FRECA: what changed
Two financial 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.
FRECA
Largest movements
- Cash +€47,618
up €47,618 (+32.5%), from €146,354 to €193,972
mainly Net result for the year (+€47,669) and Depreciation (+€39,840)
- Tangible fixed assets -€31,921
down €31,921 (-3.7%), from €865,554 to €833,632
of which Land and buildings: -€19,157
- Receivables within one year -€26,506
down €26,506 (-45.2%), from €58,625 to €32,119
of which Trade receivables: -€25,522
- Debts after one year -€50,000
down €50,000 (-9.1%), from €550,000 to €500,000
- Profit (loss) carried forward +€47,669
up €47,669 (+66.0%), from -€72,180 to -€24,512
- Gross operating margin +€56,293
up €56,293 (+44.4%), from €126,724 to €183,017
- Financial charges -€14,501
down €14,501 (-33.1%), from €43,847 to €29,346
of which Financial charges: -€7,676
- Taxes +€12,652
up €12,652 (+352.7%), from €3,587 to €16,240
- Staff costs +€4,850
up €4,850 (+12.7%), from €38,122 to €42,972
- Depreciation -€2,719
down €2,719 (-6.4%), from €42,559 to €39,840
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 | €1,082,797 | €1,076,269 | -€6,529 | -0.6% |
| Fixed assets | 21/28 | €865,928 | €834,007 | -€31,921 | -3.7% |
| Tangible fixed assets | 22/27 | €865,554 | €833,632 | -€31,921 | -3.7% |
| Land and buildings | 22 | €489,674 | €470,517 | -€19,157 | -3.9% |
| Plant, machinery and equipment | 23 | €303 | €1,397 | +€1,094 | +361.3% |
| Furniture and vehicles | 24 | €15,622 | €11,065 | -€4,557 | -29.2% |
| Other tangible fixed assets | 26 | €359,955 | €350,653 | -€9,301 | -2.6% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €216,869 | €242,262 | +€25,393 | +11.7% |
| Amounts receivable within one year | 40/41 | €58,625 | €32,119 | -€26,506 | -45.2% |
| Trade receivables | 40 | €33,880 | €8,359 | -€25,522 | -75.3% |
| Other amounts receivable | 41 | €24,745 | €23,760 | -€985 | -4.0% |
| Cash at bank and in hand | 54/58 | €146,354 | €193,972 | +€47,618 | +32.5% |
| Deferred charges and accrued income | 490/1 | €11,890 | €16,171 | +€4,281 | +36.0% |
| Total equity and liabilities | 10/49 | €1,082,797 | €1,076,269 | -€6,529 | -0.6% |
| Equity | 10/15 | €450,925 | €498,593 | +€47,669 | +10.6% |
| Contributions | 10/11 | €523,105 | €523,105 | = | 0.0% |
| Capital | 10 | €523,105 | €523,105 | = | 0.0% |
| Issued capital | 100 | €523,105 | €523,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,180 | -€24,512 | +€47,669 | +66.0% |
| Amounts payable | 17/49 | €631,873 | €577,675 | -€54,197 | -8.6% |
| Amounts payable after more than one year | 17 | €550,000 | €500,000 | -€50,000 | -9.1% |
| Financial debts | 170/4 | €550,000 | €500,000 | -€50,000 | -9.1% |
| Amounts payable within one year | 42/48 | €53,496 | €54,430 | +€934 | +1.7% |
| Trade debts | 44 | €9,215 | €13,830 | +€4,614 | +50.1% |
| Suppliers | 440/4 | €9,215 | €13,830 | +€4,614 | +50.1% |
| Taxes, remuneration and social security | 45 | €10,857 | €16,714 | +€5,857 | +53.9% |
| Taxes | 450/3 | €2,700 | €8,060 | +€5,360 | +198.5% |
| Remuneration and social security | 454/9 | €8,157 | €8,654 | +€497 | +6.1% |
| Other amounts payable | 47/48 | €33,423 | €23,886 | -€9,537 | -28.5% |
| Accrued charges and deferred income | 492/3 | €28,377 | €23,246 | -€5,131 | -18.1% |
| Remuneration, social security and pensions | 62 | €38,122 | €42,972 | +€4,850 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,559 | €39,840 | -€2,719 | -6.4% |
| Other operating charges | 640/8 | €7,766 | €7,136 | -€630 | -8.1% |
| Gross operating margin | 9900 | €126,724 | €183,017 | +€56,293 | +44.4% |
| Operating profit (loss) | 9901 | €38,276 | €93,069 | +€54,792 | +143.1% |
| Financial income | 75/76B | €3 | €186 | +€183 | +6219.0% |
| Recurring financial income | 75 | €3 | €186 | +€183 | +6219.0% |
| Financial charges | 65/66B | €43,847 | €29,346 | -€14,501 | -33.1% |
| Recurring financial charges | 65 | €37,022 | €29,346 | -€7,676 | -20.7% |
| Non-recurring financial charges | 66B | €6,825 | - | -€6,825 | |
| Profit (loss) for the period before taxes | 9903 | -€5,568 | €63,908 | +€69,476 | |
| Income taxes | 67/77 | €3,587 | €16,240 | +€12,652 | +352.7% |
| Profit (loss) for the period | 9904 | -€9,155 | €47,669 | +€56,824 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,155 | €47,669 | +€56,824 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.