FRUBELCO: 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.
FRUBELCO
Largest movements
- Receivables within one year -€314,928
down €314,928 (-37.2%), from €845,946 to €531,019
of which Trade receivables: -€278,133
- Tangible fixed assets +€299,461
up €299,461 (+40.5%), from €739,690 to €1.0m
of which Leasing and similar rights: +€271,530
- Cash -€52,743
down €52,743 (-21.1%), from €250,185 to €197,442
mainly Investment in fixed assets (net) (-€523,439) and Trade debts (-€328,122)
- Current investments +€25,121
up €25,121 (+16.5%), from €152,503 to €177,625
- Trade debts -€328,122
down €328,122 (-54.1%), from €607,037 to €278,914
- Reserves +€242,652
up €242,652 (+52.9%), from €458,287 to €700,940
- Short-term financial debts -€95,100
down €95,100 (-95.1%), from €100,000 to €4,900
- Debts after one year +€92,703
up €92,703 (+28.3%), from €327,466 to €420,169
- Current portion of long-term debt +€54,774
up €54,774 (+37.1%), from €147,565 to €202,339
- Gross operating margin +€331,695
up €331,695 (+40.0%), from €828,274 to €1.2m
- Taxes +€84,592
up €84,592 (+271%), from €31,171 to €115,763
- Depreciation +€42,963
up €42,963 (+23.6%), from €182,336 to €225,300
- Staff costs +€35,561
up €35,561 (+8.4%), from €423,324 to €458,885
- Other operating charges +€14,341
up €14,341 (+16.8%), from €85,500 to €99,841
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 | €2,114,338 | €2,077,710 | -€36,628 | -1.7% |
| Fixed assets | 21/28 | €745,179 | €1,043,318 | +€298,139 | +40.0% |
| Intangible fixed assets | 21 | €4,140 | €2,683 | -€1,457 | -35.2% |
| Tangible fixed assets | 22/27 | €739,690 | €1,039,150 | +€299,461 | +40.5% |
| Land and buildings | 22 | €207,132 | €187,310 | -€19,822 | -9.6% |
| Plant, machinery and equipment | 23 | €81,082 | €71,087 | -€9,995 | -12.3% |
| Furniture and vehicles | 24 | €252,716 | €310,463 | +€57,747 | +22.9% |
| Leasing and similar rights | 25 | €198,759 | €470,290 | +€271,530 | +137% |
| Financial fixed assets | 28 | €1,350 | €1,485 | +€135 | +10.0% |
| Current assets | 29/58 | €1,369,159 | €1,034,392 | -€334,767 | -24.5% |
| Stocks and contracts in progress | 3 | €102,122 | €102,122 | = | 0.0% |
| Stocks | 30/36 | €102,122 | €102,122 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €845,946 | €531,019 | -€314,928 | -37.2% |
| Trade receivables | 40 | €758,423 | €480,289 | -€278,133 | -36.7% |
| Other amounts receivable | 41 | €87,524 | €50,729 | -€36,794 | -42.0% |
| Current investments | 50/53 | €152,503 | €177,625 | +€25,121 | +16.5% |
| Cash at bank and in hand | 54/58 | €250,185 | €197,442 | -€52,743 | -21.1% |
| Deferred charges and accrued income | 490/1 | €18,402 | €26,185 | +€7,783 | +42.3% |
| Total equity and liabilities | 10/49 | €2,114,338 | €2,077,710 | -€36,628 | -1.7% |
| Equity | 10/15 | €796,387 | €1,039,040 | +€242,652 | +30.5% |
| Contributions | 10/11 | €338,100 | €338,100 | = | 0.0% |
| Reserves | 13 | €458,287 | €700,940 | +€242,652 | +52.9% |
| Distributable reserves | 133 | €458,287 | €700,940 | +€242,652 | +52.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,317,951 | €1,038,670 | -€279,280 | -21.2% |
| Amounts payable after more than one year | 17 | €327,466 | €420,169 | +€92,703 | +28.3% |
| Financial debts | 170/4 | €327,466 | €420,169 | +€92,703 | +28.3% |
| Amounts payable within one year | 42/48 | €965,349 | €614,468 | -€350,881 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €147,565 | €202,339 | +€54,774 | +37.1% |
| Financial debts | 43 | €100,000 | €4,900 | -€95,100 | -95.1% |
| Credit institutions | 430/8 | €100,000 | €4,900 | -€95,100 | -95.1% |
| Trade debts | 44 | €607,037 | €278,914 | -€328,122 | -54.1% |
| Suppliers | 440/4 | €607,037 | €278,914 | -€328,122 | -54.1% |
| Advances received on contracts in progress | 46 | €20,340 | €20,340 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €89,824 | €93,674 | +€3,850 | +4.3% |
| Taxes | 450/3 | €34,281 | €37,852 | +€3,572 | +10.4% |
| Remuneration and social security | 454/9 | €55,543 | €55,822 | +€279 | +0.5% |
| Other amounts payable | 47/48 | €583 | €14,300 | +€13,717 | +2,352% |
| Accrued charges and deferred income | 492/3 | €25,135 | €4,033 | -€21,102 | -84.0% |
| Non-recurring operating income | 76A | - | €38,372 | +€38,372 | |
| Remuneration, social security and pensions | 62 | €423,324 | €458,885 | +€35,561 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,336 | €225,300 | +€42,963 | +23.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,221 | -€3,275 | -€4,496 | |
| Other operating charges | 640/8 | €85,500 | €99,841 | +€14,341 | +16.8% |
| Gross operating margin | 9900 | €828,274 | €1,159,969 | +€331,695 | +40.0% |
| Operating profit (loss) | 9901 | €135,893 | €379,218 | +€243,325 | +179% |
| Financial income | 75/76B | €5,467 | €2,468 | -€2,999 | -54.9% |
| Recurring financial income | 75 | €5,467 | €2,468 | -€2,999 | -54.9% |
| Financial charges | 65/66B | €29,671 | €23,270 | -€6,401 | -21.6% |
| Recurring financial charges | 65 | €29,671 | €23,270 | -€6,401 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €111,689 | €358,416 | +€246,727 | +221% |
| Income taxes | 67/77 | €31,171 | €115,763 | +€84,592 | +271% |
| Profit (loss) for the period | 9904 | €80,517 | €242,652 | +€162,135 | +201% |
| Profit (loss) for the period to be appropriated | 9905 | €80,517 | €242,652 | +€162,135 | +201% |
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 22 October 2026 via checked.be.