FREBOUW: 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.
FREBOUW
Largest movements
- Receivables within one year +€21,897
up €21,897 (+3.8%), from €571,518 to €593,414
of which Trade receivables: +€75,996
- Stocks and contracts -€16,471
down €16,471 (-69.2%), from €23,798 to €7,327
of which Contracts in progress: -€9,470
- Cash -€9,076
down €9,076 (-73.3%), from €12,385 to €3,309
mainly Net result for the year (-€30,037) and Receivables within one year (-€21,897)
- Trade debts +€39,208
up €39,208 (+54706.9%), from €72 to €39,280
- Profit (loss) carried forward -€30,037
down €30,037 (-4.9%), from -€613,368 to -€643,405
- Tax, wage and social debts -€10,274
down €10,274 (-80.9%), from €12,700 to €2,426
of which Remuneration and social security: -€6,245
- Short-term financial debts -€7,551
down €7,551 (-100.0%), from €7,551 to €0
- Gross operating margin -€13,380
down €13,380, from €3,693 to -€9,687
- Staff costs -€7,123
down €7,123 (-13.9%), from €51,421 to €44,298
- Financial income -€4,709
down €4,709 (-13.8%), from €34,155 to €29,446
- Depreciation -€2,562
down €2,562 (-79.2%), from €3,236 to €675
- Financial charges +€1,710
up €1,710 (+89.8%), from €1,905 to €3,615
of which Financial charges: +€2,710
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 | €614,731 | €605,923 | -€8,807 | -1.4% |
| Fixed assets | 21/28 | €5,651 | €1,873 | -€3,778 | -66.9% |
| Tangible fixed assets | 22/27 | €1,905 | €423 | -€1,482 | -77.8% |
| Plant, machinery and equipment | 23 | €807 | €0 | -€807 | -100.0% |
| Furniture and vehicles | 24 | €1,098 | €423 | -€675 | -61.4% |
| Financial fixed assets | 28 | €3,746 | €1,450 | -€2,296 | -61.3% |
| Current assets | 29/58 | €609,079 | €604,050 | -€5,029 | -0.8% |
| Stocks and contracts in progress | 3 | €23,798 | €7,327 | -€16,471 | -69.2% |
| Stocks | 30/36 | €14,328 | €7,327 | -€7,001 | -48.9% |
| Contracts in progress | 37 | €9,470 | €0 | -€9,470 | -100.0% |
| Amounts receivable within one year | 40/41 | €571,518 | €593,414 | +€21,897 | +3.8% |
| Trade receivables | 40 | €609 | €76,605 | +€75,996 | +12473.2% |
| Other amounts receivable | 41 | €570,908 | €516,810 | -€54,099 | -9.5% |
| Cash at bank and in hand | 54/58 | €12,385 | €3,309 | -€9,076 | -73.3% |
| Deferred charges and accrued income | 490/1 | €1,379 | €0 | -€1,379 | -100.0% |
| Total equity and liabilities | 10/49 | €614,731 | €605,923 | -€8,807 | -1.4% |
| Equity | 10/15 | €594,254 | €564,217 | -€30,037 | -5.1% |
| Contributions | 10/11 | €1,112,200 | €1,112,200 | = | 0.0% |
| Reserves | 13 | €95,422 | €95,422 | = | 0.0% |
| Distributable reserves | 133 | €95,422 | €95,422 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€613,368 | -€643,405 | -€30,037 | -4.9% |
| Amounts payable | 17/49 | €20,476 | €41,706 | +€21,230 | +103.7% |
| Amounts payable within one year | 42/48 | €20,323 | €41,706 | +€21,383 | +105.2% |
| Financial debts | 43 | €7,551 | €0 | -€7,551 | -100.0% |
| Credit institutions | 430/8 | €7,551 | €0 | -€7,551 | -100.0% |
| Trade debts | 44 | €72 | €39,280 | +€39,208 | +54706.9% |
| Suppliers | 440/4 | €72 | €39,280 | +€39,208 | +54706.9% |
| Taxes, remuneration and social security | 45 | €12,700 | €2,426 | -€10,274 | -80.9% |
| Taxes | 450/3 | €6,455 | €2,426 | -€4,029 | -62.4% |
| Remuneration and social security | 454/9 | €6,245 | €0 | -€6,245 | -100.0% |
| Accrued charges and deferred income | 492/3 | €153 | €0 | -€153 | -100.0% |
| Non-recurring operating income | 76A | €120 | €143 | +€23 | +19.0% |
| Remuneration, social security and pensions | 62 | €51,421 | €44,298 | -€7,123 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,236 | €675 | -€2,562 | -79.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,467 | €0 | +€1,467 | |
| Other operating charges | 640/8 | €1,952 | €1,209 | -€743 | -38.1% |
| Gross operating margin | 9900 | €3,693 | -€9,687 | -€13,380 | |
| Operating profit (loss) | 9901 | -€51,450 | -€55,869 | -€4,419 | -8.6% |
| Financial income | 75/76B | €34,155 | €29,446 | -€4,709 | -13.8% |
| Recurring financial income | 75 | €34,155 | €29,446 | -€4,709 | -13.8% |
| Financial charges | 65/66B | €1,905 | €3,615 | +€1,710 | +89.8% |
| Recurring financial charges | 65 | €905 | €3,615 | +€2,710 | +299.6% |
| Non-recurring financial charges | 66B | €1,000 | €0 | -€1,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,199 | -€30,037 | -€10,838 | -56.5% |
| Profit (loss) for the period | 9904 | -€19,199 | -€30,037 | -€10,838 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,199 | -€30,037 | -€10,838 | -56.5% |
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 3 October 2026 via checked.be.