FRERINI: 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.
What changed
FRERINI
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13.3m
2024 · €10.6m+€2.8m
Equity
€105.9m
2024 · €92.6m+€13.3m
Cash
€1.3m
2024 · €258,811+€1.1m
Balance sheet total
€124.1m
2024 · €92.6m+€31.5m
Largest movements
Assets
- Current investments +€11.3m
up €11.3m (+28.3%), from €39.8m to €51.1m
- Tangible fixed assets +€9.4m
up €9.4m (+138%), from €6.8m to €16.2m
of which Land and buildings: +€8.6m
- Receivables within one year +€8.8m
up €8.8m (+10,379%), from €84,884 to €8.9m
of which Trade receivables: +€8.8m
Equity and liabilities
- Profit (loss) carried forward +€13.3m
up €13.3m (+16.5%), from €80.7m to €94.1m
- Short-term financial debts +€8.9m
new in 2025: €8.9m
- Trade debts +€8.8m
up €8.8m (+134,074%), from €6,580 to €8.8m
Income statement
- Financial income +€3.3m
up €3.3m (+30.1%), from €11.1m to €14.4m
- Taxes +€412,070
new in 2025: €412,070
- Gross operating margin -€80,730
down €80,730 (-16,301%), from -€495 to -€81,225
- Financial charges -€56,807
down €56,807 (-28.8%), from €196,984 to €140,178
- Other operating charges +€46,904
up €46,904 (+75.8%), from €61,876 to €108,780
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.
Result 2024
€10.6m
Gross operating margin
-€80,730
Depreciation
-€4,160
Other operating charges
-€46,904
Other operating items
-€57,539
Financial income
+€3.3m
Financial charges
+€56,807
Taxes
-€412,070
Result 2025
€13.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€14.1m
Investment
-€21.9m
Financing
+€8.9m
Cash 2024
€258,811
From operations (derived)
+€14.1m
Net result for the year
+€13.3m
Depreciation
+€280,285
Receivables within one year
-€8.8m
Smaller working-capital items
-€3,927
Trade debts
+€8.8m
Tax, wage and social debts
+€383,589
Accrued charges and deferred income
+€40,261
Investment (derived)
-€21.9m
Investment in fixed assets (net)
-€10.6m
Current investments
-€11.3m
Financing
+€8.9m
Short-term financial debts
+€8.9m
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,611,011 | €124,065,293 | +€31.5m | +34.0% |
| Fixed assets | 21/28 | €52,434,633 | €62,765,540 | +€10.3m | +19.7% |
| Tangible fixed assets | 22/27 | €6,799,630 | €16,169,459 | +€9.4m | +138% |
| Land and buildings | 22 | €6,580,199 | €15,200,365 | +€8.6m | +131% |
| Plant, machinery and equipment | 23 | €217,349 | €132,905 | -€84,444 | -38.9% |
| Furniture and vehicles | 24 | €2,082 | €1,428 | -€654 | -31.4% |
| Assets under construction and advance payments | 27 | - | €834,761 | +€834,761 | |
| Financial fixed assets | 28 | €45,635,003 | €46,596,081 | +€961,079 | +2.1% |
| Current assets | 29/58 | €40,176,379 | €61,299,753 | +€21.1m | +52.6% |
| Amounts receivable within one year | 40/41 | €84,884 | €8,894,631 | +€8.8m | +10,379% |
| Trade receivables | 40 | - | €8,823,808 | +€8.8m | |
| Other amounts receivable | 41 | €84,884 | €70,823 | -€14,060 | -16.6% |
| Current investments | 50/53 | €39,824,989 | €51,082,564 | +€11.3m | +28.3% |
| Cash at bank and in hand | 54/58 | €258,811 | €1,317,996 | +€1.1m | +409% |
| Deferred charges and accrued income | 490/1 | €7,695 | €4,562 | -€3,133 | -40.7% |
| Total equity and liabilities | 10/49 | €92,611,011 | €124,065,293 | +€31.5m | +34.0% |
| Equity | 10/15 | €92,569,100 | €105,912,105 | +€13.3m | +14.4% |
| Contributions | 10/11 | €5,955,642 | €5,955,642 | = | 0.0% |
| Capital | 10 | €5,951,613 | €5,951,613 | = | 0.0% |
| Issued capital | 100 | €5,951,613 | €5,951,613 | = | 0.0% |
| Contributions outside capital | 11 | €4,029 | €4,029 | = | 0.0% |
| Share premium | 1100/10 | €4,029 | €4,029 | = | 0.0% |
| Reserves | 13 | €5,867,228 | €5,867,228 | = | 0.0% |
| Non-distributable reserves | 130/1 | €717,547 | €717,547 | = | 0.0% |
| Legal reserve | 130 | €717,547 | €717,547 | = | 0.0% |
| Distributable reserves | 133 | €5,149,682 | €5,149,682 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,746,229 | €94,089,235 | +€13.3m | +16.5% |
| Amounts payable | 17/49 | €41,912 | €18,153,188 | +€18.1m | +43,213% |
| Amounts payable within one year | 42/48 | €13,639 | €18,084,654 | +€18.1m | +132,494% |
| Financial debts | 43 | - | €8,873,000 | +€8.9m | |
| Credit institutions | 430/8 | - | €8,873,000 | +€8.9m | |
| Trade debts | 44 | €6,580 | €8,828,065 | +€8.8m | +134,074% |
| Suppliers | 440/4 | €6,580 | €8,828,065 | +€8.8m | +134,074% |
| Taxes, remuneration and social security | 45 | - | €383,589 | +€383,589 | |
| Taxes | 450/3 | - | €383,589 | +€383,589 | |
| Other amounts payable | 47/48 | €7,060 | - | -€7,060 | |
| Accrued charges and deferred income | 492/3 | €28,273 | €68,534 | +€40,261 | +142% |
| Non-recurring operating income | 76A | - | €271 | +€271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276,125 | €280,285 | +€4,160 | +1.5% |
| Other operating charges | 640/8 | €61,876 | €108,780 | +€46,904 | +75.8% |
| Non-recurring operating charges | 66A | €180 | €57,719 | +€57,539 | +31,966% |
| Gross operating margin | 9900 | -€495 | -€81,225 | -€80,730 | -16,301% |
| Operating profit (loss) | 9901 | -€338,676 | -€528,009 | -€189,333 | -55.9% |
| Financial income | 75/76B | €11,090,319 | €14,423,262 | +€3.3m | +30.1% |
| Recurring financial income | 75 | €11,090,319 | €14,423,262 | +€3.3m | +30.1% |
| Financial charges | 65/66B | €196,984 | €140,178 | -€56,807 | -28.8% |
| Recurring financial charges | 65 | €196,984 | €140,178 | -€56,807 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €10,554,658 | €13,755,075 | +€3.2m | +30.3% |
| Income taxes | 67/77 | - | €412,070 | +€412,070 | |
| Profit (loss) for the period | 9904 | €10,554,658 | €13,343,005 | +€2.8m | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,554,658 | €13,343,005 | +€2.8m | +26.4% |
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 13 October 2026 via checked.be.