FROVA: 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.
FROVA
Largest movements
- Deferred charges and accrued income +€54,000
new in 2025: €54,000
- Cash -€20,293
down €20,293 (-14.7%), from €138,432 to €118,139
mainly Deferred charges and accrued income (-€54,000) and Investment in fixed assets (net) (-€45,515)
- Tangible fixed assets +€19,746
up €19,746 (+131%), from €15,064 to €34,810
- Receivables within one year +€19,509
up €19,509 (+38.3%), from €50,877 to €70,386
of which Trade receivables: +€13,574
- Financial fixed assets +€15,000
new in 2025: €15,000
- Reserves +€55,010
up €55,010 (+30.3%), from €181,440 to €236,450
- Other debts +€33,118
up €33,118 (+343%), from €9,662 to €42,780
- Gross operating margin -€27,751
down €27,751 (-17.8%), from €156,293 to €128,542
- Taxes -€23,167
down €23,167 (-46.6%), from €49,732 to €26,565
- Depreciation +€5,359
up €5,359 (+99.0%), from €5,410 to €10,769
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 | €204,373 | €292,335 | +€87,962 | +43.0% |
| Fixed assets | 21/28 | €15,064 | €49,810 | +€34,746 | +231% |
| Tangible fixed assets | 22/27 | €15,064 | €34,810 | +€19,746 | +131% |
| Furniture and vehicles | 24 | €15,064 | €34,810 | +€19,746 | +131% |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €189,309 | €242,525 | +€53,216 | +28.1% |
| Amounts receivable within one year | 40/41 | €50,877 | €70,386 | +€19,509 | +38.3% |
| Trade receivables | 40 | €50,747 | €64,321 | +€13,574 | +26.7% |
| Other amounts receivable | 41 | €130 | €6,065 | +€5,935 | +4,565% |
| Cash at bank and in hand | 54/58 | €138,432 | €118,139 | -€20,293 | -14.7% |
| Deferred charges and accrued income | 490/1 | - | €54,000 | +€54,000 | |
| Total equity and liabilities | 10/49 | €204,373 | €292,335 | +€87,962 | +43.0% |
| Equity | 10/15 | €181,567 | €236,586 | +€55,019 | +30.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €181,440 | €236,450 | +€55,010 | +30.3% |
| Distributable reserves | 133 | €181,440 | €236,450 | +€55,010 | +30.3% |
| Profit (loss) carried forward | 14 | €27 | €36 | +€9 | +34.0% |
| Amounts payable | 17/49 | €22,807 | €55,749 | +€32,943 | +144% |
| Amounts payable within one year | 42/48 | €22,807 | €55,749 | +€32,943 | +144% |
| Trade debts | 44 | €2,185 | €2,361 | +€176 | +8.1% |
| Suppliers | 440/4 | €2,185 | €2,361 | +€176 | +8.1% |
| Taxes, remuneration and social security | 45 | €10,961 | €10,609 | -€352 | -3.2% |
| Taxes | 450/3 | €10,961 | €10,609 | -€352 | -3.2% |
| Other amounts payable | 47/48 | €9,662 | €42,780 | +€33,118 | +343% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,410 | €10,769 | +€5,359 | +99.0% |
| Other operating charges | 640/8 | €513 | €1,978 | +€1,464 | +285% |
| Gross operating margin | 9900 | €156,293 | €128,542 | -€27,751 | -17.8% |
| Operating profit (loss) | 9901 | €150,370 | €115,796 | -€34,574 | -23.0% |
| Financial charges | 65/66B | €194 | €104 | -€90 | -46.5% |
| Recurring financial charges | 65 | €194 | €104 | -€90 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €150,176 | €115,692 | -€34,483 | -23.0% |
| Income taxes | 67/77 | €49,732 | €26,565 | -€23,167 | -46.6% |
| Profit (loss) for the period | 9904 | €100,443 | €89,127 | -€11,316 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,443 | €89,127 | -€11,316 | -11.3% |
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 14 October 2026 via checked.be.