FrM Projects: 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 Projects
Largest movements
- Tangible fixed assets -€7,826
down €7,826 (-14.4%), from €54,468 to €46,642
of which Other tangible fixed assets: -€4,667
- Cash -€5,129
down €5,129 (-9.6%), from €53,442 to €48,313
mainly Contributions, distributions and other (-€100,000) and Tax, wage and social debts (-€6,851)
- Profit (loss) carried forward -€99,723
down €99,723 (-36.1%), from €276,024 to €176,301
- Other debts +€94,011
up €94,011 (+1303.7%), from €7,211 to €101,222
- Tax, wage and social debts -€6,851
down €6,851 (-59.1%), from €11,601 to €4,750
- Financial charges -€13,077
down €13,077 (-79.9%), from €16,374 to €3,297
- Gross operating margin -€9,770
down €9,770 (-22.2%), from €44,053 to €34,283
- Other operating charges +€6,716
up €6,716 (+520.2%), from €1,291 to €8,007
- Taxes +€5,145
up €5,145 (+87.9%), from €5,856 to €11,001
- Depreciation +€1,883
up €1,883 (+17.6%), from €10,693 to €12,576
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 | €299,308 | €286,370 | -€12,938 | -4.3% |
| Fixed assets | 21/28 | €226,643 | €218,770 | -€7,873 | -3.5% |
| Tangible fixed assets | 22/27 | €54,468 | €46,642 | -€7,826 | -14.4% |
| Plant, machinery and equipment | 23 | €419 | €985 | +€566 | +135.1% |
| Furniture and vehicles | 24 | €17,174 | €13,449 | -€3,725 | -21.7% |
| Other tangible fixed assets | 26 | €36,875 | €32,208 | -€4,667 | -12.7% |
| Financial fixed assets | 28 | €172,175 | €172,128 | -€47 | 0.0% |
| Current assets | 29/58 | €72,665 | €67,600 | -€5,065 | -7.0% |
| Amounts receivable within one year | 40/41 | €12,500 | €12,745 | +€245 | +2.0% |
| Trade receivables | 40 | €12,500 | €12,500 | = | 0.0% |
| Other amounts receivable | 41 | - | €245 | +€245 | |
| Cash at bank and in hand | 54/58 | €53,442 | €48,313 | -€5,129 | -9.6% |
| Deferred charges and accrued income | 490/1 | €6,723 | €6,542 | -€181 | -2.7% |
| Total equity and liabilities | 10/49 | €299,308 | €286,370 | -€12,938 | -4.3% |
| Equity | 10/15 | €279,024 | €179,301 | -€99,723 | -35.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €276,024 | €176,301 | -€99,723 | -36.1% |
| Amounts payable | 17/49 | €20,284 | €107,069 | +€86,785 | +427.8% |
| Amounts payable within one year | 42/48 | €19,884 | €106,669 | +€86,785 | +436.5% |
| Trade debts | 44 | €1,072 | €697 | -€375 | -35.0% |
| Suppliers | 440/4 | €1,072 | €697 | -€375 | -35.0% |
| Taxes, remuneration and social security | 45 | €11,601 | €4,750 | -€6,851 | -59.1% |
| Taxes | 450/3 | €11,601 | €4,750 | -€6,851 | -59.1% |
| Other amounts payable | 47/48 | €7,211 | €101,222 | +€94,011 | +1303.7% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,693 | €12,576 | +€1,883 | +17.6% |
| Other operating charges | 640/8 | €1,291 | €8,007 | +€6,716 | +520.2% |
| Gross operating margin | 9900 | €44,053 | €34,283 | -€9,770 | -22.2% |
| Operating profit (loss) | 9901 | €32,069 | €13,700 | -€18,369 | -57.3% |
| Financial income | 75/76B | €321 | €875 | +€554 | +172.6% |
| Recurring financial income | 75 | €321 | €875 | +€554 | +172.6% |
| Financial charges | 65/66B | €16,374 | €3,297 | -€13,077 | -79.9% |
| Recurring financial charges | 65 | €16,374 | €3,297 | -€13,077 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €16,016 | €11,278 | -€4,738 | -29.6% |
| Income taxes | 67/77 | €5,856 | €11,001 | +€5,145 | +87.9% |
| Profit (loss) for the period | 9904 | €10,160 | €277 | -€9,883 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,160 | €277 | -€9,883 | -97.3% |
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 11 October 2026 via checked.be.