FREKOR: 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.
FREKOR
Largest movements
- Receivables after one year +€1.7m
new in 2025: €1.7m
- Current investments -€677,992
down €677,992 (-96.0%), from €706,139 to €28,146
- Receivables within one year -€175,819
down €175,819 (-10.0%), from €1.8m to €1.6m
of which Trade receivables: -€295,277
- Other debts +€948,890
up €948,890 (+539%), from €175,999 to €1.1m
- Debts after one year -€158,179
down €158,179 (-20.7%), from €765,471 to €607,292
- Gross operating margin -€55,349
down €55,349, from €53,322 to -€2,028
- Taxes +€16,388
up €16,388 (+369%), from €4,439 to €20,827
- Financial charges -€7,783
down €7,783 (-20.6%), from €37,863 to €30,080
- Depreciation -€5,748
down €5,748 (-15.1%), from €38,171 to €32,424
- Financial income +€1,341
up €1,341 (+1.8%), from €74,196 to €75,537
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 | €2,855,309 | €3,633,106 | +€777,798 | +27.2% |
| Fixed assets | 21/28 | €269,209 | €233,576 | -€35,633 | -13.2% |
| Tangible fixed assets | 22/27 | €244,209 | €208,576 | -€35,633 | -14.6% |
| Land and buildings | 22 | €235,447 | €206,347 | -€29,099 | -12.4% |
| Furniture and vehicles | 24 | €8,762 | €2,228 | -€6,534 | -74.6% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €2,586,100 | €3,399,531 | +€813,431 | +31.5% |
| Amounts receivable after more than one year | 29 | - | €1,664,705 | +€1.7m | |
| Other amounts receivable | 291 | - | €1,664,705 | +€1.7m | |
| Amounts receivable within one year | 40/41 | €1,752,568 | €1,576,748 | -€175,819 | -10.0% |
| Trade receivables | 40 | €324,649 | €29,372 | -€295,277 | -91.0% |
| Other amounts receivable | 41 | €1,427,919 | €1,547,376 | +€119,458 | +8.4% |
| Current investments | 50/53 | €706,139 | €28,146 | -€677,992 | -96.0% |
| Cash at bank and in hand | 54/58 | €123,091 | €127,364 | +€4,273 | +3.5% |
| Deferred charges and accrued income | 490/1 | €4,302 | €2,567 | -€1,735 | -40.3% |
| Total equity and liabilities | 10/49 | €2,855,309 | €3,633,106 | +€777,798 | +27.2% |
| Equity | 10/15 | €1,897,783 | €1,885,595 | -€12,189 | -0.6% |
| Contributions | 10/11 | €846,226 | €846,226 | = | 0.0% |
| Reserves | 13 | €62,233 | €62,233 | = | 0.0% |
| Tax-exempt reserves | 132 | €35 | €35 | = | 0.0% |
| Distributable reserves | 133 | €62,198 | €62,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | €989,324 | €977,135 | -€12,189 | -1.2% |
| Amounts payable | 17/49 | €957,525 | €1,747,512 | +€789,986 | +82.5% |
| Amounts payable after more than one year | 17 | €765,471 | €607,292 | -€158,179 | -20.7% |
| Financial debts | 170/4 | €765,471 | €607,292 | -€158,179 | -20.7% |
| Amounts payable within one year | 42/48 | €191,521 | €1,138,160 | +€946,639 | +494% |
| Current portion of amounts payable after more than one year | 42 | €4,298 | €100 | -€4,198 | -97.7% |
| Trade debts | 44 | - | €4,044 | +€4,044 | |
| Suppliers | 440/4 | - | €4,044 | +€4,044 | |
| Taxes, remuneration and social security | 45 | €11,224 | €9,127 | -€2,097 | -18.7% |
| Taxes | 450/3 | €11,224 | €9,127 | -€2,097 | -18.7% |
| Other amounts payable | 47/48 | €175,999 | €1,124,889 | +€948,890 | +539% |
| Accrued charges and deferred income | 492/3 | €534 | €2,059 | +€1,526 | +286% |
| Non-recurring operating income | 76A | €58,013 | - | -€58,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,171 | €32,424 | -€5,748 | -15.1% |
| Other operating charges | 640/8 | €3,631 | €2,367 | -€1,263 | -34.8% |
| Gross operating margin | 9900 | €53,322 | -€2,028 | -€55,349 | |
| Operating profit (loss) | 9901 | €11,519 | -€36,819 | -€48,338 | |
| Financial income | 75/76B | €74,196 | €75,537 | +€1,341 | +1.8% |
| Recurring financial income | 75 | €74,196 | €75,537 | +€1,341 | +1.8% |
| Financial charges | 65/66B | €37,863 | €30,080 | -€7,783 | -20.6% |
| Recurring financial charges | 65 | €37,863 | €30,080 | -€7,783 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €47,853 | €8,638 | -€39,215 | -81.9% |
| Income taxes | 67/77 | €4,439 | €20,827 | +€16,388 | +369% |
| Profit (loss) for the period | 9904 | €43,414 | -€12,189 | -€55,603 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,414 | -€12,189 | -€55,603 |
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 15 October 2026 via checked.be.