316,886 | €2,392,850 | +€75,964 | +3.3% |
| Land and buildings | 22 | €2,311,314 | €2,388,740 | +€77,426 | +3.3% |
| Plant, machinery and equipment | 23 | €5,572 | €4,110 | -€1,462 | -26.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €58,247 | €54,646 | -€3,601 | -6.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €53,896 | €52,149 | -€1,747 | -3.2% |
| Deferred charges and accrued income | 490/1 | €4,350 | €2,497 | -€1,853 | -42.6% |
| Total equity and liabilities | 10/49 | €2,375,332 | €2,447,696 | +€72,363 | +3.0% |
| Equity | 10/15 | €758,347 | €786,480 | +€28,133 | +3.7% |
| Contributions | 10/11 | €675,052 | €675,052 | = | 0.0% |
| Capital | 10 | €675,052 | €675,052 | = | 0.0% |
| Issued capital | 100 | €675,052 | €675,052 | = | 0.0% |
| Reserves | 13 | €104,742 | €101,284 | -€3,457 | -3.3% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,242 | €43,784 | -€3,457 | -7.3% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,447 | €10,144 | +€31,590 | |
| Provisions and deferred taxes | 16 | €15,497 | €14,344 | -€1,152 | -7.4% |
| Deferred taxes | 168 | €15,497 | €14,344 | -€1,152 | -7.4% |
| Amounts payable | 17/49 | €1,601,488 | €1,646,871 | +€45,383 | +2.8% |
| Amounts payable after more than one year | 17 | €1,568,621 | €1,618,621 | +€50,000 | +3.2% |
| Financial debts | 170/4 | €1,033,621 | €1,083,621 | +€50,000 | +4.8% |
| Other amounts payable | 178/9 | €535,000 | €535,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,760 | €16,257 | -€10,503 | -39.2% |
| Trade debts | 44 | €14,682 | €4,236 | -€10,446 | -71.1% |
| Suppliers | 440/4 | €14,682 | €4,236 | -€10,446 | -71.1% |
| Taxes, remuneration and social security | 45 | €3,500 | €2,400 | -€1,100 | -31.4% |
| Taxes | 450/3 | €3,500 | €2,400 | -€1,100 | -31.4% |
| Other amounts payable | 47/48 | €8,577 | €9,620 | +€1,043 | +12.2% |
| Accrued charges and deferred income | 492/3 | €6,108 | €11,994 | +€5,886 | +96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,884 | €100,802 | +€9,918 | +10.9% |
| Other operating charges | 640/8 | €20,053 | €21,615 | +€1,562 | +7.8% |
| Gross operating margin | 9900 | €140,244 | €162,797 | +€22,553 | +16.1% |
| Operating profit (loss) | 9901 | €29,306 | €40,379 | +€11,073 | +37.8% |
| Financial income | 75/76B | €51 | €0 | -€51 | -99.3% |
| Recurring financial income | 75 | €51 | €0 | -€51 | -99.3% |
| Financial charges | 65/66B | €77 | €1,017 | +€940 | +1217.8% |
| Recurring financial charges | 65 | €77 | €1,017 | +€940 | +1217.8% |
| Profit (loss) for the period before taxes | 9903 | €29,280 | €39,363 | +€10,083 | +34.4% |
| Transfer from deferred taxes | 780 | €1,152 | €1,152 | = | 0.0% |
| Income taxes | 67/77 | €3,466 | €12,382 | +€8,916 | +257.3% |
| Profit (loss) for the period | 9904 | €26,967 | €28,133 | +€1,166 | +4.3% |
| Transfer from tax-exempt reserves | 789 | €3,457 | €3,457 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,424 | €31,590 | +€1,166 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.