FED
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 84 days after the deadline Filed on 23 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00566947.
Annual accounts 2025 filed on 23-10-2026 at the NBB
Turnover and EBIT margin are not published. The micro format does not require them.
Companies with the same profile, two years later
Historical observationIn July 2024, 23,016 companies had the same profile as FED has now. Two years later, 0.3% had gone bankrupt and 96.1% were still going.
- Small
- solvency 30% or more
- a profit under 5% of the balance sheet
- without age
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FED itself: 0.2% 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 23,016 companies, not a prediction for FED. 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.
| Line | 2025 |
|---|---|
| Other operating charges640/8 | €907 |
| Gross operating margin9900 | -€1,383 |
| Operating profit (loss)9901 | -€2,290 |
| Financial income75/76B | €34,180 |
| Recurring financial income75 | €34,180 |
| Financial charges65/66B | €91 |
| Recurring financial charges65 | €91 |
| Profit (loss) for the period before taxes9903 | €31,799 |
| Income taxes67/77 | €8,486 |
| Profit (loss) for the period9904 | €23,312 |
| Profit (loss) for the period to be appropriated9905 | €23,312 |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €1.3m | |
| Fixed assets21/28 | €0 | |
| Tangible fixed assets22/27 | €0 | |
| Plant, machinery and equipment23 | €0 | |
| Current assets29/58 | €1.3m | |
| Amounts receivable after more than one year29 | €0.6m | |
| Other amounts receivable291 | €0.6m | |
| Amounts receivable within one year40/41 | €0.5m | |
| Other amounts receivable41 | €0.5m | |
| Current investments50/53 | €0 | |
| Cash at bank and in hand54/58 | €0.1m | |
| Deferred charges and accrued income490/1 | €0 | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €1.3m | |
| Equity10/15 | €1.2m | |
| Contributions10/11 | €0.02m | |
| Reserves13 | €1.2m | |
| Distributable reserves133 | €1.2m | |
| Amounts payable17/49 | €0.009m | |
| Amounts payable within one year42/48 | €0.009m | |
| Trade debts44 | €200 | |
| Suppliers440/4 | €200 | |
| Taxes, remuneration and social security45 | €0.008m | |
| Taxes450/3 | €0.008m | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | €23,312 |
| Operating cash flow (approximation) | €23,312 |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (1)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-10-2026 | 2026-00566947 | NBB |