FREDO: 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.
What changed
FREDO
NACE 47.260, Retail trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€366,024
2024 · €368,359-€734,383
Equity
€1.6m
2024 · €2.0m-€366,024
Cash
€47,411
2024 · €423,888-€376,477
Balance sheet total
€8.2m
2024 · €4.6m+€3.6m
Largest movements
Assets
- Receivables within one year +€3.5m
up €3.5m (+103.5%), from €3.4m to €6.8m
of which Other amounts receivable: +€2.6m
- Stocks and contracts +€399,497
up €399,497 (+58.2%), from €686,975 to €1.1m
- Cash -€376,477
down €376,477 (-88.8%), from €423,888 to €47,411
mainly Receivables within one year (-€3.5m) and Stocks and contracts (-€399,497)
- Deferred charges and accrued income +€111,467
up €111,467 (+585.1%), from €19,051 to €130,518
Equity and liabilities
- Trade debts +€1.5m
up €1.5m (+149.7%), from €1.0m to €2.5m
- Other debts +€1.2m
up €1.2m (+191.6%), from €618,092 to €1.8m
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Tax, wage and social debts +€409,287
up €409,287 (+120.3%), from €340,137 to €749,424
of which Taxes: +€402,653
- Profit (loss) carried forward -€366,024
down €366,024 (-20.4%), from €1.8m to €1.4m
Income statement
- Turnover +€2.5m
up €2.5m (+38.9%), from €6.5m to €9.0m
- Goods and materials +€2.5m
up €2.5m (+66.9%), from €3.7m to €6.1m
of which Purchases: +€3.3m
- Financial charges +€361,841
up €361,841 (+807.0%), from €44,835 to €406,677
- Services and other goods +€283,614
up €283,614 (+14.6%), from €1.9m to €2.2m
- Other operating income -€157,323
down €157,323 (-63.7%), from €247,159 to €89,836
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.
Result 2024
€368,359
Turnover
+€2.5m
Other operating income
-€157,323
Goods and materials
-€2.5m
Services and other goods
-€283,614
Staff costs
-€55,330
Depreciation
-€354
Other operating charges
-€3,427
Other operating items
-€326
Financial income
+€107,554
Financial charges
-€361,841
Taxes
-€36,931
Result 2025
-€366,024
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.
From operations
-€1.6m
Investment
-€8,708
Financing
+€1.2m
Cash 2024
€423,888
From operations (derived)
-€1.6m
Net result for the year
-€366,024
Depreciation
+€26,241
Stocks and contracts
-€399,497
Receivables within one year
-€3.5m
Deferred charges and accrued income
-€111,467
Trade debts
+€1.5m
Tax, wage and social debts
+€409,287
Advances received
-€363,801
Other debts
+€1.2m
Accrued charges and deferred income
-€15
Investment (derived)
-€8,708
Investment in fixed assets (net)
-€8,708
Financing
+€1.2m
Debts after one year
+€135,253
Current portion of long-term debt
+€70,244
Short-term financial debts
+€1.0m
Cash 2025
€47,411
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,578,048 | €8,171,946 | +€3.6m | +78.5% |
| Fixed assets | 21/28 | €88,898 | €71,365 | -€17,533 | -19.7% |
| Intangible fixed assets | 21 | €9,758 | - | -€9,758 | |
| Tangible fixed assets | 22/27 | €72,913 | €65,238 | -€7,675 | -10.5% |
| Plant, machinery and equipment | 23 | €50,194 | €49,334 | -€860 | -1.7% |
| Furniture and vehicles | 24 | €18,219 | €11,404 | -€6,815 | -37.4% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €6,227 | €6,127 | -€100 | -1.6% |
| Other financial fixed assets | 284/8 | €6,227 | €6,127 | -€100 | -1.6% |
| Shares | 284 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €227 | €127 | -€100 | -44.1% |
| Current assets | 29/58 | €4,489,150 | €8,100,581 | +€3.6m | +80.4% |
| Stocks and contracts in progress | 3 | €686,975 | €1,086,472 | +€399,497 | +58.2% |
| Stocks | 30/36 | €686,975 | €1,086,472 | +€399,497 | +58.2% |
| Goods purchased for resale | 34 | €686,975 | €1,086,472 | +€399,497 | +58.2% |
| Amounts receivable within one year | 40/41 | €3,359,237 | €6,836,181 | +€3.5m | +103.5% |
| Trade receivables | 40 | €565,985 | €1,404,144 | +€838,159 | +148.1% |
| Other amounts receivable | 41 | €2,793,252 | €5,432,037 | +€2.6m | +94.5% |
| Cash at bank and in hand | 54/58 | €423,888 | €47,411 | -€376,477 | -88.8% |
| Deferred charges and accrued income | 490/1 | €19,051 | €130,518 | +€111,467 | +585.1% |
| Total equity and liabilities | 10/49 | €4,578,048 | €8,171,946 | +€3.6m | +78.5% |
| Equity | 10/15 | €1,962,956 | €1,596,932 | -€366,024 | -18.6% |
| Contributions | 10/11 | €153,600 | €153,600 | = | 0.0% |
| Reserves | 13 | €15,360 | €15,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,360 | €15,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,360 | €15,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,793,996 | €1,427,972 | -€366,024 | -20.4% |
| Amounts payable | 17/49 | €2,615,092 | €6,575,014 | +€4.0m | +151.4% |
| Amounts payable after more than one year | 17 | - | €135,253 | +€135,253 | |
| Financial debts | 170/4 | - | €135,253 | +€135,253 | |
| Other loans | 174 | - | €135,253 | +€135,253 | |
| Amounts payable within one year | 42/48 | €2,610,577 | €6,435,261 | +€3.8m | +146.5% |
| Current portion of amounts payable after more than one year | 42 | €11,350 | €81,594 | +€70,244 | +618.9% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €1,018,512 | €2,543,216 | +€1.5m | +149.7% |
| Suppliers | 440/4 | €1,018,512 | €2,543,216 | +€1.5m | +149.7% |
| Advances received on contracts in progress | 46 | €622,486 | €258,685 | -€363,801 | -58.4% |
| Taxes, remuneration and social security | 45 | €340,137 | €749,424 | +€409,287 | +120.3% |
| Taxes | 450/3 | €289,070 | €691,723 | +€402,653 | +139.3% |
| Remuneration and social security | 454/9 | €51,067 | €57,701 | +€6,634 | +13.0% |
| Other amounts payable | 47/48 | €618,092 | €1,802,342 | +€1.2m | +191.6% |
| Accrued charges and deferred income | 492/3 | €4,515 | €4,500 | -€15 | -0.3% |
| Operating income | 70/76A | €6,703,328 | €9,054,788 | +€2.4m | +35.1% |
| Turnover | 70 | €6,456,169 | €8,964,952 | +€2.5m | +38.9% |
| Other operating income | 74 | €247,159 | €89,836 | -€157,323 | -63.7% |
| Operating charges | 60/66A | €6,040,917 | €8,835,542 | +€2.8m | +46.3% |
| Goods for resale, raw materials and consumables | 60 | €3,666,332 | €6,117,907 | +€2.5m | +66.9% |
| Purchases | 600/8 | €3,169,140 | €6,517,404 | +€3.3m | +105.7% |
| Change in stocks: decrease (increase) | 609 | €497,192 | -€399,497 | -€896,689 | |
| Services and other goods | 61 | €1,942,329 | €2,225,942 | +€283,614 | +14.6% |
| Remuneration, social security and pensions | 62 | €399,722 | €455,052 | +€55,330 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,887 | €26,241 | +€354 | +1.4% |
| Other operating charges | 640/8 | €6,646 | €10,074 | +€3,427 | +51.6% |
| Non-recurring operating charges | 66A | - | €326 | +€326 | |
| Operating profit (loss) | 9901 | €662,411 | €219,247 | -€443,164 | -66.9% |
| Financial income | 75/76B | €115,003 | €222,557 | +€107,554 | +93.5% |
| Recurring financial income | 75 | €115,003 | €222,557 | +€107,554 | +93.5% |
| Income from current assets | 751 | €114,033 | €222,101 | +€108,068 | +94.8% |
| Other financial income | 752/9 | €970 | €456 | -€514 | -53.0% |
| Financial charges | 65/66B | €44,835 | €406,677 | +€361,841 | +807.0% |
| Recurring financial charges | 65 | €44,835 | €406,677 | +€361,841 | +807.0% |
| Debt charges | 650 | €41,050 | €262,168 | +€221,118 | +538.7% |
| Other financial charges | 652/9 | €3,785 | €144,509 | +€140,724 | +3717.5% |
| Profit (loss) for the period before taxes | 9903 | €732,579 | €35,127 | -€697,452 | -95.2% |
| Income taxes | 67/77 | €364,220 | €401,151 | +€36,931 | +10.1% |
| Taxes | 670/3 | €364,220 | €401,211 | +€36,991 | +10.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €60 | +€60 | |
| Profit (loss) for the period | 9904 | €368,359 | -€366,024 | -€734,383 | |
| Profit (loss) for the period to be appropriated | 9905 | €368,359 | -€366,024 | -€734,383 |
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 7 October 2026 via checked.be.