FREDEC: 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.
FREDEC
Largest movements
- Tangible fixed assets -€8,007
down €8,007 (-18.7%), from €42,915 to €34,908
of which Land and buildings: -€5,241
- Receivables within one year -€7,833
down €7,833 (-9.6%), from €81,563 to €73,730
of which Other amounts receivable: -€20,694
- Cash +€3,472
up €3,472 (+6.0%), from €57,837 to €61,309
mainly Net result for the year (+€10,760) and Depreciation (+€9,061)
- Debts after one year -€24,159
down €24,159 (-100%), from €24,159 to €0
- Reserves +€10,760
up €10,760 (+11.7%), from €92,067 to €102,827
of which Distributable reserves: +€10,760
- Trade debts +€1,861
up €1,861 (+27.1%), from €6,869 to €8,730
- Gross operating margin -€16,579
down €16,579 (-39.5%), from €41,965 to €25,387
- Taxes -€2,606
down €2,606 (-31.8%), from €8,207 to €5,601
- Financial income -€1,464
down €1,464 (-33.6%), from €4,353 to €2,888
- Other operating charges -€460
down €460 (-18.2%), from €2,522 to €2,062
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 | €183,312 | €169,947 | -€13,365 | -7.3% |
| Fixed assets | 21/28 | €42,915 | €34,908 | -€8,007 | -18.7% |
| Tangible fixed assets | 22/27 | €42,915 | €34,908 | -€8,007 | -18.7% |
| Land and buildings | 22 | €35,193 | €29,952 | -€5,241 | -14.9% |
| Plant, machinery and equipment | 23 | €685 | €566 | -€118 | -17.3% |
| Furniture and vehicles | 24 | €6,414 | €4,029 | -€2,385 | -37.2% |
| Other tangible fixed assets | 26 | €622 | €360 | -€263 | -42.2% |
| Current assets | 29/58 | €140,397 | €135,039 | -€5,357 | -3.8% |
| Amounts receivable within one year | 40/41 | €81,563 | €73,730 | -€7,833 | -9.6% |
| Trade receivables | 40 | €0 | €12,861 | +€12,861 | |
| Other amounts receivable | 41 | €81,563 | €60,870 | -€20,694 | -25.4% |
| Cash at bank and in hand | 54/58 | €57,837 | €61,309 | +€3,472 | +6.0% |
| Deferred charges and accrued income | 490/1 | €996 | €0 | -€996 | -100% |
| Total equity and liabilities | 10/49 | €183,312 | €169,947 | -€13,365 | -7.3% |
| Equity | 10/15 | €143,067 | €153,827 | +€10,760 | +7.5% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Reserves | 13 | €92,067 | €102,827 | +€10,760 | +11.7% |
| Non-distributable reserves | 130/1 | €2,090 | €2,090 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,090 | €2,090 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,607 | €5,607 | = | 0.0% |
| Distributable reserves | 133 | €84,370 | €95,130 | +€10,760 | +12.8% |
| Amounts payable | 17/49 | €40,244 | €16,120 | -€24,124 | -59.9% |
| Amounts payable after more than one year | 17 | €24,159 | €0 | -€24,159 | -100% |
| Other amounts payable | 178/9 | €24,159 | €0 | -€24,159 | -100% |
| Amounts payable within one year | 42/48 | €16,086 | €16,120 | +€34 | +0.2% |
| Trade debts | 44 | €6,869 | €8,730 | +€1,861 | +27.1% |
| Suppliers | 440/4 | €6,869 | €8,730 | +€1,861 | +27.1% |
| Taxes, remuneration and social security | 45 | €9,217 | €7,390 | -€1,827 | -19.8% |
| Taxes | 450/3 | €9,217 | €7,390 | -€1,827 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,831 | €9,061 | +€230 | +2.6% |
| Other operating charges | 640/8 | €2,522 | €2,062 | -€460 | -18.2% |
| Non-recurring operating charges | 66A | - | €676 | +€676 | |
| Gross operating margin | 9900 | €41,965 | €25,387 | -€16,579 | -39.5% |
| Operating profit (loss) | 9901 | €30,613 | €13,588 | -€17,025 | -55.6% |
| Financial income | 75/76B | €4,353 | €2,888 | -€1,464 | -33.6% |
| Recurring financial income | 75 | €4,353 | €2,888 | -€1,464 | -33.6% |
| Financial charges | 65/66B | €140 | €116 | -€24 | -16.9% |
| Recurring financial charges | 65 | €140 | €116 | -€24 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €34,826 | €16,361 | -€18,465 | -53.0% |
| Income taxes | 67/77 | €8,207 | €5,601 | -€2,606 | -31.8% |
| Profit (loss) for the period | 9904 | €26,619 | €10,760 | -€15,859 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,619 | €10,760 | -€15,859 | -59.6% |
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 28 October 2026 via checked.be.