FROIRECA: 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.
FROIRECA
Largest movements
- Receivables within one year -€380,435
down €380,435 (-32.1%), from €1.2m to €804,440
of which Trade receivables: -€451,456
- Tangible fixed assets -€135,873
down €135,873 (-12.4%), from €1.1m to €959,445
of which Furniture and vehicles: -€89,476
- Cash -€57,545
down €57,545 (-20.2%), from €285,468 to €227,923
mainly Trade debts (-€395,559) and Debts after one year (-€144,963)
- Trade debts -€395,559
down €395,559 (-44.8%), from €882,002 to €486,443
- Debts after one year -€144,963
down €144,963 (-23.8%), from €608,711 to €463,748
- Short-term financial debts +€29,245
up €29,245 (+54.1%), from €54,057 to €83,302
- Gross operating margin -€186,605
down €186,605 (-16.1%), from €1.2m to €975,933
- Taxes -€66,883
down €66,883 (-97.8%), from €68,398 to €1,515
- Depreciation +€25,235
up €25,235 (+14.0%), from €180,403 to €205,638
- Staff costs +€11,775
up €11,775 (+1.6%), from €750,722 to €762,496
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 | €2,634,336 | €2,041,740 | -€592,596 | -22.5% |
| Fixed assets | 21/28 | €1,095,318 | €959,445 | -€135,873 | -12.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,095,318 | €959,445 | -€135,873 | -12.4% |
| Land and buildings | 22 | €775,590 | €726,888 | -€48,702 | -6.3% |
| Plant, machinery and equipment | 23 | €36,124 | €38,428 | +€2,305 | +6.4% |
| Furniture and vehicles | 24 | €283,605 | €194,129 | -€89,476 | -31.5% |
| Current assets | 29/58 | €1,539,018 | €1,082,295 | -€456,723 | -29.7% |
| Stocks and contracts in progress | 3 | €34,941 | €33,715 | -€1,226 | -3.5% |
| Stocks | 30/36 | €34,941 | €33,715 | -€1,226 | -3.5% |
| Amounts receivable within one year | 40/41 | €1,184,875 | €804,440 | -€380,435 | -32.1% |
| Trade receivables | 40 | €1,131,573 | €680,118 | -€451,456 | -39.9% |
| Other amounts receivable | 41 | €53,302 | €124,322 | +€71,020 | +133.2% |
| Current investments | 50/53 | €1 | €0 | -€0 | -27.3% |
| Cash at bank and in hand | 54/58 | €285,468 | €227,923 | -€57,545 | -20.2% |
| Deferred charges and accrued income | 490/1 | €33,734 | €16,217 | -€17,517 | -51.9% |
| Total equity and liabilities | 10/49 | €2,634,336 | €2,041,740 | -€592,596 | -22.5% |
| Equity | 10/15 | €680,257 | €641,882 | -€38,375 | -5.6% |
| Contributions | 10/11 | €13,495 | €13,495 | = | 0.0% |
| Reserves | 13 | €535,561 | €535,561 | = | 0.0% |
| Distributable reserves | 133 | €535,561 | €535,561 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€19,462 | -€19,462 | |
| Investment grants | 15 | €131,201 | €112,288 | -€18,913 | -14.4% |
| Amounts payable | 17/49 | €1,954,079 | €1,399,858 | -€554,221 | -28.4% |
| Amounts payable after more than one year | 17 | €608,711 | €463,748 | -€144,963 | -23.8% |
| Financial debts | 170/4 | €608,711 | €463,748 | -€144,963 | -23.8% |
| Amounts payable within one year | 42/48 | €1,332,909 | €935,356 | -€397,553 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €161,932 | €144,963 | -€16,968 | -10.5% |
| Financial debts | 43 | €54,057 | €83,302 | +€29,245 | +54.1% |
| Credit institutions | 430/8 | €54,057 | €83,302 | +€29,245 | +54.1% |
| Trade debts | 44 | €882,002 | €486,443 | -€395,559 | -44.8% |
| Suppliers | 440/4 | €882,002 | €486,443 | -€395,559 | -44.8% |
| Taxes, remuneration and social security | 45 | €118,275 | €112,069 | -€6,206 | -5.2% |
| Taxes | 450/3 | €21,338 | €20,752 | -€587 | -2.8% |
| Remuneration and social security | 454/9 | €96,937 | €91,318 | -€5,619 | -5.8% |
| Other amounts payable | 47/48 | €116,643 | €108,578 | -€8,065 | -6.9% |
| Accrued charges and deferred income | 492/3 | €12,459 | €754 | -€11,705 | -93.9% |
| Remuneration, social security and pensions | 62 | €750,722 | €762,496 | +€11,775 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,403 | €205,638 | +€25,235 | +14.0% |
| Other operating charges | 640/8 | €19,490 | €28,160 | +€8,670 | +44.5% |
| Gross operating margin | 9900 | €1,162,538 | €975,933 | -€186,605 | -16.1% |
| Operating profit (loss) | 9901 | €211,924 | -€20,361 | -€232,284 | |
| Financial income | 75/76B | €25,962 | €27,340 | +€1,378 | +5.3% |
| Recurring financial income | 75 | €25,962 | €27,340 | +€1,378 | +5.3% |
| Financial charges | 65/66B | €21,941 | €24,926 | +€2,985 | +13.6% |
| Recurring financial charges | 65 | €21,941 | €24,926 | +€2,985 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €215,945 | -€17,947 | -€233,892 | |
| Income taxes | 67/77 | €68,398 | €1,515 | -€66,883 | -97.8% |
| Profit (loss) for the period | 9904 | €147,547 | -€19,462 | -€167,009 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,547 | -€19,462 | -€167,009 |
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 7 October 2026 via checked.be.