FRESO: 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.
FRESO
Largest movements
- Receivables within one year -€95,807
down €95,807 (-40.9%), from €234,505 to €138,698
of which Other amounts receivable: -€111,804
- Cash -€62,088
down €62,088 (-41.2%), from €150,836 to €88,748
mainly Net result for the year (-€188,055) and Investment in fixed assets (net) (-€107,114)
- Tangible fixed assets +€14,917
up €14,917 (+7.8%), from €191,504 to €206,421
of which Plant, machinery and equipment: +€17,555
- Profit (loss) carried forward -€146,073
new in 2025: -€146,073
- Other debts +€79,233
up €79,233 (+9414.5%), from €842 to €80,074
- Trade debts +€57,624
up €57,624 (+23.6%), from €244,518 to €302,142
- Reserves -€41,982
no longer reported in 2025 (was €41,982)
- Current portion of long-term debt -€41,414
down €41,414 (-57.7%), from €71,834 to €30,420
- Gross operating margin -€122,675
down €122,675 (-13.8%), from €888,231 to €765,556
- Staff costs +€67,064
up €67,064 (+9.0%), from €745,499 to €812,563
- Other operating charges +€22,884
up €22,884 (+230.5%), from €9,930 to €32,814
- Taxes -€9,162
down €9,162 (-98.2%), from €9,328 to €166
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 | €623,244 | €474,960 | -€148,284 | -23.8% |
| Fixed assets | 21/28 | €192,099 | €207,016 | +€14,917 | +7.8% |
| Tangible fixed assets | 22/27 | €191,504 | €206,421 | +€14,917 | +7.8% |
| Plant, machinery and equipment | 23 | €177,564 | €195,119 | +€17,555 | +9.9% |
| Furniture and vehicles | 24 | €13,940 | €11,302 | -€2,638 | -18.9% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €431,146 | €267,944 | -€163,201 | -37.9% |
| Stocks and contracts in progress | 3 | €21,236 | €18,635 | -€2,600 | -12.2% |
| Stocks | 30/36 | €21,236 | €18,635 | -€2,600 | -12.2% |
| Amounts receivable within one year | 40/41 | €234,505 | €138,698 | -€95,807 | -40.9% |
| Trade receivables | 40 | €19,228 | €35,225 | +€15,997 | +83.2% |
| Other amounts receivable | 41 | €215,277 | €103,473 | -€111,804 | -51.9% |
| Current investments | 50/53 | €81 | €82 | +€1 | +1.4% |
| Cash at bank and in hand | 54/58 | €150,836 | €88,748 | -€62,088 | -41.2% |
| Deferred charges and accrued income | 490/1 | €24,488 | €21,781 | -€2,707 | -11.1% |
| Total equity and liabilities | 10/49 | €623,244 | €474,960 | -€148,284 | -23.8% |
| Equity | 10/15 | €123,232 | -€64,823 | -€188,055 | |
| Contributions | 10/11 | €81,250 | €81,250 | = | 0.0% |
| Reserves | 13 | €41,982 | - | -€41,982 | |
| Distributable reserves | 133 | €41,982 | - | -€41,982 | |
| Profit (loss) carried forward | 14 | - | -€146,073 | -€146,073 | |
| Amounts payable | 17/49 | €500,013 | €539,783 | +€39,771 | +8.0% |
| Amounts payable after more than one year | 17 | €73,062 | €42,642 | -€30,420 | -41.6% |
| Financial debts | 170/4 | €54,679 | €24,259 | -€30,420 | -55.6% |
| Other amounts payable | 178/9 | €18,383 | €18,383 | = | 0.0% |
| Amounts payable within one year | 42/48 | €426,779 | €497,061 | +€70,282 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €71,834 | €30,420 | -€41,414 | -57.7% |
| Financial debts | 43 | €21,220 | €6,806 | -€14,414 | -67.9% |
| Credit institutions | 430/8 | - | €989 | +€989 | |
| Other loans | 439 | €21,220 | €5,818 | -€15,402 | -72.6% |
| Trade debts | 44 | €244,518 | €302,142 | +€57,624 | +23.6% |
| Suppliers | 440/4 | €244,518 | €302,142 | +€57,624 | +23.6% |
| Taxes, remuneration and social security | 45 | €88,365 | €77,619 | -€10,746 | -12.2% |
| Taxes | 450/3 | €6,799 | €1,879 | -€4,920 | -72.4% |
| Remuneration and social security | 454/9 | €81,566 | €75,740 | -€5,826 | -7.1% |
| Other amounts payable | 47/48 | €842 | €80,074 | +€79,233 | +9414.5% |
| Accrued charges and deferred income | 492/3 | €171 | €79 | -€92 | -53.7% |
| Remuneration, social security and pensions | 62 | €745,499 | €812,563 | +€67,064 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,907 | €92,197 | -€7,710 | -7.7% |
| Other operating charges | 640/8 | €9,930 | €32,814 | +€22,884 | +230.5% |
| Gross operating margin | 9900 | €888,231 | €765,556 | -€122,675 | -13.8% |
| Operating profit (loss) | 9901 | €32,895 | -€172,018 | -€204,912 | |
| Financial income | 75/76B | €2 | €1,905 | +€1,902 | +77638.4% |
| Recurring financial income | 75 | €2 | €1,905 | +€1,902 | +77638.4% |
| Financial charges | 65/66B | €19,617 | €17,775 | -€1,842 | -9.4% |
| Recurring financial charges | 65 | €19,617 | €17,775 | -€1,842 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €13,280 | -€187,888 | -€201,168 | |
| Income taxes | 67/77 | €9,328 | €166 | -€9,162 | -98.2% |
| Profit (loss) for the period | 9904 | €3,951 | -€188,055 | -€192,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,951 | -€188,055 | -€192,006 |
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.