Frère-Bourgeois Holding: what changed
What changed
Frère-Bourgeois Holding
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€36.4m
2024 · €50.5m-€14.1m
Equity
€2.20bn
2024 · €2.67bn-€475.6m
Cash
€5.4m
2024 · €80.9m-€75.6m
Balance sheet total
€2.22bn
2024 · €2.70bn-€475.5m
Largest movements
Assets
- Financial fixed assets -€390.6m
down €390.6m (-15.7%), from €2.48bn to €2.09bn
of which Affiliated companies: -€314.9m
- Receivables within one year +€99.3m
up €99.3m (+2,560%), from €3.9m to €103.1m
of which Other amounts receivable: +€99.3m
- Current investments -€78.8m
down €78.8m (-77.6%), from €101.6m to €22.7m
- Cash -€75.6m
down €75.6m (-93.4%), from €80.9m to €5.4m
mainly Contributions, distributions and other (-€512.0m) and Receivables within one year (-€99.3m)
- Receivables after one year -€28.6m
down €28.6m (-100%), from €28.6m to €0
Equity and liabilities
- Profit (loss) carried forward -€475.6m
down €475.6m (-18.6%), from €2.55bn to €2.08bn
Income statement
- Financial charges +€19.5m
up €19.5m (+1,492%), from €1.3m to €20.8m
of which Non-recurring financial charges: +€19.9m
- Staff costs -€3.1m
down €3.1m (-79.6%), from €3.8m to €783,583
- Financial income +€2.1m
up €2.1m (+3.7%), from €58.1m to €60.2m
of which Financial income: +€20.8m
- Taxes -€365,905
down €365,905 (-30.4%), from €1.2m to €838,997
- Goods and materials +€83,545
up €83,545 (+465%), from €17,971 to €101,516
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€50.5m
Turnover
-€52,692
Goods and materials
-€83,545
Services and other goods
-€19,391
Staff costs
+€3.1m
Other operating charges
+€26,056
Financial income
+€2.1m
Financial charges
-€19.5m
Taxes
+€365,905
Result 2025
€36.4m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€33.1m
Investment
+€469.4m
Financing
-€512.0m
Cash 2024
€80.9m
From operations (derived)
-€33.1m
Net result for the year
+€36.4m
Receivables after one year
+€28.6m
Smaller working-capital items
+€1.2m
Receivables within one year
-€99.3m
Investment (derived)
+€469.4m
Investment in fixed assets (net)
+€390.6m
Current investments
+€78.8m
Financing
-€512.0m
Contributions, distributions and other
-€512.0m
Cash 2025
€5.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,699,188,147 | €2,223,674,967 | -€475.5m | -17.6% |
| Fixed assets | 21/28 | €2,481,152,018 | €2,090,542,514 | -€390.6m | -15.7% |
| Financial fixed assets | 28 | €2,481,152,018 | €2,090,542,514 | -€390.6m | -15.7% |
| Affiliated companies | 280/1 | €1,824,619,623 | €1,509,729,552 | -€314.9m | -17.3% |
| Participating interests | 280 | €1,711,764,697 | €1,509,729,552 | -€202.0m | -11.8% |
| Amounts receivable | 281 | €112,854,926 | €0 | -€112.9m | -100% |
| Companies linked by participating interests | 282/3 | €628,312,890 | €580,812,775 | -€47.5m | -7.6% |
| Participating interests | 282 | €628,312,890 | €580,812,775 | -€47.5m | -7.6% |
| Other financial fixed assets | 284/8 | €28,219,505 | €187 | -€28.2m | -100.0% |
| Shares | 284 | €28,219,318 | €0 | -€28.2m | -100% |
| Amounts receivable and cash guarantees | 285/8 | €187 | €187 | = | 0.0% |
| Current assets | 29/58 | €218,036,128 | €133,132,453 | -€84.9m | -38.9% |
| Amounts receivable after more than one year | 29 | €28,584,278 | €0 | -€28.6m | -100% |
| Other amounts receivable | 291 | €28,584,278 | €0 | -€28.6m | -100% |
| Stocks and contracts in progress | 3 | €1,661,463 | €1,559,946 | -€101,516 | -6.1% |
| Stocks | 30/36 | €1,661,463 | €1,559,946 | -€101,516 | -6.1% |
| Goods purchased for resale | 34 | €1,661,463 | €1,559,946 | -€101,516 | -6.1% |
| Amounts receivable within one year | 40/41 | €3,878,349 | €103,148,556 | +€99.3m | +2,560% |
| Trade receivables | 40 | €77,807 | €32,583 | -€45,224 | -58.1% |
| Other amounts receivable | 41 | €3,800,541 | €103,115,973 | +€99.3m | +2,613% |
| Current investments | 50/53 | €101,557,435 | €22,717,161 | -€78.8m | -77.6% |
| Other investments | 51/53 | €101,557,435 | €22,717,161 | -€78.8m | -77.6% |
| Cash at bank and in hand | 54/58 | €80,944,579 | €5,350,718 | -€75.6m | -93.4% |
| Deferred charges and accrued income | 490/1 | €1,410,025 | €356,071 | -€1.1m | -74.7% |
| Total equity and liabilities | 10/49 | €2,699,188,147 | €2,223,674,967 | -€475.5m | -17.6% |
| Equity | 10/15 | €2,673,503,930 | €2,197,926,401 | -€475.6m | -17.8% |
| Contributions | 10/11 | €102,114,349 | €102,114,349 | = | 0.0% |
| Capital | 10 | €55,360,237 | €55,360,237 | = | 0.0% |
| Issued capital | 100 | €55,360,237 | €55,360,237 | = | 0.0% |
| Contributions outside capital | 11 | €46,754,111 | €46,754,111 | = | 0.0% |
| Share premium | 1100/10 | €46,754,111 | €46,754,111 | = | 0.0% |
| Reserves | 13 | €19,236,399 | €19,236,399 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,536,024 | €5,536,024 | = | 0.0% |
| Legal reserve | 130 | €5,536,024 | €5,536,024 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,302,901 | €13,302,901 | = | 0.0% |
| Distributable reserves | 133 | €397,474 | €397,474 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,552,153,183 | €2,076,575,653 | -€475.6m | -18.6% |
| Provisions and deferred taxes | 16 | €2,967,116 | €2,704,222 | -€262,894 | -8.9% |
| Provisions for liabilities and charges | 160/5 | €2,967,116 | €2,704,222 | -€262,894 | -8.9% |
| Other liabilities and charges | 164/5 | €2,967,116 | €2,704,222 | -€262,894 | -8.9% |
| Amounts payable | 17/49 | €22,717,100 | €23,044,345 | +€327,244 | +1.4% |
| Amounts payable within one year | 42/48 | €22,679,722 | €22,981,341 | +€301,619 | +1.3% |
| Trade debts | 44 | €345,010 | €567,187 | +€222,178 | +64.4% |
| Suppliers | 440/4 | €345,010 | €567,187 | +€222,178 | +64.4% |
| Taxes, remuneration and social security | 45 | €200,572 | €226,420 | +€25,849 | +12.9% |
| Taxes | 450/3 | €26,400 | €33,408 | +€7,008 | +26.5% |
| Remuneration and social security | 454/9 | €174,172 | €193,013 | +€18,841 | +10.8% |
| Other amounts payable | 47/48 | €22,134,140 | €22,187,733 | +€53,593 | +0.2% |
| Accrued charges and deferred income | 492/3 | €37,379 | €63,004 | +€25,625 | +68.6% |
| Operating income | 70/76A | €89,347 | €36,655 | -€52,692 | -59.0% |
| Turnover | 70 | €89,347 | €36,655 | -€52,692 | -59.0% |
| Operating charges | 60/66A | €5,153,360 | €2,174,314 | -€3.0m | -57.8% |
| Goods for resale, raw materials and consumables | 60 | €17,971 | €101,516 | +€83,545 | +465% |
| Change in stocks: decrease (increase) | 609 | €17,971 | €101,516 | +€83,545 | +465% |
| Services and other goods | 61 | €1,185,813 | €1,205,203 | +€19,391 | +1.6% |
| Remuneration, social security and pensions | 62 | €3,839,509 | €783,583 | -€3.1m | -79.6% |
| Other operating charges | 640/8 | €110,067 | €84,011 | -€26,056 | -23.7% |
| Operating profit (loss) | 9901 | -€5,064,013 | -€2,137,659 | +€2.9m | +57.8% |
| Financial income | 75/76B | €58,096,263 | €60,225,126 | +€2.1m | +3.7% |
| Recurring financial income | 75 | €28,891,576 | €49,706,063 | +€20.8m | +72.0% |
| Income from financial fixed assets | 750 | €17,434,457 | €43,681,911 | +€26.2m | +151% |
| Income from current assets | 751 | €5,864,384 | €3,537,816 | -€2.3m | -39.7% |
| Other financial income | 752/9 | €5,592,734 | €2,486,336 | -€3.1m | -55.5% |
| Non-recurring financial income | 76B | €29,204,687 | €10,519,063 | -€18.7m | -64.0% |
| Financial charges | 65/66B | €1,309,874 | €20,848,787 | +€19.5m | +1,492% |
| Recurring financial charges | 65 | €1,309,874 | €987,672 | -€322,202 | -24.6% |
| Debt charges | 650 | €1,444 | - | -€1,444 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €830,311 | €345,559 | -€484,753 | -58.4% |
| Other financial charges | 652/9 | €478,119 | €642,114 | +€163,995 | +34.3% |
| Non-recurring financial charges | 66B | - | €19,861,115 | +€19.9m | |
| Profit (loss) for the period before taxes | 9903 | €51,722,376 | €37,238,680 | -€14.5m | -28.0% |
| Income taxes | 67/77 | €1,204,902 | €838,997 | -€365,905 | -30.4% |
| Taxes | 670/3 | €1,204,902 | €838,997 | -€365,905 | -30.4% |
| Profit (loss) for the period | 9904 | €50,517,474 | €36,399,683 | -€14.1m | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,517,474 | €36,399,683 | -€14.1m | -27.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.