FRESCO: 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
FRESCO
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€50,769
2024 · -€54,400+€105,169
Equity
€506,724
2024 · €538,194-€31,470
Cash
€24,903
2024 · €29,351-€4,448
Balance sheet total
€1.7m
2024 · €1.8m-€101,060
Largest movements
Assets
- Tangible fixed assets -€96,149
down €96,149 (-5.5%), from €1.7m to €1.7m
of which Land and buildings: -€92,726
Equity and liabilities
- Other debts -€50,210
down €50,210 (-98.5%), from €50,984 to €774
- Debts after one year -€35,981
down €35,981 (-3.2%), from €1.1m to €1.1m
of which Other amounts payable: -€199,000
- Provisions +€21,139
new in 2025: €21,139
- Reserves -€19,482
down €19,482 (-4.0%), from €481,471 to €461,989
of which Distributable reserves: -€82,239
Income statement
- Gross operating margin +€73,074
up €73,074 (+48.5%), from €150,578 to €223,652
- Other operating charges -€53,569
down €53,569 (-81.3%), from €65,901 to €12,332
- Financial charges +€5,797
up €5,797 (+11.4%), from €50,937 to €56,734
- Depreciation -€5,467
down €5,467 (-6.0%), from €90,722 to €85,255
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
-€54,400
Gross operating margin
+€73,074
Depreciation
+€5,467
Other operating charges
+€53,569
Financial income
+€57
Financial charges
-€5,797
Taxes
-€62
Deferred taxes and other
-€21,139
Result 2025
€50,769
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.
From operations
+€102,526
Investment
+€10,915
Financing
-€117,888
Cash 2024
€29,351
From operations (derived)
+€102,526
Net result for the year
+€50,769
Depreciation
+€85,255
Deferred charges and accrued income
+€442
Provisions
+€21,139
Trade debts
-€5,410
Tax, wage and social debts
-€3,282
Other debts
-€50,210
Accrued charges and deferred income
+€3,823
Investment (derived)
+€10,915
Investment in fixed assets (net)
+€10,894
Current investments
+€21
Financing
-€117,888
Debts after one year
-€35,981
Current portion of long-term debt
+€305
Short-term financial debts
+€27
Contributions, distributions and other
-€82,239
Cash 2025
€24,903
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,839,789 | €1,738,729 | -€101,060 | -5.5% |
| Fixed assets | 21/28 | €1,769,965 | €1,673,816 | -€96,149 | -5.4% |
| Tangible fixed assets | 22/27 | €1,747,295 | €1,651,146 | -€96,149 | -5.5% |
| Land and buildings | 22 | €1,730,668 | €1,637,942 | -€92,726 | -5.4% |
| Plant, machinery and equipment | 23 | €3,420 | €3,022 | -€399 | -11.7% |
| Furniture and vehicles | 24 | €13,206 | €10,182 | -€3,024 | -22.9% |
| Financial fixed assets | 28 | €22,670 | €22,670 | = | 0.0% |
| Current assets | 29/58 | €69,825 | €64,914 | -€4,911 | -7.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Current investments | 50/53 | €32 | €11 | -€21 | -66.4% |
| Cash at bank and in hand | 54/58 | €29,351 | €24,903 | -€4,448 | -15.2% |
| Deferred charges and accrued income | 490/1 | €442 | - | -€442 | |
| Total equity and liabilities | 10/49 | €1,839,789 | €1,738,729 | -€101,060 | -5.5% |
| Equity | 10/15 | €538,194 | €506,724 | -€31,470 | -5.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €481,471 | €461,989 | -€19,482 | -4.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Other | 1319 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €62,757 | +€62,757 | |
| Distributable reserves | 133 | €471,471 | €389,232 | -€82,239 | -17.4% |
| Profit (loss) carried forward | 14 | -€43,276 | -€55,265 | -€11,988 | -27.7% |
| Provisions and deferred taxes | 16 | - | €21,139 | +€21,139 | |
| Deferred taxes | 168 | - | €21,139 | +€21,139 | |
| Amounts payable | 17/49 | €1,301,595 | €1,210,866 | -€90,729 | -7.0% |
| Amounts payable after more than one year | 17 | €1,128,849 | €1,092,867 | -€35,981 | -3.2% |
| Financial debts | 170/4 | €929,849 | €1,092,867 | +€163,019 | +17.5% |
| Other amounts payable | 178/9 | €199,000 | - | -€199,000 | |
| Amounts payable within one year | 42/48 | €123,267 | €64,698 | -€58,570 | -47.5% |
| Current portion of amounts payable after more than one year | 42 | €57,153 | €57,458 | +€305 | +0.5% |
| Financial debts | 43 | - | €27 | +€27 | |
| Other loans | 439 | - | €27 | +€27 | |
| Trade debts | 44 | €6,706 | €1,296 | -€5,410 | -80.7% |
| Suppliers | 440/4 | €6,706 | €1,296 | -€5,410 | -80.7% |
| Taxes, remuneration and social security | 45 | €8,424 | €5,142 | -€3,282 | -39.0% |
| Taxes | 450/3 | €8,424 | €5,142 | -€3,282 | -39.0% |
| Other amounts payable | 47/48 | €50,984 | €774 | -€50,210 | -98.5% |
| Accrued charges and deferred income | 492/3 | €49,479 | €53,301 | +€3,823 | +7.7% |
| Non-recurring operating income | 76A | - | €87,199 | +€87,199 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,722 | €85,255 | -€5,467 | -6.0% |
| Other operating charges | 640/8 | €65,901 | €12,332 | -€53,569 | -81.3% |
| Gross operating margin | 9900 | €150,578 | €223,652 | +€73,074 | +48.5% |
| Operating profit (loss) | 9901 | -€6,045 | €126,064 | +€132,110 | |
| Financial income | 75/76B | €2,582 | €2,640 | +€57 | +2.2% |
| Recurring financial income | 75 | €2,582 | €2,640 | +€57 | +2.2% |
| Financial charges | 65/66B | €50,937 | €56,734 | +€5,797 | +11.4% |
| Recurring financial charges | 65 | €50,937 | €56,734 | +€5,797 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | -€54,400 | €71,970 | +€126,370 | |
| Transfer from deferred taxes | 780 | - | €661 | +€661 | |
| Transfer to deferred taxes | 680 | - | €21,800 | +€21,800 | |
| Income taxes | 67/77 | - | €62 | +€62 | |
| Profit (loss) for the period | 9904 | -€54,400 | €50,769 | +€105,169 | |
| Transfer from tax-exempt reserves | 789 | - | €2,642 | +€2,642 | |
| Transfer to tax-exempt reserves | 689 | - | €65,400 | +€65,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,400 | -€11,988 | +€42,411 | +78.0% |
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.