FREXA: 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.
FREXA
Largest movements
- Tangible fixed assets -€484,793
down €484,793 (-8.7%), from €5.6m to €5.1m
of which Land and buildings: -€518,398
- Current investments -€450,000
no longer reported in 2025 (was €450,000)
- Cash +€386,865
up €386,865 (+26,688%), from €1,450 to €388,315
mainly Depreciation (+€522,282) and Current investments (+€450,000)
- Receivables within one year +€147,371
up €147,371 (+138%), from €107,153 to €254,524
- Debts after one year -€345,962
down €345,962 (-21.4%), from €1.6m to €1.3m
of which Financial debts: -€1.6m
- Profit (loss) carried forward +€335,712
up €335,712 (+16.1%), from €2.1m to €2.4m
- Reserves -€168,772
down €168,772 (-16.1%), from €1.0m to €879,432
of which Tax-exempt reserves: -€168,772
- Current portion of long-term debt -€166,670
down €166,670 (-32.5%), from €512,672 to €346,002
- Gross operating margin +€70,225
up €70,225 (+8.7%), from €810,236 to €880,460
- Taxes +€32,694
up €32,694 (+37.4%), from €87,380 to €120,073
- Other operating charges -€24,705
down €24,705 (-33.4%), from €73,898 to €49,193
- Financial income +€11,122
up €11,122 (+187%), from €5,941 to €17,063
- Financial charges -€9,730
down €9,730 (-20.0%), from €48,764 to €39,034
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 | €6,142,770 | €5,779,601 | -€363,169 | -5.9% |
| Fixed assets | 21/28 | €5,580,267 | €5,095,475 | -€484,793 | -8.7% |
| Tangible fixed assets | 22/27 | €5,580,267 | €5,095,475 | -€484,793 | -8.7% |
| Land and buildings | 22 | €5,572,707 | €5,054,309 | -€518,398 | -9.3% |
| Furniture and vehicles | 24 | €7,560 | €34,614 | +€27,054 | +358% |
| Leasing and similar rights | 25 | - | €6,552 | +€6,552 | |
| Current assets | 29/58 | €562,503 | €684,126 | +€121,623 | +21.6% |
| Amounts receivable within one year | 40/41 | €107,153 | €254,524 | +€147,371 | +138% |
| Other amounts receivable | 41 | €107,153 | €254,524 | +€147,371 | +138% |
| Current investments | 50/53 | €450,000 | - | -€450,000 | |
| Cash at bank and in hand | 54/58 | €1,450 | €388,315 | +€386,865 | +26,688% |
| Deferred charges and accrued income | 490/1 | €3,900 | €41,287 | +€37,387 | +959% |
| Total equity and liabilities | 10/49 | €6,142,770 | €5,779,601 | -€363,169 | -5.9% |
| Equity | 10/15 | €3,871,272 | €4,038,211 | +€166,940 | +4.3% |
| Contributions | 10/11 | €737,397 | €737,397 | = | 0.0% |
| Capital | 10 | €737,397 | €737,397 | = | 0.0% |
| Issued capital | 100 | €737,397 | €737,397 | = | 0.0% |
| Reserves | 13 | €1,048,205 | €879,432 | -€168,772 | -16.1% |
| Non-distributable reserves | 130/1 | €73,740 | €73,740 | = | 0.0% |
| Legal reserve | 130 | €73,740 | €73,740 | = | 0.0% |
| Tax-exempt reserves | 132 | €844,465 | €675,693 | -€168,772 | -20.0% |
| Distributable reserves | 133 | €130,000 | €130,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,085,671 | €2,421,383 | +€335,712 | +16.1% |
| Amounts payable | 17/49 | €2,271,498 | €1,741,390 | -€530,109 | -23.3% |
| Amounts payable after more than one year | 17 | €1,616,115 | €1,270,153 | -€345,962 | -21.4% |
| Financial debts | 170/4 | €1,616,115 | - | -€1.6m | |
| Advances received on contracts in progress | 176 | - | €1,270,153 | +€1.3m | |
| Amounts payable within one year | 42/48 | €642,760 | €458,614 | -€184,147 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €512,672 | €346,002 | -€166,670 | -32.5% |
| Financial debts | 43 | €14,984 | - | -€14,984 | |
| Credit institutions | 430/8 | €14,984 | - | -€14,984 | |
| Trade debts | 44 | €66,453 | €46,918 | -€19,535 | -29.4% |
| Suppliers | 440/4 | €66,453 | €46,918 | -€19,535 | -29.4% |
| Taxes, remuneration and social security | 45 | €44,358 | €61,846 | +€17,488 | +39.4% |
| Taxes | 450/3 | €44,358 | €61,846 | +€17,488 | +39.4% |
| Other amounts payable | 47/48 | €4,293 | €3,847 | -€446 | -10.4% |
| Accrued charges and deferred income | 492/3 | €12,623 | €12,623 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520,150 | €522,282 | +€2,132 | +0.4% |
| Other operating charges | 640/8 | €73,898 | €49,193 | -€24,705 | -33.4% |
| Gross operating margin | 9900 | €810,236 | €880,460 | +€70,225 | +8.7% |
| Operating profit (loss) | 9901 | €216,187 | €308,985 | +€92,798 | +42.9% |
| Financial income | 75/76B | €5,941 | €17,063 | +€11,122 | +187% |
| Recurring financial income | 75 | €5,941 | €17,063 | +€11,122 | +187% |
| Financial charges | 65/66B | €48,764 | €39,034 | -€9,730 | -20.0% |
| Recurring financial charges | 65 | €48,764 | €39,034 | -€9,730 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €173,364 | €287,013 | +€113,649 | +65.6% |
| Income taxes | 67/77 | €87,380 | €120,073 | +€32,694 | +37.4% |
| Profit (loss) for the period | 9904 | €85,984 | €166,940 | +€80,955 | +94.2% |
| Transfer from tax-exempt reserves | 789 | €168,772 | €168,772 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €254,757 | €335,712 | +€80,955 | +31.8% |
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 30 October 2026 via checked.be.