FRES: 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
FRES
NACE 64.210, Activities of holding companies
financial year 2013 against 2014filed annual accounts (NBB)
Net result for the year
€1.9m
2013 · €1.8m+€102,907
Equity
€37.8m
2013 · €36.1m+€1.7m
Cash
€318,260
2013 · €88,267+€229,993
Balance sheet total
€38.5m
2013 · €36.4m+€2.1m
Largest movements
Assets
- Current assets +€2.1m
up €2.1m (+59.2%), from €3.6m to €5.7m
Equity and liabilities
- Profit (loss) carried forward +€1.6m
up €1.6m (+49.7%), from €3.3m to €4.9m
Income statement
- Taxes +€25,405
up €25,405 (+5.8%), from €440,242 to €465,648
From the 2013 result to the 2014 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 2013
€1.8m
Gross operating margin
+€9,878
Depreciation
+€10,816
Other operating items
+€15,434
Financial income
+€94,221
Financial charges
-€2,038
Taxes
-€25,405
Result 2014
€1.9m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2013 | 2014 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,420,714 | €38,519,389 | +€2.1m | +5.8% |
| Fixed assets | 21/28 | €32,858,586 | €32,847,114 | -€11,473 | 0.0% |
| Tangible fixed assets | 22/27 | €233,586 | €222,114 | -€11,473 | -4.9% |
| Financial fixed assets | 28 | €32,625,000 | €32,625,000 | = | 0.0% |
| Current assets | 29/58 | €3,562,128 | €5,672,275 | +€2.1m | +59.2% |
| Amounts receivable within one year | 40/41 | €1,023,468 | €973,903 | -€49,565 | -4.8% |
| Current investments | 50/53 | €2,125,393 | €2,345,113 | +€219,720 | +10.3% |
| Cash at bank and in hand | 54/58 | €88,267 | €318,260 | +€229,993 | +260.6% |
| Total equity and liabilities | 10/49 | €36,420,714 | €38,519,389 | +€2.1m | +5.8% |
| Equity | 10/15 | €36,113,041 | €37,842,745 | +€1.7m | +4.8% |
| Contributions | 10/11 | €32,688,000 | €32,688,000 | = | 0.0% |
| Reserves | 13 | €139,786 | €236,271 | +€96,485 | +69.0% |
| Profit (loss) carried forward | 14 | €3,285,255 | €4,918,474 | +€1.6m | +49.7% |
| Amounts payable | 17/49 | €307,673 | €676,644 | +€368,970 | +119.9% |
| Amounts payable within one year | 42/48 | €307,673 | €676,644 | +€368,970 | +119.9% |
| Trade debts | 44 | €1,409 | €116 | -€1,294 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,992 | €13,176 | -€10,816 | -45.1% |
| Gross operating margin | 9900 | €1,294,916 | €1,304,795 | +€9,878 | +0.8% |
| Operating profit (loss) | 9901 | €1,251,975 | €1,288,104 | +€36,129 | +2.9% |
| Recurring financial income | 75 | €1,016,131 | €1,110,353 | +€94,221 | +9.3% |
| Recurring financial charges | 65 | €1,067 | €3,104 | +€2,038 | +191.0% |
| Profit (loss) for the period before taxes | 9903 | €2,267,039 | €2,395,352 | +€128,313 | +5.7% |
| Income taxes | 67/77 | €440,242 | €465,648 | +€25,405 | +5.8% |
| Profit (loss) for the period | 9904 | €1,826,797 | €1,929,704 | +€102,907 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,826,797 | €1,929,704 | +€102,907 | +5.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2013 and 31 December 2014. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.