FRESA: 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.
FRESA
Largest movements
- Cash +€284,848
up €284,848 (+42.8%), from €664,967 to €949,814
mainly Net result for the year (+€932,875) and Depreciation (+€458,360)
- Tangible fixed assets -€269,171
down €269,171 (-4.8%), from €5.6m to €5.3m
of which Land and buildings: -€213,500
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Reserves +€932,875
up €932,875 (+60.0%), from €1.6m to €2.5m
- Debts after one year -€558,090
down €558,090 (-17.6%), from €3.2m to €2.6m
- Other debts -€391,621
down €391,621 (-42.5%), from €920,729 to €529,108
- Trade debts -€190,604
down €190,604 (-46.9%), from €406,649 to €216,045
- Tax, wage and social debts +€102,367
up €102,367 (+219%), from €46,696 to €149,063
of which Taxes: +€93,767
- Gross operating margin +€837,669
up €837,669 (+65.6%), from €1.3m to €2.1m
- Taxes +€248,886
up €248,886 (+136%), from €182,967 to €431,852
- Staff costs +€53,669
up €53,669 (+27.4%), from €195,946 to €249,615
- Depreciation +€49,892
up €49,892 (+12.2%), from €408,468 to €458,360
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,053,629 | €6,893,520 | -€160,109 | -2.3% |
| Fixed assets | 21/28 | €5,595,083 | €5,325,912 | -€269,171 | -4.8% |
| Tangible fixed assets | 22/27 | €5,585,851 | €5,316,680 | -€269,171 | -4.8% |
| Land and buildings | 22 | €4,674,443 | €4,460,943 | -€213,500 | -4.6% |
| Plant, machinery and equipment | 23 | €811,634 | €777,107 | -€34,527 | -4.3% |
| Furniture and vehicles | 24 | €99,774 | €78,630 | -€21,144 | -21.2% |
| Financial fixed assets | 28 | €9,232 | €9,232 | = | 0.0% |
| Current assets | 29/58 | €1,458,546 | €1,567,608 | +€109,062 | +7.5% |
| Stocks and contracts in progress | 3 | €307,708 | €337,829 | +€30,121 | +9.8% |
| Stocks | 30/36 | €307,708 | €337,829 | +€30,121 | +9.8% |
| Amounts receivable within one year | 40/41 | €219,472 | €263,883 | +€44,411 | +20.2% |
| Trade receivables | 40 | €149,034 | €232,145 | +€83,111 | +55.8% |
| Other amounts receivable | 41 | €70,437 | €31,738 | -€38,700 | -54.9% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €664,967 | €949,814 | +€284,848 | +42.8% |
| Deferred charges and accrued income | 490/1 | €16,399 | €16,082 | -€317 | -1.9% |
| Total equity and liabilities | 10/49 | €7,053,629 | €6,893,520 | -€160,109 | -2.3% |
| Equity | 10/15 | €2,051,216 | €2,964,853 | +€913,638 | +44.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,554,941 | €2,487,816 | +€932,875 | +60.0% |
| Distributable reserves | 133 | €1,554,941 | €2,487,816 | +€932,875 | +60.0% |
| Investment grants | 15 | €346,275 | €327,038 | -€19,238 | -5.6% |
| Provisions and deferred taxes | 16 | €18,225 | €17,213 | -€1,013 | -5.6% |
| Deferred taxes | 168 | €18,225 | €17,213 | -€1,013 | -5.6% |
| Amounts payable | 17/49 | €4,984,188 | €3,911,454 | -€1.1m | -21.5% |
| Amounts payable after more than one year | 17 | €3,178,090 | €2,620,000 | -€558,090 | -17.6% |
| Financial debts | 170/4 | €3,178,090 | €2,620,000 | -€558,090 | -17.6% |
| Amounts payable within one year | 42/48 | €1,805,692 | €1,289,216 | -€516,475 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €431,618 | €395,000 | -€36,618 | -8.5% |
| Trade debts | 44 | €406,649 | €216,045 | -€190,604 | -46.9% |
| Suppliers | 440/4 | €406,649 | €216,045 | -€190,604 | -46.9% |
| Taxes, remuneration and social security | 45 | €46,696 | €149,063 | +€102,367 | +219% |
| Taxes | 450/3 | €43,982 | €137,749 | +€93,767 | +213% |
| Remuneration and social security | 454/9 | €2,714 | €11,314 | +€8,600 | +317% |
| Other amounts payable | 47/48 | €920,729 | €529,108 | -€391,621 | -42.5% |
| Accrued charges and deferred income | 492/3 | €407 | €2,238 | +€1,830 | +449% |
| Remuneration, social security and pensions | 62 | €195,946 | €249,615 | +€53,669 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,468 | €458,360 | +€49,892 | +12.2% |
| Other operating charges | 640/8 | €23,576 | €23,499 | -€77 | -0.3% |
| Gross operating margin | 9900 | €1,275,986 | €2,113,655 | +€837,669 | +65.6% |
| Operating profit (loss) | 9901 | €647,995 | €1,382,180 | +€734,185 | +113% |
| Financial income | 75/76B | €36,685 | €22,930 | -€13,754 | -37.5% |
| Recurring financial income | 75 | €36,685 | €22,930 | -€13,754 | -37.5% |
| Financial charges | 65/66B | €46,776 | €41,396 | -€5,380 | -11.5% |
| Recurring financial charges | 65 | €46,776 | €41,396 | -€5,380 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €637,904 | €1,363,715 | +€725,811 | +114% |
| Transfer from deferred taxes | 780 | €1,013 | €1,013 | = | 0.0% |
| Income taxes | 67/77 | €182,967 | €431,852 | +€248,886 | +136% |
| Profit (loss) for the period | 9904 | €455,950 | €932,875 | +€476,925 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €455,950 | €932,875 | +€476,925 | +105% |
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 25 October 2026 via checked.be.