FREDERICO: 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.
FREDERICO
Largest movements
- Cash -€30,232
down €30,232 (-74.4%), from €40,627 to €10,395
mainly Receivables within one year (-€27,466) and Deferred charges and accrued income (-€10,000)
- Receivables within one year +€27,466
up €27,466 (+20.9%), from €131,545 to €159,011
of which Trade receivables: +€32,480
- Deferred charges and accrued income +€10,000
new in 2025: €10,000
- Tax, wage and social debts +€15,881
up €15,881 (+17.7%), from €89,491 to €105,372
of which Remuneration and social security: +€18,893
- Trade debts -€5,429
down €5,429 (-78.1%), from €6,947 to €1,518
- Reserves -€3,218
down €3,218 (-23.4%), from €13,735 to €10,517
of which Distributable reserves: -€3,218
- Staff costs +€180,931
up €180,931 (+19.1%), from €945,962 to €1.1m
- Gross operating margin +€161,742
up €161,742 (+16.8%), from €962,795 to €1.1m
- Financial charges -€19,355
down €19,355 (-99.1%), from €19,535 to €180
of which Non-recurring financial charges: -€19,295
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 | €172,172 | €179,407 | +€7,235 | +4.2% |
| Current assets | 29/58 | €172,172 | €179,407 | +€7,235 | +4.2% |
| Amounts receivable within one year | 40/41 | €131,545 | €159,011 | +€27,466 | +20.9% |
| Trade receivables | 40 | €125,354 | €157,834 | +€32,480 | +25.9% |
| Other amounts receivable | 41 | €6,191 | €1,177 | -€5,014 | -81.0% |
| Cash at bank and in hand | 54/58 | €40,627 | €10,395 | -€30,232 | -74.4% |
| Deferred charges and accrued income | 490/1 | - | €10,000 | +€10,000 | |
| Total equity and liabilities | 10/49 | €172,172 | €179,407 | +€7,235 | +4.2% |
| Equity | 10/15 | €75,735 | €72,517 | -€3,218 | -4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €13,735 | €10,517 | -€3,218 | -23.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €7,535 | €4,317 | -€3,218 | -42.7% |
| Amounts payable | 17/49 | €96,437 | €106,890 | +€10,452 | +10.8% |
| Amounts payable within one year | 42/48 | €96,437 | €106,890 | +€10,452 | +10.8% |
| Trade debts | 44 | €6,947 | €1,518 | -€5,429 | -78.1% |
| Suppliers | 440/4 | €6,947 | €1,518 | -€5,429 | -78.1% |
| Taxes, remuneration and social security | 45 | €89,491 | €105,372 | +€15,881 | +17.7% |
| Taxes | 450/3 | €3,012 | - | -€3,012 | |
| Remuneration and social security | 454/9 | €86,478 | €105,372 | +€18,893 | +21.8% |
| Remuneration, social security and pensions | 62 | €945,962 | €1,126,893 | +€180,931 | +19.1% |
| Other operating charges | 640/8 | €853 | €520 | -€333 | -39.1% |
| Gross operating margin | 9900 | €962,795 | €1,124,537 | +€161,742 | +16.8% |
| Operating profit (loss) | 9901 | €15,981 | -€2,876 | -€18,857 | |
| Financial charges | 65/66B | €19,535 | €180 | -€19,355 | -99.1% |
| Recurring financial charges | 65 | €240 | €180 | -€60 | -25.0% |
| Non-recurring financial charges | 66B | €19,295 | - | -€19,295 | |
| Profit (loss) for the period before taxes | 9903 | -€3,555 | -€3,056 | +€499 | +14.0% |
| Income taxes | 67/77 | €97 | €162 | +€65 | +67.2% |
| Profit (loss) for the period | 9904 | -€3,651 | -€3,218 | +€434 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,651 | -€3,218 | +€434 | +11.9% |
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 9 October 2026 via checked.be.