FRECARS: 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.
FRECARS
Largest movements
- Receivables within one year +€82,566
up €82,566 (+2090.1%), from €3,950 to €86,517
of which Other amounts receivable: +€82,869
- Tangible fixed assets -€21,285
down €21,285 (-23.5%), from €90,687 to €69,402
- Cash -€5,581
down €5,581 (-32.1%), from €17,378 to €11,797
mainly Receivables within one year (-€82,566) and Deferred charges and accrued income (-€746)
- Profit (loss) carried forward +€33,515
up €33,515 (+8.0%), from -€420,572 to -€387,057
- Other debts +€15,313
up €15,313 (+4.8%), from €320,000 to €335,313
- Tax, wage and social debts +€6,673
up €6,673 (+648.4%), from €1,029 to €7,702
- Taxes +€4,285
new in 2025: €4,285
- Depreciation +€4,161
up €4,161 (+24.3%), from €17,123 to €21,285
- Gross operating margin +€1,496
up €1,496 (+2.4%), from €62,849 to €64,345
- Other operating charges -€999
down €999 (-17.2%), from €5,820 to €4,821
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.
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 | €163,664 | €220,111 | +€56,447 | +34.5% |
| Fixed assets | 21/28 | €90,687 | €69,402 | -€21,285 | -23.5% |
| Tangible fixed assets | 22/27 | €90,687 | €69,402 | -€21,285 | -23.5% |
| Furniture and vehicles | 24 | €90,687 | €69,402 | -€21,285 | -23.5% |
| Current assets | 29/58 | €72,978 | €150,709 | +€77,731 | +106.5% |
| Stocks and contracts in progress | 3 | €51,649 | €51,649 | = | 0.0% |
| Stocks | 30/36 | €51,649 | €51,649 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,950 | €86,517 | +€82,566 | +2090.1% |
| Trade receivables | 40 | €3,947 | €3,645 | -€303 | -7.7% |
| Other amounts receivable | 41 | €3 | €82,872 | +€82,869 | +2573570.2% |
| Cash at bank and in hand | 54/58 | €17,378 | €11,797 | -€5,581 | -32.1% |
| Deferred charges and accrued income | 490/1 | - | €746 | +€746 | |
| Total equity and liabilities | 10/49 | €163,664 | €220,111 | +€56,447 | +34.5% |
| Equity | 10/15 | -€159,186 | -€125,672 | +€33,515 | +21.1% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €13,492 | €13,492 | = | 0.0% |
| Distributable reserves | 133 | €13,492 | €13,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€420,572 | -€387,057 | +€33,515 | +8.0% |
| Amounts payable | 17/49 | €322,851 | €345,783 | +€22,932 | +7.1% |
| Amounts payable within one year | 42/48 | €322,851 | €345,783 | +€22,932 | +7.1% |
| Trade debts | 44 | €1,822 | €2,768 | +€947 | +52.0% |
| Suppliers | 440/4 | €1,822 | €2,768 | +€947 | +52.0% |
| Taxes, remuneration and social security | 45 | €1,029 | €7,702 | +€6,673 | +648.4% |
| Taxes | 450/3 | €1,029 | €7,702 | +€6,673 | +648.4% |
| Other amounts payable | 47/48 | €320,000 | €335,313 | +€15,313 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,123 | €21,285 | +€4,161 | +24.3% |
| Other operating charges | 640/8 | €5,820 | €4,821 | -€999 | -17.2% |
| Gross operating margin | 9900 | €62,849 | €64,345 | +€1,496 | +2.4% |
| Operating profit (loss) | 9901 | €39,906 | €38,239 | -€1,667 | -4.2% |
| Financial income | 75/76B | €187 | €43 | -€144 | -77.1% |
| Recurring financial income | 75 | €9 | €43 | +€34 | +376.0% |
| Non-recurring financial income | 76B | €178 | - | -€178 | |
| Financial charges | 65/66B | €715 | €482 | -€233 | -32.6% |
| Recurring financial charges | 65 | €441 | €482 | +€41 | +9.3% |
| Non-recurring financial charges | 66B | €274 | - | -€274 | |
| Profit (loss) for the period before taxes | 9903 | €39,377 | €37,800 | -€1,578 | -4.0% |
| Income taxes | 67/77 | - | €4,285 | +€4,285 | |
| Profit (loss) for the period | 9904 | €39,377 | €33,515 | -€5,863 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,377 | €33,515 | -€5,863 | -14.9% |
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 29 September 2026 via checked.be.