Skip to content

FREXA: 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.

What changed

FREXA

BE 0401.309.190
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€166,940
2024 · €85,984+€80,955
Equity
€4.0m
2024 · €3.9m+€166,940
Cash
€388,315
2024 · €1,450+€386,865
Balance sheet total
€5.8m
2024 · €6.1m-€363,169

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets -€484,793

    down €484,793 (-8.7%), from €5.6m to €5.1m

    of which Land and buildings: -€518,398

  • Current investments -€450,000

    no longer reported in 2025 (was €450,000)

  • Cash +€386,865

    up €386,865 (+26,688%), from €1,450 to €388,315

    mainly Depreciation (+€522,282) and Current investments (+€450,000)

  • Receivables within one year +€147,371

    up €147,371 (+138%), from €107,153 to €254,524

Equity and liabilities
  • Debts after one year -€345,962

    down €345,962 (-21.4%), from €1.6m to €1.3m

    of which Financial debts: -€1.6m

  • Profit (loss) carried forward +€335,712

    up €335,712 (+16.1%), from €2.1m to €2.4m

  • Reserves -€168,772

    down €168,772 (-16.1%), from €1.0m to €879,432

    of which Tax-exempt reserves: -€168,772

  • Current portion of long-term debt -€166,670

    down €166,670 (-32.5%), from €512,672 to €346,002

Income statement
  • Gross operating margin +€70,225

    up €70,225 (+8.7%), from €810,236 to €880,460

  • Taxes +€32,694

    up €32,694 (+37.4%), from €87,380 to €120,073

  • Other operating charges -€24,705

    down €24,705 (-33.4%), from €73,898 to €49,193

  • Financial income +€11,122

    up €11,122 (+187%), from €5,941 to €17,063

  • Financial charges -€9,730

    down €9,730 (-20.0%), from €48,764 to €39,034

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €85,984
Gross operating margin +€70,225
Depreciation -€2,132
Other operating charges +€24,705
Financial income +€11,122
Financial charges +€9,730
Taxes -€32,694
Result 2025 €166,940
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€501,971
Investment +€412,510
Financing -€527,616
Cash 2024 €1,450
Net result for the year +€166,940
Depreciation +€522,282
Receivables within one year -€147,371
Deferred charges and accrued income -€37,387
Trade debts -€19,535
Tax, wage and social debts +€17,488
Other debts -€446
Investment in fixed assets (net) -€37,490
Current investments +€450,000
Debts after one year -€345,962
Current portion of long-term debt -€166,670
Short-term financial debts -€14,984
Cash 2025 €388,315
brings cash intakes cash out
Every line side by side 50 lines
Line Code 2024 2025 Change %
Total assets 20/58 €6,142,770 €5,779,601 -€363,169 -5.9%
Fixed assets 21/28 €5,580,267 €5,095,475 -€484,793 -8.7%
Tangible fixed assets 22/27 €5,580,267 €5,095,475 -€484,793 -8.7%
Land and buildings 22 €5,572,707 €5,054,309 -€518,398 -9.3%
Furniture and vehicles 24 €7,560 €34,614 +€27,054 +358%
Leasing and similar rights 25 - €6,552 +€6,552
Current assets 29/58 €562,503 €684,126 +€121,623 +21.6%
Amounts receivable within one year 40/41 €107,153 €254,524 +€147,371 +138%
Other amounts receivable 41 €107,153 €254,524 +€147,371 +138%
Current investments 50/53 €450,000 - -€450,000
Cash at bank and in hand 54/58 €1,450 €388,315 +€386,865 +26,688%
Deferred charges and accrued income 490/1 €3,900 €41,287 +€37,387 +959%
Total equity and liabilities 10/49 €6,142,770 €5,779,601 -€363,169 -5.9%
Equity 10/15 €3,871,272 €4,038,211 +€166,940 +4.3%
Contributions 10/11 €737,397 €737,397 = 0.0%
Capital 10 €737,397 €737,397 = 0.0%
Issued capital 100 €737,397 €737,397 = 0.0%
Reserves 13 €1,048,205 €879,432 -€168,772 -16.1%
Non-distributable reserves 130/1 €73,740 €73,740 = 0.0%
Legal reserve 130 €73,740 €73,740 = 0.0%
Tax-exempt reserves 132 €844,465 €675,693 -€168,772 -20.0%
Distributable reserves 133 €130,000 €130,000 = 0.0%
Profit (loss) carried forward 14 €2,085,671 €2,421,383 +€335,712 +16.1%
Amounts payable 17/49 €2,271,498 €1,741,390 -€530,109 -23.3%
Amounts payable after more than one year 17 €1,616,115 €1,270,153 -€345,962 -21.4%
Financial debts 170/4 €1,616,115 - -€1.6m
Advances received on contracts in progress 176 - €1,270,153 +€1.3m
Amounts payable within one year 42/48 €642,760 €458,614 -€184,147 -28.6%
Current portion of amounts payable after more than one year 42 €512,672 €346,002 -€166,670 -32.5%
Financial debts 43 €14,984 - -€14,984
Credit institutions 430/8 €14,984 - -€14,984
Trade debts 44 €66,453 €46,918 -€19,535 -29.4%
Suppliers 440/4 €66,453 €46,918 -€19,535 -29.4%
Taxes, remuneration and social security 45 €44,358 €61,846 +€17,488 +39.4%
Taxes 450/3 €44,358 €61,846 +€17,488 +39.4%
Other amounts payable 47/48 €4,293 €3,847 -€446 -10.4%
Accrued charges and deferred income 492/3 €12,623 €12,623 = 0.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €520,150 €522,282 +€2,132 +0.4%
Other operating charges 640/8 €73,898 €49,193 -€24,705 -33.4%
Gross operating margin 9900 €810,236 €880,460 +€70,225 +8.7%
Operating profit (loss) 9901 €216,187 €308,985 +€92,798 +42.9%
Financial income 75/76B €5,941 €17,063 +€11,122 +187%
Recurring financial income 75 €5,941 €17,063 +€11,122 +187%
Financial charges 65/66B €48,764 €39,034 -€9,730 -20.0%
Recurring financial charges 65 €48,764 €39,034 -€9,730 -20.0%
Profit (loss) for the period before taxes 9903 €173,364 €287,013 +€113,649 +65.6%
Income taxes 67/77 €87,380 €120,073 +€32,694 +37.4%
Profit (loss) for the period 9904 €85,984 €166,940 +€80,955 +94.2%
Transfer from tax-exempt reserves 789 €168,772 €168,772 = 0.0%
Profit (loss) for the period to be appropriated 9905 €254,757 €335,712 +€80,955 +31.8%

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 30 October 2026 via checked.be.