FREBREC: what changed
What changed
FREBREC
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€116,475
2024 · €153,511-€37,036
Equity
€754,827
2024 · €638,352+€116,475
Cash
€142,814
2024 · €104,108+€38,706
Balance sheet total
€778,587
2024 · €673,767+€104,820
Largest movements
Assets
- Cash +€38,706
up €38,706 (+37.2%), from €104,108 to €142,814
mainly Net result for the year (+€116,475) and Depreciation (+€31,778)
- Current investments +€37,400
up €37,400 (+92.2%), from €40,560 to €77,960
- Receivables within one year +€26,047
up €26,047 (+62.4%), from €41,745 to €67,792
of which Other amounts receivable: +€23,022
Equity and liabilities
- Reserves +€115,000
up €115,000 (+18.7%), from €616,000 to €731,000
Income statement
- Gross operating margin -€35,493
down €35,493 (-16.1%), from €219,841 to €184,348
- Depreciation +€14,986
up €14,986 (+89.2%), from €16,792 to €31,778
- Taxes -€12,702
down €12,702 (-26.9%), from €47,203 to €34,501
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€153,511
Gross operating margin
-€35,493
Depreciation
-€14,986
Other operating charges
-€91
Financial income
+€811
Financial charges
+€21
Taxes
+€12,702
Result 2025
€116,475
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€111,402
Investment
-€72,696
Financing
€0
Cash 2024
€104,108
From operations (derived)
+€111,402
Net result for the year
+€116,475
Depreciation
+€31,778
Receivables within one year
-€26,047
Deferred charges and accrued income
+€851
Trade debts
-€5,471
Tax, wage and social debts
-€3,865
Other debts
-€2,319
Investment (derived)
-€72,696
Investment in fixed assets (net)
-€35,296
Current investments
-€37,400
Cash 2025
€142,814
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €673,767 | €778,587 | +€104,820 | +15.6% |
| Fixed assets | 21/28 | €482,608 | €486,126 | +€3,518 | +0.7% |
| Intangible fixed assets | 21 | €4,320 | €2,336 | -€1,984 | -45.9% |
| Tangible fixed assets | 22/27 | €478,288 | €483,790 | +€5,502 | +1.2% |
| Land and buildings | 22 | €428,560 | €442,910 | +€14,350 | +3.3% |
| Furniture and vehicles | 24 | €20,747 | €13,650 | -€7,097 | -34.2% |
| Other tangible fixed assets | 26 | €28,981 | €27,230 | -€1,751 | -6.0% |
| Current assets | 29/58 | €191,159 | €292,461 | +€101,302 | +53.0% |
| Amounts receivable within one year | 40/41 | €41,745 | €67,792 | +€26,047 | +62.4% |
| Trade receivables | 40 | €41,745 | €44,770 | +€3,025 | +7.2% |
| Other amounts receivable | 41 | - | €23,022 | +€23,022 | |
| Current investments | 50/53 | €40,560 | €77,960 | +€37,400 | +92.2% |
| Cash at bank and in hand | 54/58 | €104,108 | €142,814 | +€38,706 | +37.2% |
| Deferred charges and accrued income | 490/1 | €4,746 | €3,895 | -€851 | -17.9% |
| Total equity and liabilities | 10/49 | €673,767 | €778,587 | +€104,820 | +15.6% |
| Equity | 10/15 | €638,352 | €754,827 | +€116,475 | +18.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €616,000 | €731,000 | +€115,000 | +18.7% |
| Distributable reserves | 133 | €616,000 | €731,000 | +€115,000 | +18.7% |
| Profit (loss) carried forward | 14 | €2,352 | €3,827 | +€1,475 | +62.7% |
| Amounts payable | 17/49 | €35,415 | €23,760 | -€11,655 | -32.9% |
| Amounts payable within one year | 42/48 | €35,415 | €23,760 | -€11,655 | -32.9% |
| Trade debts | 44 | €5,900 | €429 | -€5,471 | -92.7% |
| Suppliers | 440/4 | €5,900 | €429 | -€5,471 | -92.7% |
| Taxes, remuneration and social security | 45 | €27,196 | €23,331 | -€3,865 | -14.2% |
| Taxes | 450/3 | €27,196 | €23,331 | -€3,865 | -14.2% |
| Other amounts payable | 47/48 | €2,319 | - | -€2,319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,792 | €31,778 | +€14,986 | +89.2% |
| Other operating charges | 640/8 | €915 | €1,006 | +€91 | +9.9% |
| Gross operating margin | 9900 | €219,841 | €184,348 | -€35,493 | -16.1% |
| Operating profit (loss) | 9901 | €202,134 | €151,564 | -€50,570 | -25.0% |
| Financial income | 75/76B | €430 | €1,241 | +€811 | +189% |
| Recurring financial income | 75 | €430 | €1,241 | +€811 | +189% |
| Financial charges | 65/66B | €1,850 | €1,829 | -€21 | -1.1% |
| Recurring financial charges | 65 | €1,850 | €1,829 | -€21 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €200,714 | €150,976 | -€49,738 | -24.8% |
| Income taxes | 67/77 | €47,203 | €34,501 | -€12,702 | -26.9% |
| Profit (loss) for the period | 9904 | €153,511 | €116,475 | -€37,036 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,511 | €116,475 | -€37,036 | -24.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.