FRH: 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.
FRH
Largest movements
- Cash +€71,434
up €71,434 (+119%), from €59,959 to €131,393
mainly Net result for the year (+€229,648) and Depreciation (+€84,322)
- Current investments -€70,321
down €70,321 (-21.8%), from €322,217 to €251,896
- Intangible fixed assets -€57,000
down €57,000 (-92.9%), from €61,373 to €4,373
- Tangible fixed assets -€27,322
down €27,322 (-45.7%), from €59,776 to €32,453
of which Other tangible fixed assets: -€24,968
- Reserves -€50,352
down €50,352 (-13.2%), from €382,331 to €331,979
of which Distributable reserves: -€50,352
- Tax, wage and social debts -€21,771
down €21,771 (-100%), from €21,771 to €0
- Debts after one year -€9,283
down €9,283 (-8.8%), from €105,604 to €96,321
- Gross operating margin +€12,822
up €12,822 (+3.4%), from €382,519 to €395,341
- Financial charges -€4,041
down €4,041 (-27.7%), from €14,604 to €10,563
of which Financial charges: -€4,041
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 | €554,600 | €472,699 | -€81,901 | -14.8% |
| Fixed assets | 21/28 | €121,148 | €36,826 | -€84,322 | -69.6% |
| Intangible fixed assets | 21 | €61,373 | €4,373 | -€57,000 | -92.9% |
| Tangible fixed assets | 22/27 | €59,776 | €32,453 | -€27,322 | -45.7% |
| Furniture and vehicles | 24 | €3,929 | €1,574 | -€2,355 | -59.9% |
| Other tangible fixed assets | 26 | €55,847 | €30,879 | -€24,968 | -44.7% |
| Current assets | 29/58 | €433,452 | €435,873 | +€2,421 | +0.6% |
| Amounts receivable within one year | 40/41 | €45,392 | €43,247 | -€2,145 | -4.7% |
| Trade receivables | 40 | €45,392 | €31,388 | -€14,004 | -30.9% |
| Other amounts receivable | 41 | - | €11,859 | +€11,859 | |
| Current investments | 50/53 | €322,217 | €251,896 | -€70,321 | -21.8% |
| Cash at bank and in hand | 54/58 | €59,959 | €131,393 | +€71,434 | +119% |
| Deferred charges and accrued income | 490/1 | €5,884 | €9,337 | +€3,453 | +58.7% |
| Total equity and liabilities | 10/49 | €554,600 | €472,699 | -€81,901 | -14.8% |
| Equity | 10/15 | €400,931 | €350,579 | -€50,352 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €382,331 | €331,979 | -€50,352 | -13.2% |
| Tax-exempt reserves | 132 | €18,007 | €18,007 | = | 0.0% |
| Distributable reserves | 133 | €364,324 | €313,972 | -€50,352 | -13.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €153,669 | €122,120 | -€31,549 | -20.5% |
| Amounts payable after more than one year | 17 | €105,604 | €96,321 | -€9,283 | -8.8% |
| Other amounts payable | 178/9 | €105,604 | €96,321 | -€9,283 | -8.8% |
| Amounts payable within one year | 42/48 | €23,757 | €6,447 | -€17,310 | -72.9% |
| Trade debts | 44 | €1,986 | €6,447 | +€4,461 | +225% |
| Suppliers | 440/4 | €1,986 | €6,447 | +€4,461 | +225% |
| Taxes, remuneration and social security | 45 | €21,771 | €0 | -€21,771 | -100% |
| Taxes | 450/3 | €21,771 | €0 | -€21,771 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €24,308 | €19,352 | -€4,956 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,418 | €84,322 | -€96 | -0.1% |
| Other operating charges | 640/8 | €904 | €528 | -€377 | -41.6% |
| Gross operating margin | 9900 | €382,519 | €395,341 | +€12,822 | +3.4% |
| Operating profit (loss) | 9901 | €297,197 | €310,491 | +€13,295 | +4.5% |
| Financial income | 75/76B | €4,776 | €3,591 | -€1,185 | -24.8% |
| Recurring financial income | 75 | €4,776 | €3,591 | -€1,185 | -24.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,604 | €10,563 | -€4,041 | -27.7% |
| Recurring financial charges | 65 | €14,604 | €10,563 | -€4,041 | -27.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €287,369 | €303,519 | +€16,151 | +5.6% |
| Income taxes | 67/77 | €76,096 | €73,872 | -€2,224 | -2.9% |
| Profit (loss) for the period | 9904 | €211,272 | €229,648 | +€18,375 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €211,272 | €229,648 | +€18,375 | +8.7% |
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 14 October 2026 via checked.be.