FREDAM: 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.
FREDAM
Largest movements
- Cash -€683,106
down €683,106 (-94.3%), from €724,705 to €41,598
mainly Investment in fixed assets (net) (-€1.0m) and Net result for the year (-€68,553)
- Financial fixed assets +€546,783
new in 2025: €546,783
- Tangible fixed assets +€376,898
up €376,898 (+13.5%), from €2.8m to €3.2m
of which Land and buildings: +€371,712
- Receivables within one year -€49,611
down €49,611 (-77.6%), from €63,939 to €14,328
of which Trade receivables: -€50,388
- Debts after one year +€313,777
up €313,777 (+1036.8%), from €30,265 to €344,042
of which Financial debts: +€316,927
- Other debts -€66,150
down €66,150 (-27.6%), from €239,990 to €173,840
- Profit (loss) carried forward -€48,081
down €48,081 (-39.1%), from -€122,839 to -€170,920
- Financial income +€21,836
up €21,836 (+231.7%), from €9,426 to €31,262
- Depreciation +€14,625
up €14,625 (+14.1%), from €103,817 to €118,443
- Financial charges +€6,389
up €6,389 (+31.3%), from €20,419 to €26,808
- Gross operating margin +€3,695
up €3,695 (+3.8%), from €97,182 to €100,876
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 | €3,585,475 | €3,777,897 | +€192,422 | +5.4% |
| Fixed assets | 21/28 | €2,790,674 | €3,714,354 | +€923,680 | +33.1% |
| Tangible fixed assets | 22/27 | €2,790,674 | €3,167,572 | +€376,898 | +13.5% |
| Land and buildings | 22 | €2,782,821 | €3,154,533 | +€371,712 | +13.4% |
| Furniture and vehicles | 24 | €7,853 | €13,039 | +€5,186 | +66.0% |
| Financial fixed assets | 28 | - | €546,783 | +€546,783 | |
| Current assets | 29/58 | €794,801 | €63,543 | -€731,259 | -92.0% |
| Amounts receivable within one year | 40/41 | €63,939 | €14,328 | -€49,611 | -77.6% |
| Trade receivables | 40 | €63,939 | €13,551 | -€50,388 | -78.8% |
| Other amounts receivable | 41 | - | €777 | +€777 | |
| Cash at bank and in hand | 54/58 | €724,705 | €41,598 | -€683,106 | -94.3% |
| Deferred charges and accrued income | 490/1 | €6,158 | €7,616 | +€1,458 | +23.7% |
| Total equity and liabilities | 10/49 | €3,585,475 | €3,777,897 | +€192,422 | +5.4% |
| Equity | 10/15 | €2,973,900 | €2,905,348 | -€68,553 | -2.3% |
| Contributions | 10/11 | €2,221,126 | €2,221,126 | = | 0.0% |
| Capital | 10 | €2,221,126 | €2,221,126 | = | 0.0% |
| Issued capital | 100 | €2,221,126 | €2,221,126 | = | 0.0% |
| Reserves | 13 | €875,614 | €855,142 | -€20,472 | -2.3% |
| Non-distributable reserves | 130/1 | €37,397 | €37,397 | = | 0.0% |
| Legal reserve | 130 | €37,397 | €37,397 | = | 0.0% |
| Tax-exempt reserves | 132 | €731,115 | €710,643 | -€20,472 | -2.8% |
| Distributable reserves | 133 | €107,102 | €107,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,839 | -€170,920 | -€48,081 | -39.1% |
| Provisions and deferred taxes | 16 | €279,352 | €272,975 | -€6,377 | -2.3% |
| Provisions for liabilities and charges | 160/5 | - | €2,000 | +€2,000 | |
| Other liabilities and charges | 164/5 | - | €2,000 | +€2,000 | |
| Deferred taxes | 168 | €279,352 | €270,975 | -€8,377 | -3.0% |
| Amounts payable | 17/49 | €332,223 | €599,574 | +€267,351 | +80.5% |
| Amounts payable after more than one year | 17 | €30,265 | €344,042 | +€313,777 | +1036.8% |
| Financial debts | 170/4 | - | €316,927 | +€316,927 | |
| Other amounts payable | 178/9 | €30,265 | €27,115 | -€3,150 | -10.4% |
| Amounts payable within one year | 42/48 | €276,690 | €215,429 | -€61,262 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | - | €12,235 | +€12,235 | |
| Trade debts | 44 | €22,358 | €10,581 | -€11,778 | -52.7% |
| Suppliers | 440/4 | €22,358 | €10,581 | -€11,778 | -52.7% |
| Taxes, remuneration and social security | 45 | €14,342 | €18,773 | +€4,431 | +30.9% |
| Taxes | 450/3 | €3,187 | €3,013 | -€174 | -5.5% |
| Remuneration and social security | 454/9 | €11,155 | €15,760 | +€4,605 | +41.3% |
| Other amounts payable | 47/48 | €239,990 | €173,840 | -€66,150 | -27.6% |
| Accrued charges and deferred income | 492/3 | €25,267 | €40,103 | +€14,836 | +58.7% |
| Remuneration, social security and pensions | 62 | €59,281 | €60,020 | +€739 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,817 | €118,443 | +€14,625 | +14.1% |
| Non-recurring operating charges | 66A | - | €2,000 | +€2,000 | |
| Gross operating margin | 9900 | €97,182 | €100,876 | +€3,695 | +3.8% |
| Operating profit (loss) | 9901 | -€65,916 | -€79,587 | -€13,670 | -20.7% |
| Financial income | 75/76B | €9,426 | €31,262 | +€21,836 | +231.7% |
| Recurring financial income | 75 | €9,426 | €31,262 | +€21,836 | +231.7% |
| Financial charges | 65/66B | €20,419 | €26,808 | +€6,389 | +31.3% |
| Recurring financial charges | 65 | €20,419 | €26,808 | +€6,389 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | -€76,910 | -€75,133 | +€1,777 | +2.3% |
| Transfer from deferred taxes | 780 | €5,415 | €8,377 | +€2,962 | +54.7% |
| Income taxes | 67/77 | €1,164 | €1,797 | +€633 | +54.4% |
| Profit (loss) for the period | 9904 | -€72,659 | -€68,553 | +€4,106 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €11,586 | €20,472 | +€8,886 | +76.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,073 | -€48,081 | +€12,992 | +21.3% |
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 9 October 2026 via checked.be.