FREDERIC: 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.
FREDERIC
Largest movements
- Tangible fixed assets -€86,407
down €86,407 (-9.4%), from €923,685 to €837,277
of which Land and buildings: -€81,343
- Profit (loss) carried forward -€73,789
down €73,789 (-42.7%), from -€172,748 to -€246,538
- Other debts -€17,161
down €17,161 (-1.5%), from €1.1m to €1.1m
- Gross operating margin +€7,091
up €7,091 (+22.9%), from €30,930 to €38,021
- Depreciation +€3,116
up €3,116 (+3.3%), from €94,762 to €97,877
- Other operating charges -€2,113
down €2,113 (-12.5%), from €16,949 to €14,836
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 | €1,121,317 | €1,030,491 | -€90,826 | -8.1% |
| Fixed assets | 21/28 | €923,685 | €837,277 | -€86,407 | -9.4% |
| Tangible fixed assets | 22/27 | €923,685 | €837,277 | -€86,407 | -9.4% |
| Land and buildings | 22 | €906,123 | €824,780 | -€81,343 | -9.0% |
| Plant, machinery and equipment | 23 | €15,124 | €12,498 | -€2,626 | -17.4% |
| Assets under construction and advance payments | 27 | €2,438 | - | -€2,438 | |
| Current assets | 29/58 | €197,632 | €193,213 | -€4,419 | -2.2% |
| Current investments | 50/53 | €106,671 | €112,600 | +€5,928 | +5.6% |
| Cash at bank and in hand | 54/58 | €87,648 | €77,234 | -€10,414 | -11.9% |
| Deferred charges and accrued income | 490/1 | €3,313 | €3,380 | +€67 | +2.0% |
| Total equity and liabilities | 10/49 | €1,121,317 | €1,030,491 | -€90,826 | -8.1% |
| Equity | 10/15 | €3,269 | -€70,521 | -€73,789 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €114,517 | €114,517 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,343 | €7,343 | = | 0.0% |
| Legal reserve | 130 | €7,343 | €7,343 | = | 0.0% |
| Distributable reserves | 133 | €107,174 | €107,174 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,748 | -€246,538 | -€73,789 | -42.7% |
| Amounts payable | 17/49 | €1,118,048 | €1,101,012 | -€17,037 | -1.5% |
| Amounts payable within one year | 42/48 | €1,118,048 | €1,101,012 | -€17,037 | -1.5% |
| Trade debts | 44 | €883 | €891 | +€8 | +0.9% |
| Suppliers | 440/4 | €883 | €891 | +€8 | +0.9% |
| Taxes, remuneration and social security | 45 | €302 | €418 | +€116 | +38.6% |
| Taxes | 450/3 | €302 | €418 | +€116 | +38.6% |
| Other amounts payable | 47/48 | €1,116,864 | €1,099,702 | -€17,161 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,762 | €97,877 | +€3,116 | +3.3% |
| Other operating charges | 640/8 | €16,949 | €14,836 | -€2,113 | -12.5% |
| Gross operating margin | 9900 | €30,930 | €38,021 | +€7,091 | +22.9% |
| Operating profit (loss) | 9901 | -€80,780 | -€74,693 | +€6,088 | +7.5% |
| Financial income | 75/76B | €1,472 | €1,816 | +€345 | +23.4% |
| Recurring financial income | 75 | €1,472 | €1,816 | +€345 | +23.4% |
| Financial charges | 65/66B | €181 | €135 | -€47 | -25.6% |
| Recurring financial charges | 65 | €181 | €135 | -€47 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | -€79,490 | -€73,011 | +€6,479 | +8.2% |
| Income taxes | 67/77 | €606 | €778 | +€173 | +28.5% |
| Profit (loss) for the period | 9904 | -€80,096 | -€73,789 | +€6,306 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,096 | -€73,789 | +€6,306 | +7.9% |
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.