FRESMA: 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.
FRESMA
Largest movements
- Tangible fixed assets -€50,737
down €50,737 (-11.4%), from €444,243 to €393,505
of which Land and buildings: -€50,579
- Receivables within one year -€5,974
down €5,974 (-54.3%), from €11,009 to €5,035
of which Other amounts receivable: -€5,682
- Profit (loss) carried forward -€35,613
down €35,613 (-5.5%), from -€645,515 to -€681,128
- Revaluation surpluses -€28,381
down €28,381 (-9.8%), from €288,938 to €260,557
- Reserves +€28,381
up €28,381 (+65.6%), from €43,283 to €71,663
of which Distributable reserves: +€28,381
- Other debts -€20,508
down €20,508 (-7.4%), from €275,679 to €255,171
- Gross operating margin +€7,427
up €7,427 (+68.3%), from €10,878 to €18,305
- Depreciation -€5,998
down €5,998 (-10.6%), from €56,735 to €50,737
- Other operating charges -€317
down €317 (-9.5%), from €3,328 to €3,011
- Financial income -€201
down €201 (-87.3%), from €230 to €29
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 | €458,739 | €403,647 | -€55,092 | -12.0% |
| Fixed assets | 21/28 | €444,243 | €393,505 | -€50,737 | -11.4% |
| Tangible fixed assets | 22/27 | €444,243 | €393,505 | -€50,737 | -11.4% |
| Land and buildings | 22 | €443,610 | €393,031 | -€50,579 | -11.4% |
| Plant, machinery and equipment | 23 | €633 | €475 | -€158 | -25.0% |
| Current assets | 29/58 | €14,496 | €10,142 | -€4,354 | -30.0% |
| Amounts receivable within one year | 40/41 | €11,009 | €5,035 | -€5,974 | -54.3% |
| Trade receivables | 40 | €4,245 | €3,953 | -€292 | -6.9% |
| Other amounts receivable | 41 | €6,764 | €1,082 | -€5,682 | -84.0% |
| Cash at bank and in hand | 54/58 | €485 | €1,927 | +€1,442 | +297.6% |
| Deferred charges and accrued income | 490/1 | €3,003 | €3,180 | +€178 | +5.9% |
| Total equity and liabilities | 10/49 | €458,739 | €403,647 | -€55,092 | -12.0% |
| Equity | 10/15 | €182,493 | €146,879 | -€35,613 | -19.5% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Revaluation surpluses | 12 | €288,938 | €260,557 | -€28,381 | -9.8% |
| Reserves | 13 | €43,283 | €71,663 | +€28,381 | +65.6% |
| Non-distributable reserves | 130/1 | €7,075 | €7,075 | = | 0.0% |
| Legal reserve | 130 | €7,075 | €7,075 | = | 0.0% |
| Distributable reserves | 133 | €36,208 | €64,589 | +€28,381 | +78.4% |
| Profit (loss) carried forward | 14 | -€645,515 | -€681,128 | -€35,613 | -5.5% |
| Amounts payable | 17/49 | €276,246 | €256,768 | -€19,478 | -7.1% |
| Amounts payable within one year | 42/48 | €276,190 | €256,768 | -€19,421 | -7.0% |
| Trade debts | 44 | €510 | €1,597 | +€1,087 | +213.0% |
| Suppliers | 440/4 | €510 | €1,597 | +€1,087 | +213.0% |
| Other amounts payable | 47/48 | €275,679 | €255,171 | -€20,508 | -7.4% |
| Accrued charges and deferred income | 492/3 | €57 | €0 | -€57 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,735 | €50,737 | -€5,998 | -10.6% |
| Other operating charges | 640/8 | €3,328 | €3,011 | -€317 | -9.5% |
| Gross operating margin | 9900 | €10,878 | €18,305 | +€7,427 | +68.3% |
| Operating profit (loss) | 9901 | -€49,185 | -€35,444 | +€13,742 | +27.9% |
| Financial income | 75/76B | €230 | €29 | -€201 | -87.3% |
| Recurring financial income | 75 | €230 | €29 | -€201 | -87.3% |
| Financial charges | 65/66B | €161 | €199 | +€38 | +23.5% |
| Recurring financial charges | 65 | €161 | €199 | +€38 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | -€49,117 | -€35,613 | +€13,503 | +27.5% |
| Profit (loss) for the period | 9904 | -€49,117 | -€35,613 | +€13,503 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,117 | -€35,613 | +€13,503 | +27.5% |
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 8 October 2026 via checked.be.