FRIENA: 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.
FRIENA
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+753.3%), from €326,534 to €2.8m
of which Land and buildings: +€2.5m
- Cash -€83,528
down €83,528 (-99.1%), from €84,315 to €787
mainly Investment in fixed assets (net) (-€2.5m) and Receivables within one year (-€38,693)
- Receivables within one year +€38,693
up €38,693 (+158.1%), from €24,471 to €63,164
of which Trade receivables: +€63,164
- Revaluation surpluses +€2.4m
new in 2025: €2.4m
- Reserves -€371,227
no longer reported in 2025 (was €371,227)
- Debts after one year +€339,406
up €339,406 (+26310.6%), from €1,290 to €340,696
of which Financial debts: +€339,406
- Profit (loss) carried forward -€30,978
down €30,978 (-88.9%), from €34,829 to €3,851
- Gross operating margin +€45,078
up €45,078 (+49.3%), from €91,353 to €136,431
- Taxes +€12,226
up €12,226 (+104.5%), from €11,701 to €23,926
- Other operating charges +€5,288
up €5,288 (+54.7%), from €9,675 to €14,963
- Financial income +€3,316
up €3,316 (+361.4%), from €918 to €4,234
- Depreciation +€2,630
up €2,630 (+7.3%), from €35,833 to €38,462
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 | €437,440 | €2,851,626 | +€2.4m | +551.9% |
| Fixed assets | 21/28 | €327,030 | €2,786,684 | +€2.5m | +752.1% |
| Tangible fixed assets | 22/27 | €326,534 | €2,786,188 | +€2.5m | +753.3% |
| Land and buildings | 22 | €324,966 | €2,786,188 | +€2.5m | +757.4% |
| Plant, machinery and equipment | 23 | €1,568 | - | -€1,568 | |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €110,410 | €64,942 | -€45,468 | -41.2% |
| Amounts receivable within one year | 40/41 | €24,471 | €63,164 | +€38,693 | +158.1% |
| Trade receivables | 40 | - | €63,164 | +€63,164 | |
| Other amounts receivable | 41 | €24,471 | - | -€24,471 | |
| Cash at bank and in hand | 54/58 | €84,315 | €787 | -€83,528 | -99.1% |
| Deferred charges and accrued income | 490/1 | €1,624 | €990 | -€634 | -39.0% |
| Total equity and liabilities | 10/49 | €437,440 | €2,851,626 | +€2.4m | +551.9% |
| Equity | 10/15 | €424,656 | €2,468,053 | +€2.0m | +481.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,445,602 | +€2.4m | |
| Reserves | 13 | €371,227 | - | -€371,227 | |
| Distributable reserves | 133 | €371,227 | - | -€371,227 | |
| Profit (loss) carried forward | 14 | €34,829 | €3,851 | -€30,978 | -88.9% |
| Amounts payable | 17/49 | €12,785 | €383,573 | +€370,788 | +2900.3% |
| Amounts payable after more than one year | 17 | €1,290 | €340,696 | +€339,406 | +26310.6% |
| Financial debts | 170/4 | - | €339,406 | +€339,406 | |
| Other amounts payable | 178/9 | €1,290 | €1,290 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,782 | €42,877 | +€41,094 | +2305.7% |
| Trade debts | 44 | €82 | €19,733 | +€19,651 | +24058.8% |
| Suppliers | 440/4 | €82 | €19,733 | +€19,651 | +24058.8% |
| Taxes, remuneration and social security | 45 | €1,701 | €23,144 | +€21,443 | +1260.9% |
| Taxes | 450/3 | €1,701 | €23,144 | +€21,443 | +1260.9% |
| Accrued charges and deferred income | 492/3 | €9,712 | - | -€9,712 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,833 | €38,462 | +€2,630 | +7.3% |
| Other operating charges | 640/8 | €9,675 | €14,963 | +€5,288 | +54.7% |
| Gross operating margin | 9900 | €91,353 | €136,431 | +€45,078 | +49.3% |
| Operating profit (loss) | 9901 | €45,846 | €83,006 | +€37,160 | +81.1% |
| Financial income | 75/76B | €918 | €4,234 | +€3,316 | +361.4% |
| Recurring financial income | 75 | €918 | €4,234 | +€3,316 | +361.4% |
| Financial charges | 65/66B | €234 | €519 | +€285 | +121.6% |
| Recurring financial charges | 65 | €234 | €519 | +€285 | +121.6% |
| Profit (loss) for the period before taxes | 9903 | €46,530 | €86,721 | +€40,192 | +86.4% |
| Income taxes | 67/77 | €11,701 | €23,926 | +€12,226 | +104.5% |
| Profit (loss) for the period | 9904 | €34,829 | €62,795 | +€27,966 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,829 | €62,795 | +€27,966 | +80.3% |
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 10 October 2026 via checked.be.