FREKS: 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.
FREKS
Largest movements
- Stocks and contracts +€100,000
up €100,000 (+200.0%), from €50,000 to €150,000
- Financial fixed assets +€40,000
up €40,000 (+363.6%), from €11,000 to €51,000
- Receivables within one year -€18,648
down €18,648 (-18.0%), from €103,395 to €84,747
of which Trade receivables: -€22,920
- Tangible fixed assets +€13,827
up €13,827 (+74.3%), from €18,602 to €32,428
of which Furniture and vehicles: +€14,659
- Cash -€4,091
down €4,091 (-33.2%), from €12,340 to €8,248
mainly Stocks and contracts (-€100,000) and Investment in fixed assets (net) (-€62,511)
- Other debts +€70,000
new in 2025: €70,000
- Current portion of long-term debt +€40,000
up €40,000 (+25.8%), from €155,000 to €195,000
- Accrued charges and deferred income +€29,168
new in 2025: €29,168
- Profit (loss) carried forward -€9,541
new in 2025: -€9,541
- Tax, wage and social debts +€8,009
up €8,009 (+40.7%), from €19,656 to €27,665
of which Taxes: +€8,201
- Financial charges +€14,006
up €14,006 (+76.4%), from €18,329 to €32,336
- Staff costs +€5,550
up €5,550 (+25.9%), from €21,448 to €26,998
- Depreciation +€3,470
up €3,470 (+66.6%), from €5,214 to €8,684
- Financial income +€904
up €904 (+273851.5%), from €0 to €904
- Other operating charges +€806
up €806 (+68.6%), from €1,175 to €1,981
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 | €197,367 | €329,978 | +€132,611 | +67.2% |
| Fixed assets | 21/28 | €29,602 | €83,428 | +€53,827 | +181.8% |
| Tangible fixed assets | 22/27 | €18,602 | €32,428 | +€13,827 | +74.3% |
| Plant, machinery and equipment | 23 | €2,077 | €1,489 | -€588 | -28.3% |
| Furniture and vehicles | 24 | €5,661 | €20,320 | +€14,659 | +259.0% |
| Other tangible fixed assets | 26 | €10,865 | €10,620 | -€245 | -2.3% |
| Financial fixed assets | 28 | €11,000 | €51,000 | +€40,000 | +363.6% |
| Current assets | 29/58 | €167,765 | €246,549 | +€78,784 | +47.0% |
| Stocks and contracts in progress | 3 | €50,000 | €150,000 | +€100,000 | +200.0% |
| Stocks | 30/36 | €50,000 | €150,000 | +€100,000 | +200.0% |
| Amounts receivable within one year | 40/41 | €103,395 | €84,747 | -€18,648 | -18.0% |
| Trade receivables | 40 | €84,700 | €61,780 | -€22,920 | -27.1% |
| Other amounts receivable | 41 | €18,695 | €22,967 | +€4,272 | +22.9% |
| Cash at bank and in hand | 54/58 | €12,340 | €8,248 | -€4,091 | -33.2% |
| Deferred charges and accrued income | 490/1 | €2,030 | €3,554 | +€1,524 | +75.1% |
| Total equity and liabilities | 10/49 | €197,367 | €329,978 | +€132,611 | +67.2% |
| Equity | 10/15 | €20,329 | €5,407 | -€14,922 | -73.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €19,329 | €13,948 | -€5,381 | -27.8% |
| Distributable reserves | 133 | €19,329 | €13,948 | -€5,381 | -27.8% |
| Profit (loss) carried forward | 14 | - | -€9,541 | -€9,541 | |
| Amounts payable | 17/49 | €177,038 | €324,571 | +€147,533 | +83.3% |
| Amounts payable within one year | 42/48 | €177,038 | €295,403 | +€118,365 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €155,000 | €195,000 | +€40,000 | +25.8% |
| Trade debts | 44 | €2,382 | €2,738 | +€356 | +15.0% |
| Suppliers | 440/4 | €2,382 | €2,738 | +€356 | +15.0% |
| Taxes, remuneration and social security | 45 | €19,656 | €27,665 | +€8,009 | +40.7% |
| Taxes | 450/3 | €10,966 | €19,167 | +€8,201 | +74.8% |
| Remuneration and social security | 454/9 | €8,690 | €8,498 | -€192 | -2.2% |
| Other amounts payable | 47/48 | - | €70,000 | +€70,000 | |
| Accrued charges and deferred income | 492/3 | - | €29,168 | +€29,168 | |
| Remuneration, social security and pensions | 62 | €21,448 | €26,998 | +€5,550 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,214 | €8,684 | +€3,470 | +66.6% |
| Other operating charges | 640/8 | €1,175 | €1,981 | +€806 | +68.6% |
| Non-recurring operating charges | 66A | €400 | - | -€400 | |
| Gross operating margin | 9900 | €53,555 | €54,172 | +€618 | +1.2% |
| Operating profit (loss) | 9901 | €25,318 | €16,510 | -€8,809 | -34.8% |
| Financial income | 75/76B | €0 | €904 | +€904 | +273851.5% |
| Recurring financial income | 75 | €0 | €904 | +€904 | +273851.5% |
| Financial charges | 65/66B | €18,329 | €32,336 | +€14,006 | +76.4% |
| Recurring financial charges | 65 | €18,329 | €32,336 | +€14,006 | +76.4% |
| Profit (loss) for the period before taxes | 9903 | €6,989 | -€14,922 | -€21,911 | |
| Income taxes | 67/77 | €635 | - | -€635 | |
| Profit (loss) for the period | 9904 | €6,354 | -€14,922 | -€21,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,354 | -€14,922 | -€21,276 |
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 9 October 2026 via checked.be.