FRECo: 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.
FRECo
Largest movements
- Tangible fixed assets +€952,753
up €952,753 (+12.3%), from €7.8m to €8.7m
- Short-term financial debts +€481,000
up €481,000 (+19.3%), from €2.5m to €3.0m
- Current portion of long-term debt +€449,098
new in 2025: €449,098
- Profit (loss) carried forward -€233,460
down €233,460 (-7.4%), from -€3.1m to -€3.4m
- Trade debts -€203,229
down €203,229 (-86.2%), from €235,750 to €32,521
- Accrued charges and deferred income +€200,309
up €200,309 (+39.0%), from €513,964 to €714,273
- Gross operating margin +€487,256
up €487,256 (+1,925%), from €25,319 to €512,575
- Financial charges +€98,110
up €98,110 (+38.2%), from €256,635 to €354,744
- Depreciation +€91,042
up €91,042 (+38.9%), from €233,749 to €324,791
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 | €7,900,087 | €8,836,334 | +€936,248 | +11.9% |
| Fixed assets | 21/28 | €7,750,739 | €8,703,492 | +€952,753 | +12.3% |
| Tangible fixed assets | 22/27 | €7,750,739 | €8,703,492 | +€952,753 | +12.3% |
| Land and buildings | 22 | €7,750,739 | €8,703,492 | +€952,753 | +12.3% |
| Current assets | 29/58 | €149,347 | €132,842 | -€16,505 | -11.1% |
| Amounts receivable within one year | 40/41 | €16,589 | €35,744 | +€19,155 | +115% |
| Trade receivables | 40 | - | €35,744 | +€35,744 | |
| Other amounts receivable | 41 | €16,589 | - | -€16,589 | |
| Cash at bank and in hand | 54/58 | €73,919 | €97,099 | +€23,180 | +31.4% |
| Deferred charges and accrued income | 490/1 | €58,840 | - | -€58,840 | |
| Total equity and liabilities | 10/49 | €7,900,087 | €8,836,334 | +€936,248 | +11.9% |
| Equity | 10/15 | -€1,006,185 | -€1,239,646 | -€233,460 | -23.2% |
| Contributions | 10/11 | €2,133,333 | €2,133,333 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,139,518 | -€3,372,979 | -€233,460 | -7.4% |
| Amounts payable | 17/49 | €8,906,272 | €10,075,980 | +€1.2m | +13.1% |
| Amounts payable after more than one year | 17 | €5,668,999 | €5,756,509 | +€87,511 | +1.5% |
| Financial debts | 170/4 | €5,668,999 | €5,756,509 | +€87,511 | +1.5% |
| Amounts payable within one year | 42/48 | €2,723,309 | €3,605,197 | +€881,888 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | - | €449,098 | +€449,098 | |
| Financial debts | 43 | €2,487,559 | €2,968,559 | +€481,000 | +19.3% |
| Other loans | 439 | €2,487,559 | €2,968,559 | +€481,000 | +19.3% |
| Trade debts | 44 | €235,750 | €32,521 | -€203,229 | -86.2% |
| Suppliers | 440/4 | €235,750 | €32,521 | -€203,229 | -86.2% |
| Taxes, remuneration and social security | 45 | - | €22,087 | +€22,087 | |
| Taxes | 450/3 | - | €22,087 | +€22,087 | |
| Other amounts payable | 47/48 | - | €132,932 | +€132,932 | |
| Accrued charges and deferred income | 492/3 | €513,964 | €714,273 | +€200,309 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,749 | €324,791 | +€91,042 | +38.9% |
| Other operating charges | 640/8 | €65,227 | €66,571 | +€1,344 | +2.1% |
| Gross operating margin | 9900 | €25,319 | €512,575 | +€487,256 | +1,925% |
| Operating profit (loss) | 9901 | -€273,658 | €121,212 | +€394,869 | |
| Financial income | 75/76B | - | €82 | +€82 | |
| Recurring financial income | 75 | - | €82 | +€82 | |
| Financial charges | 65/66B | €256,635 | €354,744 | +€98,110 | +38.2% |
| Recurring financial charges | 65 | €256,635 | €354,744 | +€98,110 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | -€530,292 | -€233,451 | +€296,842 | +56.0% |
| Income taxes | 67/77 | - | €10 | +€10 | |
| Profit (loss) for the period | 9904 | -€530,292 | -€233,460 | +€296,832 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€530,292 | -€233,460 | +€296,832 | +56.0% |
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 17 October 2026 via checked.be.