FREGOE: 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.
FREGOE
Largest movements
- Receivables within one year -€165,702
down €165,702 (-43.6%), from €380,408 to €214,706
of which Other amounts receivable: -€166,136
- Cash +€45,094
up €45,094 (+62.1%), from €72,578 to €117,672
mainly Receivables within one year (+€165,702) and Net result for the year (+€71,027)
- Debts after one year -€210,507
down €210,507 (-11.5%), from €1.8m to €1.6m
- Reserves +€71,027
up €71,027 (+9.8%), from €725,420 to €796,447
of which Distributable reserves: +€82,454
- Tax, wage and social debts +€53,076
up €53,076 (+234%), from €22,690 to €75,766
of which Taxes: +€52,042
- Gross operating margin +€54,939
up €54,939 (+29.5%), from €186,312 to €241,251
- Taxes +€14,938
up €14,938 (+50.0%), from €29,905 to €44,843
- Financial charges -€11,214
down €11,214 (-13.5%), from €82,934 to €71,720
- Financial income -€5,652
down €5,652 (-37.0%), from €15,294 to €9,642
- Depreciation +€2,921
up €2,921 (+4.9%), from €60,073 to €62,994
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 | €3,283,960 | €3,184,169 | -€99,792 | -3.0% |
| Fixed assets | 21/28 | €2,830,869 | €2,848,461 | +€17,592 | +0.6% |
| Tangible fixed assets | 22/27 | €2,830,779 | €2,848,371 | +€17,592 | +0.6% |
| Land and buildings | 22 | €2,797,719 | €2,824,325 | +€26,606 | +1.0% |
| Furniture and vehicles | 24 | €23,660 | €14,646 | -€9,014 | -38.1% |
| Other tangible fixed assets | 26 | €9,400 | €9,400 | = | 0.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €453,091 | €335,707 | -€117,384 | -25.9% |
| Amounts receivable within one year | 40/41 | €380,408 | €214,706 | -€165,702 | -43.6% |
| Trade receivables | 40 | €1 | €434 | +€433 | +72,245% |
| Other amounts receivable | 41 | €380,407 | €214,272 | -€166,136 | -43.7% |
| Cash at bank and in hand | 54/58 | €72,578 | €117,672 | +€45,094 | +62.1% |
| Deferred charges and accrued income | 490/1 | €105 | €3,330 | +€3,224 | +3,059% |
| Total equity and liabilities | 10/49 | €3,283,960 | €3,184,169 | -€99,792 | -3.0% |
| Equity | 10/15 | €1,201,940 | €1,272,967 | +€71,027 | +5.9% |
| Contributions | 10/11 | €318,444 | €318,444 | = | 0.0% |
| Reserves | 13 | €725,420 | €796,447 | +€71,027 | +9.8% |
| Tax-exempt reserves | 132 | €347,932 | €336,506 | -€11,427 | -3.3% |
| Distributable reserves | 133 | €377,487 | €459,941 | +€82,454 | +21.8% |
| Profit (loss) carried forward | 14 | €158,077 | €158,077 | = | 0.0% |
| Provisions and deferred taxes | 16 | €115,977 | €112,169 | -€3,809 | -3.3% |
| Deferred taxes | 168 | €115,977 | €112,169 | -€3,809 | -3.3% |
| Amounts payable | 17/49 | €1,966,043 | €1,799,033 | -€167,010 | -8.5% |
| Amounts payable after more than one year | 17 | €1,825,353 | €1,614,845 | -€210,507 | -11.5% |
| Financial debts | 170/4 | €1,825,353 | €1,614,845 | -€210,507 | -11.5% |
| Amounts payable within one year | 42/48 | €140,690 | €184,187 | +€43,497 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €96,667 | €96,667 | = | 0.0% |
| Trade debts | 44 | €6,694 | €11,755 | +€5,061 | +75.6% |
| Suppliers | 440/4 | €6,694 | €11,755 | +€5,061 | +75.6% |
| Taxes, remuneration and social security | 45 | €22,690 | €75,766 | +€53,076 | +234% |
| Taxes | 450/3 | €19,155 | €71,197 | +€52,042 | +272% |
| Remuneration and social security | 454/9 | €3,535 | €4,569 | +€1,034 | +29.3% |
| Other amounts payable | 47/48 | €14,640 | - | -€14,640 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,073 | €62,994 | +€2,921 | +4.9% |
| Other operating charges | 640/8 | €3,810 | €4,117 | +€307 | +8.1% |
| Gross operating margin | 9900 | €186,312 | €241,251 | +€54,939 | +29.5% |
| Operating profit (loss) | 9901 | €122,428 | €174,139 | +€51,711 | +42.2% |
| Financial income | 75/76B | €15,294 | €9,642 | -€5,652 | -37.0% |
| Recurring financial income | 75 | €15,294 | €9,642 | -€5,652 | -37.0% |
| Financial charges | 65/66B | €82,934 | €71,720 | -€11,214 | -13.5% |
| Recurring financial charges | 65 | €82,934 | €71,720 | -€11,214 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €54,788 | €112,061 | +€57,273 | +105% |
| Transfer from deferred taxes | 780 | €3,809 | €3,809 | = | 0.0% |
| Income taxes | 67/77 | €29,905 | €44,843 | +€14,938 | +50.0% |
| Profit (loss) for the period | 9904 | €28,692 | €71,027 | +€42,335 | +148% |
| Transfer from tax-exempt reserves | 789 | €11,427 | €11,427 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,119 | €82,454 | +€42,335 | +106% |
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 31 October 2026 via checked.be.