FREDUR MANAGEMENT: 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.
FREDUR MANAGEMENT
Largest movements
- Receivables within one year +€325,000
up €325,000 (+82.3%), from €395,000 to €720,000
- Cash +€120,608
up €120,608 (+116%), from €104,169 to €224,777
mainly Net result for the year (+€426,616) and Depreciation (+€128,993)
- Tangible fixed assets -€81,543
down €81,543 (-5.2%), from €1.6m to €1.5m
of which Other tangible fixed assets: -€42,071
- Reserves +€426,616
up €426,616 (+39.8%), from €1.1m to €1.5m
of which Distributable reserves: +€426,616
- Debts after one year -€109,443
down €109,443 (-26.1%), from €418,605 to €309,162
- Other debts +€30,000
up €30,000 (+9.4%), from €320,000 to €350,000
- Gross operating margin -€178,184
down €178,184 (-19.1%), from €931,671 to €753,487
- Taxes -€43,124
down €43,124 (-23.3%), from €185,330 to €142,205
- Financial charges -€9,401
down €9,401 (-36.6%), from €25,659 to €16,258
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,055,762 | €2,419,851 | +€364,089 | +17.7% |
| Fixed assets | 21/28 | €1,553,421 | €1,471,878 | -€81,543 | -5.2% |
| Tangible fixed assets | 22/27 | €1,553,421 | €1,471,878 | -€81,543 | -5.2% |
| Land and buildings | 22 | €1,316,990 | €1,277,518 | -€39,472 | -3.0% |
| Other tangible fixed assets | 26 | €236,431 | €194,360 | -€42,071 | -17.8% |
| Current assets | 29/58 | €502,341 | €947,973 | +€445,632 | +88.7% |
| Amounts receivable within one year | 40/41 | €395,000 | €720,000 | +€325,000 | +82.3% |
| Other amounts receivable | 41 | €395,000 | €720,000 | +€325,000 | +82.3% |
| Cash at bank and in hand | 54/58 | €104,169 | €224,777 | +€120,608 | +116% |
| Deferred charges and accrued income | 490/1 | €3,172 | €3,196 | +€24 | +0.8% |
| Total equity and liabilities | 10/49 | €2,055,762 | €2,419,851 | +€364,089 | +17.7% |
| Equity | 10/15 | €1,134,875 | €1,561,491 | +€426,616 | +37.6% |
| 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 | €1,072,875 | €1,499,491 | +€426,616 | +39.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,066,675 | €1,493,291 | +€426,616 | +40.0% |
| Amounts payable | 17/49 | €920,887 | €858,360 | -€62,527 | -6.8% |
| Amounts payable after more than one year | 17 | €418,605 | €309,162 | -€109,443 | -26.1% |
| Financial debts | 170/4 | €418,605 | €309,162 | -€109,443 | -26.1% |
| Amounts payable within one year | 42/48 | €502,146 | €549,065 | +€46,918 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €109,608 | €109,443 | -€166 | -0.2% |
| Financial debts | 43 | €42,208 | €42,087 | -€121 | -0.3% |
| Credit institutions | 430/8 | €42,208 | €42,087 | -€121 | -0.3% |
| Taxes, remuneration and social security | 45 | €30,330 | €47,535 | +€17,205 | +56.7% |
| Taxes | 450/3 | €30,330 | €47,535 | +€17,205 | +56.7% |
| Other amounts payable | 47/48 | €320,000 | €350,000 | +€30,000 | +9.4% |
| Accrued charges and deferred income | 492/3 | €136 | €133 | -€2 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,480 | €128,993 | +€2,514 | +2.0% |
| Other operating charges | 640/8 | €38,214 | €39,414 | +€1,200 | +3.1% |
| Gross operating margin | 9900 | €931,671 | €753,487 | -€178,184 | -19.1% |
| Operating profit (loss) | 9901 | €766,977 | €585,079 | -€181,898 | -23.7% |
| Financial charges | 65/66B | €25,659 | €16,258 | -€9,401 | -36.6% |
| Recurring financial charges | 65 | €25,659 | €16,258 | -€9,401 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €741,318 | €568,821 | -€172,497 | -23.3% |
| Income taxes | 67/77 | €185,330 | €142,205 | -€43,124 | -23.3% |
| Profit (loss) for the period | 9904 | €555,989 | €426,616 | -€129,373 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €555,989 | €426,616 | -€129,373 | -23.3% |
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 17 October 2026 via checked.be.