Frenaver: 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.
Frenaver
Largest movements
- Cash -€22,373
down €22,373 (-79.1%), from €28,282 to €5,909
mainly Trade debts (-€23,757) and Deferred charges and accrued income (-€11,574)
- Tangible fixed assets -€17,488
down €17,488 (-30.5%), from €57,370 to €39,882
of which Plant, machinery and equipment: -€13,203
- Deferred charges and accrued income +€11,574
up €11,574 (+17.3%), from €66,749 to €78,323
- Receivables within one year +€7,275
up €7,275 (+5.5%), from €131,769 to €139,043
of which Other amounts receivable: +€5,380
- Financial fixed assets +€5,431
up €5,431 (+64.7%), from €8,389 to €13,820
- Trade debts -€23,757
down €23,757 (-23.9%), from €99,418 to €75,662
- Profit (loss) carried forward +€9,694
up €9,694 (+6.8%), from €141,953 to €151,646
- Gross operating margin +€6,384
up €6,384 (+9.7%), from €65,709 to €72,093
- Financial charges +€3,403
up €3,403 (+52.5%), from €6,479 to €9,882
- Staff costs -€2,396
down €2,396 (-6.8%), from €34,999 to €32,603
- Depreciation +€744
up €744 (+4.4%), from €16,745 to €17,488
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 | €430,047 | €418,862 | -€11,185 | -2.6% |
| Fixed assets | 21/28 | €65,760 | €53,702 | -€12,058 | -18.3% |
| Tangible fixed assets | 22/27 | €57,370 | €39,882 | -€17,488 | -30.5% |
| Plant, machinery and equipment | 23 | €47,765 | €34,562 | -€13,203 | -27.6% |
| Furniture and vehicles | 24 | €8,514 | €4,573 | -€3,941 | -46.3% |
| Other tangible fixed assets | 26 | €1,091 | €747 | -€345 | -31.6% |
| Financial fixed assets | 28 | €8,389 | €13,820 | +€5,431 | +64.7% |
| Current assets | 29/58 | €364,287 | €365,160 | +€873 | +0.2% |
| Stocks and contracts in progress | 3 | €137,487 | €141,885 | +€4,398 | +3.2% |
| Stocks | 30/36 | €137,487 | €141,885 | +€4,398 | +3.2% |
| Amounts receivable within one year | 40/41 | €131,769 | €139,043 | +€7,275 | +5.5% |
| Trade receivables | 40 | €4 | €1,899 | +€1,895 | +47,131% |
| Other amounts receivable | 41 | €131,765 | €137,145 | +€5,380 | +4.1% |
| Cash at bank and in hand | 54/58 | €28,282 | €5,909 | -€22,373 | -79.1% |
| Deferred charges and accrued income | 490/1 | €66,749 | €78,323 | +€11,574 | +17.3% |
| Total equity and liabilities | 10/49 | €430,047 | €418,862 | -€11,185 | -2.6% |
| Equity | 10/15 | €209,793 | €219,487 | +€9,694 | +4.6% |
| Contributions | 10/11 | €61,673 | €61,673 | = | 0.0% |
| Capital | 10 | €61,673 | €61,673 | = | 0.0% |
| Issued capital | 100 | €61,673 | €61,673 | = | 0.0% |
| Reserves | 13 | €6,167 | €6,167 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,167 | €6,167 | = | 0.0% |
| Legal reserve | 130 | €6,167 | €6,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,953 | €151,646 | +€9,694 | +6.8% |
| Amounts payable | 17/49 | €220,254 | €199,375 | -€20,879 | -9.5% |
| Amounts payable within one year | 42/48 | €220,246 | €199,365 | -€20,881 | -9.5% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €99,418 | €75,662 | -€23,757 | -23.9% |
| Suppliers | 440/4 | €99,418 | €75,662 | -€23,757 | -23.9% |
| Taxes, remuneration and social security | 45 | €8,145 | €8,629 | +€485 | +5.9% |
| Taxes | 450/3 | €4,359 | €4,729 | +€371 | +8.5% |
| Remuneration and social security | 454/9 | €3,786 | €3,900 | +€114 | +3.0% |
| Other amounts payable | 47/48 | €12,684 | €15,074 | +€2,391 | +18.8% |
| Accrued charges and deferred income | 492/3 | €7 | €10 | +€3 | +37.8% |
| Remuneration, social security and pensions | 62 | €34,999 | €32,603 | -€2,396 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,745 | €17,488 | +€744 | +4.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €65,709 | €72,093 | +€6,384 | +9.7% |
| Operating profit (loss) | 9901 | €13,461 | €21,482 | +€8,021 | +59.6% |
| Financial income | 75/76B | €1,629 | €938 | -€691 | -42.4% |
| Recurring financial income | 75 | €1,629 | €938 | -€691 | -42.4% |
| Financial charges | 65/66B | €6,479 | €9,882 | +€3,403 | +52.5% |
| Recurring financial charges | 65 | €6,479 | €9,882 | +€3,403 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €8,610 | €12,538 | +€3,928 | +45.6% |
| Income taxes | 67/77 | €2,439 | €2,844 | +€405 | +16.6% |
| Profit (loss) for the period | 9904 | €6,171 | €9,694 | +€3,523 | +57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,171 | €9,694 | +€3,523 | +57.1% |
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 19 October 2026 via checked.be.