FAS DEVELOPMENT
ActiveSummary
FAS DEVELOPMENT has been active since 1997 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €77,862 and a net result of €6,587. Equity is growing by about 33% per year across the filed financial years. Its solvency ranks better than 29% of 2,060 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Financials · financial year 2025, abbreviated format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6,587▲ 162%
2024 · €2,514
Working capital
-€301,165▲ 2.3%
2024 · -€308,152
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen three years in a row; 2025 is 88% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€409
2025
Net result€6,587
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€380,576
2025
Equity€77,862
2025
Debt€302,714
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€301,165
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency20.5%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.01
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,126-€20,603▼ 10.9%-€3,842€5,178€30,439▲ 488%€6,629▼ 78.2%€3,544▼ 46.5%€409▼ 88.4%
Net result€17,295-€18,092▲ 4.6%-€4,669below the sector's middle half€2,521within the sector's middle half€23,876within the sector's middle half▲ 847%€119,193above the sector's middle half▲ 399%€2,514within the sector's middle half▼ 97.9%€6,587within the sector's middle half▲ 162%
Equity-€90,252--€72,160▲ 20.0%-€76,829below the sector's middle half▼ 6.5%-€74,308below the sector's middle half▲ 3.3%-€50,432below the sector's middle half▲ 32.1%€68,761within the sector's middle half€71,275within the sector's middle half▲ 3.7%€77,862within the sector's middle half▲ 9.2%
Total assets€576,688-€576,846=€551,905above the sector's middle half▼ 4.3%€525,031above the sector's middle half▼ 4.9%€535,626above the sector's middle half▲ 2.0%€478,006within the sector's middle half▼ 10.8%€435,256within the sector's middle half▼ 8.9%€380,576within the sector's middle half▼ 12.6%
Debt€666,940-€649,006▼ 2.7%€628,735▼ 3.1%€599,339▼ 4.7%€586,058▼ 2.2%€409,245▼ 30.2%€363,981▼ 11.1%€302,714▼ 16.8%
Working capital-€610,223--€593,553▲ 2.7%-€597,255below the sector's middle half▼ 0.6%-€595,993below the sector's middle half▲ 0.2%-€562,356below the sector's middle half▲ 5.6%-€309,249below the sector's middle half▲ 45.0%-€308,152below the sector's middle half▲ 0.4%-€301,165below the sector's middle half▲ 2.3%
Solvency-15.7%--12.5%▲ 3.1pp-13.9%below the sector's middle half▼ 1.4pp-14.2%below the sector's middle half▼ 0.2pp-9.4%below the sector's middle half▲ 4.7pp14.4%below the sector's middle half▲ 23.8pp16.4%below the sector's middle half▲ 2.0pp20.5%within the sector's middle half▲ 4.1pp
Current ratio0.09-0.09=0.05below the sector's middle half▼ 0.040.01below the sector's middle half▼ 0.040.04below the sector's middle half▲ 0.030.24below the sector's middle half▲ 0.200.15below the sector's middle half▼ 0.090.01below the sector's middle half▼ 0.15
Return on assets (ROA)3.0%-3.1%▲ 0.1pp-0.8%below the sector's middle half▼ 4.0pp0.5%within the sector's middle half▲ 1.3pp4.5%within the sector's middle half▲ 4.0pp24.9%above the sector's middle half▲ 20.5pp0.6%within the sector's middle half▼ 24.4pp1.7%within the sector's middle half▲ 1.2pp
above
within
below
the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €380,576
Fixed assets
€379,026 ▼ 0.1%
Current assets
€1,550 ▼ 97.2%
Equity and liabilities €380,576
Equity
€77,862 ▲ 9.2%
Debt
€302,714 ▼ 16.8%
Debt's share of the balance-sheet total falls from 83.6% to 79.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€810▼
2024 · €3,731
Cash flow
€6,987▲
2024 · €2,700
Debt to equity
3.89▼
2024 · 5.11
ROE
8.5%▲
2024 · 3.5%
Interest coverage
10.51▼
2024 · 50.45
Debt ≤ 1 year
€302,714▼
2024 · €363,981
Income taxes
€217▼
2024 · €957
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,545 | €1,484 | €968 | €1,238 | €1,414 | €1,414 | €186 | €401 | ▲ 115% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €28,640 | - | - | €900 | €2,200 | ▲ 144% |
| Other operating charges640/8 | - | - | - | €2,500 | €318 | €187 | - | - | - |
| Gross operating margin9900 | €27,937 | €24,529 | €24,613 | €37,556 | €32,170 | €8,230 | €4,631 | €3,010 | ▼ 35.0% |
| Operating profit (loss)9901 | €23,126 | €20,603 | -€3,842 | €5,178 | €30,439 | €6,629 | €3,544 | €409 | ▼ 88.4% |
| Financial income75/76B | - | - | - | - | €6 | €114,527 | - | €6,471 | - |
| Recurring financial income75 | €810 | €834 | €3 | - | €6 | €114,527 | - | €6,471 | - |
| Non-recurring financial income76B | - | - | - | - | - | €114,527 | - | - | - |
| Financial charges65/66B | - | - | - | €1,583 | €6,263 | €73 | €74 | €77 | ▲ 4.2% |
| Recurring financial charges65 | €1,023 | €1,438 | €65 | €1,583 | €6,263 | €73 | €74 | €77 | ▲ 4.2% |
| Profit (loss) for the period before taxes9903 | €22,913 | €19,999 | -€3,904 | €3,595 | €24,182 | €121,084 | €3,471 | €6,804 | ▲ 96.0% |
| Income taxes67/77 | €5,618 | €1,907 | €765 | €1,074 | €306 | €1,891 | €957 | €217 | ▼ 77.3% |
| Profit (loss) for the period9904 | €17,295 | €18,092 | -€4,669 | €2,521 | €23,876 | €119,193 | €2,514 | €6,587 | ▲ 162% |
| Profit (loss) for the period to be appropriated9905 | €17,295 | €18,092 | -€4,669 | €2,521 | €23,876 | €119,193 | €2,514 | €6,587 | ▲ 162% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €576,688 | €576,846 | €551,905 | €525,031 | €535,626 | €478,006 | €435,256 | €380,576 | ▼ 12.6% |
| Fixed assets21/28 | €519,971 | €521,394 | €520,426 | €521,685 | €511,924 | €378,010 | €379,427 | €379,026 | ▼ 0.1% |
| Intangible fixed assets21 | - | €2,325 | €1,744 | €1,162 | €581 | - | - | - | - |
| Tangible fixed assets22/27 | €1,289 | €386 | - | €1,841 | €1,008 | €175 | €1,592 | €1,191 | ▼ 25.2% |
| Furniture and vehicles24 | - | - | - | €1,841 | €1,008 | €175 | €1,592 | €1,191 | ▼ 25.2% |
| Financial fixed assets28 | €518,682 | €518,682 | €518,682 | €518,682 | €510,335 | €377,835 | €377,835 | €377,835 | = |
| Current assets29/58 | €56,717 | €55,453 | €31,479 | €3,345 | €23,702 | €99,995 | €55,829 | €1,550 | ▼ 97.2% |
| Amounts receivable within one year40/41 | €52,806 | €53,640 | €31,340 | - | €21,917 | €4,200 | €3,843 | €1,100 | ▼ 71.4% |
| Trade receivables40 | - | - | - | - | €1,800 | €4,200 | €3,300 | €1,100 | ▼ 66.7% |
| Other amounts receivable41 | - | - | - | - | €20,117 | - | €543 | - | - |
| Cash at bank and in hand54/58 | €3,911 | €1,813 | €139 | €3,345 | €1,785 | €95,795 | €51,985 | €450 | ▼ 99.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €576,688 | €576,846 | €551,905 | €525,031 | €535,626 | €478,006 | €435,256 | €380,576 | ▼ 12.6% |
| Equity10/15 | -€90,252 | -€72,160 | -€76,829 | -€74,308 | -€50,432 | €68,761 | €71,275 | €77,862 | ▲ 9.2% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€110,703 | -€92,611 | -€97,280 | -€94,759 | -€70,883 | €48,310 | €50,824 | €57,410 | ▲ 13.0% |
| Amounts payable17/49 | €666,940 | €649,006 | €628,735 | €599,339 | €586,058 | €409,245 | €363,981 | €302,714 | ▼ 16.8% |
| Amounts payable within one year42/48 | €666,940 | €649,006 | €628,735 | €599,339 | €586,058 | €409,245 | €363,981 | €302,714 | ▼ 16.8% |
| Trade debts44 | €500 | - | - | - | - | €384 | €2,395 | - | - |
| Suppliers440/4 | - | - | - | - | - | €384 | €2,395 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,074 | €1,380 | €1,891 | - | €217 | - |
| Taxes450/3 | - | - | - | €1,074 | €1,380 | €1,891 | - | €217 | - |
| Other amounts payable47/48 | - | - | - | €598,265 | €584,678 | €406,969 | €361,586 | €302,497 | ▼ 16.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,295 | €18,092 | -€4,669 | €2,521 | €23,876 | €119,193 | €2,514 | €6,587 | ▲ 162% |
| + Depreciation and write-downs630 | €1,545 | €1,484 | €968 | €1,238 | €1,414 | €1,414 | €186 | €401 | ▲ 115% |
| Operating cash flow (approximation) | €18,840 | €19,576 | -€3,702 | €3,760 | €25,290 | €120,607 | €2,700 | €6,987 | ▲ 159% |
| Investment in fixed assets (approximation) | - | -€2,906 | €0 | -€2,498 | €8,348 | €132,500 | -€1,603 | €0 | - |
| Change in cash | - | -€2,098 | -€1,673 | €3,206 | -€1,561 | €94,011 | -€43,810 | -€51,536 | ▼ 17.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00349785 |
| 31-12-2024 | full format | 07-07-2025 | 2025-00250117 |
| 31-12-2023 | full format | 23-09-2024 | 2024-00470700 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00433197 |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20394874 |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59600239 |
| 31-12-2019 | micro format | 28-10-2020 | 2020-65200498 |
| 31-12-2018 | micro format | 11-09-2019 | 2019-64000473 |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49400357 |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48900183 |
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Of the 2,647 active companies whose main activity is market research and public opinion polling (NACE 73200), figures are known for 1,745. 1,235 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.