FREDC°: 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.
FREDC°
Largest movements
- Current investments +€214,180
up €214,180 (+32.7%), from €655,340 to €869,520
- Receivables within one year -€106,552
down €106,552 (-34.6%), from €307,917 to €201,365
of which Other amounts receivable: -€107,856
- Debts after one year +€207,630
up €207,630 (+14.1%), from €1.5m to €1.7m
- Reserves -€47,000
down €47,000 (-3.4%), from €1.4m to €1.3m
of which Distributable reserves: -€47,000
- Financial income -€181,836
down €181,836 (-47.7%), from €381,265 to €199,429
- Other operating charges -€55,038
down €55,038 (-74.3%), from €74,061 to €19,023
- Gross operating margin +€16,006
up €16,006 (+5.3%), from €300,903 to €316,908
- Taxes +€11,349
up €11,349 (+18.9%), from €60,126 to €71,475
- Depreciation +€6,442
up €6,442 (+9.9%), from €64,992 to €71,434
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 | €3,074,287 | €3,223,922 | +€149,635 | +4.9% |
| Fixed assets | 21/28 | €2,094,077 | €2,110,836 | +€16,759 | +0.8% |
| Tangible fixed assets | 22/27 | €1,502,559 | €1,519,318 | +€16,759 | +1.1% |
| Land and buildings | 22 | €1,502,559 | €1,436,952 | -€65,607 | -4.4% |
| Assets under construction and advance payments | 27 | - | €82,366 | +€82,366 | |
| Financial fixed assets | 28 | €591,518 | €591,518 | = | 0.0% |
| Current assets | 29/58 | €980,210 | €1,113,087 | +€132,876 | +13.6% |
| Amounts receivable within one year | 40/41 | €307,917 | €201,365 | -€106,552 | -34.6% |
| Trade receivables | 40 | €3,395 | €4,699 | +€1,304 | +38.4% |
| Other amounts receivable | 41 | €304,522 | €196,666 | -€107,856 | -35.4% |
| Current investments | 50/53 | €655,340 | €869,520 | +€214,180 | +32.7% |
| Cash at bank and in hand | 54/58 | €9,293 | €30,978 | +€21,685 | +233.3% |
| Deferred charges and accrued income | 490/1 | €7,660 | €11,224 | +€3,564 | +46.5% |
| Total equity and liabilities | 10/49 | €3,074,287 | €3,223,922 | +€149,635 | +4.9% |
| Equity | 10/15 | €1,376,318 | €1,330,411 | -€45,907 | -3.3% |
| Reserves | 13 | €1,373,984 | €1,326,984 | -€47,000 | -3.4% |
| Tax-exempt reserves | 132 | €109 | €109 | = | 0.0% |
| Distributable reserves | 133 | €1,373,875 | €1,326,875 | -€47,000 | -3.4% |
| Profit (loss) carried forward | 14 | €2,334 | €3,427 | +€1,093 | +46.8% |
| Amounts payable | 17/49 | €1,697,970 | €1,893,511 | +€195,542 | +11.5% |
| Amounts payable after more than one year | 17 | €1,473,906 | €1,681,536 | +€207,630 | +14.1% |
| Financial debts | 170/4 | €1,473,906 | €1,681,536 | +€207,630 | +14.1% |
| Amounts payable within one year | 42/48 | €222,557 | €208,277 | -€14,280 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €136,039 | €105,722 | -€30,317 | -22.3% |
| Trade debts | 44 | €7,211 | €31,058 | +€23,847 | +330.7% |
| Suppliers | 440/4 | €7,211 | €31,058 | +€23,847 | +330.7% |
| Advances received on contracts in progress | 46 | - | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €74,986 | €61,497 | -€13,489 | -18.0% |
| Taxes | 450/3 | €74,986 | €59,497 | -€15,489 | -20.7% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €4,321 | €0 | -€4,321 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,506 | €3,698 | +€2,192 | +145.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,992 | €71,434 | +€6,442 | +9.9% |
| Other operating charges | 640/8 | €74,061 | €19,023 | -€55,038 | -74.3% |
| Non-recurring operating charges | 66A | €0 | €256 | +€256 | |
| Gross operating margin | 9900 | €300,903 | €316,908 | +€16,006 | +5.3% |
| Operating profit (loss) | 9901 | €161,849 | €226,195 | +€64,345 | +39.8% |
| Financial income | 75/76B | €381,265 | €199,429 | -€181,836 | -47.7% |
| Recurring financial income | 75 | €381,265 | €199,429 | -€181,836 | -47.7% |
| Financial charges | 65/66B | €95,812 | €94,056 | -€1,756 | -1.8% |
| Recurring financial charges | 65 | €95,812 | €94,056 | -€1,756 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €447,302 | €331,568 | -€115,734 | -25.9% |
| Income taxes | 67/77 | €60,126 | €71,475 | +€11,349 | +18.9% |
| Profit (loss) for the period | 9904 | €387,176 | €260,093 | -€127,083 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €387,176 | €260,093 | -€127,083 | -32.8% |
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 8 October 2026 via checked.be.