FREDCO: 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.
FREDCO
Largest movements
- Cash -€42,195
down €42,195 (-70.9%), from €59,547 to €17,352
mainly Contributions, distributions and other (-€130,500) and Debts after one year (-€17,288)
- Receivables within one year +€3,867
up €3,867 (+25.1%), from €15,380 to €19,247
of which Other amounts receivable: +€4,739
- Tangible fixed assets -€3,800
down €3,800 (-6.0%), from €63,032 to €59,231
of which Other tangible fixed assets: -€2,292
- Deferred charges and accrued income +€2,856
up €2,856 (+330.7%), from €864 to €3,719
- Reserves -€78,500
down €78,500 (-100.0%), from €78,500 to €0
- Other debts +€49,071
up €49,071 (+1308.5%), from €3,750 to €52,822
- Debts after one year -€17,288
down €17,288 (-59.7%), from €28,965 to €11,676
of which Other amounts payable: -€13,234
- Short-term financial debts +€3,375
new in 2025: €3,375
- Trade debts +€2,784
up €2,784 (+203.0%), from €1,372 to €4,156
- Gross operating margin -€26,802
down €26,802 (-26.3%), from €101,938 to €75,136
- Depreciation -€7,159
down €7,159 (-59.5%), from €12,025 to €4,866
- Taxes -€4,638
down €4,638 (-23.4%), from €19,794 to €15,156
- Other operating charges -€2,158
down €2,158 (-66.0%), from €3,271 to €1,113
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 | €138,822 | €99,550 | -€39,272 | -28.3% |
| Fixed assets | 21/28 | €63,032 | €59,231 | -€3,800 | -6.0% |
| Tangible fixed assets | 22/27 | €63,032 | €59,231 | -€3,800 | -6.0% |
| Land and buildings | 22 | €19,000 | €19,000 | = | 0.0% |
| Furniture and vehicles | 24 | €1,508 | €0 | -€1,508 | -100.0% |
| Other tangible fixed assets | 26 | €42,524 | €40,231 | -€2,292 | -5.4% |
| Current assets | 29/58 | €75,790 | €40,319 | -€35,472 | -46.8% |
| Amounts receivable within one year | 40/41 | €15,380 | €19,247 | +€3,867 | +25.1% |
| Trade receivables | 40 | €15,048 | €14,176 | -€872 | -5.8% |
| Other amounts receivable | 41 | €332 | €5,071 | +€4,739 | +1428.8% |
| Cash at bank and in hand | 54/58 | €59,547 | €17,352 | -€42,195 | -70.9% |
| Deferred charges and accrued income | 490/1 | €864 | €3,719 | +€2,856 | +330.7% |
| Total equity and liabilities | 10/49 | €138,822 | €99,550 | -€39,272 | -28.3% |
| Equity | 10/15 | €88,809 | €10,246 | -€78,564 | -88.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €78,500 | €0 | -€78,500 | -100.0% |
| Distributable reserves | 133 | €78,500 | €0 | -€78,500 | -100.0% |
| Profit (loss) carried forward | 14 | €309 | €246 | -€64 | -20.6% |
| Amounts payable | 17/49 | €50,013 | €89,304 | +€39,292 | +78.6% |
| Amounts payable after more than one year | 17 | €28,965 | €11,676 | -€17,288 | -59.7% |
| Financial debts | 170/4 | €11,245 | €7,191 | -€4,054 | -36.1% |
| Other amounts payable | 178/9 | €17,719 | €4,485 | -€13,234 | -74.7% |
| Amounts payable within one year | 42/48 | €21,048 | €77,628 | +€56,580 | +268.8% |
| Current portion of amounts payable after more than one year | 42 | €5,320 | €4,054 | -€1,266 | -23.8% |
| Financial debts | 43 | - | €3,375 | +€3,375 | |
| Credit institutions | 430/8 | - | €3,375 | +€3,375 | |
| Trade debts | 44 | €1,372 | €4,156 | +€2,784 | +203.0% |
| Suppliers | 440/4 | €1,372 | €4,156 | +€2,784 | +203.0% |
| Taxes, remuneration and social security | 45 | €10,607 | €13,222 | +€2,615 | +24.7% |
| Taxes | 450/3 | €10,607 | €13,222 | +€2,615 | +24.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,750 | €52,822 | +€49,071 | +1308.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,025 | €4,866 | -€7,159 | -59.5% |
| Other operating charges | 640/8 | €3,271 | €1,113 | -€2,158 | -66.0% |
| Gross operating margin | 9900 | €101,938 | €75,136 | -€26,802 | -26.3% |
| Operating profit (loss) | 9901 | €86,642 | €69,157 | -€17,485 | -20.2% |
| Financial income | 75/76B | €70 | €317 | +€247 | +351.5% |
| Recurring financial income | 75 | €70 | €317 | +€247 | +351.5% |
| Financial charges | 65/66B | €3,168 | €2,382 | -€786 | -24.8% |
| Recurring financial charges | 65 | €3,168 | €2,382 | -€786 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €83,544 | €67,092 | -€16,451 | -19.7% |
| Income taxes | 67/77 | €19,794 | €15,156 | -€4,638 | -23.4% |
| Profit (loss) for the period | 9904 | €63,749 | €51,936 | -€11,813 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,749 | €51,936 | -€11,813 | -18.5% |
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 5 October 2026 via checked.be.