FRELU: 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.
FRELU
Largest movements
- Stocks and contracts -€26,426
down €26,426 (-92.9%), from €28,441 to €2,014
- Cash -€24,477
down €24,477 (-97.2%), from €25,183 to €707
mainly Trade debts (-€31,140) and Receivables within one year (-€19,460)
- Receivables within one year +€19,460
up €19,460 (+48.3%), from €40,253 to €59,712
of which Trade receivables: +€16,070
- Tangible fixed assets -€15,826
down €15,826 (-4.3%), from €372,353 to €356,527
of which Land and buildings: -€14,020
- Trade debts -€31,140
down €31,140 (-90.7%), from €34,320 to €3,180
- Reserves +€22,220
up €22,220 (+37.6%), from €59,107 to €81,327
of which Distributable reserves: +€22,220
- Profit (loss) carried forward -€18,976
down €18,976 (-85.4%), from €22,220 to €3,244
- Debts after one year -€17,516
down €17,516 (-6.6%), from €264,530 to €247,014
of which Financial debts: -€17,516
- Short-term financial debts -€6,679
down €6,679 (-100.0%), from €6,679 to €0
- Gross operating margin -€28,217
down €28,217 (-44.6%), from €63,237 to €35,020
- Taxes -€5,896
down €5,896 (-73.6%), from €8,010 to €2,114
- Financial income +€3,368
up €3,368 (+66.1%), from €5,098 to €8,466
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 | €468,537 | €420,305 | -€48,232 | -10.3% |
| Fixed assets | 21/28 | €372,918 | €356,792 | -€16,126 | -4.3% |
| Intangible fixed assets | 21 | €565 | €265 | -€300 | -53.1% |
| Tangible fixed assets | 22/27 | €372,353 | €356,527 | -€15,826 | -4.3% |
| Land and buildings | 22 | €334,953 | €320,933 | -€14,020 | -4.2% |
| Plant, machinery and equipment | 23 | €918 | €2,542 | +€1,624 | +176.9% |
| Furniture and vehicles | 24 | €869 | €501 | -€368 | -42.4% |
| Leasing and similar rights | 25 | €35,613 | €32,551 | -€3,062 | -8.6% |
| Current assets | 29/58 | €95,619 | €63,513 | -€32,106 | -33.6% |
| Stocks and contracts in progress | 3 | €28,441 | €2,014 | -€26,426 | -92.9% |
| Stocks | 30/36 | €28,441 | €2,014 | -€26,426 | -92.9% |
| Amounts receivable within one year | 40/41 | €40,253 | €59,712 | +€19,460 | +48.3% |
| Trade receivables | 40 | €15,813 | €31,883 | +€16,070 | +101.6% |
| Other amounts receivable | 41 | €24,439 | €27,830 | +€3,390 | +13.9% |
| Cash at bank and in hand | 54/58 | €25,183 | €707 | -€24,477 | -97.2% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,079 | -€663 | -38.1% |
| Total equity and liabilities | 10/49 | €468,537 | €420,305 | -€48,232 | -10.3% |
| Equity | 10/15 | €143,327 | €146,570 | +€3,244 | +2.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €59,107 | €81,327 | +€22,220 | +37.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €52,907 | €75,127 | +€22,220 | +42.0% |
| Profit (loss) carried forward | 14 | €22,220 | €3,244 | -€18,976 | -85.4% |
| Amounts payable | 17/49 | €325,210 | €273,734 | -€51,476 | -15.8% |
| Amounts payable after more than one year | 17 | €264,530 | €247,014 | -€17,516 | -6.6% |
| Financial debts | 170/4 | €261,530 | €244,014 | -€17,516 | -6.7% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €58,099 | €24,175 | -€33,925 | -58.4% |
| Current portion of amounts payable after more than one year | 42 | €17,086 | €17,516 | +€430 | +2.5% |
| Financial debts | 43 | €6,679 | €0 | -€6,679 | -100.0% |
| Credit institutions | 430/8 | €6,679 | €0 | -€6,679 | -100.0% |
| Trade debts | 44 | €34,320 | €3,180 | -€31,140 | -90.7% |
| Suppliers | 440/4 | €34,320 | €3,180 | -€31,140 | -90.7% |
| Taxes, remuneration and social security | 45 | €15 | €3,479 | +€3,464 | +23014.9% |
| Taxes | 450/3 | €15 | €3,479 | +€3,464 | +23014.9% |
| Accrued charges and deferred income | 492/3 | €2,581 | €2,546 | -€35 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,823 | €23,891 | +€68 | +0.3% |
| Other operating charges | 640/8 | €6,395 | €6,594 | +€200 | +3.1% |
| Gross operating margin | 9900 | €63,237 | €35,020 | -€28,217 | -44.6% |
| Operating profit (loss) | 9901 | €33,019 | €4,534 | -€28,485 | -86.3% |
| Financial income | 75/76B | €5,098 | €8,466 | +€3,368 | +66.1% |
| Recurring financial income | 75 | €5,098 | €8,466 | +€3,368 | +66.1% |
| Financial charges | 65/66B | €7,887 | €7,642 | -€244 | -3.1% |
| Recurring financial charges | 65 | €7,887 | €7,642 | -€244 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €30,230 | €5,358 | -€24,872 | -82.3% |
| Income taxes | 67/77 | €8,010 | €2,114 | -€5,896 | -73.6% |
| Profit (loss) for the period | 9904 | €22,220 | €3,244 | -€18,976 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,220 | €3,244 | -€18,976 | -85.4% |
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 11 October 2026 via checked.be.