F.D.B.
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-04-2026 PDF all 33 filings
Turnover
≈ €20.0m
Estimated: probably between €12.0m and €24.0m
Total assets
€12.8m▲ 1.9%
2024 · €12.6m
Net result
€800,350▲ 102%
2024 · €396,874
Working capital
-€93,620▲ 53.5%
2024 · -€201,133
In the rankings
#3 company by staff growth in Ternat, Wholesale and retail trade sector#9 company by total assets in Ternat, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1.2m
▲ 92.0%
2025
20192025
Net result
€800,350
▲ 102%
2025
highest quarter of the sector
20192025
Equity
€3.2m
▲ 14.2%
2025
highest quarter of the sector
20192025
Total assets
€12.8m
▲ 1.9%
2025
highest quarter of the sector
20192025
Debt
€9.6m
▼ 1.6%
2025
20192025
Working capital
-€93,620
▲ 53.5%
2025
lowest quarter of the sector
20192025
Solvency
25.1%
▲ 2.7pp
2025
middle half of the sector
20192025
Current ratio
0.97
▲ 0.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
6.2%
▲ 3.1pp
2025
middle half of the sector
20192025
Staff (FTE)
27.1
▲ 5.0%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.6m▲ 349%€0.2m▼ 60.2%-€0.3m€0.2m€0.6m▲ 173%€1.2m▲ 92.0%
Net result€0.09m-€0.4mabove the sector's middle half▲ 348%€0.2mabove the sector's middle half▼ 58.5%-€0.3mbelow the sector's middle half€0.1mwithin the sector's middle half€0.4mabove the sector's middle half▲ 240%€0.8mabove the sector's middle half▲ 102%
Equity€2.1m-€2.5mabove the sector's middle half▲ 16.1%€2.6mabove the sector's middle half▲ 7.0%€2.3mabove the sector's middle half▼ 12.8%€2.4mabove the sector's middle half▲ 5.1%€2.8mabove the sector's middle half▲ 16.4%€3.2mabove the sector's middle half▲ 14.2%
Total assets€3.4m-€3.8mabove the sector's middle half▲ 12.1%€4.8mabove the sector's middle half▲ 24.8%€9.9mabove the sector's middle half▲ 106%€11.7mabove the sector's middle half▲ 17.9%€12.6mabove the sector's middle half▲ 8.0%€12.8mabove the sector's middle half▲ 1.9%
Debt€1.3m-€1.4m▲ 5.5%€2.2m▲ 56.8%€7.6m▲ 252%€9.2m▲ 21.8%€9.8m▲ 5.8%€9.6m▼ 1.6%
Working capital€1.1m-€1.4mabove the sector's middle half▲ 32.1%-€0.4mbelow the sector's middle half-€0.6mbelow the sector's middle half▼ 41.1%-€0.5mbelow the sector's middle half▲ 17.8%-€0.2mbelow the sector's middle half▲ 60.4%-€0.09mbelow the sector's middle half▲ 53.5%
Solvency62.0%-64.2%above the sector's middle half▲ 2.2pp55.0%within the sector's middle half▼ 9.2pp23.3%within the sector's middle half▼ 31.7pp20.8%within the sector's middle half▼ 2.5pp22.4%within the sector's middle half▲ 1.6pp25.1%within the sector's middle half▲ 2.7pp
Current ratio1.84-2.05within the sector's middle half▲ 0.210.80below the sector's middle half▼ 1.250.82below the sector's middle half▲ 0.030.80below the sector's middle half▼ 0.020.94below the sector's middle half▲ 0.140.97below the sector's middle half▲ 0.04
Return on assets (ROA)2.7%-10.8%within the sector's middle half▲ 8.1pp3.6%within the sector's middle half▼ 7.2pp-3.4%below the sector's middle half▼ 7.0pp1.0%within the sector's middle half▲ 4.4pp3.2%within the sector's middle half▲ 2.1pp6.2%within the sector's middle half▲ 3.1pp
Staff (FTE)27.9-27.4above the sector's middle half▼ 1.8%25.9above the sector's middle half▼ 5.5%24above the sector's middle half▼ 7.3%23.7above the sector's middle half▼ 1.3%25.8above the sector's middle half▲ 8.9%27.1above the sector's middle half▲ 5.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 92% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.8m
Fixed assets
€9.2m ▼ 4.2%
Current assets
€3.6m ▲ 21.7%
Equity and liabilities €12.8m
Equity
€3.2m ▲ 14.2%
Debt
€9.6m ▼ 1.6%
Debt's share of the balance-sheet total falls from 77.6% to 74.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.6m▲
2024 · €1.1m
Cash flow
€1.2m▲
2024 · €819,041
Quick ratio
0.73▲
2024 · 0.68
Debt to equity
2.99▼
2024 · 3.47
ROE
24.9%▲
2024 · 14.1%
Interest coverage
10.63▲
2024 · 7.08
Debt ≤ 1 year
€3.7m▲
2024 · €3.2m
Debt > 1 year
€5.8m▼
2024 · €6.5m
Income taxes
€275,136▲
2024 · €100,648
Staff costs
€1.3m▲
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 26 | 28 | 30 | 33 |
| full-time | 9 | 12 | 14 | 15 |
| part-time | 17 | 16 | 16 | 18 |
| in full-time equivalents | 21.8 | 24.2 | 26.4 | 29.4 |
| Average over the year, in full-time equivalents | 24 | 23.7 | 25.8 | 27.1 |
| On a permanent contract | 26 | 28 | 30 | 33 |
| Joined | 2 | 4 | 5 | 4 |
| Left | 6 | 2 | 3 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €11,000 | €11,000 | - | - |
| Mortgage mandates | €6.6m | €6.6m | - | - |
| Carrying value of the mortgaged assets | €5.8m | €7.5m | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4.0m | €3.0m | €420,902 | €21,188 |
| Financial fixed assets | €8,970 | €1,500 | - | - |
| Depreciation and write-downs of the year | €9,536 | €368,992 | €422,167 | €426,021 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €51,021 awarded · €36,449 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €588 | €0 |
| 2024 | 1 | €0 | €6,189 |
| 2022 | 1 | €50,433 | €30,260 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €43 | €0.01m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.2m | €1.2m | €1.3m | ▲ 0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.03m | €0.2m | €0.01m | €0.4m | €0.4m | €0.4m | ▲ 0.9% |
| Other operating charges640/8 | - | - | - | €0.06m | €0.04m | €0.5m | €0.05m | ▼ 90.6% |
| Non-recurring operating charges66A | - | - | - | €0.2m | €0 | - | - | - |
| Gross operating margin9900 | €1.3m | €1.7m | €1.5m | €1.0m | €1.8m | €2.8m | €3.0m | ▲ 4.5% |
| Operating profit (loss)9901 | €0.1m | €0.6m | €0.2m | -€0.3m | €0.2m | €0.6m | €1.2m | ▲ 92.0% |
| Financial income75/76B | - | - | - | €0.02m | €0.005m | €0.01m | €0.008m | ▼ 18.8% |
| Recurring financial income75 | €0.003m | €0.003m | €0.02m | €0.02m | €0.005m | €0.01m | €0.008m | ▼ 18.8% |
| Financial charges65/66B | - | - | - | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 3.7% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 3.7% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.6m | €0.2m | -€0.3m | €0.1m | €0.5m | €1.1m | ▲ 116% |
| Income taxes67/77 | €0.02m | €0.2m | €0.06m | €0.004m | €0 | €0.1m | €0.3m | ▲ 173% |
| Profit (loss) for the period9904 | €0.09m | €0.4m | €0.2m | -€0.3m | €0.1m | €0.4m | €0.8m | ▲ 102% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.4m | €0.2m | -€0.3m | €0.1m | €0.4m | €0.8m | ▲ 102% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.4m | €3.8m | €4.8m | €9.9m | €11.7m | €12.6m | €12.8m | ▲ 1.9% |
| Fixed assets21/28 | €1.0m | €1.0m | €3.1m | €7.0m | €9.6m | €9.6m | €9.2m | ▼ 4.2% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €3.1m | €7.0m | €9.6m | €9.6m | €9.2m | ▼ 4.2% |
| Land and buildings22 | - | - | - | €5.8m | €7.5m | €7.7m | €7.5m | ▼ 2.3% |
| Plant, machinery and equipment23 | - | - | - | €1.2m | €2.1m | €1.9m | €1.6m | ▼ 11.9% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.003m | €0.003m | €0.001m | ▼ 54.6% |
| Financial fixed assets28 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €2.4m | €2.8m | €1.7m | €2.9m | €2.1m | €3.0m | €3.6m | ▲ 21.7% |
| Stocks and contracts in progress3 | €0.6m | €0.7m | €0.7m | €0.5m | €0.8m | €0.8m | €0.9m | ▲ 8.9% |
| Stocks30/36 | - | - | - | €0.5m | €0.8m | €0.8m | €0.9m | ▲ 8.9% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.2m | €1.6m | €0.1m | €0.3m | €0.4m | ▲ 36.7% |
| Trade receivables40 | - | - | - | €0.04m | €0.06m | €0.07m | €0.09m | ▲ 17.8% |
| Other amounts receivable41 | - | - | - | €1.6m | €0.05m | €0.2m | €0.3m | ▲ 43.8% |
| Cash at bank and in hand54/58 | €1.7m | €1.8m | €0.8m | €0.8m | €0.9m | €1.5m | €1.8m | ▲ 20.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.2m | €0.4m | €0.6m | ▲ 44.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.4m | €3.8m | €4.8m | €9.9m | €11.7m | €12.6m | €12.8m | ▲ 1.9% |
| Equity10/15 | €2.1m | €2.5m | €2.6m | €2.3m | €2.4m | €2.8m | €3.2m | ▲ 14.2% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €1.6m | €1.9m | €2.1m | €1.8m | €1.9m | €2.3m | €2.7m | ▲ 17.6% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €1.7m | €1.8m | €2.2m | €2.6m | ▲ 18.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €1.3m | €1.4m | €2.2m | €7.6m | €9.2m | €9.8m | €9.6m | ▼ 1.6% |
| Amounts payable after more than one year17 | - | - | - | €4.0m | €6.6m | €6.5m | €5.8m | ▼ 11.5% |
| Financial debts170/4 | - | - | - | €4.0m | €6.6m | €6.5m | €5.8m | ▼ 11.5% |
| Amounts payable within one year42/48 | €1.3m | €1.4m | €2.2m | €3.5m | €2.6m | €3.2m | €3.7m | ▲ 16.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.4m | €0.5m | €0.8m | ▲ 59.1% |
| Trade debts44 | €0.9m | €1.0m | €1.0m | €2.2m | €1.8m | €2.2m | €2.3m | ▲ 2.3% |
| Suppliers440/4 | - | - | - | €2.2m | €1.8m | €2.2m | €2.3m | ▲ 2.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 1.0% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €0.03m | €0.01m | ▼ 63.6% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.9% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.1m | €0.2m | €0.4m | ▲ 101% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.05m | €0.04m | €0.1m | ▲ 133% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | €0.4m | €0.2m | -€0.3m | €0.1m | €0.4m | €0.8m | ▲ 102% |
| + Depreciation and write-downs630 | €0.08m | €0.03m | €0.2m | €0.01m | €0.4m | €0.4m | €0.4m | ▲ 0.9% |
| Operating cash flow (approximation) | €0.2m | €0.4m | €0.4m | -€0.3m | €0.5m | €0.8m | €1.2m | ▲ 49.7% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€2.3m | -€3.9m | -€3.0m | -€0.4m | -€0.02m | ▲ 95.0% |
| Change in cash | - | €0.2m | -€1.0m | €0.06m | €0.08m | €0.6m | €0.3m | ▼ 48.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,613 companies had the same profile as F.D.B. has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of F.D.B. itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,613 companies, not a prediction for F.D.B.. 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.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 27-04-2026 | 2026-00096856 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00081843 | |
| 30-09-2023 | abbreviated format | 24-04-2024 | 2024-00067449 | |
| 30-09-2022 | abbreviated format | 27-04-2023 | 2023-00067513 | |
| 30-09-2021 | abbreviated format | 04-03-2022 | 2022-06900344 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12000438 | |
| 30-09-2019 | abbreviated format | 14-04-2020 | 2020-09000010 | |
| 30-09-2018 | abbreviated format | 26-04-2019 | 2019-10600473 | |
| 30-09-2017 | abbreviated format | 13-04-2018 | 2018-09900294 | |
| 30-09-2016 | abbreviated format | 10-04-2017 | 2017-09300387 |