FREPA: 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.
FREPA
Largest movements
- Cash +€375,484
up €375,484 (+93.5%), from €401,464 to €776,948
- Receivables within one year -€144,037
down €144,037 (-17.0%), from €849,283 to €705,246
of which Trade receivables: -€195,908
- Tangible fixed assets +€67,762
up €67,762 (+15.9%), from €425,203 to €492,966
of which Plant, machinery and equipment: +€196,072
- Stocks and contracts -€41,000
down €41,000 (-40.7%), from €100,774 to €59,774
- Current investments +€36,155
up €36,155 (+19.9%), from €181,486 to €217,641
- Debts after one year -€229,725
down €229,725 (-29.3%), from €784,782 to €555,057
- Other debts +€215,000
up €215,000 (+53.8%), from €400,000 to €615,000
- Trade debts +€213,178
up €213,178 (+120.2%), from €177,299 to €390,477
- Reserves +€163,089
up €163,089 (+76.5%), from €213,237 to €376,326
of which Distributable reserves: +€163,089
- Tax, wage and social debts -€34,381
down €34,381 (-22.1%), from €155,679 to €121,299
of which Remuneration and social security: -€63,620
- Gross operating margin +€1.0m
up €1.0m (+57.6%), from €1.8m to €2.8m
- Staff costs +€552,913
up €552,913 (+55.0%), from €1.0m to €1.6m
- Taxes +€97,524
up €97,524 (+60.8%), from €160,328 to €257,852
- Depreciation +€75,896
up €75,896 (+67.4%), from €112,534 to €188,430
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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,992,141 | €2,274,384 | +€282,242 | +14.2% |
| Fixed assets | 21/28 | €444,703 | €512,466 | +€67,762 | +15.2% |
| Tangible fixed assets | 22/27 | €425,203 | €492,966 | +€67,762 | +15.9% |
| Land and buildings | 22 | €75,569 | €92,652 | +€17,083 | +22.6% |
| Plant, machinery and equipment | 23 | €7,971 | €204,043 | +€196,072 | +2459.7% |
| Furniture and vehicles | 24 | €16,016 | €18,627 | +€2,610 | +16.3% |
| Leasing and similar rights | 25 | €325,647 | €177,644 | -€148,003 | -45.4% |
| Financial fixed assets | 28 | €19,500 | €19,500 | = | 0.0% |
| Current assets | 29/58 | €1,547,438 | €1,761,918 | +€214,480 | +13.9% |
| Stocks and contracts in progress | 3 | €100,774 | €59,774 | -€41,000 | -40.7% |
| Stocks | 30/36 | €100,774 | €59,774 | -€41,000 | -40.7% |
| Amounts receivable within one year | 40/41 | €849,283 | €705,246 | -€144,037 | -17.0% |
| Trade receivables | 40 | €586,154 | €390,246 | -€195,908 | -33.4% |
| Other amounts receivable | 41 | €263,129 | €315,000 | +€51,871 | +19.7% |
| Current investments | 50/53 | €181,486 | €217,641 | +€36,155 | +19.9% |
| Cash at bank and in hand | 54/58 | €401,464 | €776,948 | +€375,484 | +93.5% |
| Deferred charges and accrued income | 490/1 | €14,431 | €2,309 | -€12,122 | -84.0% |
| Total equity and liabilities | 10/49 | €1,992,141 | €2,274,384 | +€282,242 | +14.2% |
| Equity | 10/15 | €275,237 | €438,326 | +€163,089 | +59.3% |
| 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 | €213,237 | €376,326 | +€163,089 | +76.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,663 | €4,663 | = | 0.0% |
| Distributable reserves | 133 | €202,374 | €365,463 | +€163,089 | +80.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,716,904 | €1,836,058 | +€119,154 | +6.9% |
| Amounts payable after more than one year | 17 | €784,782 | €555,057 | -€229,725 | -29.3% |
| Financial debts | 170/4 | €784,782 | €555,057 | -€229,725 | -29.3% |
| Amounts payable within one year | 42/48 | €920,699 | €1,281,001 | +€360,302 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €153,524 | €154,225 | +€702 | +0.5% |
| Financial debts | 43 | €34,197 | €0 | -€34,197 | -100.0% |
| Credit institutions | 430/8 | €34,197 | €0 | -€34,197 | -100.0% |
| Trade debts | 44 | €177,299 | €390,477 | +€213,178 | +120.2% |
| Suppliers | 440/4 | €177,299 | €390,477 | +€213,178 | +120.2% |
| Taxes, remuneration and social security | 45 | €155,679 | €121,299 | -€34,381 | -22.1% |
| Taxes | 450/3 | €18,936 | €48,176 | +€29,240 | +154.4% |
| Remuneration and social security | 454/9 | €136,743 | €73,123 | -€63,620 | -46.5% |
| Other amounts payable | 47/48 | €400,000 | €615,000 | +€215,000 | +53.8% |
| Accrued charges and deferred income | 492/3 | €11,423 | €0 | -€11,423 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,005,763 | €1,558,676 | +€552,913 | +55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,534 | €188,430 | +€75,896 | +67.4% |
| Other operating charges | 640/8 | €9,694 | €14,795 | +€5,101 | +52.6% |
| Gross operating margin | 9900 | €1,774,337 | €2,797,115 | +€1.0m | +57.6% |
| Operating profit (loss) | 9901 | €646,347 | €1,035,215 | +€388,867 | +60.2% |
| Financial income | 75/76B | €34,248 | €36,036 | +€1,788 | +5.2% |
| Recurring financial income | 75 | €34,248 | €36,036 | +€1,788 | +5.2% |
| Financial charges | 65/66B | €48,009 | €35,310 | -€12,699 | -26.5% |
| Recurring financial charges | 65 | €48,009 | €35,310 | -€12,699 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €632,586 | €1,035,941 | +€403,355 | +63.8% |
| Income taxes | 67/77 | €160,328 | €257,852 | +€97,524 | +60.8% |
| Profit (loss) for the period | 9904 | €472,258 | €778,089 | +€305,830 | +64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €472,258 | €778,089 | +€305,830 | +64.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.