FREDECON: 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.
FREDECON
Largest movements
- Cash +€50,046
up €50,046 (+68.1%), from €73,519 to €123,566
mainly Net result for the year (+€90,011) and Other debts (+€82,228)
- Other debts +€82,228
up €82,228 (+141%), from €58,390 to €140,619
- Debts after one year -€53,692
down €53,692 (-31.0%), from €173,284 to €119,592
- Current portion of long-term debt +€20,570
up €20,570 (+157%), from €13,122 to €33,692
- Financial income -€14,592
down €14,592 (-21.3%), from €68,592 to €54,000
- Gross operating margin +€6,809
up €6,809 (+12.1%), from €56,362 to €63,172
- Taxes -€1,668
down €1,668 (-10.0%), from €16,678 to €15,010
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 | €397,726 | €447,039 | +€49,314 | +12.4% |
| Fixed assets | 21/28 | €311,091 | €309,536 | -€1,556 | -0.5% |
| Tangible fixed assets | 22/27 | €11,153 | €9,597 | -€1,556 | -13.9% |
| Land and buildings | 22 | €8,457 | €7,534 | -€923 | -10.9% |
| Furniture and vehicles | 24 | €2,696 | €2,063 | -€632 | -23.5% |
| Financial fixed assets | 28 | €299,938 | €299,938 | = | 0.0% |
| Current assets | 29/58 | €86,635 | €137,504 | +€50,869 | +58.7% |
| Amounts receivable within one year | 40/41 | €13,115 | €13,938 | +€823 | +6.3% |
| Trade receivables | 40 | €11,794 | €13,938 | +€2,145 | +18.2% |
| Other amounts receivable | 41 | €1,322 | €0 | -€1,322 | -100% |
| Cash at bank and in hand | 54/58 | €73,519 | €123,566 | +€50,046 | +68.1% |
| Total equity and liabilities | 10/49 | €397,726 | €447,039 | +€49,314 | +12.4% |
| Equity | 10/15 | €138,000 | €138,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €136,000 | €136,000 | = | 0.0% |
| Distributable reserves | 133 | €136,000 | €136,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €259,726 | €309,039 | +€49,314 | +19.0% |
| Amounts payable after more than one year | 17 | €173,284 | €119,592 | -€53,692 | -31.0% |
| Financial debts | 170/4 | €173,284 | €119,592 | -€53,692 | -31.0% |
| Amounts payable within one year | 42/48 | €86,442 | €187,392 | +€100,950 | +117% |
| Current portion of amounts payable after more than one year | 42 | €13,122 | €33,692 | +€20,570 | +157% |
| Trade debts | 44 | €1,524 | €1,529 | +€5 | +0.3% |
| Suppliers | 440/4 | €1,524 | €1,529 | +€5 | +0.3% |
| Taxes, remuneration and social security | 45 | €13,405 | €11,552 | -€1,853 | -13.8% |
| Taxes | 450/3 | €13,405 | €11,552 | -€1,853 | -13.8% |
| Other amounts payable | 47/48 | €58,390 | €140,619 | +€82,228 | +141% |
| Accrued charges and deferred income | 492/3 | - | €2,055 | +€2,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,232 | €1,556 | +€324 | +26.3% |
| Other operating charges | 640/8 | €728 | €707 | -€21 | -2.8% |
| Gross operating margin | 9900 | €56,362 | €63,172 | +€6,809 | +12.1% |
| Operating profit (loss) | 9901 | €54,402 | €60,909 | +€6,506 | +12.0% |
| Financial income | 75/76B | €68,592 | €54,000 | -€14,592 | -21.3% |
| Recurring financial income | 75 | €68,592 | €54,000 | -€14,592 | -21.3% |
| Financial charges | 65/66B | €10,389 | €9,887 | -€502 | -4.8% |
| Recurring financial charges | 65 | €10,389 | €9,887 | -€502 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €112,606 | €105,022 | -€7,584 | -6.7% |
| Income taxes | 67/77 | €16,678 | €15,010 | -€1,668 | -10.0% |
| Profit (loss) for the period | 9904 | €95,928 | €90,011 | -€5,916 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,928 | €90,011 | -€5,916 | -6.2% |
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 14 October 2026 via checked.be.