FREDOC: 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.
FREDOC
Largest movements
- Tangible fixed assets +€79,023
up €79,023 (+29.3%), from €269,674 to €348,697
of which Plant, machinery and equipment: +€87,258
- Intangible fixed assets -€30,000
down €30,000 (-20.0%), from €150,000 to €120,000
- Cash -€20,406
down €20,406 (-25.3%), from €80,573 to €60,167
mainly Contributions, distributions and other (-€160,000) and Investment in fixed assets (net) (-€100,654)
- Current investments -€6,860
down €6,860 (-16.0%), from €43,000 to €36,140
- Profit (loss) carried forward -€31,208
down €31,208 (-30.0%), from €103,897 to €72,689
- Debts after one year +€23,527
up €23,527 (+8.2%), from €287,192 to €310,720
- Tax, wage and social debts +€23,464
up €23,464 (+87.3%), from €26,878 to €50,342
of which Taxes: +€23,348
- Gross operating margin +€61,016
up €61,016 (+29.1%), from €209,513 to €270,530
- Depreciation -€23,186
down €23,186 (-31.0%), from €74,817 to €51,631
- Taxes +€18,233
up €18,233 (+93.6%), from €19,478 to €37,711
- Financial charges +€4,239
up €4,239 (+45.8%), from €9,256 to €13,495
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 | €555,003 | €575,635 | +€20,633 | +3.7% |
| Fixed assets | 21/28 | €419,674 | €468,697 | +€49,023 | +11.7% |
| Intangible fixed assets | 21 | €150,000 | €120,000 | -€30,000 | -20.0% |
| Tangible fixed assets | 22/27 | €269,674 | €348,697 | +€79,023 | +29.3% |
| Land and buildings | 22 | €241,349 | €230,788 | -€10,561 | -4.4% |
| Plant, machinery and equipment | 23 | €24,794 | €112,051 | +€87,258 | +351.9% |
| Furniture and vehicles | 24 | €3,532 | €4,258 | +€726 | +20.6% |
| Other tangible fixed assets | 26 | - | €1,600 | +€1,600 | |
| Current assets | 29/58 | €135,328 | €106,938 | -€28,390 | -21.0% |
| Current investments | 50/53 | €43,000 | €36,140 | -€6,860 | -16.0% |
| Cash at bank and in hand | 54/58 | €80,573 | €60,167 | -€20,406 | -25.3% |
| Deferred charges and accrued income | 490/1 | €11,755 | €10,631 | -€1,125 | -9.6% |
| Total equity and liabilities | 10/49 | €555,003 | €575,635 | +€20,633 | +3.7% |
| Equity | 10/15 | €109,897 | €78,689 | -€31,208 | -28.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,897 | €72,689 | -€31,208 | -30.0% |
| Amounts payable | 17/49 | €445,106 | €496,946 | +€51,840 | +11.6% |
| Amounts payable after more than one year | 17 | €287,192 | €310,720 | +€23,527 | +8.2% |
| Financial debts | 170/4 | €287,192 | €310,720 | +€23,527 | +8.2% |
| Amounts payable within one year | 42/48 | €157,913 | €186,226 | +€28,313 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €44,233 | €48,500 | +€4,267 | +9.6% |
| Trade debts | 44 | €2,339 | €7,830 | +€5,491 | +234.7% |
| Suppliers | 440/4 | €2,339 | €7,830 | +€5,491 | +234.7% |
| Taxes, remuneration and social security | 45 | €26,878 | €50,342 | +€23,464 | +87.3% |
| Taxes | 450/3 | €21,876 | €45,224 | +€23,348 | +106.7% |
| Remuneration and social security | 454/9 | €5,002 | €5,118 | +€116 | +2.3% |
| Other amounts payable | 47/48 | €84,463 | €79,554 | -€4,909 | -5.8% |
| Remuneration, social security and pensions | 62 | €36,525 | €37,466 | +€941 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,817 | €51,631 | -€23,186 | -31.0% |
| Other operating charges | 640/8 | €2,399 | €2,646 | +€247 | +10.3% |
| Gross operating margin | 9900 | €209,513 | €270,530 | +€61,016 | +29.1% |
| Operating profit (loss) | 9901 | €95,773 | €178,788 | +€83,015 | +86.7% |
| Financial income | 75/76B | €2,057 | €1,211 | -€845 | -41.1% |
| Recurring financial income | 75 | €2,057 | €1,211 | -€845 | -41.1% |
| Financial charges | 65/66B | €9,256 | €13,495 | +€4,239 | +45.8% |
| Recurring financial charges | 65 | €9,256 | €13,495 | +€4,239 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €88,573 | €166,503 | +€77,930 | +88.0% |
| Income taxes | 67/77 | €19,478 | €37,711 | +€18,233 | +93.6% |
| Profit (loss) for the period | 9904 | €69,095 | €128,792 | +€59,697 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,095 | €128,792 | +€59,697 | +86.4% |
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 28 September 2026 via checked.be.