FREMAX: 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.
FREMAX
Largest movements
- Cash -€9,014
down €9,014 (-14.5%), from €62,160 to €53,146
mainly Tax, wage and social debts (-€29,126) and Investment in fixed assets (net) (-€19,130)
- Tangible fixed assets -€9,007
down €9,007 (-2.2%), from €405,778 to €396,772
of which Furniture and vehicles: -€15,369
- Reserves +€38,950
up €38,950 (+25.0%), from €155,800 to €194,750
- Tax, wage and social debts -€29,126
down €29,126 (-67.8%), from €42,951 to €13,825
of which Taxes: -€24,644
- Debts after one year -€17,206
down €17,206 (-6.3%), from €274,480 to €257,275
- Trade debts -€15,193
down €15,193 (-97.1%), from €15,649 to €457
- Gross operating margin -€87,945
down €87,945 (-28.7%), from €305,994 to €218,050
- Staff costs -€62,474
down €62,474 (-34.8%), from €179,644 to €117,169
- Depreciation +€6,218
up €6,218 (+28.4%), from €21,919 to €28,137
- Taxes -€4,158
down €4,158 (-19.4%), from €21,384 to €17,227
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 | €516,330 | €495,064 | -€21,266 | -4.1% |
| Fixed assets | 21/28 | €405,928 | €396,922 | -€9,007 | -2.2% |
| Tangible fixed assets | 22/27 | €405,778 | €396,772 | -€9,007 | -2.2% |
| Land and buildings | 22 | €338,059 | €344,584 | +€6,525 | +1.9% |
| Furniture and vehicles | 24 | €67,415 | €52,045 | -€15,369 | -22.8% |
| Other tangible fixed assets | 26 | €304 | €142 | -€162 | -53.4% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €110,401 | €98,142 | -€12,259 | -11.1% |
| Amounts receivable within one year | 40/41 | €46,024 | €43,131 | -€2,893 | -6.3% |
| Trade receivables | 40 | €10,966 | €766 | -€10,201 | -93.0% |
| Other amounts receivable | 41 | €35,058 | €42,365 | +€7,308 | +20.8% |
| Cash at bank and in hand | 54/58 | €62,160 | €53,146 | -€9,014 | -14.5% |
| Deferred charges and accrued income | 490/1 | €2,217 | €1,865 | -€352 | -15.9% |
| Total equity and liabilities | 10/49 | €516,330 | €495,064 | -€21,266 | -4.1% |
| Equity | 10/15 | €163,851 | €202,807 | +€38,956 | +23.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €155,800 | €194,750 | +€38,950 | +25.0% |
| Distributable reserves | 133 | €155,800 | €194,750 | +€38,950 | +25.0% |
| Profit (loss) carried forward | 14 | €51 | €57 | +€6 | +11.9% |
| Amounts payable | 17/49 | €352,479 | €292,257 | -€60,222 | -17.1% |
| Amounts payable after more than one year | 17 | €274,480 | €257,275 | -€17,206 | -6.3% |
| Financial debts | 170/4 | €274,480 | €257,275 | -€17,206 | -6.3% |
| Amounts payable within one year | 42/48 | €77,999 | €34,983 | -€43,016 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €16,399 | €17,206 | +€807 | +4.9% |
| Trade debts | 44 | €15,649 | €457 | -€15,193 | -97.1% |
| Suppliers | 440/4 | €15,649 | €457 | -€15,193 | -97.1% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €42,951 | €13,825 | -€29,126 | -67.8% |
| Taxes | 450/3 | €25,160 | €516 | -€24,644 | -97.9% |
| Remuneration and social security | 454/9 | €17,791 | €13,309 | -€4,482 | -25.2% |
| Other amounts payable | 47/48 | - | €495 | +€495 | |
| Remuneration, social security and pensions | 62 | €179,644 | €117,169 | -€62,474 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,919 | €28,137 | +€6,218 | +28.4% |
| Other operating charges | 640/8 | €2,840 | €2,818 | -€22 | -0.8% |
| Gross operating margin | 9900 | €305,994 | €218,050 | -€87,945 | -28.7% |
| Operating profit (loss) | 9901 | €101,591 | €69,926 | -€31,666 | -31.2% |
| Financial income | 75/76B | €2,950 | €522 | -€2,427 | -82.3% |
| Recurring financial income | 75 | €2,950 | €522 | -€2,427 | -82.3% |
| Financial charges | 65/66B | €13,895 | €14,265 | +€370 | +2.7% |
| Recurring financial charges | 65 | €13,895 | €14,265 | +€370 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €90,646 | €56,183 | -€34,463 | -38.0% |
| Income taxes | 67/77 | €21,384 | €17,227 | -€4,158 | -19.4% |
| Profit (loss) for the period | 9904 | €69,261 | €38,956 | -€30,305 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,261 | €38,956 | -€30,305 | -43.8% |
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 14 October 2026 via checked.be.