FRETBOS: 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.
FRETBOS
Largest movements
- Current investments +€6.8m
new in 2025: €6.8m
- Cash -€5.5m
down €5.5m (-99.9%), from €5.5m to €4,490
mainly Current investments (-€6.8m) and Contributions, distributions and other (-€439,135)
- Financial fixed assets -€1.0m
down €1.0m (-99.5%), from €1.0m to €5,000
- Reserves -€439,135
down €439,135 (-73.4%), from €598,603 to €159,468
of which Distributable reserves: -€439,135
- Other debts +€422,080
new in 2025: €422,080
- Profit (loss) carried forward +€377,817
up €377,817 (+9.8%), from €3.8m to €4.2m
- Financial income +€158,585
up €158,585 (+46.3%), from €342,589 to €501,173
of which Non-recurring financial income: +€224,003
- Taxes -€50,036
no longer reported in 2025 (was €50,036)
- Gross operating margin +€20,974
up €20,974 (+50.8%), from -€41,273 to -€20,299
- Depreciation +€3,639
up €3,639 (+4.0%), from €91,167 to €94,806
- Financial charges -€1,373
down €1,373 (-34.9%), from €3,940 to €2,566
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 | €8,317,311 | €8,651,393 | +€334,082 | +4.0% |
| Fixed assets | 21/28 | €2,798,475 | €1,782,821 | -€1.0m | -36.3% |
| Tangible fixed assets | 22/27 | €1,793,475 | €1,777,821 | -€15,654 | -0.9% |
| Land and buildings | 22 | €1,743,587 | €1,737,190 | -€6,398 | -0.4% |
| Plant, machinery and equipment | 23 | €11,504 | €11,632 | +€128 | +1.1% |
| Furniture and vehicles | 24 | €36,913 | €27,529 | -€9,384 | -25.4% |
| Other tangible fixed assets | 26 | €1,470 | €1,470 | = | 0.0% |
| Financial fixed assets | 28 | €1,005,000 | €5,000 | -€1.0m | -99.5% |
| Current assets | 29/58 | €5,518,837 | €6,868,572 | +€1.3m | +24.5% |
| Amounts receivable within one year | 40/41 | €30,772 | €37,309 | +€6,538 | +21.2% |
| Trade receivables | 40 | - | €3,471 | +€3,471 | |
| Other amounts receivable | 41 | €30,772 | €33,838 | +€3,066 | +10.0% |
| Current investments | 50/53 | - | €6,825,000 | +€6.8m | |
| Cash at bank and in hand | 54/58 | €5,488,065 | €4,490 | -€5.5m | -99.9% |
| Deferred charges and accrued income | 490/1 | - | €1,773 | +€1,773 | |
| Total equity and liabilities | 10/49 | €8,317,311 | €8,651,393 | +€334,082 | +4.0% |
| Equity | 10/15 | €8,241,118 | €8,179,799 | -€61,318 | -0.7% |
| Contributions | 10/11 | €3,795,000 | €3,795,000 | = | 0.0% |
| Reserves | 13 | €598,603 | €159,468 | -€439,135 | -73.4% |
| Non-distributable reserves | 130/1 | €57,720 | €57,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €57,720 | €57,720 | = | 0.0% |
| Distributable reserves | 133 | €540,883 | €101,748 | -€439,135 | -81.2% |
| Profit (loss) carried forward | 14 | €3,847,515 | €4,225,332 | +€377,817 | +9.8% |
| Amounts payable | 17/49 | €76,193 | €471,594 | +€395,400 | +518.9% |
| Amounts payable after more than one year | 17 | €40,000 | €10,000 | -€30,000 | -75.0% |
| Financial debts | 170/4 | €40,000 | €10,000 | -€30,000 | -75.0% |
| Amounts payable within one year | 42/48 | €34,866 | €460,332 | +€425,466 | +1220.3% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €3,791 | €8,252 | +€4,461 | +117.7% |
| Suppliers | 440/4 | €3,791 | €8,252 | +€4,461 | +117.7% |
| Taxes, remuneration and social security | 45 | €1,075 | - | -€1,075 | |
| Taxes | 450/3 | €1,075 | - | -€1,075 | |
| Other amounts payable | 47/48 | - | €422,080 | +€422,080 | |
| Accrued charges and deferred income | 492/3 | €1,327 | €1,262 | -€66 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,167 | €94,806 | +€3,639 | +4.0% |
| Other operating charges | 640/8 | €6,066 | €5,685 | -€381 | -6.3% |
| Gross operating margin | 9900 | -€41,273 | -€20,299 | +€20,974 | +50.8% |
| Operating profit (loss) | 9901 | -€138,506 | -€120,790 | +€17,716 | +12.8% |
| Financial income | 75/76B | €342,589 | €501,173 | +€158,585 | +46.3% |
| Recurring financial income | 75 | €178,319 | €112,900 | -€65,418 | -36.7% |
| Non-recurring financial income | 76B | €164,270 | €388,273 | +€224,003 | +136.4% |
| Financial charges | 65/66B | €3,940 | €2,566 | -€1,373 | -34.9% |
| Recurring financial charges | 65 | €3,940 | €2,566 | -€1,373 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €200,143 | €377,817 | +€177,674 | +88.8% |
| Income taxes | 67/77 | €50,036 | - | -€50,036 | |
| Profit (loss) for the period | 9904 | €150,107 | €377,817 | +€227,710 | +151.7% |
| Profit (loss) for the period to be appropriated | 9905 | €150,107 | €377,817 | +€227,710 | +151.7% |
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 12 October 2026 via checked.be.