FREM: 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.
FREM
Largest movements
- Cash -€54,111
down €54,111 (-21.9%), from €246,715 to €192,604
mainly Other debts (-€103,787) and Contributions, distributions and other (-€89,348)
- Deferred charges and accrued income +€40,141
new in 2025: €40,141
- Receivables within one year -€29,480
down €29,480 (-10.3%), from €286,429 to €256,949
of which Other amounts receivable: -€123,117
- Tangible fixed assets -€25,461
down €25,461 (-22.6%), from €112,722 to €87,261
- Other debts -€103,787
down €103,787 (-52.3%), from €198,518 to €94,731
- Trade debts +€28,047
up €28,047 (+102.5%), from €27,358 to €55,404
- Tax, wage and social debts +€10,311
up €10,311 (+31.6%), from €32,662 to €42,973
of which Taxes: +€6,298
- Gross operating margin -€114,936
down €114,936 (-12.1%), from €949,369 to €834,433
- Taxes -€32,861
down €32,861 (-47.5%), from €69,174 to €36,313
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 | €669,732 | €604,748 | -€64,984 | -9.7% |
| Fixed assets | 21/28 | €129,222 | €103,761 | -€25,461 | -19.7% |
| Tangible fixed assets | 22/27 | €112,722 | €87,261 | -€25,461 | -22.6% |
| Plant, machinery and equipment | 23 | €46,276 | €34,766 | -€11,511 | -24.9% |
| Furniture and vehicles | 24 | €17,425 | €15,123 | -€2,302 | -13.2% |
| Other tangible fixed assets | 26 | €49,021 | €37,373 | -€11,649 | -23.8% |
| Financial fixed assets | 28 | €16,500 | €16,500 | = | 0.0% |
| Current assets | 29/58 | €540,510 | €500,987 | -€39,523 | -7.3% |
| Stocks and contracts in progress | 3 | €7,366 | €11,293 | +€3,927 | +53.3% |
| Stocks | 30/36 | €7,366 | €11,293 | +€3,927 | +53.3% |
| Amounts receivable within one year | 40/41 | €286,429 | €256,949 | -€29,480 | -10.3% |
| Trade receivables | 40 | €25,040 | €118,677 | +€93,637 | +373.9% |
| Other amounts receivable | 41 | €261,389 | €138,272 | -€123,117 | -47.1% |
| Cash at bank and in hand | 54/58 | €246,715 | €192,604 | -€54,111 | -21.9% |
| Deferred charges and accrued income | 490/1 | - | €40,141 | +€40,141 | |
| Total equity and liabilities | 10/49 | €669,732 | €604,748 | -€64,984 | -9.7% |
| Equity | 10/15 | €410,052 | €410,052 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,452 | €391,452 | = | 0.0% |
| Distributable reserves | 133 | €391,452 | €391,452 | = | 0.0% |
| Amounts payable | 17/49 | €259,681 | €194,696 | -€64,984 | -25.0% |
| Amounts payable within one year | 42/48 | €259,681 | €194,696 | -€64,984 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €1,143 | €1,588 | +€445 | +38.9% |
| Trade debts | 44 | €27,358 | €55,404 | +€28,047 | +102.5% |
| Suppliers | 440/4 | €27,358 | €55,404 | +€28,047 | +102.5% |
| Taxes, remuneration and social security | 45 | €32,662 | €42,973 | +€10,311 | +31.6% |
| Taxes | 450/3 | €45 | €6,343 | +€6,298 | +14026.5% |
| Remuneration and social security | 454/9 | €32,617 | €36,631 | +€4,014 | +12.3% |
| Other amounts payable | 47/48 | €198,518 | €94,731 | -€103,787 | -52.3% |
| Remuneration, social security and pensions | 62 | €664,665 | €669,277 | +€4,612 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,952 | €35,454 | +€1,502 | +4.4% |
| Other operating charges | 640/8 | €3,242 | €1,024 | -€2,218 | -68.4% |
| Gross operating margin | 9900 | €949,369 | €834,433 | -€114,936 | -12.1% |
| Operating profit (loss) | 9901 | €247,510 | €128,678 | -€118,831 | -48.0% |
| Financial income | 75/76B | €54 | - | -€54 | |
| Recurring financial income | 75 | €54 | - | -€54 | |
| Financial charges | 65/66B | €4,044 | €3,017 | -€1,027 | -25.4% |
| Recurring financial charges | 65 | €4,044 | €3,017 | -€1,027 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €243,519 | €125,661 | -€117,858 | -48.4% |
| Income taxes | 67/77 | €69,174 | €36,313 | -€32,861 | -47.5% |
| Profit (loss) for the period | 9904 | €174,345 | €89,348 | -€84,997 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €174,345 | €89,348 | -€84,997 | -48.8% |
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 7 October 2026 via checked.be.