LA FREGATE: 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.
LA FREGATE
Largest movements
- Tangible fixed assets -€22,903
down €22,903 (-11.3%), from €202,589 to €179,686
- Cash -€5,568
down €5,568 (-22.2%), from €25,118 to €19,551
mainly Contributions, distributions and other (-€53,678) and Current portion of long-term debt (-€9,556)
- Receivables within one year -€2,535
down €2,535 (-45.3%), from €5,591 to €3,056
- Reserves -€34,169
down €34,169 (-26.0%), from €131,620 to €97,452
of which Distributable reserves: -€34,169
- Other debts +€13,979
up €13,979 (+42.5%), from €32,930 to €46,908
- Current portion of long-term debt -€9,556
down €9,556 (-43.7%), from €21,867 to €12,311
- Debts after one year -€4,875
down €4,875 (-31.9%), from €15,297 to €10,423
- Short-term financial debts -€4,182
down €4,182 (-100.0%), from €4,182 to €0
- Gross operating margin -€15,393
down €15,393 (-19.2%), from €80,259 to €64,866
- Taxes -€2,045
down €2,045 (-15.8%), from €12,953 to €10,908
- Financial charges -€1,426
down €1,426 (-20.5%), from €6,963 to €5,537
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 | €248,740 | €216,557 | -€32,183 | -12.9% |
| Fixed assets | 21/28 | €202,664 | €179,761 | -€22,903 | -11.3% |
| Tangible fixed assets | 22/27 | €202,589 | €179,686 | -€22,903 | -11.3% |
| Land and buildings | 22 | €129,750 | €120,491 | -€9,259 | -7.1% |
| Furniture and vehicles | 24 | €9,767 | €6,974 | -€2,794 | -28.6% |
| Other tangible fixed assets | 26 | €63,072 | €52,221 | -€10,851 | -17.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €46,076 | €36,796 | -€9,280 | -20.1% |
| Stocks and contracts in progress | 3 | €13,503 | €11,931 | -€1,572 | -11.6% |
| Stocks | 30/36 | €13,503 | €11,931 | -€1,572 | -11.6% |
| Amounts receivable within one year | 40/41 | €5,591 | €3,056 | -€2,535 | -45.3% |
| Other amounts receivable | 41 | €5,591 | €3,056 | -€2,535 | -45.3% |
| Cash at bank and in hand | 54/58 | €25,118 | €19,551 | -€5,568 | -22.2% |
| Deferred charges and accrued income | 490/1 | €1,864 | €2,259 | +€395 | +21.2% |
| Total equity and liabilities | 10/49 | €248,740 | €216,557 | -€32,183 | -12.9% |
| Equity | 10/15 | €150,220 | €116,052 | -€34,169 | -22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,620 | €97,452 | -€34,169 | -26.0% |
| Tax-exempt reserves | 132 | €14,397 | €14,397 | = | 0.0% |
| Distributable reserves | 133 | €117,224 | €83,055 | -€34,169 | -29.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €98,520 | €100,505 | +€1,986 | +2.0% |
| Amounts payable after more than one year | 17 | €15,297 | €10,423 | -€4,875 | -31.9% |
| Financial debts | 170/4 | €15,297 | €10,423 | -€4,875 | -31.9% |
| Amounts payable within one year | 42/48 | €83,222 | €90,083 | +€6,860 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €21,867 | €12,311 | -€9,556 | -43.7% |
| Financial debts | 43 | €4,182 | €0 | -€4,182 | -100.0% |
| Other loans | 439 | €4,182 | €0 | -€4,182 | -100.0% |
| Trade debts | 44 | €10,732 | €14,548 | +€3,815 | +35.6% |
| Suppliers | 440/4 | €10,732 | €14,548 | +€3,815 | +35.6% |
| Taxes, remuneration and social security | 45 | €13,511 | €16,316 | +€2,805 | +20.8% |
| Taxes | 450/3 | €13,511 | €16,316 | +€2,805 | +20.8% |
| Other amounts payable | 47/48 | €32,930 | €46,908 | +€13,979 | +42.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,978 | €24,818 | -€160 | -0.6% |
| Other operating charges | 640/8 | €4,135 | €4,200 | +€65 | +1.6% |
| Non-recurring operating charges | 66A | €313 | €0 | -€313 | -100.0% |
| Gross operating margin | 9900 | €80,259 | €64,866 | -€15,393 | -19.2% |
| Operating profit (loss) | 9901 | €50,833 | €35,849 | -€14,984 | -29.5% |
| Financial income | 75/76B | €3 | €106 | +€103 | +3307.7% |
| Recurring financial income | 75 | €3 | €106 | +€103 | +3307.7% |
| Financial charges | 65/66B | €6,963 | €5,537 | -€1,426 | -20.5% |
| Recurring financial charges | 65 | €6,963 | €5,537 | -€1,426 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €43,872 | €30,417 | -€13,455 | -30.7% |
| Income taxes | 67/77 | €12,953 | €10,908 | -€2,045 | -15.8% |
| Profit (loss) for the period | 9904 | €30,920 | €19,509 | -€11,410 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,920 | €19,509 | -€11,410 | -36.9% |
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 8 October 2026 via checked.be.