FREMA: 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.
What changed
FREMA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,443
2024 · €13,652+€22,790
Equity
€614,369
2024 · €577,926+€36,443
Cash
€236,676
2024 · €208,688+€27,987
Balance sheet total
€1.0m
2024 · €1.0m+€15,783
Largest movements
Assets
- Cash +€27,987
up €27,987 (+13.4%), from €208,688 to €236,676
mainly Depreciation (+€37,566) and Net result for the year (+€36,443)
- Tangible fixed assets -€13,591
down €13,591 (-1.7%), from €804,930 to €791,338
Equity and liabilities
- Profit (loss) carried forward +€44,197
up €44,197 (+43.6%), from -€101,283 to -€57,085
- Debts after one year -€24,443
down €24,443 (-49.6%), from €49,259 to €24,816
Income statement
- Gross operating margin +€30,331
up €30,331 (+32.1%), from €94,630 to €124,961
- Taxes +€5,568
up €5,568 (+27.0%), from €20,658 to €26,226
- Other operating charges +€2,214
up €2,214 (+16.8%), from €13,158 to €15,373
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
€13,652
Gross operating margin
+€30,331
Depreciation
-€453
Other operating charges
-€2,214
Financial income
+€4
Financial charges
+€691
Taxes
-€5,568
Result 2025
€36,443
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.
From operations
+€76,037
Investment
-€23,975
Financing
-€24,074
Cash 2024
€208,688
From operations (derived)
+€76,037
Net result for the year
+€36,443
Depreciation
+€37,566
Receivables within one year
-€808
Deferred charges and accrued income
-€578
Provisions
-€2,585
Trade debts
+€713
Tax, wage and social debts
+€4,353
Other debts
+€45
Accrued charges and deferred income
+€887
Investment (derived)
-€23,975
Investment in fixed assets (net)
-€23,975
Financing
-€24,074
Debts after one year
-€24,443
Current portion of long-term debt
+€368
Cash 2025
€236,676
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,017,566 | €1,033,348 | +€15,783 | +1.6% |
| Fixed assets | 21/28 | €805,845 | €792,253 | -€13,591 | -1.7% |
| Tangible fixed assets | 22/27 | €804,930 | €791,338 | -€13,591 | -1.7% |
| Land and buildings | 22 | €804,930 | €791,338 | -€13,591 | -1.7% |
| Financial fixed assets | 28 | €915 | €915 | = | 0.0% |
| Current assets | 29/58 | €211,721 | €241,095 | +€29,374 | +13.9% |
| Amounts receivable within one year | 40/41 | - | €808 | +€808 | |
| Other amounts receivable | 41 | - | €808 | +€808 | |
| Cash at bank and in hand | 54/58 | €208,688 | €236,676 | +€27,987 | +13.4% |
| Deferred charges and accrued income | 490/1 | €3,032 | €3,611 | +€578 | +19.1% |
| Total equity and liabilities | 10/49 | €1,017,566 | €1,033,348 | +€15,783 | +1.6% |
| Equity | 10/15 | €577,926 | €614,369 | +€36,443 | +6.3% |
| Contributions | 10/11 | €468,891 | €468,891 | = | 0.0% |
| Capital | 10 | €468,891 | €468,891 | = | 0.0% |
| Issued capital | 100 | €468,891 | €468,891 | = | 0.0% |
| Reserves | 13 | €210,318 | €202,563 | -€7,755 | -3.7% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €201,158 | €193,403 | -€7,755 | -3.9% |
| Distributable reserves | 133 | €2,910 | €2,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,283 | -€57,085 | +€44,197 | +43.6% |
| Provisions and deferred taxes | 16 | €67,053 | €64,468 | -€2,585 | -3.9% |
| Deferred taxes | 168 | €67,053 | €64,468 | -€2,585 | -3.9% |
| Amounts payable | 17/49 | €372,587 | €354,511 | -€18,075 | -4.9% |
| Amounts payable after more than one year | 17 | €49,259 | €24,816 | -€24,443 | -49.6% |
| Financial debts | 170/4 | €49,259 | €24,816 | -€24,443 | -49.6% |
| Amounts payable within one year | 42/48 | €310,125 | €315,605 | +€5,480 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €24,074 | €24,443 | +€368 | +1.5% |
| Trade debts | 44 | €1,098 | €1,811 | +€713 | +65.0% |
| Suppliers | 440/4 | €1,098 | €1,811 | +€713 | +65.0% |
| Taxes, remuneration and social security | 45 | €2,191 | €6,544 | +€4,353 | +198.7% |
| Taxes | 450/3 | €2,191 | €6,544 | +€4,353 | +198.7% |
| Other amounts payable | 47/48 | €282,762 | €282,807 | +€45 | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,203 | €14,090 | +€887 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,113 | €37,566 | +€453 | +1.2% |
| Other operating charges | 640/8 | €13,158 | €15,373 | +€2,214 | +16.8% |
| Gross operating margin | 9900 | €94,630 | €124,961 | +€30,331 | +32.1% |
| Operating profit (loss) | 9901 | €44,359 | €72,022 | +€27,663 | +62.4% |
| Financial income | 75/76B | €1,058 | €1,062 | +€4 | +0.4% |
| Recurring financial income | 75 | €1,058 | €1,062 | +€4 | +0.4% |
| Financial charges | 65/66B | €13,691 | €13,000 | -€691 | -5.0% |
| Recurring financial charges | 65 | €13,691 | €13,000 | -€691 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €31,726 | €60,084 | +€28,358 | +89.4% |
| Transfer from deferred taxes | 780 | €2,585 | €2,585 | = | 0.0% |
| Income taxes | 67/77 | €20,658 | €26,226 | +€5,568 | +27.0% |
| Profit (loss) for the period | 9904 | €13,652 | €36,443 | +€22,790 | +166.9% |
| Transfer from tax-exempt reserves | 789 | €7,755 | €7,755 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,407 | €44,197 | +€22,790 | +106.5% |
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 6 October 2026 via checked.be.