FBO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 19 filings
Turnover
≈ €6.7m
Estimated: probably between €4.5m and €11.0m
Total assets
€5.6m▼ 20.3%
2024 · €7.1m
Net result
-€19,745▲ 57.2%
2024 · -€46,170
Working capital
€953,332▲ 167%
2024 · €357,250
In the rankings
#1 company by total assets in Grimbergen, Publishing and media sector#7 oldest company in Grimbergen, Publishing and media sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2.1m
▼ 58.7%
2025
20182025
Net result
-€19,745
▲ 57.2%
2025
lowest quarter of the sector
20182025
Equity
€1.8m
▼ 32.5%
2025
highest quarter of the sector
20182025
Total assets
€5.6m
▼ 20.3%
2025
highest quarter of the sector
20182025
Debt
€3.4m
▼ 7.4%
2025
20182025
Working capital
€953,332
▲ 167%
2025
highest quarter of the sector
20182025
Solvency
32.6%
▼ 5.9pp
2025
middle half of the sector
20182025
Current ratio
1.93
▲ 0.63
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.4%
▲ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
3.7
▼ 47.9%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2.6m--€1.3m▲ 51.9%€0.1m€0.1m▼ 10.9%-€2.9m€0.2m-€1.3m-€2.1m▼ 58.7%
Net result€0.04m-€0.04m▲ 21.4%€0.04mwithin the sector's middle half▼ 11.0%€0.04mwithin the sector's middle half▼ 6.2%€0.3mabove the sector's middle half▲ 839%€0.1mabove the sector's middle half▼ 61.1%-€0.05mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 57.2%
Equity€0.9m-€1.4m▲ 59.8%€2.0mabove the sector's middle half▲ 40.8%€2.5mabove the sector's middle half▲ 22.8%€1.5mabove the sector's middle half▼ 40.4%€2.5mabove the sector's middle half▲ 67.5%€2.7mabove the sector's middle half▲ 10.4%€1.8mabove the sector's middle half▼ 32.5%
Total assets€4.5m-€3.9m▼ 12.9%€6.2mabove the sector's middle half▲ 58.2%€8.9mabove the sector's middle half▲ 43.4%€5.2mabove the sector's middle half▼ 41.8%€8.1mabove the sector's middle half▲ 55.9%€7.1mabove the sector's middle half▼ 12.5%€5.6mabove the sector's middle half▼ 20.3%
Debt€3.3m-€2.0m▼ 37.3%€3.6m▲ 74.8%€5.7m▲ 58.9%€3.4m▼ 40.4%€5.0m▲ 48.0%€3.6m▼ 27.4%€3.4m▼ 7.4%
Working capital€1.0m-€2.5m▲ 153%€4.7mabove the sector's middle half▲ 87.0%€1.4mabove the sector's middle half▼ 69.5%€3.0mabove the sector's middle half▲ 109%€2.6mabove the sector's middle half▼ 14.9%€0.4mwithin the sector's middle half▼ 86.1%€1.0mabove the sector's middle half▲ 167%
Solvency19.8%-36.3%▲ 16.5pp32.3%within the sector's middle half▼ 4.0pp27.7%within the sector's middle half▼ 4.6pp28.3%within the sector's middle half▲ 0.7pp30.5%within the sector's middle half▲ 2.1pp38.5%within the sector's middle half▲ 8.0pp32.6%within the sector's middle half▼ 5.9pp
Current ratio1.65-3.30▲ 1.6514.20above the sector's middle half▲ 10.902.33within the sector's middle half▼ 11.872.42within the sector's middle half▲ 0.092.23within the sector's middle half▼ 0.191.30within the sector's middle half▼ 0.931.93within the sector's middle half▲ 0.63
Return on assets (ROA)0.8%-1.1%▲ 0.3pp0.6%within the sector's middle half▼ 0.5pp0.4%within the sector's middle half▼ 0.2pp6.6%within the sector's middle half▲ 6.2pp1.6%within the sector's middle half▼ 4.9pp-0.7%within the sector's middle half▼ 2.3pp-0.4%within the sector's middle half▲ 0.3pp
Staff (FTE)4.5-1.3▼ 71.1%2.6within the sector's middle half▲ 100%12.3above the sector's middle half▲ 373%1.8below the sector's middle half▼ 85.4%6.2within the sector's middle half▲ 244%7.1within the sector's middle half▲ 14.5%3.7within the sector's middle half▼ 47.9%
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 a loss of €2.1m, larger than the loss of €1.3m in 2024.
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 €5.6m
Fixed assets
€3.7m ▼ 33.7%
Current assets
€2.0m ▲ 26.9%
Equity and liabilities €5.6m
Equity
€1.8m ▼ 32.5%
Provisions
€440,625 ▼ 39.5%
Debt
€3.4m ▼ 7.4%
Debt's share of the balance-sheet total rises from 51.2% to 59.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3.4m▲
2024 · €2.2m
Cash flow
€5.5m▲
2024 · €3.5m
Debt to equity
1.83▲
2024 · 1.33
ROE
-1.1%▲
2024 · -1.7%
Interest coverage
41.18▲
2024 · 17.71
Debt ≤ 1 year
€1.0m▼
2024 · €1.2m
Staff costs
€473,961▼
2024 · €692,201
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 1 | 4 | 1 | 3 |
| full-time | 3 | - | 3 | - | 2 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3 | 0.8 | 3.8 | 0.8 | 2.8 |
| Average over the year, in full-time equivalents | 12.3 | 1.8 | 6.2 | 7.1 | 3.7 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 420 | 26 | 178 | 227 | 202 |
| Left | 418 | 28 | 175 | 230 | 200 |
| Training hours | - | - | 1,056 | - | 1,398 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,471 | - | €16,990 | €3,553 | - |
| Intangible fixed assets | €5.3m | €3.1m | €3.4m | €5.6m | €3.6m |
| Financial fixed assets | - | - | - | - | €7,680 |
| Depreciation and write-downs of the year | €6,507 | €9.4m | €6,074 | €3.5m | €5.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 8 entries · €1.4m awarded · €247,225 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €1.0m | €0.07m |
| 2024 | 2 | €0.08m | €0.2m |
| 2023 | 2 | €0.3m | €225 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.1m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.1m | €0.5m | €0.7m | €0.5m | ▼ 31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7.6m | €4.0m | €0.009m | €0.007m | €9.4m | €0.006m | €3.5m | €5.5m | ▲ 56.2% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €171 | ▼ 92.6% |
| Gross operating margin9900 | €5.3m | €2.9m | €0.3m | €1.0m | €6.6m | €0.8m | €2.9m | €3.9m | ▲ 34.0% |
| Operating profit (loss)9901 | -€2.6m | -€1.3m | €0.1m | €0.1m | -€2.9m | €0.2m | -€1.3m | -€2.1m | ▼ 58.7% |
| Financial income75/76B | - | - | - | €93 | €2.6m | - | €1.0m | €1.6m | ▲ 54.3% |
| Recurring financial income75 | €2.0m | €1.0m | €0.001m | €93 | €2.6m | - | €1.0m | €1.6m | ▲ 54.3% |
| Financial charges65/66B | - | - | - | €0.07m | €0.07m | €0.08m | €0.1m | €0.08m | ▼ 33.5% |
| Recurring financial charges65 | €0.09m | €0.07m | €0.08m | €0.07m | €0.07m | €0.08m | €0.1m | €0.08m | ▼ 33.5% |
| Profit (loss) for the period before taxes9903 | -€0.7m | -€0.3m | €0.05m | €0.04m | -€0.4m | €0.2m | -€0.4m | -€0.6m | ▼ 41.1% |
| Transfer from deferred taxes780 | - | - | - | - | €0.9m | - | €0.3m | €0.5m | ▲ 54.3% |
| Income taxes67/77 | €0.04m | €0.03m | €0.01m | €0.007m | €0.2m | €0.03m | -€356 | - | - |
| Profit (loss) for the period9904 | €0.04m | €0.04m | €0.04m | €0.04m | €0.3m | €0.1m | -€0.05m | -€0.02m | ▲ 57.2% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.04m | €0.04m | €0.04m | €0.3m | €0.1m | -€0.05m | -€0.02m | ▲ 57.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.5m | €3.9m | €6.2m | €8.9m | €5.2m | €8.1m | €7.1m | €5.6m | ▼ 20.3% |
| Fixed assets21/28 | €2.0m | €0.3m | €1.1m | €6.4m | €0.05m | €3.4m | €5.5m | €3.7m | ▼ 33.7% |
| Intangible fixed assets21 | €2.0m | €0.3m | €1.1m | €6.4m | €0.04m | €3.4m | €5.5m | €3.6m | ▼ 33.9% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 22.2% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.003m | €0.005m | €0.005m | €0.004m | ▼ 29.5% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.007m | €0.02m | €0.01m | €0.01m | ▼ 19.2% |
| Financial fixed assets28 | - | - | - | - | - | - | - | €0.008m | - |
| Current assets29/58 | €2.5m | €3.6m | €5.1m | €2.5m | €5.1m | €4.7m | €1.6m | €2.0m | ▲ 26.9% |
| Amounts receivable within one year40/41 | €0.8m | €0.8m | €0.5m | €1.1m | €3.7m | €1.5m | €0.5m | €0.8m | ▲ 48.2% |
| Trade receivables40 | - | - | - | €0.5m | €2.8m | €0.2m | €0.03m | €0.07m | ▲ 88.9% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.9m | €1.3m | €0.5m | €0.7m | ▲ 45.3% |
| Cash at bank and in hand54/58 | €1.7m | €2.8m | €4.6m | €1.4m | €1.2m | €3.0m | €1.0m | €1.1m | ▲ 9.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.2m | €0.2m | €0.001m | €0.08m | ▲ 86× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.5m | €3.9m | €6.2m | €8.9m | €5.2m | €8.1m | €7.1m | €5.6m | ▼ 20.3% |
| Equity10/15 | €0.9m | €1.4m | €2.0m | €2.5m | €1.5m | €2.5m | €2.7m | €1.8m | ▼ 32.5% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€0.02m | €0.02m | €0.06m | €0.1m | €0.4m | €0.6m | €0.5m | €0.5m | ▼ 3.8% |
| Investment grants15 | - | - | - | €2.4m | €1.0m | €1.9m | €2.2m | €1.3m | ▼ 39.5% |
| Provisions and deferred taxes16 | €0.4m | €0.5m | €0.6m | €0.8m | €0.3m | €0.6m | €0.7m | €0.4m | ▼ 39.5% |
| Deferred taxes168 | - | - | - | €0.8m | €0.3m | €0.6m | €0.7m | €0.4m | ▼ 39.5% |
| Amounts payable17/49 | €3.3m | €2.0m | €3.6m | €5.7m | €3.4m | €5.0m | €3.6m | €3.4m | ▼ 7.4% |
| Amounts payable within one year42/48 | €1.5m | €1.1m | €0.4m | €1.1m | €2.1m | €2.1m | €1.2m | €1.0m | ▼ 14.7% |
| Trade debts44 | €1.5m | €1.1m | €0.3m | €0.9m | €2.1m | €1.9m | €1.2m | €0.9m | ▼ 19.3% |
| Suppliers440/4 | - | - | - | €0.9m | €2.1m | €1.9m | €1.2m | €0.9m | ▼ 19.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.07m | €0.2m | €0.04m | €0.09m | ▲ 129% |
| Taxes450/3 | - | - | - | €0.01m | €0.06m | €0.06m | €0.002m | €0.02m | ▲ 662% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.008m | €0.09m | €0.04m | €0.07m | ▲ 99.2% |
| Accrued charges and deferred income492/3 | - | - | - | €4.6m | €1.3m | €2.9m | €2.4m | €2.3m | ▼ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.04m | €0.04m | €0.04m | €0.3m | €0.1m | -€0.05m | -€0.02m | ▲ 57.2% |
| + Depreciation and write-downs630 | €7.6m | €4.0m | €0.009m | €0.007m | €9.4m | €0.006m | €3.5m | €5.5m | ▲ 56.2% |
| Operating cash flow (approximation) | €7.6m | €4.0m | €0.05m | €0.04m | €9.8m | €0.1m | €3.5m | €5.5m | ▲ 57.7% |
| Investment in fixed assets (approximation) | - | -€2.3m | -€0.8m | -€5.3m | -€3.1m | -€3.4m | -€5.6m | -€3.6m | ▲ 35.0% |
| Change in cash | - | €1.1m | €1.7m | -€3.1m | -€0.2m | €1.7m | -€1.9m | €0.09m | - |
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, 12,322 companies had the same profile as FBO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FBO 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 12,322 companies, not a prediction for FBO. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-06-2026 | 2026-00166051 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00138467 | |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00134629 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00151801 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20087196 | |
| 31-12-2020 | abbreviated format | 15-06-2021 | 2021-20000194 | |
| 31-12-2019 | abbreviated format | 03-06-2020 | 2020-14500113 | |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-23500236 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-27700268 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-26700376 |