FREWAM: 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.
FREWAM
Largest movements
- Tangible fixed assets -€442,244
down €442,244 (-64.2%), from €689,359 to €247,115
of which Land and buildings: -€392,573
- Cash -€393,471
down €393,471 (-78.5%), from €501,057 to €107,587
mainly Contributions, distributions and other (-€837,948) and Receivables within one year (-€115,158)
- Receivables within one year +€115,158
up €115,158 (+177.3%), from €64,956 to €180,114
of which Other amounts receivable: +€61,319
- Reserves -€520,287
down €520,287 (-12.8%), from €4.1m to €3.5m
of which Distributable reserves: -€520,287
- Tax, wage and social debts -€107,907
down €107,907 (-56.6%), from €190,590 to €82,683
- Gross operating margin -€1.8m
down €1.8m (-80.3%), from €2.2m to €432,291
- Taxes -€549,611
down €549,611 (-79.6%), from €690,873 to €141,261
- Other operating charges +€49,378
up €49,378 (+494.7%), from €9,981 to €59,359
- Depreciation -€39,018
down €39,018 (-40.8%), from €95,685 to €56,667
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 | €4,341,657 | €3,649,207 | -€692,451 | -15.9% |
| Fixed assets | 21/28 | €689,409 | €247,115 | -€442,294 | -64.2% |
| Tangible fixed assets | 22/27 | €689,359 | €247,115 | -€442,244 | -64.2% |
| Land and buildings | 22 | €544,441 | €151,868 | -€392,573 | -72.1% |
| Plant, machinery and equipment | 23 | €3,209 | €14,589 | +€11,380 | +354.6% |
| Furniture and vehicles | 24 | €141,709 | €80,658 | -€61,051 | -43.1% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €3,652,249 | €3,402,092 | -€250,157 | -6.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €64,956 | €180,114 | +€115,158 | +177.3% |
| Trade receivables | 40 | - | €53,840 | +€53,840 | |
| Other amounts receivable | 41 | €64,956 | €126,275 | +€61,319 | +94.4% |
| Current investments | 50/53 | €3,082,574 | €3,105,654 | +€23,080 | +0.7% |
| Cash at bank and in hand | 54/58 | €501,057 | €107,587 | -€393,471 | -78.5% |
| Deferred charges and accrued income | 490/1 | €3,662 | €8,737 | +€5,075 | +138.6% |
| Total equity and liabilities | 10/49 | €4,341,657 | €3,649,207 | -€692,451 | -15.9% |
| Equity | 10/15 | €4,067,513 | €3,547,226 | -€520,287 | -12.8% |
| Contributions | 10/11 | €6,953 | €6,953 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Uncalled capital | 101 | €0 | - | = | |
| Outside capital | 11 | €6,953 | - | -€6,953 | |
| Other | 1109/19 | €6,953 | - | -€6,953 | |
| Reserves | 13 | €4,060,560 | €3,540,273 | -€520,287 | -12.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Legal reserve | 130 | €0 | - | = | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €4,023,060 | €3,502,773 | -€520,287 | -12.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €274,145 | €101,981 | -€172,164 | -62.8% |
| Amounts payable after more than one year | 17 | €36,507 | €0 | -€36,507 | -100.0% |
| Financial debts | 170/4 | €36,507 | €0 | -€36,507 | -100.0% |
| Amounts payable within one year | 42/48 | €237,638 | €89,373 | -€148,265 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €30,967 | €0 | -€30,967 | -100.0% |
| Trade debts | 44 | €9,931 | €6,691 | -€3,241 | -32.6% |
| Suppliers | 440/4 | €9,931 | €6,691 | -€3,241 | -32.6% |
| Advances received on contracts in progress | 46 | €6,150 | €0 | -€6,150 | -100.0% |
| Taxes, remuneration and social security | 45 | €190,590 | €82,683 | -€107,907 | -56.6% |
| Taxes | 450/3 | €190,590 | €82,683 | -€107,907 | -56.6% |
| Accrued charges and deferred income | 492/3 | €0 | €12,608 | +€12,608 | |
| Non-recurring operating income | 76A | - | €33,938 | +€33,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,685 | €56,667 | -€39,018 | -40.8% |
| Other operating charges | 640/8 | €9,981 | €59,359 | +€49,378 | +494.7% |
| Gross operating margin | 9900 | €2,196,017 | €432,291 | -€1.8m | -80.3% |
| Operating profit (loss) | 9901 | €2,090,351 | €316,265 | -€1.8m | -84.9% |
| Financial income | 75/76B | €138,911 | €145,164 | +€6,253 | +4.5% |
| Recurring financial income | 75 | €138,911 | €145,164 | +€6,253 | +4.5% |
| Financial charges | 65/66B | €4,087 | €2,505 | -€1,581 | -38.7% |
| Recurring financial charges | 65 | €4,087 | €2,505 | -€1,581 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €2,225,175 | €458,923 | -€1.8m | -79.4% |
| Income taxes | 67/77 | €690,873 | €141,261 | -€549,611 | -79.6% |
| Profit (loss) for the period | 9904 | €1,534,303 | €317,662 | -€1.2m | -79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,534,303 | €317,662 | -€1.2m | -79.3% |
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 3 October 2026 via checked.be.