FRENI AG: 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.
What changed
FRENI AG
NACE 46.841, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€66,687
2024 · €38,115+€28,572
Equity
€1.1m
2024 · €985,130+€65,770
Cash
€151,813
2024 · €177,820-€26,006
Balance sheet total
€2.9m
2024 · €2.5m+€395,244
Largest movements
Assets
- Tangible fixed assets +€363,172
up €363,172 (+18.2%), from €2.0m to €2.4m
of which Land and buildings: +€375,494
- Stocks and contracts +€58,514
up €58,514 (+27.5%), from €213,137 to €271,651
Equity and liabilities
- Debts after one year +€299,216
up €299,216 (+26.3%), from €1.1m to €1.4m
of which Other amounts payable: +€189,500
- Current portion of long-term debt +€78,290
up €78,290 (+69.8%), from €112,200 to €190,489
- Profit (loss) carried forward +€66,687
up €66,687 (+7.4%), from €897,647 to €964,334
- Short-term financial debts -€36,000
no longer reported in 2025 (was €36,000)
Income statement
- Gross operating margin +€33,915
up €33,915 (+10.5%), from €322,925 to €356,840
- Staff costs -€20,126
down €20,126 (-13.1%), from €154,085 to €133,959
- Financial charges +€18,631
up €18,631 (+62.6%), from €29,758 to €48,389
- Taxes +€15,718
up €15,718 (+148.1%), from €10,611 to €26,329
- Other operating charges -€9,000
down €9,000 (-42.0%), from €21,429 to €12,430
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
€38,115
Gross operating margin
+€33,915
Staff costs
+€20,126
Depreciation
+€486
Other operating charges
+€9,000
Other operating items
+€170
Financial income
-€776
Financial charges
-€18,631
Taxes
-€15,718
Result 2025
€66,687
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
+€109,830
Investment
-€476,425
Financing
+€340,589
Cash 2024
€177,820
From operations (derived)
+€109,830
Net result for the year
+€66,687
Depreciation
+€113,254
Stocks and contracts
-€58,514
Receivables within one year
-€5,314
Deferred charges and accrued income
+€5,749
Trade debts
+€1,250
Tax, wage and social debts
-€18,346
Advances received
+€1,220
Other debts
+€1,193
Accrued charges and deferred income
+€2,652
Investment (derived)
-€476,425
Investment in fixed assets (net)
-€476,425
Financing
+€340,589
Debts after one year
+€299,216
Current portion of long-term debt
+€78,290
Short-term financial debts
-€36,000
Contributions, distributions and other
-€917
Cash 2025
€151,813
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,535,998 | €2,931,242 | +€395,244 | +15.6% |
| Fixed assets | 21/28 | €1,998,320 | €2,361,492 | +€363,172 | +18.2% |
| Tangible fixed assets | 22/27 | €1,998,320 | €2,361,492 | +€363,172 | +18.2% |
| Land and buildings | 22 | €1,945,837 | €2,321,332 | +€375,494 | +19.3% |
| Plant, machinery and equipment | 23 | €16,248 | €9,899 | -€6,348 | -39.1% |
| Furniture and vehicles | 24 | €36,235 | €30,261 | -€5,975 | -16.5% |
| Current assets | 29/58 | €537,678 | €569,750 | +€32,073 | +6.0% |
| Stocks and contracts in progress | 3 | €213,137 | €271,651 | +€58,514 | +27.5% |
| Stocks | 30/36 | €213,137 | €271,651 | +€58,514 | +27.5% |
| Amounts receivable within one year | 40/41 | €136,874 | €142,189 | +€5,314 | +3.9% |
| Trade receivables | 40 | €136,874 | €132,290 | -€4,585 | -3.3% |
| Other amounts receivable | 41 | - | €9,899 | +€9,899 | |
| Cash at bank and in hand | 54/58 | €177,820 | €151,813 | -€26,006 | -14.6% |
| Deferred charges and accrued income | 490/1 | €9,847 | €4,098 | -€5,749 | -58.4% |
| Total equity and liabilities | 10/49 | €2,535,998 | €2,931,242 | +€395,244 | +15.6% |
| Equity | 10/15 | €985,130 | €1,050,899 | +€65,770 | +6.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €897,647 | €964,334 | +€66,687 | +7.4% |
| Investment grants | 15 | €19,283 | €18,366 | -€917 | -4.8% |
| Amounts payable | 17/49 | €1,550,868 | €1,880,343 | +€329,475 | +21.2% |
| Amounts payable after more than one year | 17 | €1,138,119 | €1,437,335 | +€299,216 | +26.3% |
| Financial debts | 170/4 | €802,119 | €911,835 | +€109,716 | +13.7% |
| Other amounts payable | 178/9 | €336,000 | €525,500 | +€189,500 | +56.4% |
| Amounts payable within one year | 42/48 | €412,749 | €440,356 | +€27,607 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €112,200 | €190,489 | +€78,290 | +69.8% |
| Financial debts | 43 | €36,000 | - | -€36,000 | |
| Credit institutions | 430/8 | €36,000 | - | -€36,000 | |
| Trade debts | 44 | €40,841 | €42,091 | +€1,250 | +3.1% |
| Suppliers | 440/4 | €40,841 | €42,091 | +€1,250 | +3.1% |
| Advances received on contracts in progress | 46 | - | €1,220 | +€1,220 | |
| Taxes, remuneration and social security | 45 | €51,551 | €33,206 | -€18,346 | -35.6% |
| Taxes | 450/3 | €25,631 | €11,712 | -€13,919 | -54.3% |
| Remuneration and social security | 454/9 | €25,920 | €21,494 | -€4,427 | -17.1% |
| Other amounts payable | 47/48 | €172,157 | €173,350 | +€1,193 | +0.7% |
| Accrued charges and deferred income | 492/3 | - | €2,652 | +€2,652 | |
| Non-recurring operating income | 76A | €4,410 | €3,744 | -€666 | -15.1% |
| Remuneration, social security and pensions | 62 | €154,085 | €133,959 | -€20,126 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,739 | €113,254 | -€486 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,000 | -€10,000 | = | 0.0% |
| Other operating charges | 640/8 | €21,429 | €12,430 | -€9,000 | -42.0% |
| Non-recurring operating charges | 66A | €170 | - | -€170 | |
| Gross operating margin | 9900 | €322,925 | €356,840 | +€33,915 | +10.5% |
| Operating profit (loss) | 9901 | €43,501 | €107,198 | +€63,697 | +146.4% |
| Financial income | 75/76B | €34,983 | €34,207 | -€776 | -2.2% |
| Recurring financial income | 75 | €34,983 | €34,207 | -€776 | -2.2% |
| Financial charges | 65/66B | €29,758 | €48,389 | +€18,631 | +62.6% |
| Recurring financial charges | 65 | €29,758 | €48,389 | +€18,631 | +62.6% |
| Profit (loss) for the period before taxes | 9903 | €48,726 | €93,015 | +€44,289 | +90.9% |
| Income taxes | 67/77 | €10,611 | €26,329 | +€15,718 | +148.1% |
| Profit (loss) for the period | 9904 | €38,115 | €66,687 | +€28,572 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,115 | €66,687 | +€28,572 | +75.0% |
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 9 October 2026 via checked.be.