FREI: 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.
FREI
Largest movements
- Tangible fixed assets +€27,497
up €27,497 (+139%), from €19,853 to €47,350
of which Land and buildings: +€27,891
- Current investments +€21,638
new in 2025: €21,638
- Cash -€4,854
down €4,854 (-27.5%), from €17,646 to €12,792
mainly Investment in fixed assets (net) (-€31,220) and Current investments (-€21,638)
- Receivables within one year -€3,198
down €3,198 (-4.0%), from €80,044 to €76,846
of which Other amounts receivable: -€6,292
- Reserves +€37,479
up €37,479 (+97.3%), from €38,532 to €76,011
- Tax, wage and social debts +€9,888
up €9,888 (+39.8%), from €24,866 to €34,754
- Debts after one year -€9,605
down €9,605 (-24.4%), from €39,337 to €29,732
- Trade debts +€2,321
up €2,321 (+51.9%), from €4,468 to €6,789
- Gross operating margin +€15,605
up €15,605 (+37.0%), from €42,223 to €57,828
- Taxes +€5,856
up €5,856 (+53.7%), from €10,896 to €16,753
- Financial income +€5,294
up €5,294 (+221%), from €2,391 to €7,684
of which Financial income: +€5,264
- Financial charges +€2,137
up €2,137 (+63.6%), from €3,361 to €5,498
of which Non-recurring financial charges: +€1,126
- Depreciation +€1,724
up €1,724 (+86.2%), from €1,999 to €3,723
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 | €121,377 | €161,891 | +€40,514 | +33.4% |
| Fixed assets | 21/28 | €19,853 | €47,350 | +€27,497 | +139% |
| Tangible fixed assets | 22/27 | €19,853 | €47,350 | +€27,497 | +139% |
| Land and buildings | 22 | €19,180 | €47,072 | +€27,891 | +145% |
| Furniture and vehicles | 24 | €673 | €279 | -€394 | -58.6% |
| Current assets | 29/58 | €101,524 | €114,540 | +€13,016 | +12.8% |
| Amounts receivable within one year | 40/41 | €80,044 | €76,846 | -€3,198 | -4.0% |
| Trade receivables | 40 | €1,185 | €4,279 | +€3,094 | +261% |
| Other amounts receivable | 41 | €78,859 | €72,567 | -€6,292 | -8.0% |
| Current investments | 50/53 | - | €21,638 | +€21,638 | |
| Cash at bank and in hand | 54/58 | €17,646 | €12,792 | -€4,854 | -27.5% |
| Deferred charges and accrued income | 490/1 | €3,834 | €3,264 | -€571 | -14.9% |
| Total equity and liabilities | 10/49 | €121,377 | €161,891 | +€40,514 | +33.4% |
| Equity | 10/15 | €43,532 | €81,011 | +€37,479 | +86.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,532 | €76,011 | +€37,479 | +97.3% |
| Distributable reserves | 133 | €38,532 | €76,011 | +€37,479 | +97.3% |
| Amounts payable | 17/49 | €77,845 | €80,880 | +€3,034 | +3.9% |
| Amounts payable after more than one year | 17 | €39,337 | €29,732 | -€9,605 | -24.4% |
| Financial debts | 170/4 | €39,337 | €29,732 | -€9,605 | -24.4% |
| Amounts payable within one year | 42/48 | €38,508 | €51,148 | +€12,639 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €9,175 | €9,605 | +€430 | +4.7% |
| Trade debts | 44 | €4,468 | €6,789 | +€2,321 | +51.9% |
| Suppliers | 440/4 | €4,468 | €6,789 | +€2,321 | +51.9% |
| Taxes, remuneration and social security | 45 | €24,866 | €34,754 | +€9,888 | +39.8% |
| Taxes | 450/3 | €24,866 | €34,754 | +€9,888 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,999 | €3,723 | +€1,724 | +86.2% |
| Other operating charges | 640/8 | €1,920 | €2,060 | +€140 | +7.3% |
| Gross operating margin | 9900 | €42,223 | €57,828 | +€15,605 | +37.0% |
| Operating profit (loss) | 9901 | €38,304 | €52,045 | +€13,741 | +35.9% |
| Financial income | 75/76B | €2,391 | €7,684 | +€5,294 | +221% |
| Recurring financial income | 75 | €2,391 | €7,654 | +€5,264 | +220% |
| Non-recurring financial income | 76B | - | €30 | +€30 | |
| Financial charges | 65/66B | €3,361 | €5,498 | +€2,137 | +63.6% |
| Recurring financial charges | 65 | €3,361 | €4,372 | +€1,011 | +30.1% |
| Non-recurring financial charges | 66B | - | €1,126 | +€1,126 | |
| Profit (loss) for the period before taxes | 9903 | €37,333 | €54,232 | +€16,898 | +45.3% |
| Income taxes | 67/77 | €10,896 | €16,753 | +€5,856 | +53.7% |
| Profit (loss) for the period | 9904 | €26,437 | €37,479 | +€11,042 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,437 | €37,479 | +€11,042 | +41.8% |
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 27 October 2026 via checked.be.