FRELA: what changed
Two fiscal 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.
FRELA
Largest movements
- Cash +€632,819
up €632,819 (+72372.6%), from €874 to €633,693
mainly Net result for the year (+€477,138) and Investment in fixed assets (net) (+€469,898)
- Tangible fixed assets -€379,108
down €379,108 (-100.0%), from €379,108 to €0
of which Land and buildings: -€376,849
- Receivables after one year +€150,000
new in 2025: €150,000
- Financial fixed assets -€90,790
down €90,790 (-100.0%), from €90,790 to €0
- Receivables within one year +€8,813
up €8,813 (+18223.3%), from €48 to €8,861
- Reserves +€313,608
up €313,608 (+839.3%), from €37,364 to €350,973
- Profit (loss) carried forward +€163,529
up €163,529, from -€163,529 to €0
- Other debts -€149,230
down €149,230 (-47.7%), from €312,893 to €163,663
- Gross operating margin +€735,957
up €735,957 (+1179.3%), from €62,407 to €798,364
- Taxes +€226,522
up €226,522 (+4021.1%), from €5,633 to €232,155
- Financial charges -€97,189
down €97,189 (-51.1%), from €190,195 to €93,006
of which Non-recurring financial charges: -€100,100
- Depreciation -€33,929
down €33,929 (-100.0%), from €33,929 to €0
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 | €472,636 | €793,679 | +€321,043 | +67.9% |
| Fixed assets | 21/28 | €469,898 | €0 | -€469,898 | -100.0% |
| Tangible fixed assets | 22/27 | €379,108 | €0 | -€379,108 | -100.0% |
| Land and buildings | 22 | €376,849 | €0 | -€376,849 | -100.0% |
| Other tangible fixed assets | 26 | €2,259 | €0 | -€2,259 | -100.0% |
| Financial fixed assets | 28 | €90,790 | €0 | -€90,790 | -100.0% |
| Current assets | 29/58 | €2,739 | €793,679 | +€790,940 | +28879.6% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €48 | €8,861 | +€8,813 | +18223.3% |
| Other amounts receivable | 41 | €48 | €8,861 | +€8,813 | +18223.3% |
| Cash at bank and in hand | 54/58 | €874 | €633,693 | +€632,819 | +72372.6% |
| Deferred charges and accrued income | 490/1 | €1,816 | €1,125 | -€691 | -38.1% |
| Total equity and liabilities | 10/49 | €472,636 | €793,679 | +€321,043 | +67.9% |
| Equity | 10/15 | €148,835 | €625,973 | +€477,138 | +320.6% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €37,364 | €350,973 | +€313,608 | +839.3% |
| Distributable reserves | 133 | €37,364 | €350,973 | +€313,608 | +839.3% |
| Profit (loss) carried forward | 14 | -€163,529 | €0 | +€163,529 | |
| Amounts payable | 17/49 | €323,802 | €167,707 | -€156,095 | -48.2% |
| Amounts payable within one year | 42/48 | €323,802 | €167,707 | -€156,095 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,322 | €4,044 | +€721 | +21.7% |
| Suppliers | 440/4 | €3,322 | €4,044 | +€721 | +21.7% |
| Taxes, remuneration and social security | 45 | €7,586 | €0 | -€7,586 | -100.0% |
| Taxes | 450/3 | €7,586 | €0 | -€7,586 | -100.0% |
| Other amounts payable | 47/48 | €312,893 | €163,663 | -€149,230 | -47.7% |
| Non-recurring operating income | 76A | - | €820,892 | +€820,892 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,929 | €0 | -€33,929 | -100.0% |
| Other operating charges | 640/8 | €6,179 | €3,791 | -€2,388 | -38.6% |
| Gross operating margin | 9900 | €62,407 | €798,364 | +€735,957 | +1179.3% |
| Operating profit (loss) | 9901 | €22,299 | €794,573 | +€772,274 | +3463.3% |
| Financial income | 75/76B | - | €7,726 | +€7,726 | |
| Recurring financial income | 75 | - | €7,726 | +€7,726 | |
| Financial charges | 65/66B | €190,195 | €93,006 | -€97,189 | -51.1% |
| Recurring financial charges | 65 | €195 | €3,106 | +€2,912 | +1494.9% |
| Non-recurring financial charges | 66B | €190,000 | €89,900 | -€100,100 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | -€167,896 | €709,293 | +€877,189 | |
| Income taxes | 67/77 | €5,633 | €232,155 | +€226,522 | +4021.1% |
| Profit (loss) for the period | 9904 | -€173,529 | €477,138 | +€650,667 | |
| Profit (loss) for the period to be appropriated | 9905 | -€173,529 | €477,138 | +€650,667 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.