FRESIM: what changed
Two fiscal 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.
FRESIM
Largest movements
- Cash +€33,604
up €33,604 (+414.5%), from €8,108 to €41,712
mainly Receivables within one year (+€28,646) and Depreciation (+€23,935)
- Receivables within one year -€28,646
down €28,646 (-86.0%), from €33,310 to €4,664
of which Other amounts receivable: -€15,003
- Tangible fixed assets -€16,360
down €16,360 (-10.8%), from €151,664 to €135,303
of which Leasing and similar rights: -€16,077
- Receivables after one year -€15,690
down €15,690 (-20.9%), from €75,020 to €59,330
- Financial fixed assets +€8,230
up €8,230 (+1646.1%), from €500 to €8,730
- Other debts +€12,314
up €12,314 (+20.1%), from €61,136 to €73,450
- Debts after one year -€7,823
down €7,823 (-70.0%), from €11,176 to €3,353
- Tax, wage and social debts -€7,568
down €7,568 (-47.2%), from €16,035 to €8,467
- Reserves -€7,073
down €7,073 (-5.8%), from €121,727 to €114,655
of which Tax-exempt reserves: -€7,073
- Trade debts -€4,017
down €4,017 (-28.3%), from €14,206 to €10,189
- Depreciation -€21,958
down €21,958 (-47.8%), from €45,893 to €23,935
- Financial charges -€3,456
down €3,456 (-80.6%), from €4,287 to €831
- Taxes +€2,102
up €2,102 (+55.8%), from €3,767 to €5,868
- Other operating charges +€1,299
up €1,299 (+21.5%), from €6,029 to €7,328
- Financial income -€1,194
down €1,194 (-43.0%), from €2,775 to €1,581
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 | €270,591 | €251,869 | -€18,723 | -6.9% |
| Fixed assets | 21/28 | €152,164 | €144,034 | -€8,130 | -5.3% |
| Tangible fixed assets | 22/27 | €151,664 | €135,303 | -€16,360 | -10.8% |
| Land and buildings | 22 | €1,052 | €1,052 | = | 0.0% |
| Furniture and vehicles | 24 | €24,252 | €23,969 | -€284 | -1.2% |
| Leasing and similar rights | 25 | €126,359 | €110,282 | -€16,077 | -12.7% |
| Financial fixed assets | 28 | €500 | €8,730 | +€8,230 | +1646.1% |
| Current assets | 29/58 | €118,428 | €107,835 | -€10,593 | -8.9% |
| Amounts receivable after more than one year | 29 | €75,020 | €59,330 | -€15,690 | -20.9% |
| Other amounts receivable | 291 | €75,020 | €59,330 | -€15,690 | -20.9% |
| Amounts receivable within one year | 40/41 | €33,310 | €4,664 | -€28,646 | -86.0% |
| Trade receivables | 40 | €18,308 | €4,664 | -€13,644 | -74.5% |
| Other amounts receivable | 41 | €15,003 | - | -€15,003 | |
| Cash at bank and in hand | 54/58 | €8,108 | €41,712 | +€33,604 | +414.5% |
| Deferred charges and accrued income | 490/1 | €1,990 | €2,130 | +€140 | +7.0% |
| Total equity and liabilities | 10/49 | €270,591 | €251,869 | -€18,723 | -6.9% |
| Equity | 10/15 | €125,809 | €114,923 | -€10,887 | -8.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €121,727 | €114,655 | -€7,073 | -5.8% |
| Non-distributable reserves | 130/1 | €7,261 | €7,261 | = | 0.0% |
| Legal reserve | 130 | €7,261 | €7,261 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,466 | €91,393 | -€7,073 | -7.2% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,918 | -€64,732 | -€3,814 | -6.3% |
| Provisions and deferred taxes | 16 | €32,822 | €30,464 | -€2,358 | -7.2% |
| Deferred taxes | 168 | €32,822 | €30,464 | -€2,358 | -7.2% |
| Amounts payable | 17/49 | €111,960 | €106,482 | -€5,479 | -4.9% |
| Amounts payable after more than one year | 17 | €11,176 | €3,353 | -€7,823 | -70.0% |
| Financial debts | 170/4 | €11,176 | €3,353 | -€7,823 | -70.0% |
| Amounts payable within one year | 42/48 | €98,895 | €99,929 | +€1,034 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €7,518 | €7,823 | +€305 | +4.1% |
| Trade debts | 44 | €14,206 | €10,189 | -€4,017 | -28.3% |
| Suppliers | 440/4 | €14,206 | €10,189 | -€4,017 | -28.3% |
| Taxes, remuneration and social security | 45 | €16,035 | €8,467 | -€7,568 | -47.2% |
| Taxes | 450/3 | €16,035 | €8,467 | -€7,568 | -47.2% |
| Other amounts payable | 47/48 | €61,136 | €73,450 | +€12,314 | +20.1% |
| Accrued charges and deferred income | 492/3 | €1,890 | €3,200 | +€1,310 | +69.3% |
| Remuneration, social security and pensions | 62 | - | €397 | +€397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,893 | €23,935 | -€21,958 | -47.8% |
| Other operating charges | 640/8 | €6,029 | €7,328 | +€1,299 | +21.5% |
| Gross operating margin | 9900 | €23,558 | €23,534 | -€25 | -0.1% |
| Operating profit (loss) | 9901 | -€28,364 | -€8,126 | +€20,238 | +71.4% |
| Financial income | 75/76B | €2,775 | €1,581 | -€1,194 | -43.0% |
| Recurring financial income | 75 | €2,775 | €1,581 | -€1,194 | -43.0% |
| Financial charges | 65/66B | €4,287 | €831 | -€3,456 | -80.6% |
| Recurring financial charges | 65 | €4,287 | €831 | -€3,456 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | -€29,876 | -€7,376 | +€22,500 | +75.3% |
| Transfer from deferred taxes | 780 | €9,972 | €2,358 | -€7,615 | -76.4% |
| Income taxes | 67/77 | €3,767 | €5,868 | +€2,102 | +55.8% |
| Profit (loss) for the period | 9904 | -€23,671 | -€10,887 | +€12,784 | +54.0% |
| Transfer from tax-exempt reserves | 789 | €29,917 | €7,073 | -€22,844 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,246 | -€3,814 | -€10,060 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.