FRELIECO: 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.
What changed
FRELIECO
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€57,602
2024 · €86,941-€29,339
Equity
€2.3m
2024 · €2.2m+€57,602
Cash
€10,614
2024 · €11,102-€488
Balance sheet total
€4.5m
2024 · €4.3m+€174,936
Largest movements
Assets
- Tangible fixed assets +€277,114
up €277,114 (+6.6%), from €4.2m to €4.5m
of which Land and buildings: +€284,349
- Receivables within one year -€103,425
down €103,425 (-86.6%), from €119,388 to €15,962
of which Trade receivables: -€99,418
Equity and liabilities
- Debts after one year +€195,980
up €195,980 (+11.8%), from €1.7m to €1.9m
of which Financial debts: +€190,821
- Reserves +€57,602
up €57,602 (+4.0%), from €1.4m to €1.5m
of which Distributable reserves: +€85,673
Income statement
- Gross operating margin -€32,560
down €32,560 (-8.9%), from €365,175 to €332,615
- Financial charges -€16,815
down €16,815 (-23.8%), from €70,769 to €53,954
- Other operating charges +€12,227
up €12,227 (+68.1%), from €17,954 to €30,181
- Depreciation +€10,971
up €10,971 (+6.9%), from €159,230 to €170,200
- Taxes -€9,640
down €9,640 (-23.6%), from €40,815 to €31,174
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.
Result 2024
€86,941
Gross operating margin
-€32,560
Depreciation
-€10,971
Other operating charges
-€12,227
Other operating items
+€506
Financial income
-€619
Financial charges
+€16,815
Taxes
+€9,640
Deferred taxes and other
+€77
Result 2025
€57,602
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€266,203
Investment
-€447,315
Financing
+€180,624
Cash 2024
€11,102
From operations (derived)
+€266,203
Net result for the year
+€57,602
Depreciation
+€170,200
Receivables within one year
+€103,425
Deferred charges and accrued income
-€1,736
Provisions
-€10,452
Trade debts
-€24,666
Tax, wage and social debts
-€32,840
Accrued charges and deferred income
+€4,668
Investment (derived)
-€447,315
Investment in fixed assets (net)
-€447,315
Financing
+€180,624
Debts after one year
+€195,980
Current portion of long-term debt
-€21,971
Short-term financial debts
+€6,615
Cash 2025
€10,614
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,313,347 | €4,488,283 | +€174,936 | +4.1% |
| Fixed assets | 21/28 | €4,177,412 | €4,454,527 | +€277,114 | +6.6% |
| Tangible fixed assets | 22/27 | €4,177,288 | €4,454,403 | +€277,114 | +6.6% |
| Land and buildings | 22 | €4,137,613 | €4,421,962 | +€284,349 | +6.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €39,675 | €32,441 | -€7,235 | -18.2% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €135,935 | €33,757 | -€102,178 | -75.2% |
| Amounts receivable within one year | 40/41 | €119,388 | €15,962 | -€103,425 | -86.6% |
| Trade receivables | 40 | €104,185 | €4,767 | -€99,418 | -95.4% |
| Other amounts receivable | 41 | €15,202 | €11,195 | -€4,007 | -26.4% |
| Cash at bank and in hand | 54/58 | €11,102 | €10,614 | -€488 | -4.4% |
| Deferred charges and accrued income | 490/1 | €5,445 | €7,181 | +€1,736 | +31.9% |
| Total equity and liabilities | 10/49 | €4,313,347 | €4,488,283 | +€174,936 | +4.1% |
| Equity | 10/15 | €2,208,483 | €2,266,085 | +€57,602 | +2.6% |
| Contributions | 10/11 | €770,340 | €770,340 | = | 0.0% |
| Capital | 10 | €770,340 | €770,340 | = | 0.0% |
| Issued capital | 100 | €770,340 | €770,340 | = | 0.0% |
| Reserves | 13 | €1,438,144 | €1,495,746 | +€57,602 | +4.0% |
| Non-distributable reserves | 130/1 | €73,748 | €77,034 | +€3,286 | +4.5% |
| Legal reserve | 130 | €73,748 | €77,034 | +€3,286 | +4.5% |
| Tax-exempt reserves | 132 | €689,972 | €658,615 | -€31,356 | -4.5% |
| Distributable reserves | 133 | €674,424 | €760,097 | +€85,673 | +12.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €229,991 | €219,538 | -€10,452 | -4.5% |
| Deferred taxes | 168 | €229,991 | €219,538 | -€10,452 | -4.5% |
| Amounts payable | 17/49 | €1,874,873 | €2,002,659 | +€127,786 | +6.8% |
| Amounts payable after more than one year | 17 | €1,654,959 | €1,850,939 | +€195,980 | +11.8% |
| Financial debts | 170/4 | €762,623 | €953,444 | +€190,821 | +25.0% |
| Other amounts payable | 178/9 | €892,336 | €897,495 | +€5,159 | +0.6% |
| Amounts payable within one year | 42/48 | €200,551 | €127,690 | -€72,861 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €120,791 | €98,820 | -€21,971 | -18.2% |
| Financial debts | 43 | - | €6,615 | +€6,615 | |
| Credit institutions | 430/8 | - | €6,615 | +€6,615 | |
| Trade debts | 44 | €36,760 | €12,095 | -€24,666 | -67.1% |
| Suppliers | 440/4 | €36,760 | €12,095 | -€24,666 | -67.1% |
| Taxes, remuneration and social security | 45 | €43,000 | €10,160 | -€32,840 | -76.4% |
| Taxes | 450/3 | €43,000 | €10,160 | -€32,840 | -76.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €19,363 | €24,031 | +€4,668 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,230 | €170,200 | +€10,971 | +6.9% |
| Other operating charges | 640/8 | €17,954 | €30,181 | +€12,227 | +68.1% |
| Non-recurring operating charges | 66A | €506 | €0 | -€506 | -100% |
| Gross operating margin | 9900 | €365,175 | €332,615 | -€32,560 | -8.9% |
| Operating profit (loss) | 9901 | €187,486 | €132,234 | -€55,252 | -29.5% |
| Financial income | 75/76B | €663 | €44 | -€619 | -93.4% |
| Recurring financial income | 75 | €663 | €44 | -€619 | -93.4% |
| Financial charges | 65/66B | €70,769 | €53,954 | -€16,815 | -23.8% |
| Recurring financial charges | 65 | €70,769 | €53,954 | -€16,815 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €117,380 | €78,324 | -€39,056 | -33.3% |
| Transfer from deferred taxes | 780 | €10,376 | €10,452 | +€77 | +0.7% |
| Income taxes | 67/77 | €40,815 | €31,174 | -€9,640 | -23.6% |
| Profit (loss) for the period | 9904 | €86,941 | €57,602 | -€29,339 | -33.7% |
| Transfer from tax-exempt reserves | 789 | €31,127 | €31,356 | +€230 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €118,068 | €88,959 | -€29,110 | -24.7% |
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.