FRED AND CO: 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.
FRED AND CO
Largest movements
- Financial fixed assets -€2.8m
no longer reported in 2025 (was €2.8m)
- Tangible fixed assets -€234,522
down €234,522 (-4.2%), from €5.5m to €5.3m
of which Land and buildings: -€286,452
- Other debts -€2.6m
down €2.6m (-89.0%), from €2.9m to €318,082
- Debts after one year -€582,505
down €582,505 (-11.5%), from €5.1m to €4.5m
of which Financial debts: -€582,505
- Profit (loss) carried forward +€97,751
up €97,751 (+3.3%), from -€3.0m to -€2.9m
- Financial income +€731,237
up €731,237 (+22,507%), from €3,249 to €734,486
of which Non-recurring financial income: +€731,912
- Financial charges +€623,015
up €623,015 (+264%), from €235,794 to €858,809
of which Non-recurring financial charges: +€688,099
- Gross operating margin +€73,262
up €73,262 (+15.7%), from €466,985 to €540,247
- Depreciation -€11,366
down €11,366 (-3.8%), from €301,951 to €290,585
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 | €8,559,803 | €5,458,417 | -€3.1m | -36.2% |
| Fixed assets | 21/28 | €8,303,723 | €5,301,113 | -€3.0m | -36.2% |
| Tangible fixed assets | 22/27 | €5,535,635 | €5,301,113 | -€234,522 | -4.2% |
| Land and buildings | 22 | €5,517,177 | €5,230,725 | -€286,452 | -5.2% |
| Plant, machinery and equipment | 23 | €1,166 | €0 | -€1,166 | -100% |
| Assets under construction and advance payments | 27 | €17,293 | €70,389 | +€53,096 | +307% |
| Financial fixed assets | 28 | €2,768,088 | - | -€2.8m | |
| Current assets | 29/58 | €256,080 | €157,304 | -€98,776 | -38.6% |
| Amounts receivable within one year | 40/41 | €64,214 | €29,656 | -€34,558 | -53.8% |
| Trade receivables | 40 | €29,444 | €29,656 | +€212 | +0.7% |
| Other amounts receivable | 41 | €34,770 | - | -€34,770 | |
| Cash at bank and in hand | 54/58 | €98,492 | €81,008 | -€17,483 | -17.8% |
| Deferred charges and accrued income | 490/1 | €93,374 | €46,640 | -€46,734 | -50.1% |
| Total equity and liabilities | 10/49 | €8,559,803 | €5,458,417 | -€3.1m | -36.2% |
| Equity | 10/15 | -€156,449 | -€69,307 | +€87,142 | +55.7% |
| Contributions | 10/11 | €2,800,000 | €2,800,000 | = | 0.0% |
| Reserves | 13 | €545 | €545 | = | 0.0% |
| Non-distributable reserves | 130/1 | €545 | €545 | = | 0.0% |
| Reserves not available under the articles | 1311 | €545 | €545 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,988,516 | -€2,890,764 | +€97,751 | +3.3% |
| Investment grants | 15 | €31,521 | €20,912 | -€10,609 | -33.7% |
| Provisions and deferred taxes | 16 | €79,362 | €82,660 | +€3,299 | +4.2% |
| Deferred taxes | 168 | €79,362 | €82,660 | +€3,299 | +4.2% |
| Amounts payable | 17/49 | €8,636,891 | €5,445,064 | -€3.2m | -37.0% |
| Amounts payable after more than one year | 17 | €5,052,115 | €4,469,610 | -€582,505 | -11.5% |
| Financial debts | 170/4 | €2,891,006 | €2,308,501 | -€582,505 | -20.1% |
| Other amounts payable | 178/9 | €2,161,109 | €2,161,109 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,581,377 | €972,537 | -€2.6m | -72.8% |
| Current portion of amounts payable after more than one year | 42 | €567,091 | €582,505 | +€15,414 | +2.7% |
| Trade debts | 44 | €116,043 | €67,718 | -€48,326 | -41.6% |
| Suppliers | 440/4 | €116,043 | €67,718 | -€48,326 | -41.6% |
| Advances received on contracts in progress | 46 | - | €4,233 | +€4,233 | |
| Other amounts payable | 47/48 | €2,898,242 | €318,082 | -€2.6m | -89.0% |
| Accrued charges and deferred income | 492/3 | €3,399 | €2,917 | -€483 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301,951 | €290,585 | -€11,366 | -3.8% |
| Other operating charges | 640/8 | €29,475 | €32,123 | +€2,648 | +9.0% |
| Non-recurring operating charges | 66A | €162,319 | - | -€162,319 | |
| Gross operating margin | 9900 | €466,985 | €540,247 | +€73,262 | +15.7% |
| Operating profit (loss) | 9901 | -€26,760 | €217,538 | +€244,298 | |
| Financial income | 75/76B | €3,249 | €734,486 | +€731,237 | +22,507% |
| Recurring financial income | 75 | €3,249 | €2,574 | -€675 | -20.8% |
| Non-recurring financial income | 76B | - | €731,912 | +€731,912 | |
| Financial charges | 65/66B | €235,794 | €858,809 | +€623,015 | +264% |
| Recurring financial charges | 65 | €191,981 | €126,897 | -€65,084 | -33.9% |
| Non-recurring financial charges | 66B | €43,813 | €731,912 | +€688,099 | +1,571% |
| Profit (loss) for the period before taxes | 9903 | -€259,306 | €93,215 | +€352,521 | |
| Transfer from deferred taxes | 780 | €4,056 | €4,536 | +€480 | +11.8% |
| Profit (loss) for the period | 9904 | -€255,250 | €97,751 | +€353,001 | |
| Profit (loss) for the period to be appropriated | 9905 | -€255,250 | €97,751 | +€353,001 |
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 31 October 2026 via checked.be.