FREVAL: 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.
FREVAL
Largest movements
- Cash -€34,983
down €34,983 (-71.4%), from €49,006 to €14,023
mainly Other debts (-€31,287) and Net result for the year (-€12,310)
- Deferred charges and accrued income -€6,839
down €6,839 (-83.8%), from €8,163 to €1,325
- Other debts -€31,287
down €31,287 (-46.3%), from €67,606 to €36,319
- Profit (loss) carried forward -€12,310
down €12,310 (-636%), from -€1,935 to -€14,244
- Write-downs +€15,275
new in 2025: €15,275
- Gross operating margin +€8,827
up €8,827 (+96.4%), from €9,153 to €17,980
- Depreciation +€3,968
up €3,968 (+154%), from €2,571 to €6,539
- Other operating charges +€2,552
up €2,552 (+81.6%), from €3,127 to €5,679
- Financial charges -€1,343
down €1,343 (-24.9%), from €5,390 to €4,047
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.
Derived cash bridge
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 | €239,282 | €195,046 | -€44,236 | -18.5% |
| Formation expenses | 20 | €8,272 | €7,795 | -€477 | -5.8% |
| Fixed assets | 21/28 | €173,166 | €171,228 | -€1,938 | -1.1% |
| Tangible fixed assets | 22/27 | €173,166 | €171,228 | -€1,938 | -1.1% |
| Land and buildings | 22 | €169,406 | €168,321 | -€1,086 | -0.6% |
| Plant, machinery and equipment | 23 | €3,760 | €2,908 | -€852 | -22.7% |
| Current assets | 29/58 | €57,844 | €16,023 | -€41,822 | -72.3% |
| Amounts receivable within one year | 40/41 | €675 | €675 | = | 0.0% |
| Other amounts receivable | 41 | €675 | €675 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,006 | €14,023 | -€34,983 | -71.4% |
| Deferred charges and accrued income | 490/1 | €8,163 | €1,325 | -€6,839 | -83.8% |
| Total equity and liabilities | 10/49 | €239,282 | €195,046 | -€44,236 | -18.5% |
| Equity | 10/15 | €165,450 | €153,141 | -€12,310 | -7.4% |
| Contributions | 10/11 | €152,289 | €152,289 | = | 0.0% |
| Reserves | 13 | €15,096 | €15,096 | = | 0.0% |
| Distributable reserves | 133 | €15,096 | €15,096 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,935 | -€14,244 | -€12,310 | -636% |
| Amounts payable | 17/49 | €73,832 | €41,905 | -€31,927 | -43.2% |
| Amounts payable within one year | 42/48 | €67,606 | €36,978 | -€30,628 | -45.3% |
| Trade debts | 44 | - | €659 | +€659 | |
| Suppliers | 440/4 | - | €659 | +€659 | |
| Other amounts payable | 47/48 | €67,606 | €36,319 | -€31,287 | -46.3% |
| Accrued charges and deferred income | 492/3 | €6,226 | €4,927 | -€1,299 | -20.9% |
| Non-recurring operating income | 76A | - | €2,499 | +€2,499 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,571 | €6,539 | +€3,968 | +154% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,275 | +€15,275 | |
| Other operating charges | 640/8 | €3,127 | €5,679 | +€2,552 | +81.6% |
| Gross operating margin | 9900 | €9,153 | €17,980 | +€8,827 | +96.4% |
| Operating profit (loss) | 9901 | €3,456 | -€9,512 | -€12,968 | |
| Financial charges | 65/66B | €5,390 | €4,047 | -€1,343 | -24.9% |
| Recurring financial charges | 65 | €5,390 | €4,047 | -€1,343 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,935 | -€13,560 | -€11,625 | -601% |
| Income taxes | 67/77 | - | -€1,250 | -€1,250 | |
| Profit (loss) for the period | 9904 | -€1,935 | -€12,310 | -€10,375 | -536% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,935 | -€12,310 | -€10,375 | -536% |
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 13 October 2026 via checked.be.