FREVEC: 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.
FREVEC
Largest movements
- Cash +€54,226
up €54,226 (+41.9%), from €129,310 to €183,536
mainly Net result for the year (+€46,687) and Depreciation (+€45,934)
- Tangible fixed assets -€45,557
down €45,557 (-7.8%), from €581,551 to €535,993
of which Land and buildings: -€30,296
- Receivables within one year +€12,147
up €12,147 (+40.8%), from €29,783 to €41,931
of which Trade receivables: +€20,831
- Reserves +€46,687
up €46,687 (+25.0%), from €186,623 to €233,310
- Debts after one year -€34,698
down €34,698 (-6.6%), from €526,941 to €492,243
- Tax, wage and social debts +€11,879
up €11,879 (+147.5%), from €8,053 to €19,932
- Gross operating margin +€34,868
up €34,868 (+34.8%), from €100,263 to €135,131
- Depreciation -€12,867
down €12,867 (-21.9%), from €58,801 to €45,934
- Financial charges +€6,576
up €6,576 (+52.7%), from €12,475 to €19,051
- Taxes +€6,502
up €6,502 (+47.3%), from €13,745 to €20,247
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 | €823,183 | €846,812 | +€23,629 | +2.9% |
| Fixed assets | 21/28 | €581,551 | €535,993 | -€45,557 | -7.8% |
| Tangible fixed assets | 22/27 | €581,551 | €535,993 | -€45,557 | -7.8% |
| Land and buildings | 22 | €508,396 | €478,101 | -€30,296 | -6.0% |
| Plant, machinery and equipment | 23 | €554 | €398 | -€156 | -28.1% |
| Furniture and vehicles | 24 | €53,852 | €38,745 | -€15,106 | -28.1% |
| Other tangible fixed assets | 26 | €18,749 | €18,749 | = | 0.0% |
| Current assets | 29/58 | €241,632 | €310,819 | +€69,187 | +28.6% |
| Amounts receivable within one year | 40/41 | €29,783 | €41,931 | +€12,147 | +40.8% |
| Trade receivables | 40 | - | €20,831 | +€20,831 | |
| Other amounts receivable | 41 | €29,783 | €21,099 | -€8,684 | -29.2% |
| Current investments | 50/53 | €81,382 | €84,982 | +€3,600 | +4.4% |
| Cash at bank and in hand | 54/58 | €129,310 | €183,536 | +€54,226 | +41.9% |
| Deferred charges and accrued income | 490/1 | €1,157 | €371 | -€786 | -67.9% |
| Total equity and liabilities | 10/49 | €823,183 | €846,812 | +€23,629 | +2.9% |
| Equity | 10/15 | €243,378 | €290,065 | +€46,687 | +19.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €186,623 | €233,310 | +€46,687 | +25.0% |
| Distributable reserves | 133 | €186,623 | €233,310 | +€46,687 | +25.0% |
| Profit (loss) carried forward | 14 | €50,555 | €50,555 | = | 0.0% |
| Amounts payable | 17/49 | €579,805 | €556,747 | -€23,058 | -4.0% |
| Amounts payable after more than one year | 17 | €526,941 | €492,243 | -€34,698 | -6.6% |
| Financial debts | 170/4 | €526,941 | €492,243 | -€34,698 | -6.6% |
| Amounts payable within one year | 42/48 | €52,863 | €64,504 | +€11,641 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €33,431 | €34,698 | +€1,267 | +3.8% |
| Financial debts | 43 | €2,795 | €1,684 | -€1,111 | -39.8% |
| Credit institutions | 430/8 | €2,795 | €1,684 | -€1,111 | -39.8% |
| Trade debts | 44 | €8,584 | €8,190 | -€394 | -4.6% |
| Suppliers | 440/4 | €8,584 | €8,190 | -€394 | -4.6% |
| Taxes, remuneration and social security | 45 | €8,053 | €19,932 | +€11,879 | +147.5% |
| Taxes | 450/3 | €8,053 | €19,932 | +€11,879 | +147.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,801 | €45,934 | -€12,867 | -21.9% |
| Other operating charges | 640/8 | €4,977 | €4,607 | -€370 | -7.4% |
| Gross operating margin | 9900 | €100,263 | €135,131 | +€34,868 | +34.8% |
| Operating profit (loss) | 9901 | €36,486 | €84,591 | +€48,105 | +131.8% |
| Financial income | 75/76B | €2,254 | €1,394 | -€860 | -38.2% |
| Recurring financial income | 75 | €2,254 | €1,394 | -€860 | -38.2% |
| Financial charges | 65/66B | €12,475 | €19,051 | +€6,576 | +52.7% |
| Recurring financial charges | 65 | €12,475 | €19,051 | +€6,576 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €26,265 | €66,934 | +€40,669 | +154.8% |
| Income taxes | 67/77 | €13,745 | €20,247 | +€6,502 | +47.3% |
| Profit (loss) for the period | 9904 | €12,520 | €46,687 | +€34,167 | +272.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,520 | €46,687 | +€34,167 | +272.9% |
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 7 October 2026 via checked.be.