FRERE: 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.
FRERE
Largest movements
- Receivables within one year +€53,441
up €53,441 (+112.6%), from €47,454 to €100,894
of which Other amounts receivable: +€50,659
- Cash +€40,384
up €40,384 (+35.1%), from €114,961 to €155,345
mainly Net result for the year (+€75,334) and Depreciation (+€59,533)
- Stocks and contracts -€17,456
down €17,456 (-75.7%), from €23,061 to €5,605
- Reserves +€75,334
up €75,334 (+18.3%), from €411,211 to €486,545
- Current portion of long-term debt -€10,125
down €10,125 (-100.0%), from €10,125 to €0
- Gross operating margin +€17,142
up €17,142 (+11.1%), from €154,469 to €171,611
- Taxes +€7,473
up €7,473 (+30.6%), from €24,408 to €31,880
- Other operating charges -€6,064
down €6,064 (-51.0%), from €11,887 to €5,823
- Depreciation -€1,859
down €1,859 (-3.0%), from €61,392 to €59,533
- Financial income +€1,757
up €1,757, from €0 to €1,757
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 | €491,013 | €564,572 | +€73,559 | +15.0% |
| Fixed assets | 21/28 | €304,222 | €300,371 | -€3,850 | -1.3% |
| Tangible fixed assets | 22/27 | €304,222 | €300,371 | -€3,850 | -1.3% |
| Land and buildings | 22 | €263,959 | €216,009 | -€47,950 | -18.2% |
| Plant, machinery and equipment | 23 | €11,294 | €9,103 | -€2,191 | -19.4% |
| Furniture and vehicles | 24 | €28,968 | €75,259 | +€46,291 | +159.8% |
| Current assets | 29/58 | €186,792 | €264,200 | +€77,409 | +41.4% |
| Stocks and contracts in progress | 3 | €23,061 | €5,605 | -€17,456 | -75.7% |
| Stocks | 30/36 | €23,061 | €5,605 | -€17,456 | -75.7% |
| Amounts receivable within one year | 40/41 | €47,454 | €100,894 | +€53,441 | +112.6% |
| Trade receivables | 40 | €41,822 | €44,603 | +€2,782 | +6.7% |
| Other amounts receivable | 41 | €5,632 | €56,291 | +€50,659 | +899.5% |
| Cash at bank and in hand | 54/58 | €114,961 | €155,345 | +€40,384 | +35.1% |
| Deferred charges and accrued income | 490/1 | €1,316 | €2,355 | +€1,040 | +79.0% |
| Total equity and liabilities | 10/49 | €491,013 | €564,572 | +€73,559 | +15.0% |
| Equity | 10/15 | €429,811 | €505,145 | +€75,334 | +17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €411,211 | €486,545 | +€75,334 | +18.3% |
| Distributable reserves | 133 | €411,211 | €486,545 | +€75,334 | +18.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,202 | €59,427 | -€1,776 | -2.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €60,973 | €55,586 | -€5,387 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €10,125 | €0 | -€10,125 | -100.0% |
| Trade debts | 44 | €1,475 | €1,644 | +€169 | +11.5% |
| Suppliers | 440/4 | €1,475 | €1,644 | +€169 | +11.5% |
| Taxes, remuneration and social security | 45 | €49,373 | €53,917 | +€4,544 | +9.2% |
| Taxes | 450/3 | €49,373 | €53,917 | +€4,544 | +9.2% |
| Other amounts payable | 47/48 | €0 | €25 | +€25 | |
| Accrued charges and deferred income | 492/3 | €229 | €3,841 | +€3,612 | +1574.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,392 | €59,533 | -€1,859 | -3.0% |
| Other operating charges | 640/8 | €11,887 | €5,823 | -€6,064 | -51.0% |
| Non-recurring operating charges | 66A | €0 | €663 | +€663 | |
| Gross operating margin | 9900 | €154,469 | €171,611 | +€17,142 | +11.1% |
| Operating profit (loss) | 9901 | €81,191 | €105,592 | +€24,402 | +30.1% |
| Financial income | 75/76B | €0 | €1,757 | +€1,757 | |
| Recurring financial income | 75 | €0 | €1,757 | +€1,757 | |
| Financial charges | 65/66B | €520 | €135 | -€385 | -74.0% |
| Recurring financial charges | 65 | €520 | €135 | -€385 | -74.0% |
| Profit (loss) for the period before taxes | 9903 | €80,671 | €107,214 | +€26,543 | +32.9% |
| Income taxes | 67/77 | €24,408 | €31,880 | +€7,473 | +30.6% |
| Profit (loss) for the period | 9904 | €56,263 | €75,334 | +€19,071 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,263 | €75,334 | +€19,071 | +33.9% |
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 11 October 2026 via checked.be.