FREPAT: 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.
FREPAT
Largest movements
- Tangible fixed assets -€105,632
down €105,632 (-4.4%), from €2.4m to €2.3m
of which Land and buildings: -€128,253
- Cash -€37,448
down €37,448 (-41.9%), from €89,347 to €51,899
mainly Current portion of long-term debt (-€105,188) and Investment in fixed assets (net) (-€65,049)
- Stocks and contracts +€37,250
up €37,250 (+44.5%), from €83,750 to €121,000
- Receivables within one year +€36,346
up €36,346 (+165.8%), from €21,925 to €58,271
of which Other amounts receivable: +€35,792
- Current portion of long-term debt -€105,188
no longer reported in 2025 (was €105,188)
- Other debts +€56,402
up €56,402 (+13.5%), from €417,245 to €473,647
- Gross operating margin -€31,324
down €31,324 (-10.6%), from €294,290 to €262,967
- Financial charges -€11,269
down €11,269 (-13.6%), from €82,881 to €71,612
- Taxes -€4,141
down €4,141 (-96.4%), from €4,297 to €156
- Depreciation +€3,360
up €3,360 (+2.0%), from €169,321 to €172,681
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 | €2,639,473 | €2,568,844 | -€70,629 | -2.7% |
| Fixed assets | 21/28 | €2,434,931 | €2,327,299 | -€107,632 | -4.4% |
| Intangible fixed assets | 21 | €12,986 | €10,986 | -€2,000 | -15.4% |
| Tangible fixed assets | 22/27 | €2,421,945 | €2,316,313 | -€105,632 | -4.4% |
| Land and buildings | 22 | €2,231,922 | €2,103,669 | -€128,253 | -5.7% |
| Plant, machinery and equipment | 23 | €106,014 | €89,274 | -€16,740 | -15.8% |
| Furniture and vehicles | 24 | €84,009 | €123,370 | +€39,361 | +46.9% |
| Current assets | 29/58 | €204,542 | €241,545 | +€37,003 | +18.1% |
| Stocks and contracts in progress | 3 | €83,750 | €121,000 | +€37,250 | +44.5% |
| Stocks | 30/36 | €83,750 | €121,000 | +€37,250 | +44.5% |
| Amounts receivable within one year | 40/41 | €21,925 | €58,271 | +€36,346 | +165.8% |
| Trade receivables | 40 | €4,066 | €4,620 | +€554 | +13.6% |
| Other amounts receivable | 41 | €17,859 | €53,651 | +€35,792 | +200.4% |
| Cash at bank and in hand | 54/58 | €89,347 | €51,899 | -€37,448 | -41.9% |
| Deferred charges and accrued income | 490/1 | €9,520 | €10,375 | +€855 | +9.0% |
| Total equity and liabilities | 10/49 | €2,639,473 | €2,568,844 | -€70,629 | -2.7% |
| Equity | 10/15 | €1,033,978 | €1,023,886 | -€10,092 | -1.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €33,978 | €23,886 | -€10,092 | -29.7% |
| Distributable reserves | 133 | €33,978 | €23,886 | -€10,092 | -29.7% |
| Amounts payable | 17/49 | €1,605,495 | €1,544,957 | -€60,537 | -3.8% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €549,355 | €495,397 | -€53,957 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €105,188 | - | -€105,188 | |
| Trade debts | 44 | €2,861 | €510 | -€2,351 | -82.2% |
| Suppliers | 440/4 | €2,861 | €510 | -€2,351 | -82.2% |
| Taxes, remuneration and social security | 45 | €24,060 | €21,240 | -€2,820 | -11.7% |
| Taxes | 450/3 | €24,060 | €21,240 | -€2,820 | -11.7% |
| Other amounts payable | 47/48 | €417,245 | €473,647 | +€56,402 | +13.5% |
| Accrued charges and deferred income | 492/3 | €56,140 | €49,560 | -€6,580 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,321 | €172,681 | +€3,360 | +2.0% |
| Other operating charges | 640/8 | €28,139 | €28,609 | +€471 | +1.7% |
| Gross operating margin | 9900 | €294,290 | €262,967 | -€31,324 | -10.6% |
| Operating profit (loss) | 9901 | €96,831 | €61,676 | -€35,154 | -36.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €82,881 | €71,612 | -€11,269 | -13.6% |
| Recurring financial charges | 65 | €82,881 | €71,612 | -€11,269 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €13,950 | -€9,936 | -€23,885 | |
| Income taxes | 67/77 | €4,297 | €156 | -€4,141 | -96.4% |
| Profit (loss) for the period | 9904 | €9,653 | -€10,092 | -€19,745 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,653 | -€10,092 | -€19,745 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.