FRENICO: 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.
FRENICO
Largest movements
- Cash -€76,573
down €76,573 (-77.0%), from €99,395 to €22,822
mainly Investment in fixed assets (net) (-€84,800) and Debts after one year (-€31,758)
- Tangible fixed assets +€39,288
up €39,288 (+2.2%), from €1.8m to €1.8m
of which Land and buildings: +€41,131
- Debts after one year -€31,758
down €31,758 (-11.1%), from €285,342 to €253,584
of which Financial debts: -€31,758
- Gross operating margin -€43,378
down €43,378 (-35.4%), from €122,681 to €79,303
- Taxes -€8,285
down €8,285 (-76.1%), from €10,891 to €2,606
- Depreciation -€2,901
down €2,901 (-6.0%), from €48,414 to €45,512
- Financial charges -€1,253
down €1,253 (-9.5%), from €13,186 to €11,933
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 | €1,883,572 | €1,854,230 | -€29,342 | -1.6% |
| Fixed assets | 21/28 | €1,769,767 | €1,809,055 | +€39,288 | +2.2% |
| Tangible fixed assets | 22/27 | €1,769,723 | €1,809,011 | +€39,288 | +2.2% |
| Land and buildings | 22 | €1,766,300 | €1,807,430 | +€41,131 | +2.3% |
| Plant, machinery and equipment | 23 | €3,424 | €1,581 | -€1,843 | -53.8% |
| Financial fixed assets | 28 | €44 | €44 | = | 0.0% |
| Current assets | 29/58 | €113,805 | €45,175 | -€68,630 | -60.3% |
| Amounts receivable within one year | 40/41 | €8,706 | €13,425 | +€4,719 | +54.2% |
| Trade receivables | 40 | €5,596 | - | -€5,596 | |
| Other amounts receivable | 41 | €3,109 | €13,425 | +€10,315 | +331.7% |
| Cash at bank and in hand | 54/58 | €99,395 | €22,822 | -€76,573 | -77.0% |
| Deferred charges and accrued income | 490/1 | €5,704 | €8,928 | +€3,224 | +56.5% |
| Total equity and liabilities | 10/49 | €1,883,572 | €1,854,230 | -€29,342 | -1.6% |
| Equity | 10/15 | €1,548,578 | €1,553,710 | +€5,132 | +0.3% |
| Contributions | 10/11 | €361,308 | €361,308 | = | 0.0% |
| Capital | 10 | €361,250 | €361,250 | = | 0.0% |
| Issued capital | 100 | €361,250 | €361,250 | = | 0.0% |
| Outside capital | 11 | €58 | €58 | = | 0.0% |
| Share premium | 1100/10 | €58 | €58 | = | 0.0% |
| Reserves | 13 | €1,187,270 | €1,192,402 | +€5,132 | +0.4% |
| Non-distributable reserves | 130/1 | €36,125 | €36,125 | = | 0.0% |
| Legal reserve | 130 | €36,125 | €36,125 | = | 0.0% |
| Tax-exempt reserves | 132 | €764,464 | €764,464 | = | 0.0% |
| Distributable reserves | 133 | €386,681 | €391,813 | +€5,132 | +1.3% |
| Amounts payable | 17/49 | €334,994 | €300,520 | -€34,474 | -10.3% |
| Amounts payable after more than one year | 17 | €285,342 | €253,584 | -€31,758 | -11.1% |
| Financial debts | 170/4 | €285,293 | €253,534 | -€31,758 | -11.1% |
| Other amounts payable | 178/9 | €50 | €50 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,652 | €46,936 | -€2,716 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €28,044 | €29,159 | +€1,115 | +4.0% |
| Trade debts | 44 | €15,813 | €17,777 | +€1,965 | +12.4% |
| Suppliers | 440/4 | €15,813 | €17,777 | +€1,965 | +12.4% |
| Taxes, remuneration and social security | 45 | €5,575 | - | -€5,575 | |
| Taxes | 450/3 | €5,575 | - | -€5,575 | |
| Other amounts payable | 47/48 | €220 | - | -€220 | |
| Non-recurring operating income | 76A | €35,000 | - | -€35,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,414 | €45,512 | -€2,901 | -6.0% |
| Other operating charges | 640/8 | €14,644 | €14,122 | -€521 | -3.6% |
| Non-recurring operating charges | 66A | €5,443 | - | -€5,443 | |
| Gross operating margin | 9900 | €122,681 | €79,303 | -€43,378 | -35.4% |
| Operating profit (loss) | 9901 | €54,181 | €19,668 | -€34,513 | -63.7% |
| Financial income | 75/76B | €1 | €2 | +€1 | +113.7% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +113.7% |
| Financial charges | 65/66B | €13,186 | €11,933 | -€1,253 | -9.5% |
| Recurring financial charges | 65 | €13,186 | €11,933 | -€1,253 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €40,997 | €7,738 | -€33,259 | -81.1% |
| Income taxes | 67/77 | €10,891 | €2,606 | -€8,285 | -76.1% |
| Profit (loss) for the period | 9904 | €30,106 | €5,132 | -€24,974 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,106 | €5,132 | -€24,974 | -83.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.