FREVAG: 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.
What changed
FREVAG
NACE 77.350, Rental and leasing activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€890,935
2024 · €209,505+€681,430
Equity
€3.6m
2024 · €4.1m-€584,065
Cash
€36,590
2024 · €25,897+€10,692
Balance sheet total
€3.6m
2024 · €4.2m-€562,964
Largest movements
Assets
- Current investments -€433,277
down €433,277 (-43.5%), from €996,144 to €562,867
- Tangible fixed assets -€169,377
down €169,377 (-5.8%), from €2.9m to €2.7m
of which Land and buildings: -€167,905
Equity and liabilities
- Reserves -€584,065
down €584,065 (-16.0%), from €3.6m to €3.1m
of which Distributable reserves: -€584,065
Income statement
- Financial income +€1.0m
up €1.0m (+1719.1%), from €60,863 to €1.1m
of which Non-recurring financial income: +€1.1m
- Depreciation +€107,915
up €107,915 (+160.7%), from €67,162 to €175,077
- Other operating income +€38,348
up €38,348 (+39.1%), from €97,994 to €136,342
- Services and other goods -€15,722
down €15,722 (-11.0%), from €142,370 to €126,648
- Turnover -€5,475
down €5,475 (-44.6%), from €12,273 to €6,798
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.
Result 2024
€209,505
Turnover
-€5,475
Other operating income
+€38,348
Services and other goods
+€15,722
Depreciation
-€107,915
Other operating charges
-€247
Other operating items
-€303,061
Financial income
+€1.0m
Financial charges
-€2,205
Result 2025
€890,935
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.
From operations
+€1.1m
Investment
+€427,577
Financing
-€1.5m
Cash 2024
€25,897
From operations (derived)
+€1.1m
Net result for the year
+€890,935
Depreciation
+€175,077
Receivables within one year
-€28,911
Smaller working-capital items
+€862
Trade debts
+€17,771
Investment (derived)
+€427,577
Investment in fixed assets (net)
-€5,700
Current investments
+€433,277
Financing
-€1.5m
Debts after one year
+€2,400
Short-term financial debts
-€20
Contributions, distributions and other
-€1.5m
Cash 2025
€36,590
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,152,309 | €3,589,345 | -€562,964 | -13.6% |
| Fixed assets | 21/28 | €2,913,270 | €2,743,892 | -€169,377 | -5.8% |
| Tangible fixed assets | 22/27 | €2,911,891 | €2,742,514 | -€169,377 | -5.8% |
| Land and buildings | 22 | €2,847,433 | €2,679,528 | -€167,905 | -5.9% |
| Furniture and vehicles | 24 | €64,459 | €62,986 | -€1,472 | -2.3% |
| Financial fixed assets | 28 | €1,378 | €1,378 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,378 | €1,378 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,378 | €1,378 | = | 0.0% |
| Current assets | 29/58 | €1,239,039 | €845,453 | -€393,586 | -31.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €216,668 | €245,578 | +€28,911 | +13.3% |
| Trade receivables | 40 | €9,204 | €31,068 | +€21,864 | +237.5% |
| Other amounts receivable | 41 | €207,464 | €214,510 | +€7,047 | +3.4% |
| Current investments | 50/53 | €996,144 | €562,867 | -€433,277 | -43.5% |
| Other investments | 51/53 | €996,144 | €562,867 | -€433,277 | -43.5% |
| Cash at bank and in hand | 54/58 | €25,897 | €36,590 | +€10,692 | +41.3% |
| Deferred charges and accrued income | 490/1 | €329 | €417 | +€88 | +26.6% |
| Total equity and liabilities | 10/49 | €4,152,309 | €3,589,345 | -€562,964 | -13.6% |
| Equity | 10/15 | €4,142,208 | €3,558,144 | -€584,065 | -14.1% |
| Contributions | 10/11 | €495,000 | €495,000 | = | 0.0% |
| Capital | 10 | €495,000 | €495,000 | = | 0.0% |
| Issued capital | 100 | €495,000 | €495,000 | = | 0.0% |
| Reserves | 13 | €3,647,208 | €3,063,144 | -€584,065 | -16.0% |
| Non-distributable reserves | 130/1 | €182,002 | €182,002 | = | 0.0% |
| Legal reserve | 130 | €182,002 | €182,002 | = | 0.0% |
| Distributable reserves | 133 | €3,465,206 | €2,881,141 | -€584,065 | -16.9% |
| Amounts payable | 17/49 | €10,100 | €31,202 | +€21,101 | +208.9% |
| Amounts payable after more than one year | 17 | - | €2,400 | +€2,400 | |
| Other amounts payable | 178/9 | - | €2,400 | +€2,400 | |
| Amounts payable within one year | 42/48 | €10,100 | €28,802 | +€18,701 | +185.2% |
| Financial debts | 43 | €20 | €0 | -€20 | -100.0% |
| Credit institutions | 430/8 | €20 | €0 | -€20 | -100.0% |
| Trade debts | 44 | €10,081 | €27,852 | +€17,771 | +176.3% |
| Suppliers | 440/4 | €10,081 | €27,852 | +€17,771 | +176.3% |
| Advances received on contracts in progress | 46 | - | €950 | +€950 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Operating income | 70/76A | €413,328 | €143,139 | -€270,189 | -65.4% |
| Turnover | 70 | €12,273 | €6,798 | -€5,475 | -44.6% |
| Other operating income | 74 | €97,994 | €136,342 | +€38,348 | +39.1% |
| Non-recurring operating income | 76A | €303,061 | €0 | -€303,061 | -100.0% |
| Operating charges | 60/66A | €241,969 | €334,409 | +€92,440 | +38.2% |
| Services and other goods | 61 | €142,370 | €126,648 | -€15,722 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,162 | €175,077 | +€107,915 | +160.7% |
| Other operating charges | 640/8 | €32,437 | €32,684 | +€247 | +0.8% |
| Operating profit (loss) | 9901 | €171,359 | -€191,270 | -€362,629 | |
| Financial income | 75/76B | €60,863 | €1,107,127 | +€1.0m | +1719.1% |
| Recurring financial income | 75 | €60,863 | €44,818 | -€16,044 | -26.4% |
| Income from financial fixed assets | 750 | €35,162 | €36,445 | +€1,283 | +3.7% |
| Income from current assets | 751 | €23,417 | €8,353 | -€15,064 | -64.3% |
| Other financial income | 752/9 | €2,283 | €20 | -€2,263 | -99.1% |
| Non-recurring financial income | 76B | - | €1,062,309 | +€1.1m | |
| Financial charges | 65/66B | €22,717 | €24,922 | +€2,205 | +9.7% |
| Recurring financial charges | 65 | €22,717 | €24,922 | +€2,205 | +9.7% |
| Debt charges | 650 | €2,180 | €455 | -€1,726 | -79.1% |
| Other financial charges | 652/9 | €20,536 | €24,467 | +€3,931 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €209,505 | €890,935 | +€681,430 | +325.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €209,505 | €890,935 | +€681,430 | +325.3% |
| Profit (loss) for the period to be appropriated | 9905 | €209,505 | €890,935 | +€681,430 | +325.3% |
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 5 October 2026 via checked.be.