FRELO: 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.
FRELO
Largest movements
- Tangible fixed assets -€23,052
down €23,052 (-8.5%), from €272,006 to €248,955
of which Land and buildings: -€22,247
- Cash +€7,836
up €7,836 (+8.6%), from €91,242 to €99,079
mainly Depreciation (+€23,052) and Other debts (+€3,470)
- Reserves -€9,212
down €9,212 (-3.3%), from €276,805 to €267,593
of which Tax-exempt reserves: -€12,936
- Provisions -€6,661
down €6,661 (-21.4%), from €31,176 to €24,514
- Current portion of long-term debt -€4,569
no longer reported in 2025 (was €4,569)
- Financial charges -€2,412
down €2,412 (-52.7%), from €4,576 to €2,164
- Gross operating margin +€1,788
up €1,788 (+13.9%), from €12,876 to €14,664
- Taxes +€1,404
up €1,404 (+63.6%), from €2,208 to €3,611
- Financial income +€985
new in 2025: €985
- Depreciation +€935
up €935 (+4.2%), from €22,117 to €23,052
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 | €365,622 | €349,386 | -€16,237 | -4.4% |
| Fixed assets | 21/28 | €272,006 | €248,955 | -€23,052 | -8.5% |
| Tangible fixed assets | 22/27 | €272,006 | €248,955 | -€23,052 | -8.5% |
| Land and buildings | 22 | €270,125 | €247,878 | -€22,247 | -8.2% |
| Plant, machinery and equipment | 23 | €200 | €100 | -€100 | -50.0% |
| Furniture and vehicles | 24 | €1,681 | €976 | -€705 | -41.9% |
| Current assets | 29/58 | €93,616 | €100,431 | +€6,815 | +7.3% |
| Amounts receivable within one year | 40/41 | €1,339 | €292 | -€1,046 | -78.2% |
| Trade receivables | 40 | €21 | - | -€21 | |
| Other amounts receivable | 41 | €1,318 | €292 | -€1,025 | -77.8% |
| Cash at bank and in hand | 54/58 | €91,242 | €99,079 | +€7,836 | +8.6% |
| Deferred charges and accrued income | 490/1 | €1,035 | €1,060 | +€25 | +2.4% |
| Total equity and liabilities | 10/49 | €365,622 | €349,386 | -€16,237 | -4.4% |
| Equity | 10/15 | €295,405 | €286,193 | -€9,212 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €276,805 | €267,593 | -€9,212 | -3.3% |
| Tax-exempt reserves | 132 | €60,554 | €47,619 | -€12,936 | -21.4% |
| Distributable reserves | 133 | €216,251 | €219,974 | +€3,723 | +1.7% |
| Provisions and deferred taxes | 16 | €31,176 | €24,514 | -€6,661 | -21.4% |
| Deferred taxes | 168 | €31,176 | €24,514 | -€6,661 | -21.4% |
| Amounts payable | 17/49 | €39,041 | €38,678 | -€363 | -0.9% |
| Amounts payable within one year | 42/48 | €33,637 | €35,580 | +€1,943 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €4,569 | - | -€4,569 | |
| Trade debts | 44 | - | €2,077 | +€2,077 | |
| Suppliers | 440/4 | - | €2,077 | +€2,077 | |
| Taxes, remuneration and social security | 45 | - | €965 | +€965 | |
| Taxes | 450/3 | - | €965 | +€965 | |
| Other amounts payable | 47/48 | €29,068 | €32,538 | +€3,470 | +11.9% |
| Accrued charges and deferred income | 492/3 | €5,404 | €3,098 | -€2,306 | -42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,117 | €23,052 | +€935 | +4.2% |
| Other operating charges | 640/8 | €2,610 | €2,695 | +€86 | +3.3% |
| Gross operating margin | 9900 | €12,876 | €14,664 | +€1,788 | +13.9% |
| Operating profit (loss) | 9901 | -€11,850 | -€11,083 | +€767 | +6.5% |
| Financial income | 75/76B | - | €985 | +€985 | |
| Recurring financial income | 75 | - | €985 | +€985 | |
| Financial charges | 65/66B | €4,576 | €2,164 | -€2,412 | -52.7% |
| Recurring financial charges | 65 | €4,576 | €2,164 | -€2,412 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,426 | -€12,262 | +€4,164 | +25.4% |
| Transfer from deferred taxes | 780 | €6,661 | €6,661 | = | 0.0% |
| Income taxes | 67/77 | €2,208 | €3,611 | +€1,404 | +63.6% |
| Profit (loss) for the period | 9904 | -€11,973 | -€9,212 | +€2,760 | +23.1% |
| Transfer from tax-exempt reserves | 789 | €12,936 | €12,936 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €963 | €3,723 | +€2,760 | +287% |
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 16 October 2026 via checked.be.