Frederik & C°: 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.
What changed
Frederik & C°
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€231,521
2024 · €530,864-€762,384
Equity
€1.8m
2024 · €2.1m-€231,521
Cash
€14,148
2024 · €56,891-€42,744
Balance sheet total
€4.0m
2024 · €5.1m-€1.1m
Largest movements
Assets
- Stocks and contracts -€662,461
down €662,461 (-100%), from €662,461 to €0
- Receivables within one year -€319,062
down €319,062 (-29.6%), from €1.1m to €760,075
of which Trade receivables: -€310,881
- Tangible fixed assets -€113,841
down €113,841 (-3.8%), from €3.0m to €2.9m
of which Land and buildings: -€111,901
Equity and liabilities
- Other debts -€568,741
down €568,741 (-30.9%), from €1.8m to €1.3m
- Debts after one year -€277,755
down €277,755 (-39.7%), from €700,122 to €422,367
- Reserves -€231,521
down €231,521 (-11.5%), from €2.0m to €1.8m
of which Distributable reserves: -€163,542
- Tax, wage and social debts -€70,990
down €70,990 (-86.8%), from €81,823 to €10,833
Income statement
- Gross operating margin -€805,417
down €805,417, from €769,874 to -€35,543
- Taxes -€61,189
down €61,189 (-100%), from €61,189 to €0
- Depreciation +€16,360
up €16,360 (+11.9%), from €136,905 to €153,264
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.
Result 2024
€530,864
Gross operating margin
-€805,417
Depreciation
-€16,360
Other operating charges
+€149
Financial income
+€74
Financial charges
-€3,710
Taxes
+€61,189
Deferred taxes and other
+€1,690
Result 2025
-€231,521
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€273,046
Investment
-€39,424
Financing
-€276,366
Cash 2024
€56,891
From operations (derived)
+€273,046
Net result for the year
-€231,521
Depreciation
+€153,264
Stocks and contracts
+€662,461
Receivables within one year
+€319,062
Smaller working-capital items
-€1,741
Provisions
-€22,660
Trade debts
+€36,564
Tax, wage and social debts
-€70,990
Advances received
-€2,653
Other debts
-€568,741
Investment (derived)
-€39,424
Investment in fixed assets (net)
-€39,424
Financing
-€276,366
Debts after one year
-€277,755
Current portion of long-term debt
+€1,389
Cash 2025
€14,148
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,109,134 | €3,971,674 | -€1.1m | -22.3% |
| Fixed assets | 21/28 | €3,310,177 | €3,196,337 | -€113,841 | -3.4% |
| Tangible fixed assets | 22/27 | €3,024,322 | €2,910,481 | -€113,841 | -3.8% |
| Land and buildings | 22 | €3,010,065 | €2,898,164 | -€111,901 | -3.7% |
| Plant, machinery and equipment | 23 | €14,257 | €12,317 | -€1,940 | -13.6% |
| Financial fixed assets | 28 | €285,856 | €285,856 | = | 0.0% |
| Current assets | 29/58 | €1,798,956 | €775,337 | -€1.0m | -56.9% |
| Stocks and contracts in progress | 3 | €662,461 | €0 | -€662,461 | -100% |
| Stocks | 30/36 | €662,461 | €0 | -€662,461 | -100% |
| Amounts receivable within one year | 40/41 | €1,079,137 | €760,075 | -€319,062 | -29.6% |
| Trade receivables | 40 | €962,730 | €651,849 | -€310,881 | -32.3% |
| Other amounts receivable | 41 | €116,406 | €108,226 | -€8,180 | -7.0% |
| Cash at bank and in hand | 54/58 | €56,891 | €14,148 | -€42,744 | -75.1% |
| Deferred charges and accrued income | 490/1 | €468 | €1,114 | +€646 | +138% |
| Total equity and liabilities | 10/49 | €5,109,134 | €3,971,674 | -€1.1m | -22.3% |
| Equity | 10/15 | €2,076,816 | €1,845,296 | -€231,521 | -11.1% |
| 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 | €2,014,816 | €1,783,296 | -€231,521 | -11.5% |
| Non-distributable reserves | 130/1 | €9,376 | €9,376 | = | 0.0% |
| Legal reserve | 130 | €9,376 | €9,376 | = | 0.0% |
| Tax-exempt reserves | 132 | €925,210 | €857,231 | -€67,979 | -7.3% |
| Distributable reserves | 133 | €1,080,230 | €916,688 | -€163,542 | -15.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €308,403 | €285,744 | -€22,660 | -7.3% |
| Deferred taxes | 168 | €308,403 | €285,744 | -€22,660 | -7.3% |
| Amounts payable | 17/49 | €2,723,914 | €1,840,634 | -€883,280 | -32.4% |
| Amounts payable after more than one year | 17 | €700,122 | €422,367 | -€277,755 | -39.7% |
| Financial debts | 170/4 | €700,122 | €422,367 | -€277,755 | -39.7% |
| Amounts payable within one year | 42/48 | €2,020,907 | €1,416,476 | -€604,430 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €28,620 | €30,009 | +€1,389 | +4.9% |
| Trade debts | 44 | €61,380 | €97,944 | +€36,564 | +59.6% |
| Suppliers | 440/4 | €61,380 | €97,944 | +€36,564 | +59.6% |
| Advances received on contracts in progress | 46 | €11,088 | €8,435 | -€2,653 | -23.9% |
| Taxes, remuneration and social security | 45 | €81,823 | €10,833 | -€70,990 | -86.8% |
| Taxes | 450/3 | €81,823 | €10,833 | -€70,990 | -86.8% |
| Other amounts payable | 47/48 | €1,837,996 | €1,269,255 | -€568,741 | -30.9% |
| Accrued charges and deferred income | 492/3 | €2,885 | €1,791 | -€1,095 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,905 | €153,264 | +€16,360 | +11.9% |
| Other operating charges | 640/8 | €26,798 | €26,649 | -€149 | -0.6% |
| Gross operating margin | 9900 | €769,874 | -€35,543 | -€805,417 | |
| Operating profit (loss) | 9901 | €606,171 | -€215,457 | -€821,628 | |
| Financial income | 75/76B | €1 | €75 | +€74 | +11,937% |
| Recurring financial income | 75 | €1 | €75 | +€74 | +11,937% |
| Financial charges | 65/66B | €35,088 | €38,798 | +€3,710 | +10.6% |
| Recurring financial charges | 65 | €35,088 | €38,798 | +€3,710 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €571,083 | -€254,180 | -€825,264 | |
| Transfer from deferred taxes | 780 | €20,969 | €22,660 | +€1,690 | +8.1% |
| Income taxes | 67/77 | €61,189 | €0 | -€61,189 | -100% |
| Profit (loss) for the period | 9904 | €530,864 | -€231,521 | -€762,384 | |
| Transfer from tax-exempt reserves | 789 | €62,908 | €67,979 | +€5,070 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €593,772 | -€163,542 | -€757,314 |
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 1 November 2026 via checked.be.