FREXPORT: 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.
FREXPORT
Largest movements
- Receivables within one year -€4,138
down €4,138 (-25.7%), from €16,113 to €11,975
of which Trade receivables: -€4,116
- Cash -€3,621
down €3,621 (-13.2%), from €27,380 to €23,759
mainly Net result for the year (-€70,519) and Trade debts (-€3,267)
- Tangible fixed assets -€3,194
down €3,194 (-77.0%), from €4,148 to €954
of which Plant, machinery and equipment: -€3,194
- Profit (loss) carried forward -€70,519
down €70,519 (-8.3%), from -€847,627 to -€918,146
- Other debts +€62,833
up €62,833 (+95.7%), from €65,638 to €128,470
- Trade debts -€3,267
down €3,267 (-22.3%), from €14,657 to €11,390
- Financial income +€9,500
new in 2025: €9,500
- Gross operating margin -€6,991
down €6,991 (-104.0%), from -€6,725 to -€13,716
- Financial charges +€6,129
up €6,129 (+90.9%), from €6,743 to €12,871
- Taxes -€3,827
no longer reported in 2025 (was €3,827)
- Depreciation -€1,491
down €1,491 (-31.8%), from €4,685 to €3,194
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 | €115,160 | €104,207 | -€10,953 | -9.5% |
| Fixed assets | 21/28 | €71,668 | €68,474 | -€3,194 | -4.5% |
| Tangible fixed assets | 22/27 | €4,148 | €954 | -€3,194 | -77.0% |
| Plant, machinery and equipment | 23 | €4,148 | €954 | -€3,194 | -77.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €67,520 | €67,520 | = | 0.0% |
| Current assets | 29/58 | €43,492 | €35,733 | -€7,759 | -17.8% |
| Amounts receivable within one year | 40/41 | €16,113 | €11,975 | -€4,138 | -25.7% |
| Trade receivables | 40 | €15,754 | €11,638 | -€4,116 | -26.1% |
| Other amounts receivable | 41 | €358 | €337 | -€22 | -6.1% |
| Cash at bank and in hand | 54/58 | €27,380 | €23,759 | -€3,621 | -13.2% |
| Total equity and liabilities | 10/49 | €115,160 | €104,207 | -€10,953 | -9.5% |
| Equity | 10/15 | -€502,876 | -€573,395 | -€70,519 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €326,151 | €326,151 | = | 0.0% |
| Distributable reserves | 133 | €326,151 | €326,151 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€847,627 | -€918,146 | -€70,519 | -8.3% |
| Provisions and deferred taxes | 16 | €537,741 | €537,741 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €537,741 | €537,741 | = | 0.0% |
| Other liabilities and charges | 164/5 | €537,741 | €537,741 | = | 0.0% |
| Amounts payable | 17/49 | €80,295 | €139,861 | +€59,566 | +74.2% |
| Amounts payable within one year | 42/48 | €80,295 | €139,861 | +€59,566 | +74.2% |
| Trade debts | 44 | €14,657 | €11,390 | -€3,267 | -22.3% |
| Suppliers | 440/4 | €14,657 | €11,390 | -€3,267 | -22.3% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €65,638 | €128,470 | +€62,833 | +95.7% |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,685 | €3,194 | -€1,491 | -31.8% |
| Other operating charges | 640/8 | €487 | €500 | +€12 | +2.5% |
| Non-recurring operating charges | 66A | €1,241 | €49,738 | +€48,496 | +3906.3% |
| Gross operating margin | 9900 | -€6,725 | -€13,716 | -€6,991 | -104.0% |
| Operating profit (loss) | 9901 | -€13,139 | -€67,147 | -€54,009 | -411.1% |
| Financial income | 75/76B | - | €9,500 | +€9,500 | |
| Recurring financial income | 75 | - | €9,500 | +€9,500 | |
| Financial charges | 65/66B | €6,743 | €12,871 | +€6,129 | +90.9% |
| Recurring financial charges | 65 | €6,743 | €12,871 | +€6,129 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,881 | -€70,519 | -€50,638 | -254.7% |
| Income taxes | 67/77 | €3,827 | - | -€3,827 | |
| Profit (loss) for the period | 9904 | -€23,708 | -€70,519 | -€46,811 | -197.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,708 | -€70,519 | -€46,811 | -197.4% |
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 6 October 2026 via checked.be.