Frejul: 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.
Frejul
Largest movements
- Financial fixed assets -€49,500
down €49,500 (-5.6%), from €879,550 to €830,050
- Cash -€36,120
down €36,120 (-62.7%), from €57,625 to €21,504
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€54,467)
- Current investments +€25,055
up €25,055 (+498%), from €5,027 to €30,083
- Profit (loss) carried forward -€80,964
down €80,964 (-12.8%), from €634,870 to €553,906
- Debts after one year -€54,467
down €54,467 (-14.0%), from €388,888 to €334,421
- Other debts +€49,535
up €49,535 (+54.7%), from €90,515 to €140,050
- Tax, wage and social debts +€16,532
up €16,532 (+587%), from €2,819 to €19,351
- Taxes +€15,368
up €15,368 (+12,006%), from €128 to €15,496
- Financial charges -€1,369
down €1,369 (-23.6%), from €5,793 to €4,424
- Other operating charges +€1,157
up €1,157 (+161%), from €720 to €1,877
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 | €1,200,916 | €1,137,311 | -€63,605 | -5.3% |
| Fixed assets | 21/28 | €1,122,827 | €1,065,036 | -€57,791 | -5.1% |
| Tangible fixed assets | 22/27 | €243,277 | €234,986 | -€8,291 | -3.4% |
| Land and buildings | 22 | €242,723 | €234,617 | -€8,106 | -3.3% |
| Furniture and vehicles | 24 | €554 | €369 | -€185 | -33.3% |
| Financial fixed assets | 28 | €879,550 | €830,050 | -€49,500 | -5.6% |
| Current assets | 29/58 | €78,089 | €72,275 | -€5,815 | -7.4% |
| Amounts receivable within one year | 40/41 | €15,437 | €20,688 | +€5,250 | +34.0% |
| Trade receivables | 40 | €1,701 | €18,816 | +€17,115 | +1,006% |
| Other amounts receivable | 41 | €13,736 | €1,872 | -€11,864 | -86.4% |
| Current investments | 50/53 | €5,027 | €30,083 | +€25,055 | +498% |
| Cash at bank and in hand | 54/58 | €57,625 | €21,504 | -€36,120 | -62.7% |
| Total equity and liabilities | 10/49 | €1,200,916 | €1,137,311 | -€63,605 | -5.3% |
| Equity | 10/15 | €655,330 | €574,366 | -€80,964 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €634,870 | €553,906 | -€80,964 | -12.8% |
| Amounts payable | 17/49 | €545,586 | €562,945 | +€17,359 | +3.2% |
| Amounts payable after more than one year | 17 | €388,888 | €334,421 | -€54,467 | -14.0% |
| Financial debts | 170/4 | €388,888 | €334,421 | -€54,467 | -14.0% |
| Amounts payable within one year | 42/48 | €156,698 | €228,524 | +€71,826 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €54,467 | €54,467 | = | 0.0% |
| Trade debts | 44 | €8,897 | €14,656 | +€5,758 | +64.7% |
| Suppliers | 440/4 | €8,897 | €14,656 | +€5,758 | +64.7% |
| Taxes, remuneration and social security | 45 | €2,819 | €19,351 | +€16,532 | +587% |
| Taxes | 450/3 | €2,819 | €19,351 | +€16,532 | +587% |
| Other amounts payable | 47/48 | €90,515 | €140,050 | +€49,535 | +54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,291 | €8,291 | = | 0.0% |
| Other operating charges | 640/8 | €720 | €1,877 | +€1,157 | +161% |
| Gross operating margin | 9900 | €49,304 | €49,068 | -€236 | -0.5% |
| Operating profit (loss) | 9901 | €40,293 | €38,900 | -€1,393 | -3.5% |
| Financial income | 75/76B | €0 | €55 | +€55 | |
| Recurring financial income | 75 | €0 | €55 | +€55 | |
| Financial charges | 65/66B | €5,793 | €4,424 | -€1,369 | -23.6% |
| Recurring financial charges | 65 | €5,793 | €4,424 | -€1,369 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €34,501 | €34,532 | +€31 | +0.1% |
| Income taxes | 67/77 | €128 | €15,496 | +€15,368 | +12,006% |
| Profit (loss) for the period | 9904 | €34,373 | €19,036 | -€15,337 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,373 | €19,036 | -€15,337 | -44.6% |
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 29 October 2026 via checked.be.