FRECAR: 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.
FRECAR
Largest movements
- Tangible fixed assets +€137,408
up €137,408 (+73.0%), from €188,285 to €325,693
of which Leasing and similar rights: +€129,893
- Cash +€6,793
up €6,793 (+81.0%), from €8,388 to €15,180
mainly Debts after one year (+€123,082) and Depreciation (+€91,776)
- Deferred charges and accrued income +€5,674
up €5,674 (+2,993%), from €190 to €5,864
- Debts after one year +€123,082
up €123,082 (+1,150%), from €10,700 to €133,782
- Reserves +€70,992
up €70,992 (+43.6%), from €162,860 to €233,853
of which Distributable reserves: +€70,992
- Trade debts -€47,441
down €47,441 (-50.0%), from €94,824 to €47,384
- Other debts +€39,542
up €39,542 (+35.0%), from €112,922 to €152,465
- Tax, wage and social debts -€29,109
down €29,109 (-67.0%), from €43,461 to €14,352
of which Remuneration and social security: -€22,769
- Gross operating margin +€177,834
up €177,834 (+212%), from €83,706 to €261,540
- Other operating charges -€19,894
down €19,894 (-91.4%), from €21,757 to €1,863
- Staff costs +€10,128
up €10,128 (+12.6%), from €80,076 to €90,204
- Taxes -€7,056
down €7,056, from €4,407 to -€2,649
- Financial income -€3,849
down €3,849 (-100.0%), from €3,849 to €0
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 | €401,847 | €551,706 | +€149,859 | +37.3% |
| Formation expenses | 20 | €2,553 | €2,553 | = | 0.0% |
| Fixed assets | 21/28 | €195,285 | €332,693 | +€137,408 | +70.4% |
| Tangible fixed assets | 22/27 | €188,285 | €325,693 | +€137,408 | +73.0% |
| Plant, machinery and equipment | 23 | €46,820 | €36,881 | -€9,939 | -21.2% |
| Furniture and vehicles | 24 | €33,202 | €26,767 | -€6,435 | -19.4% |
| Leasing and similar rights | 25 | €54,666 | €184,559 | +€129,893 | +238% |
| Other tangible fixed assets | 26 | €53,596 | €77,486 | +€23,889 | +44.6% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €204,009 | €216,460 | +€12,451 | +6.1% |
| Amounts receivable within one year | 40/41 | €195,432 | €195,416 | -€16 | 0.0% |
| Trade receivables | 40 | €134,347 | €129,000 | -€5,347 | -4.0% |
| Other amounts receivable | 41 | €61,085 | €66,415 | +€5,331 | +8.7% |
| Cash at bank and in hand | 54/58 | €8,388 | €15,180 | +€6,793 | +81.0% |
| Deferred charges and accrued income | 490/1 | €190 | €5,864 | +€5,674 | +2,993% |
| Total equity and liabilities | 10/49 | €401,847 | €551,706 | +€149,859 | +37.3% |
| Equity | 10/15 | €87,036 | €158,029 | +€70,992 | +81.6% |
| Contributions | 10/11 | €44,249 | €44,249 | = | 0.0% |
| Reserves | 13 | €162,860 | €233,853 | +€70,992 | +43.6% |
| Tax-exempt reserves | 132 | €38,400 | €38,400 | = | 0.0% |
| Distributable reserves | 133 | €124,460 | €195,453 | +€70,992 | +57.0% |
| Profit (loss) carried forward | 14 | -€120,073 | -€120,073 | = | 0.0% |
| Amounts payable | 17/49 | €314,811 | €393,678 | +€78,867 | +25.1% |
| Amounts payable after more than one year | 17 | €10,700 | €133,782 | +€123,082 | +1,150% |
| Financial debts | 170/4 | €10,700 | €133,782 | +€123,082 | +1,150% |
| Amounts payable within one year | 42/48 | €304,111 | €259,896 | -€44,215 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €52,904 | €45,696 | -€7,209 | -13.6% |
| Trade debts | 44 | €94,824 | €47,384 | -€47,441 | -50.0% |
| Suppliers | 440/4 | €94,824 | €47,384 | -€47,441 | -50.0% |
| Taxes, remuneration and social security | 45 | €43,461 | €14,352 | -€29,109 | -67.0% |
| Taxes | 450/3 | €8,198 | €1,859 | -€6,339 | -77.3% |
| Remuneration and social security | 454/9 | €35,263 | €12,493 | -€22,769 | -64.6% |
| Other amounts payable | 47/48 | €112,922 | €152,465 | +€39,542 | +35.0% |
| Remuneration, social security and pensions | 62 | €80,076 | €90,204 | +€10,128 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,963 | €91,776 | -€3,186 | -3.4% |
| Other operating charges | 640/8 | €21,757 | €1,863 | -€19,894 | -91.4% |
| Gross operating margin | 9900 | €83,706 | €261,540 | +€177,834 | +212% |
| Operating profit (loss) | 9901 | -€113,090 | €77,696 | +€190,786 | |
| Financial income | 75/76B | €3,849 | €0 | -€3,849 | -100.0% |
| Recurring financial income | 75 | €3,849 | €0 | -€3,849 | -100.0% |
| Financial charges | 65/66B | €6,424 | €9,353 | +€2,928 | +45.6% |
| Recurring financial charges | 65 | €6,424 | €9,353 | +€2,928 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | -€115,666 | €68,344 | +€184,010 | |
| Income taxes | 67/77 | €4,407 | -€2,649 | -€7,056 | |
| Profit (loss) for the period | 9904 | -€120,073 | €70,992 | +€191,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€120,073 | €70,992 | +€191,065 |
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 26 October 2026 via checked.be.