FREDOL: 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.
FREDOL
Largest movements
- Tangible fixed assets -€30,521
down €30,521 (-9.2%), from €332,962 to €302,441
of which Land and buildings: -€18,500
- Cash +€20,520
up €20,520 (+96.2%), from €21,340 to €41,860
mainly Depreciation (+€30,521) and Stocks and contracts (+€17,999)
- Stocks and contracts -€17,999
down €17,999 (-62.1%), from €28,990 to €10,992
- Deferred charges and accrued income -€12,769
down €12,769 (-75.2%), from €16,976 to €4,207
- Receivables within one year +€8,113
up €8,113 (+10.8%), from €75,216 to €83,329
of which Trade receivables: +€20,465
- Debts after one year -€37,271
down €37,271 (-19.8%), from €188,335 to €151,064
- Other debts +€14,711
up €14,711 (+119.2%), from €12,340 to €27,052
- Reserves -€13,172
down €13,172 (-6.6%), from €200,106 to €186,934
of which Distributable reserves: -€13,172
- Gross operating margin -€11,255
down €11,255 (-16.8%), from €67,175 to €55,920
- Staff costs -€10,769
down €10,769, from €10,736 to -€33
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 | €475,484 | €442,828 | -€32,656 | -6.9% |
| Fixed assets | 21/28 | €332,962 | €302,441 | -€30,521 | -9.2% |
| Tangible fixed assets | 22/27 | €332,962 | €302,441 | -€30,521 | -9.2% |
| Land and buildings | 22 | €294,180 | €275,680 | -€18,500 | -6.3% |
| Plant, machinery and equipment | 23 | €549 | €159 | -€390 | -71.0% |
| Furniture and vehicles | 24 | €24,382 | €16,374 | -€8,007 | -32.8% |
| Other tangible fixed assets | 26 | €13,851 | €10,227 | -€3,624 | -26.2% |
| Current assets | 29/58 | €142,522 | €140,388 | -€2,134 | -1.5% |
| Stocks and contracts in progress | 3 | €28,990 | €10,992 | -€17,999 | -62.1% |
| Stocks | 30/36 | €28,990 | €10,992 | -€17,999 | -62.1% |
| Amounts receivable within one year | 40/41 | €75,216 | €83,329 | +€8,113 | +10.8% |
| Trade receivables | 40 | €52,444 | €72,909 | +€20,465 | +39.0% |
| Other amounts receivable | 41 | €22,772 | €10,420 | -€12,353 | -54.2% |
| Cash at bank and in hand | 54/58 | €21,340 | €41,860 | +€20,520 | +96.2% |
| Deferred charges and accrued income | 490/1 | €16,976 | €4,207 | -€12,769 | -75.2% |
| Total equity and liabilities | 10/49 | €475,484 | €442,828 | -€32,656 | -6.9% |
| Equity | 10/15 | €224,255 | €210,250 | -€14,005 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,106 | €186,934 | -€13,172 | -6.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €200,106 | €186,934 | -€13,172 | -6.6% |
| Profit (loss) carried forward | 14 | €5,549 | €4,716 | -€833 | -15.0% |
| Amounts payable | 17/49 | €251,229 | €232,578 | -€18,651 | -7.4% |
| Amounts payable after more than one year | 17 | €188,335 | €151,064 | -€37,271 | -19.8% |
| Financial debts | 170/4 | €188,335 | €151,064 | -€37,271 | -19.8% |
| Amounts payable within one year | 42/48 | €62,814 | €80,705 | +€17,891 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €36,757 | €37,271 | +€514 | +1.4% |
| Trade debts | 44 | €12,862 | €11,855 | -€1,007 | -7.8% |
| Suppliers | 440/4 | €12,862 | €11,855 | -€1,007 | -7.8% |
| Taxes, remuneration and social security | 45 | €854 | €4,527 | +€3,673 | +430.3% |
| Taxes | 450/3 | €0 | €3,673 | +€3,673 | |
| Remuneration and social security | 454/9 | €854 | €854 | = | 0.0% |
| Other amounts payable | 47/48 | €12,340 | €27,052 | +€14,711 | +119.2% |
| Accrued charges and deferred income | 492/3 | €80 | €809 | +€729 | +913.9% |
| Remuneration, social security and pensions | 62 | €10,736 | -€33 | -€10,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,897 | €30,521 | -€376 | -1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,161 | €2,987 | -€175 | -5.5% |
| Gross operating margin | 9900 | €67,175 | €55,920 | -€11,255 | -16.8% |
| Operating profit (loss) | 9901 | €22,381 | €22,444 | +€64 | +0.3% |
| Financial income | 75/76B | €650 | €10 | -€640 | -98.4% |
| Recurring financial income | 75 | €650 | €10 | -€640 | -98.4% |
| Financial charges | 65/66B | €5,711 | €5,556 | -€155 | -2.7% |
| Recurring financial charges | 65 | €5,711 | €5,556 | -€155 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €17,320 | €16,899 | -€421 | -2.4% |
| Income taxes | 67/77 | €4,874 | €4,771 | -€103 | -2.1% |
| Profit (loss) for the period | 9904 | €12,446 | €12,128 | -€318 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,446 | €12,128 | -€318 | -2.6% |
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 6 October 2026 via checked.be.