Fretus: what changed
What changed
Fretus
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€268,345
2024 · €510,601-€242,256
Equity
€1.3m
2024 · €1.1m+€268,345
Cash
€63,376
2024 · €239,044-€175,668
Balance sheet total
€6.4m
2024 · €6.6m-€213,203
Largest movements
Assets
- Cash -€175,668
down €175,668 (-73.5%), from €239,044 to €63,376
mainly Debts after one year (-€650,327) and Receivables within one year (-€40,069)
Equity and liabilities
- Debts after one year -€650,327
down €650,327 (-13.7%), from €4.7m to €4.1m
of which Financial debts: -€550,327
- Reserves +€268,345
up €268,345 (+25.8%), from €1.0m to €1.3m
of which Distributable reserves: +€277,861
- Current portion of long-term debt +€105,044
up €105,044 (+22.7%), from €461,885 to €566,929
Income statement
- Financial income -€239,999
down €239,999 (-100.0%), from €240,000 to €1
- Financial charges -€24,040
down €24,040 (-9.8%), from €246,554 to €222,514
- Gross operating margin -€20,066
down €20,066 (-3.2%), from €627,669 to €607,603
- Depreciation +€6,299
up €6,299 (+36.4%), from €17,294 to €23,593
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€510,601
Gross operating margin
-€20,066
Depreciation
-€6,299
Other operating charges
+€103
Financial income
-€239,999
Financial charges
+€24,040
Taxes
-€37
Result 2025
€268,345
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€334,642
Investment
+€53,998
Financing
-€564,307
Cash 2024
€239,044
From operations (derived)
+€334,642
Net result for the year
+€268,345
Depreciation
+€23,593
Receivables within one year
-€40,069
Smaller working-capital items
+€358
Tax, wage and social debts
+€16,505
Other debts
+€12,785
Accrued charges and deferred income
+€53,125
Investment (derived)
+€53,998
Investment in fixed assets (net)
+€53,998
Financing
-€564,307
Debts after one year
-€650,327
Current portion of long-term debt
+€105,044
Short-term financial debts
-€19,024
Cash 2025
€63,376
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,615,945 | €6,402,741 | -€213,203 | -3.2% |
| Fixed assets | 21/28 | €6,259,266 | €6,181,675 | -€77,591 | -1.2% |
| Tangible fixed assets | 22/27 | €98,339 | €78,342 | -€19,998 | -20.3% |
| Land and buildings | 22 | €20,356 | €15,267 | -€5,089 | -25.0% |
| Plant, machinery and equipment | 23 | €2,195 | €1,565 | -€630 | -28.7% |
| Furniture and vehicles | 24 | €75,788 | €61,509 | -€14,279 | -18.8% |
| Financial fixed assets | 28 | €6,160,927 | €6,103,334 | -€57,593 | -0.9% |
| Current assets | 29/58 | €356,679 | €221,066 | -€135,613 | -38.0% |
| Amounts receivable within one year | 40/41 | €116,227 | €156,295 | +€40,069 | +34.5% |
| Trade receivables | 40 | €103,152 | €130,150 | +€26,998 | +26.2% |
| Other amounts receivable | 41 | €13,075 | €26,146 | +€13,071 | +100.0% |
| Cash at bank and in hand | 54/58 | €239,044 | €63,376 | -€175,668 | -73.5% |
| Deferred charges and accrued income | 490/1 | €1,409 | €1,395 | -€14 | -1.0% |
| Total equity and liabilities | 10/49 | €6,615,945 | €6,402,741 | -€213,203 | -3.2% |
| Equity | 10/15 | €1,059,608 | €1,327,952 | +€268,345 | +25.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,041,008 | €1,309,352 | +€268,345 | +25.8% |
| Tax-exempt reserves | 132 | €113,250 | €103,734 | -€9,516 | -8.4% |
| Distributable reserves | 133 | €927,758 | €1,205,619 | +€277,861 | +29.9% |
| Amounts payable | 17/49 | €5,556,337 | €5,074,789 | -€481,548 | -8.7% |
| Amounts payable after more than one year | 17 | €4,742,272 | €4,091,945 | -€650,327 | -13.7% |
| Financial debts | 170/4 | €4,592,272 | €4,041,945 | -€550,327 | -12.0% |
| Other amounts payable | 178/9 | €150,000 | €50,000 | -€100,000 | -66.7% |
| Amounts payable within one year | 42/48 | €745,628 | €861,281 | +€115,653 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €461,885 | €566,929 | +€105,044 | +22.7% |
| Financial debts | 43 | €19,024 | €0 | -€19,024 | -100% |
| Credit institutions | 430/8 | €19,024 | €0 | -€19,024 | -100% |
| Trade debts | 44 | €963 | €1,307 | +€344 | +35.7% |
| Suppliers | 440/4 | €963 | €1,307 | +€344 | +35.7% |
| Taxes, remuneration and social security | 45 | €38,201 | €54,706 | +€16,505 | +43.2% |
| Taxes | 450/3 | €38,201 | €54,706 | +€16,505 | +43.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €225,554 | €238,339 | +€12,785 | +5.7% |
| Accrued charges and deferred income | 492/3 | €68,438 | €121,563 | +€53,125 | +77.6% |
| Non-recurring operating income | 76A | €1,897 | €0 | -€1,897 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,294 | €23,593 | +€6,299 | +36.4% |
| Other operating charges | 640/8 | €1,283 | €1,179 | -€103 | -8.1% |
| Gross operating margin | 9900 | €627,669 | €607,603 | -€20,066 | -3.2% |
| Operating profit (loss) | 9901 | €609,092 | €582,831 | -€26,261 | -4.3% |
| Financial income | 75/76B | €240,000 | €1 | -€239,999 | -100.0% |
| Recurring financial income | 75 | €240,000 | €1 | -€239,999 | -100.0% |
| Financial charges | 65/66B | €246,554 | €222,514 | -€24,040 | -9.8% |
| Recurring financial charges | 65 | €246,554 | €222,514 | -€24,040 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €602,538 | €360,319 | -€242,219 | -40.2% |
| Income taxes | 67/77 | €91,936 | €91,974 | +€37 | 0.0% |
| Profit (loss) for the period | 9904 | €510,601 | €268,345 | -€242,256 | -47.4% |
| Transfer from tax-exempt reserves | 789 | - | €9,516 | +€9,516 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €510,601 | €277,861 | -€232,740 | -45.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.