Fréreau: 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.
Fréreau
Largest movements
- Cash +€82,283
up €82,283 (+197.3%), from €41,699 to €123,982
mainly Net result for the year (+€74,673) and Receivables within one year (+€27,012)
- Receivables within one year -€27,012
down €27,012 (-67.5%), from €40,035 to €13,024
of which Trade receivables: -€21,329
- Stocks and contracts -€7,857
down €7,857 (-72.9%), from €10,778 to €2,921
- Tangible fixed assets -€6,786
down €6,786 (-42.2%), from €16,072 to €9,285
of which Leasing and similar rights: -€6,462
- Debts after one year +€20,032
up €20,032 (+292.0%), from €6,860 to €26,892
- Tax, wage and social debts +€18,203
up €18,203 (+3264.7%), from €558 to €18,761
- Trade debts -€10,081
down €10,081 (-59.6%), from €16,905 to €6,824
- Current portion of long-term debt +€6,827
up €6,827 (+138.9%), from €4,913 to €11,740
- Other debts +€6,685
up €6,685 (+9.2%), from €72,333 to €79,018
- Gross operating margin +€67,355
up €67,355 (+182.4%), from €36,934 to €104,289
- Taxes +€14,196
up €14,196 (+253.7%), from €5,597 to €19,793
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 | €111,575 | €151,910 | +€40,335 | +36.2% |
| Fixed assets | 21/28 | €16,673 | €9,507 | -€7,166 | -43.0% |
| Intangible fixed assets | 21 | €526 | €146 | -€380 | -72.2% |
| Tangible fixed assets | 22/27 | €16,072 | €9,285 | -€6,786 | -42.2% |
| Plant, machinery and equipment | 23 | €463 | €139 | -€324 | -70.0% |
| Leasing and similar rights | 25 | €15,608 | €9,146 | -€6,462 | -41.4% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €94,902 | €142,403 | +€47,501 | +50.1% |
| Stocks and contracts in progress | 3 | €10,778 | €2,921 | -€7,857 | -72.9% |
| Stocks | 30/36 | €10,778 | €2,921 | -€7,857 | -72.9% |
| Amounts receivable within one year | 40/41 | €40,035 | €13,024 | -€27,012 | -67.5% |
| Trade receivables | 40 | €34,353 | €13,024 | -€21,329 | -62.1% |
| Other amounts receivable | 41 | €5,683 | - | -€5,683 | |
| Cash at bank and in hand | 54/58 | €41,699 | €123,982 | +€82,283 | +197.3% |
| Deferred charges and accrued income | 490/1 | €2,389 | €2,476 | +€87 | +3.6% |
| Total equity and liabilities | 10/49 | €111,575 | €151,910 | +€40,335 | +36.2% |
| Equity | 10/15 | €9,996 | €8,669 | -€1,327 | -13.3% |
| Contributions | 10/11 | €7,900 | €7,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,096 | €769 | -€1,327 | -63.3% |
| Amounts payable | 17/49 | €101,578 | €143,241 | +€41,662 | +41.0% |
| Amounts payable after more than one year | 17 | €6,860 | €26,892 | +€20,032 | +292.0% |
| Financial debts | 170/4 | €6,860 | €26,892 | +€20,032 | +292.0% |
| Amounts payable within one year | 42/48 | €94,709 | €116,343 | +€21,634 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €4,913 | €11,740 | +€6,827 | +138.9% |
| Trade debts | 44 | €16,905 | €6,824 | -€10,081 | -59.6% |
| Suppliers | 440/4 | €16,905 | €6,824 | -€10,081 | -59.6% |
| Taxes, remuneration and social security | 45 | €558 | €18,761 | +€18,203 | +3264.7% |
| Taxes | 450/3 | €558 | €18,761 | +€18,203 | +3264.7% |
| Other amounts payable | 47/48 | €72,333 | €79,018 | +€6,685 | +9.2% |
| Accrued charges and deferred income | 492/3 | €10 | €5 | -€4 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,852 | €7,166 | -€686 | -8.7% |
| Other operating charges | 640/8 | €1,516 | €1,086 | -€429 | -28.3% |
| Gross operating margin | 9900 | €36,934 | €104,289 | +€67,355 | +182.4% |
| Operating profit (loss) | 9901 | €27,567 | €96,037 | +€68,470 | +248.4% |
| Financial income | 75/76B | €134 | €89 | -€45 | -33.6% |
| Recurring financial income | 75 | €134 | €89 | -€45 | -33.6% |
| Financial charges | 65/66B | €910 | €1,661 | +€751 | +82.6% |
| Recurring financial charges | 65 | €910 | €1,661 | +€751 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €26,791 | €94,466 | +€67,674 | +252.6% |
| Income taxes | 67/77 | €5,597 | €19,793 | +€14,196 | +253.7% |
| Profit (loss) for the period | 9904 | €21,195 | €74,673 | +€53,478 | +252.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,195 | €74,673 | +€53,478 | +252.3% |
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 9 October 2026 via checked.be.