Equity
Equity rose in 2025 from €144,471 to €352,641.
Equity rose in 2025 from €144,471 to €352,641.
Debts rose by €804,054 in 2025.
Green is investment, beige is depreciation.
In 2025, 1 person joined and 1 left.
Board changed. Latest change 01-07-2026 · 3 in office.
Lower net result than 91% of companies in creative and performing arts. Sector median €6,309 · 2,482 companies.
The dashed line is the sector median: 0.1% across 3,433 companies (NACE 90, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 90, micro). It does better than 35% of them on solvency, 31% on liquidity, 25% on profitability and 94% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,271 companies had the same profile as 25Frames has now. Each dot stands for 4 companies, two years later.
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of 25Frames itself is lower: 0.4% within 12 months. It rests on far more data about 25Frames than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,271 companies, not a prediction for 25Frames. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is tight, with a current ratio of 1.01 (2.06 in 2024), below the usual 1.5. Short-term debt is 16.8% and cash 1.2% of total assets. 72.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 19 days before the deadline. In the sector (NACE 90), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| 25Frames Molenbeek-Saint-Jean | €1.3m | €106,671 | 27.7% | - |
| BEL ARTS FUND Brussels | €1.5m | €138,030 | 8.0% | - |
| Black Flag Design Studio Machelen (Brab.) | €0.8m | €215,318 | 26.1% | - |
| BCOX Grez-Doiceau | €0.7m | €278,215 | 18.3% | - |
| VEXX STUDIOS Brussels | €1.5m | €221,359 | 61.4% | - |
| LINDE ERGO SCULPTUREN De Haan | €0.8m | €95,268 | 37.6% | - |
| Molenbeek for Brussels 2030 Molenbeek-Saint-Jean | €0.7m | €783,605 | 27.1% | - |
These companies have the same main activity as 25Frames: visual arts creation (NACE 90120). They are comparable in size and age: total assets between €680,000 and €1.5m, founded between 2018 and 2022.
25Frames files the micro format. That format states no turnover. The gross margin fell from €124,799 in 2022 to €106,671 in 2025.
The balance sheet grew most from 2024 to 2025 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €270,000. Estimated: probably between €180,000 and €410,000.
Higher than 34% of 2,486 companies in 2025.
Higher than 28% of 2,349 companies in 2025.
Higher than 29% of 2,394 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 1 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
1.3m | 259,949 | 255,015 | 260,436 | |
21/28 |
1.1m | 39,614 | 56,737 | 65,805 | |
21 |
0 | 710 | 1,543 | 2,377 | |
22/27 |
1.1m | 34,304 | 50,594 | 58,828 | |
22 |
1.0m | - | - | - | |
23 |
4,031 | 16,551 | 30,076 | 42,993 | |
24 |
10,616 | 11,646 | 13,650 | 11,571 | |
26 |
5,347 | 6,107 | 6,868 | 4,264 | |
28 |
0 | 4,600 | 4,600 | 4,600 | |
29/58 |
216,718 | 220,335 | 198,278 | 194,631 | |
40/41 |
201,153 | 186,937 | 131,958 | 171,300 | |
40 |
201,153 | 181,937 | 129,185 | 170,985 | |
41 |
0 | 5,000 | 2,773 | 315 | |
54/58 |
15,277 | 32,729 | 66,319 | 21,439 | |
490/1 |
288 | 669 | 0 | 1,892 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
1.3m | 259,949 | 255,015 | 260,436 | |
10/15 |
352,641 | 144,471 | 131,558 | 104,517 | |
10/11 |
10,000 | 10,000 | 5,000 | 5,000 | |
14 |
110,784 | 134,471 | 126,558 | 99,517 | |
15 |
231,857 | - | - | - | |
17/49 |
919,533 | 115,479 | 123,457 | 155,919 | |
17 |
703,704 | 8,193 | 15,340 | - | |
170/4 |
703,704 | 8,193 | 15,340 | - | |
42/48 |
213,579 | 107,036 | 107,854 | 155,807 | |
42 |
34,767 | 7,147 | 6,766 | - | |
44 |
43,716 | 21,075 | 58,632 | 107,646 | |
440/4 |
43,716 | 21,075 | 58,632 | 107,646 | |
45 |
33,839 | 23,439 | 32,456 | 27,929 | |
450/3 |
33,839 | 20,979 | 30,072 | 27,929 | |
454/9 |
0 | 2,460 | 2,384 | - | |
47/48 |
101,258 | 55,375 | 10,000 | 20,232 | |
492/3 |
2,250 | 250 | 263 | 113 | |
| Income statement | |||||
9900 |
106,671 | 82,829 | 58,055 | 124,799 | |
62 |
45,573 | 47,403 | 3,612 | - | |
630 |
40,347 | 19,639 | 18,272 | 2,131 | |
640/8 |
400 | - | - | - | |
9901 |
20,351 | 15,788 | 36,170 | 122,667 | |
75/76B |
3,798 | 0 | 5 | 20 | |
75 |
3,798 | 0 | 5 | 20 | |
65/66B |
47,836 | 4,239 | 1,911 | 322 | |
65 |
47,836 | 4,239 | 1,911 | 322 | |
9903 |
-23,686 | 11,549 | 34,265 | 122,366 | |
67/77 |
0 | 3,636 | 7,223 | 22,849 | |
9904 |
-23,686 | 7,912 | 27,042 | 99,517 | |
9905 |
-23,686 | 7,912 | 27,042 | 99,517 | |
| Appropriation of the result | |||||
9906 |
110,784 | 134,471 | 126,558 | 99,517 | |
14P |
134,471 | 126,558 | 99,517 | - | |
| Social balance sheet | |||||
9087 |
0.8 | 0.8 | 0.1 | - | |
Hours worked1013 |
1,524 | 1,463 | 76 | - | |
| Document | |||||
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 27-07-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 60,698 | 35,426 | 54,443 | 124,799 | ||
| 16,661 | 27,551 | 45,314 | 101,648 | ||
| 1.1m | 2,515 | 13,805 | 67,936 | ||
| -17,452 | -33,590 | 44,880 | - | ||
| 3,139 | 113,300 | 90,424 | 38,824 | ||
| 27.7% | 55.6% | 51.6% | 40.1% | ||
| 1.01 | 2.06 | 1.84 | 1.25 | ||
| 2.61 | 0.80 | 0.94 | 1.49 | ||
| -6.7% | 5.5% | 20.6% | 95.2% | ||
| -1.9% | 3.0% | 10.6% | 38.2% | ||
| 1.27 | 8.36 | 28.49 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 1 | 0 | 1 |
| 0.8 | 0.8 | 0.1 | |
| On a permanent contract | 0 | 1 | 1 |
| Joined | 1 | 1 | 1 |
| Left | 1 | 1 | 0 |
| Training hours | 0 | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €1.1m | €2,515 | €9,205 | €60,836 |
| Intangible fixed assets | - | - | - | €2,500 |
| Financial fixed assets | €0 | - | €4,600 | €4,600 |
| €40,347 | €19,639 | €18,272 | €2,131 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 29% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 44.4% to 72.3%. Equity and debt are higher.
25Frames has no parent and no holdings in its annual accounts.
| MEYMO
registered office since 28-05-2021 · founded in 2021 |
total assets €4.4m (2025) 0768.838.727 |
| A2D Architects
registered office since 01-10-2008 · founded in 2008 |
1.9 FTE (2025) 0806.538.469 |
| Vereniging van mede-eigenaars Residentie Meymo, te 1080 Sint-Jans-Molenbeek, Van Meyelstraat 49
registered office since 18-03-2025 |
founded in 2025 1020.167.905 |
| KODID
registered office since 24-04-2023 |
founded in 2023 0801.205.746 |
| Architecten A2D - ARVS
registered office since 01-11-2018 |
founded in 2013 0526.965.069 |
| LIADA
registered office since 03-03-2008 |
founded in 2008 0896.142.319 |
| PANDEMIE via A FEW MORE FRAMES (no longer at PANDEMIE) and ROBBEETS Jelle (no longer at PANDEMIE) · Director · deed of 08-10-2020 founded in 2020 |
total assets €106,383 (2025) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 25 February 2022, 25Frames was incorporated as a private limited company by two natural persons, with a starting capital of €5,000.12 In 2024 the registered office moved to Molenbeek-Saint-Jean.3 Total assets went from €260,436 in 2022 to €1.3m in 2025 and headcount from 0.1 full-time equivalents in 2023 to 0.8 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Van Meyelstraat 49 registered office 1080 Molenbeek-Saint-Jean | 25-02-2022 | 2.328.411.358 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21012A0165/00L006 | 926 m² | 1 · 63 m² | 12.2 m · 1 |
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