FRECA INVEST: 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 INVEST
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Cash +€311,515
up €311,515 (+439%), from €71,038 to €382,553
mainly Stocks and contracts (+€1.1m) and Other debts (+€193,666)
- Deferred charges and accrued income +€102,267
new in 2025: €102,267
- Advances received -€865,985
down €865,985 (-100%), from €865,985 to €0
- Other debts +€193,666
up €193,666 (+294%), from €65,803 to €259,469
- Reserves -€45,513
down €45,513 (-23.1%), from €196,642 to €151,129
- Gross operating margin -€155,343
down €155,343 (-42.3%), from €367,119 to €211,776
- Financial charges -€92,497
down €92,497 (-99.1%), from €93,336 to €839
- Taxes +€3,940
up €3,940 (+6.7%), from €58,881 to €62,821
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.
Derived cash bridge
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 | €1,201,906 | €486,438 | -€715,468 | -59.5% |
| Current assets | 29/58 | €1,201,906 | €486,438 | -€715,468 | -59.5% |
| Stocks and contracts in progress | 3 | €1,130,868 | €0 | -€1.1m | -100% |
| Stocks | 30/36 | €1,130,868 | €0 | -€1.1m | -100% |
| Amounts receivable within one year | 40/41 | - | €1,618 | +€1,618 | |
| Other amounts receivable | 41 | - | €1,618 | +€1,618 | |
| Cash at bank and in hand | 54/58 | €71,038 | €382,553 | +€311,515 | +439% |
| Deferred charges and accrued income | 490/1 | - | €102,267 | +€102,267 | |
| Total equity and liabilities | 10/49 | €1,201,906 | €486,438 | -€715,468 | -59.5% |
| Equity | 10/15 | €202,642 | €157,129 | -€45,513 | -22.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €196,642 | €151,129 | -€45,513 | -23.1% |
| Distributable reserves | 133 | €196,642 | €151,129 | -€45,513 | -23.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €999,264 | €329,308 | -€669,956 | -67.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €999,264 | €329,308 | -€669,956 | -67.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,896 | €9,609 | +€3,713 | +63.0% |
| Suppliers | 440/4 | €5,896 | €9,609 | +€3,713 | +63.0% |
| Advances received on contracts in progress | 46 | €865,985 | €0 | -€865,985 | -100% |
| Taxes, remuneration and social security | 45 | €61,581 | €60,231 | -€1,350 | -2.2% |
| Taxes | 450/3 | €61,581 | €60,231 | -€1,350 | -2.2% |
| Other amounts payable | 47/48 | €65,803 | €259,469 | +€193,666 | +294% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €367,119 | €211,776 | -€155,343 | -42.3% |
| Operating profit (loss) | 9901 | €366,993 | €211,648 | -€155,345 | -42.3% |
| Financial charges | 65/66B | €93,336 | €839 | -€92,497 | -99.1% |
| Recurring financial charges | 65 | €93,336 | €839 | -€92,497 | -99.1% |
| Profit (loss) for the period before taxes | 9903 | €273,656 | €210,808 | -€62,848 | -23.0% |
| Income taxes | 67/77 | €58,881 | €62,821 | +€3,940 | +6.7% |
| Profit (loss) for the period | 9904 | €214,776 | €147,987 | -€66,788 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €214,776 | €147,987 | -€66,788 | -31.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.