FREDAU: 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.
FREDAU
Largest movements
- Cash -€41,324
down €41,324 (-40.3%), from €102,658 to €61,334
mainly Debts after one year (-€25,814) and Receivables within one year (-€21,029)
- Receivables within one year +€21,029
up €21,029 (+37.0%), from €56,878 to €77,907
of which Other amounts receivable: +€23,752
- Tangible fixed assets -€15,818
down €15,818 (-3.5%), from €446,465 to €430,647
of which Land and buildings: -€11,500
- Debts after one year -€25,814
down €25,814 (-17.1%), from €151,308 to €125,494
- Depreciation +€15,818
new in 2025: €15,818
- Gross operating margin +€15,343
up €15,343, from -€4,150 to €11,193
- Financial income +€5,005
up €5,005 (+453.4%), from €1,104 to €6,109
- Staff costs -€1,856
no longer reported in 2025 (was €1,856)
- Financial charges -€780
down €780 (-22.6%), from €3,456 to €2,676
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 | €612,106 | €575,993 | -€36,113 | -5.9% |
| Fixed assets | 21/28 | €446,465 | €430,647 | -€15,818 | -3.5% |
| Tangible fixed assets | 22/27 | €446,465 | €430,647 | -€15,818 | -3.5% |
| Land and buildings | 22 | €431,435 | €419,935 | -€11,500 | -2.7% |
| Plant, machinery and equipment | 23 | €13,182 | €9,664 | -€3,518 | -26.7% |
| Furniture and vehicles | 24 | €1,848 | €1,048 | -€800 | -43.3% |
| Current assets | 29/58 | €165,641 | €145,346 | -€20,295 | -12.3% |
| Amounts receivable within one year | 40/41 | €56,878 | €77,907 | +€21,029 | +37.0% |
| Trade receivables | 40 | €2,723 | - | -€2,723 | |
| Other amounts receivable | 41 | €54,155 | €77,907 | +€23,752 | +43.9% |
| Cash at bank and in hand | 54/58 | €102,658 | €61,334 | -€41,324 | -40.3% |
| Deferred charges and accrued income | 490/1 | €6,105 | €6,105 | = | 0.0% |
| Total equity and liabilities | 10/49 | €612,106 | €575,993 | -€36,113 | -5.9% |
| Equity | 10/15 | €430,661 | €423,179 | -€7,482 | -1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €340,533 | €340,533 | = | 0.0% |
| Distributable reserves | 133 | €340,533 | €340,533 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,630 | €76,446 | -€5,184 | -6.4% |
| Investment grants | 15 | €2,298 | - | -€2,298 | |
| Provisions and deferred taxes | 16 | €702 | - | -€702 | |
| Deferred taxes | 168 | €702 | - | -€702 | |
| Amounts payable | 17/49 | €180,743 | €152,814 | -€27,929 | -15.5% |
| Amounts payable after more than one year | 17 | €151,308 | €125,494 | -€25,814 | -17.1% |
| Financial debts | 170/4 | €151,308 | €125,494 | -€25,814 | -17.1% |
| Amounts payable within one year | 42/48 | €29,435 | €27,320 | -€2,115 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €25,814 | €25,814 | = | 0.0% |
| Trade debts | 44 | €280 | €436 | +€156 | +55.9% |
| Suppliers | 440/4 | €280 | €436 | +€156 | +55.9% |
| Taxes, remuneration and social security | 45 | €3,341 | €1,069 | -€2,271 | -68.0% |
| Taxes | 450/3 | €3,341 | €1,069 | -€2,271 | -68.0% |
| Remuneration, social security and pensions | 62 | €1,856 | - | -€1,856 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €15,818 | +€15,818 | |
| Other operating charges | 640/8 | €4,143 | €3,993 | -€150 | -3.6% |
| Non-recurring operating charges | 66A | €793 | - | -€793 | |
| Gross operating margin | 9900 | -€4,150 | €11,193 | +€15,343 | |
| Operating profit (loss) | 9901 | -€10,942 | -€8,617 | +€2,325 | +21.3% |
| Financial income | 75/76B | €1,104 | €6,109 | +€5,005 | +453.4% |
| Recurring financial income | 75 | €1,104 | €6,109 | +€5,005 | +453.4% |
| Financial charges | 65/66B | €3,456 | €2,676 | -€780 | -22.6% |
| Recurring financial charges | 65 | €3,456 | €2,676 | -€780 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,294 | -€5,184 | +€8,110 | +61.0% |
| Profit (loss) for the period | 9904 | -€13,294 | -€5,184 | +€8,110 | +61.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,294 | -€5,184 | +€8,110 | +61.0% |
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.