FREAS: 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.
FREAS
Largest movements
- Tangible fixed assets -€825,712
down €825,712 (-64.3%), from €1.3m to €458,510
- Cash +€751,825
up €751,825 (+1279.5%), from €58,758 to €810,583
mainly Investment in fixed assets (net) (+€803,372) and Net result for the year (+€100,048)
- Current investments -€50,000
down €50,000 (-4.9%), from €1.0m to €963,789
- Provisions -€174,221
down €174,221 (-80.3%), from €217,049 to €42,828
- Reserves +€100,048
up €100,048 (+14.1%), from €707,391 to €807,439
of which Distributable reserves: +€565,329
- Other debts -€59,979
down €59,979 (-97.8%), from €61,335 to €1,355
- Tax, wage and social debts +€32,046
new in 2025: €32,046
- Taxes +€262,046
new in 2025: €262,046
- Gross operating margin +€64,325
up €64,325 (+40.3%), from €159,439 to €223,764
- Depreciation -€16,047
down €16,047 (-41.8%), from €38,387 to €22,340
- Financial income -€9,395
down €9,395 (-100.0%), from €9,397 to €2
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 | €2,356,786 | €2,232,882 | -€123,903 | -5.3% |
| Fixed assets | 21/28 | €1,284,222 | €458,510 | -€825,712 | -64.3% |
| Tangible fixed assets | 22/27 | €1,284,222 | €458,510 | -€825,712 | -64.3% |
| Land and buildings | 22 | €1,284,222 | €458,510 | -€825,712 | -64.3% |
| Current assets | 29/58 | €1,072,564 | €1,774,372 | +€701,809 | +65.4% |
| Amounts receivable within one year | 40/41 | €16 | - | -€16 | |
| Other amounts receivable | 41 | €16 | - | -€16 | |
| Current investments | 50/53 | €1,013,789 | €963,789 | -€50,000 | -4.9% |
| Cash at bank and in hand | 54/58 | €58,758 | €810,583 | +€751,825 | +1279.5% |
| Total equity and liabilities | 10/49 | €2,356,786 | €2,232,882 | -€123,903 | -5.3% |
| Equity | 10/15 | €1,807,174 | €1,907,223 | +€100,048 | +5.5% |
| Contributions | 10/11 | €107,000 | €107,000 | = | 0.0% |
| Capital | 10 | €107,000 | €107,000 | = | 0.0% |
| Issued capital | 100 | €107,000 | €107,000 | = | 0.0% |
| Reserves | 13 | €707,391 | €807,439 | +€100,048 | +14.1% |
| Non-distributable reserves | 130/1 | €10,700 | €10,700 | = | 0.0% |
| Legal reserve | 130 | €10,700 | €10,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €580,522 | €115,241 | -€465,281 | -80.1% |
| Distributable reserves | 133 | €116,169 | €681,498 | +€565,329 | +486.6% |
| Profit (loss) carried forward | 14 | €992,784 | €992,784 | = | 0.0% |
| Provisions and deferred taxes | 16 | €217,049 | €42,828 | -€174,221 | -80.3% |
| Deferred taxes | 168 | €217,049 | €42,828 | -€174,221 | -80.3% |
| Amounts payable | 17/49 | €332,562 | €282,832 | -€49,730 | -15.0% |
| Amounts payable after more than one year | 17 | €249,467 | €234,467 | -€15,000 | -6.0% |
| Financial debts | 170/4 | €249,467 | €234,467 | -€15,000 | -6.0% |
| Amounts payable within one year | 42/48 | €83,095 | €48,365 | -€34,730 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €14,000 | €14,964 | +€964 | +6.9% |
| Trade debts | 44 | €7,760 | - | -€7,760 | |
| Suppliers | 440/4 | €7,760 | - | -€7,760 | |
| Taxes, remuneration and social security | 45 | - | €32,046 | +€32,046 | |
| Taxes | 450/3 | - | €32,046 | +€32,046 | |
| Other amounts payable | 47/48 | €61,335 | €1,355 | -€59,979 | -97.8% |
| Non-recurring operating income | 76A | €140,979 | - | -€140,979 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,387 | €22,340 | -€16,047 | -41.8% |
| Other operating charges | 640/8 | €5,380 | €3,370 | -€2,011 | -37.4% |
| Gross operating margin | 9900 | €159,439 | €223,764 | +€64,325 | +40.3% |
| Operating profit (loss) | 9901 | €115,672 | €198,054 | +€82,383 | +71.2% |
| Financial income | 75/76B | €9,397 | €2 | -€9,395 | -100.0% |
| Recurring financial income | 75 | €9,397 | €2 | -€9,395 | -100.0% |
| Financial charges | 65/66B | €11,873 | €10,183 | -€1,689 | -14.2% |
| Recurring financial charges | 65 | €11,873 | €10,183 | -€1,689 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €113,196 | €187,873 | +€74,677 | +66.0% |
| Transfer from deferred taxes | 780 | €6,158 | €174,221 | +€168,064 | +2729.2% |
| Transfer to deferred taxes | 680 | €33,279 | - | -€33,279 | |
| Income taxes | 67/77 | - | €262,046 | +€262,046 | |
| Profit (loss) for the period | 9904 | €86,075 | €100,048 | +€13,973 | +16.2% |
| Transfer from tax-exempt reserves | 789 | €15,422 | €465,281 | +€449,858 | +2916.9% |
| Transfer to tax-exempt reserves | 689 | €99,836 | - | -€99,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,662 | €565,329 | +€563,667 | +33913.3% |
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 28 September 2026 via checked.be.