FREDANCO: what changed
What changed
FREDANCO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€63,636
2024 · €69,156-€5,519
Equity
€409,474
2024 · €345,838+€63,636
Cash
€257,886
2024 · €153,970+€103,916
Balance sheet total
€5.9m
2024 · €6.1m-€177,523
Largest movements
Assets
- Tangible fixed assets -€200,064
down €200,064 (-3.4%), from €5.8m to €5.6m
of which Land and buildings: -€173,509
- Cash +€103,916
up €103,916 (+67.5%), from €153,970 to €257,886
mainly Depreciation (+€301,281) and Receivables within one year (+€91,851)
- Receivables within one year -€91,851
down €91,851 (-97.8%), from €93,877 to €2,026
of which Trade receivables: -€90,850
Equity and liabilities
- Debts after one year -€311,738
down €311,738 (-5.8%), from €5.4m to €5.1m
- Current portion of long-term debt +€90,289
up €90,289 (+29.1%), from €310,272 to €400,561
- Reserves +€63,636
up €63,636 (+40.8%), from €155,838 to €219,474
Income statement
- Gross operating margin +€24,056
up €24,056 (+5.3%), from €453,962 to €478,018
- Depreciation +€23,067
up €23,067 (+8.3%), from €278,214 to €301,281
- Financial charges +€5,915
up €5,915 (+7.4%), from €80,418 to €86,333
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€69,156
Gross operating margin
+€24,056
Depreciation
-€23,067
Write-downs
+€220
Other operating charges
-€812
Financial income
-€1
Financial charges
-€5,915
Result 2025
€63,636
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€419,867
Investment
-€94,501
Financing
-€221,449
Cash 2024
€153,970
From operations (derived)
+€419,867
Net result for the year
+€63,636
Depreciation
+€301,281
Receivables within one year
+€91,851
Deferred charges and accrued income
-€17,192
Trade debts
-€26,122
Tax, wage and social debts
+€6,411
Investment (derived)
-€94,501
Investment in fixed assets (net)
-€94,501
Financing
-€221,449
Debts after one year
-€311,738
Current portion of long-term debt
+€90,289
Cash 2025
€257,886
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,071,393 | €5,893,870 | -€177,523 | -2.9% |
| Formation expenses | 20 | €21,119 | €14,403 | -€6,716 | -31.8% |
| Fixed assets | 21/28 | €5,802,427 | €5,602,363 | -€200,064 | -3.4% |
| Tangible fixed assets | 22/27 | €5,802,427 | €5,602,363 | -€200,064 | -3.4% |
| Land and buildings | 22 | €4,503,786 | €4,330,278 | -€173,509 | -3.9% |
| Plant, machinery and equipment | 23 | €1,271,697 | €1,255,475 | -€16,222 | -1.3% |
| Furniture and vehicles | 24 | €26,943 | €16,610 | -€10,333 | -38.4% |
| Current assets | 29/58 | €247,847 | €277,104 | +€29,257 | +11.8% |
| Amounts receivable within one year | 40/41 | €93,877 | €2,026 | -€91,851 | -97.8% |
| Trade receivables | 40 | €92,787 | €1,937 | -€90,850 | -97.9% |
| Other amounts receivable | 41 | €1,090 | €89 | -€1,001 | -91.8% |
| Cash at bank and in hand | 54/58 | €153,970 | €257,886 | +€103,916 | +67.5% |
| Deferred charges and accrued income | 490/1 | - | €17,192 | +€17,192 | |
| Total equity and liabilities | 10/49 | €6,071,393 | €5,893,870 | -€177,523 | -2.9% |
| Equity | 10/15 | €345,838 | €409,474 | +€63,636 | +18.4% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €155,838 | €219,474 | +€63,636 | +40.8% |
| Distributable reserves | 133 | €155,838 | €219,474 | +€63,636 | +40.8% |
| Amounts payable | 17/49 | €5,725,555 | €5,484,395 | -€241,159 | -4.2% |
| Amounts payable after more than one year | 17 | €5,363,057 | €5,051,319 | -€311,738 | -5.8% |
| Financial debts | 170/4 | €5,363,057 | €5,051,319 | -€311,738 | -5.8% |
| Amounts payable within one year | 42/48 | €362,498 | €433,076 | +€70,578 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €310,272 | €400,561 | +€90,289 | +29.1% |
| Trade debts | 44 | €50,500 | €24,378 | -€26,122 | -51.7% |
| Suppliers | 440/4 | €50,500 | €24,378 | -€26,122 | -51.7% |
| Taxes, remuneration and social security | 45 | €1,726 | €8,138 | +€6,411 | +371% |
| Taxes | 450/3 | €1,726 | €8,138 | +€6,411 | +371% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €278,214 | €301,281 | +€23,067 | +8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €220 | - | -€220 | |
| Other operating charges | 640/8 | €25,956 | €26,769 | +€812 | +3.1% |
| Gross operating margin | 9900 | €453,962 | €478,018 | +€24,056 | +5.3% |
| Operating profit (loss) | 9901 | €149,572 | €149,969 | +€396 | +0.3% |
| Financial income | 75/76B | €2 | €1 | -€1 | -39.6% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -39.6% |
| Financial charges | 65/66B | €80,418 | €86,333 | +€5,915 | +7.4% |
| Recurring financial charges | 65 | €80,418 | €86,333 | +€5,915 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €69,156 | €63,636 | -€5,519 | -8.0% |
| Profit (loss) for the period | 9904 | €69,156 | €63,636 | -€5,519 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,156 | €63,636 | -€5,519 | -8.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.