FRM Construct: 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.
FRM Construct
Largest movements
- Receivables within one year +€31,873
up €31,873 (+1,694%), from €1,882 to €33,755
of which Other amounts receivable: +€18,235
- Cash -€14,769
down €14,769 (-80.1%), from €18,440 to €3,671
mainly Receivables within one year (-€31,873) and Investment in fixed assets (net) (-€7,482)
- Profit (loss) carried forward +€13,063
up €13,063 (+195%), from €6,698 to €19,762
- Trade debts +€5,464
up €5,464 (+513%), from €1,064 to €6,528
- Debts after one year -€5,414
down €5,414 (-54.1%), from €10,016 to €4,602
of which Financial debts: -€5,414
- Tax, wage and social debts +€3,049
up €3,049 (+122%), from €2,502 to €5,550
of which Taxes: +€1,549
- Gross operating margin +€7,848
up €7,848 (+49.6%), from €15,827 to €23,675
- Taxes +€1,759
up €1,759 (+776%), from €227 to €1,986
- Financial income +€1,031
up €1,031 (+17,100%), from €6 to €1,037
- Depreciation +€770
up €770 (+11.7%), from €6,578 to €7,348
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 | €57,394 | €74,716 | +€17,322 | +30.2% |
| Fixed assets | 21/28 | €34,364 | €34,498 | +€135 | +0.4% |
| Tangible fixed assets | 22/27 | €34,364 | €34,498 | +€135 | +0.4% |
| Land and buildings | 22 | €18,112 | €18,112 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,756 | €6,497 | +€4,741 | +270% |
| Furniture and vehicles | 24 | €295 | €1,048 | +€753 | +255% |
| Leasing and similar rights | 25 | €14,200 | €8,840 | -€5,360 | -37.7% |
| Current assets | 29/58 | €23,031 | €40,218 | +€17,187 | +74.6% |
| Amounts receivable within one year | 40/41 | €1,882 | €33,755 | +€31,873 | +1,694% |
| Trade receivables | 40 | €1,588 | €15,226 | +€13,638 | +859% |
| Other amounts receivable | 41 | €293 | €18,529 | +€18,235 | +6,214% |
| Cash at bank and in hand | 54/58 | €18,440 | €3,671 | -€14,769 | -80.1% |
| Deferred charges and accrued income | 490/1 | €2,709 | €2,792 | +€83 | +3.1% |
| Total equity and liabilities | 10/49 | €57,394 | €74,716 | +€17,322 | +30.2% |
| Equity | 10/15 | €38,595 | €52,306 | +€13,711 | +35.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,296 | €13,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,436 | €11,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,698 | €19,762 | +€13,063 | +195% |
| Investment grants | 15 | - | €648 | +€648 | |
| Provisions and deferred taxes | 16 | - | €216 | +€216 | |
| Deferred taxes | 168 | - | €216 | +€216 | |
| Amounts payable | 17/49 | €18,800 | €22,194 | +€3,394 | +18.1% |
| Amounts payable after more than one year | 17 | €10,016 | €4,602 | -€5,414 | -54.1% |
| Financial debts | 170/4 | €9,737 | €4,323 | -€5,414 | -55.6% |
| Other amounts payable | 178/9 | €279 | €279 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,784 | €17,492 | +€8,708 | +99.1% |
| Current portion of amounts payable after more than one year | 42 | €5,218 | €5,414 | +€196 | +3.8% |
| Trade debts | 44 | €1,064 | €6,528 | +€5,464 | +513% |
| Suppliers | 440/4 | €1,064 | €6,528 | +€5,464 | +513% |
| Taxes, remuneration and social security | 45 | €2,502 | €5,550 | +€3,049 | +122% |
| Taxes | 450/3 | €2,502 | €4,050 | +€1,549 | +61.9% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,578 | €7,348 | +€770 | +11.7% |
| Other operating charges | 640/8 | €1,593 | €1,533 | -€61 | -3.8% |
| Gross operating margin | 9900 | €15,827 | €23,675 | +€7,848 | +49.6% |
| Operating profit (loss) | 9901 | €7,656 | €14,795 | +€7,139 | +93.2% |
| Financial income | 75/76B | €6 | €1,037 | +€1,031 | +17,100% |
| Recurring financial income | 75 | €6 | €1,037 | +€1,031 | +17,100% |
| Financial charges | 65/66B | €1,033 | €837 | -€196 | -19.0% |
| Recurring financial charges | 65 | €1,033 | €837 | -€196 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €6,629 | €14,995 | +€8,367 | +126% |
| Transfer from deferred taxes | 780 | - | €54 | +€54 | |
| Income taxes | 67/77 | €227 | €1,986 | +€1,759 | +776% |
| Profit (loss) for the period | 9904 | €6,402 | €13,063 | +€6,661 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €6,402 | €13,063 | +€6,661 | +104% |
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 1 November 2026 via checked.be.