FEEY
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00535617.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 5 filings
Turnover
€297,421▲ 977%
2024 · €27,623
EBIT margin
-8.0%▲ 299.3pp
2024 · -307.3%
Net result
-€24,933▲ 70.7%
2024 · -€85,009
Working capital
-€50,568▲ 59.8%
2024 · -€125,642
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€297,421
▲ 977%
2025
20212025
Operating result
-€23,748
▲ 72.0%
2025
20212025
Net result
-€24,933
▲ 70.7%
2025
lowest quarter of the sector
20212025
EBIT margin
-8.0%
▲ 299.3pp
2025
20212025
Equity
-€99,739
▼ 33.3%
2025
lowest quarter of the sector
20212025
Total assets
€539,359
▲ 35.2%
2025
middle half of the sector
20212025
Debt
€639,099
▲ 34.9%
2025
20212025
Working capital
-€50,568
▲ 59.8%
2025
lowest quarter of the sector
20212025
Solvency
-18.5%
▲ 0.3pp
2025
lowest quarter of the sector
20212025
Current ratio
0.82
▲ 0.16
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-4.6%
▲ 16.7pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€27,623€297,421▲ 977%
Operating result-€2,606--€3,431▼ 31.7%-€8,629▼ 151%-€84,890▼ 884%-€23,748▲ 72.0%
Net result-€2,606below the sector's middle half--€3,423below the sector's middle half▼ 31.4%-€8,770below the sector's middle half▼ 156%-€85,009below the sector's middle half▼ 869%-€24,933below the sector's middle half▲ 70.7%
EBIT margin-307.3%-8.0%▲ 299.3pp
Equity€22,394within the sector's middle half-€18,972within the sector's middle half▼ 15.3%€10,202within the sector's middle half▼ 46.2%-€74,807below the sector's middle half-€99,739below the sector's middle half▼ 33.3%
Total assets€25,954below the sector's middle half-€19,351below the sector's middle half▼ 25.4%€10,202below the sector's middle half▼ 47.3%€398,868within the sector's middle half▲ 39×€539,359within the sector's middle half▲ 35.2%
Debt€3,560-€380▼ 89.3%€473,675€639,099▲ 34.9%
Working capital€22,394within the sector's middle half-€18,972within the sector's middle half▼ 15.3%-€125,642below the sector's middle half-€50,568below the sector's middle half▲ 59.8%
Solvency86.3%above the sector's middle half-98.0%above the sector's middle half▲ 11.8pp100.0%above the sector's middle half▲ 2.0pp-18.8%below the sector's middle half▼ 118.8pp-18.5%below the sector's middle half▲ 0.3pp
Current ratio7.29above the sector's middle half-50.96above the sector's middle half▲ 43.670.66below the sector's middle half0.82below the sector's middle half▲ 0.16
Return on assets (ROA)-10.0%below the sector's middle half--17.7%below the sector's middle half▼ 7.6pp-86.0%below the sector's middle half▼ 68.3pp-21.3%below the sector's middle half▲ 64.7pp-4.6%below the sector's middle half▲ 16.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €23,748, smaller than the loss of €84,890 in 2024.
Large changes and their cause
- 2025 Turnover +977% on 2024. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €539,359
Fixed assets
€302,828 ▲ 101%
Current assets
€236,531 ▼ 4.6%
Equity and liabilities
Equity-€99,739
Debt€639,099
Equity is negative. Debt (€639,099) exceeds the balance-sheet total (€539,359).
Key figures and ratios
EBITDA
-€6,495▲
2024 · -€79,140
Cash flow
-€7,679▲
2024 · -€79,259
Interest coverage
-5.21▲
2024 · -665.04
Debt ≤ 1 year
€287,099▼
2024 · €373,675
Debt > 1 year
€352,000▲
2024 · €100,000
Income taxes
€27
Customer credit
68 days▼
2024 · 355 days
Supplier credit
256 days▼
2024 · 647 days
Staff costs
€33,447▲
2024 · €620
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €156,085 | €206,671 |
| Financial fixed assets | - | - | - | €500 | €70,000 |
| Depreciation and write-downs of the year | - | - | - | €5,750 | €17,254 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €27,623 | €297,421 | ▲ 977% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €105,761 | €389,068 | ▲ 268% |
| Remuneration, social security and pensions62 | - | - | - | €620 | €33,447 | ▲ 54× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €5,750 | €17,254 | ▲ 200% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €235,010 | - |
| Other operating charges640/8 | €348 | €448 | €434 | €750 | €419 | ▼ 44.1% |
| Non-recurring operating charges66A | - | €1,729 | - | - | €25,050 | - |
| Gross operating margin9900 | -€2,258 | -€1,255 | -€8,195 | -€77,770 | €287,431 | - |
| Operating profit (loss)9901 | -€2,606 | -€3,431 | -€8,629 | -€84,890 | -€23,748 | ▲ 72.0% |
| Financial income75/76B | - | €9 | - | - | €90 | - |
| Recurring financial income75 | - | €9 | - | - | €90 | - |
| Financial charges65/66B | - | €0 | €140 | €119 | €1,247 | ▲ 948% |
| Recurring financial charges65 | - | €0 | €140 | €119 | €1,247 | ▲ 948% |
| Profit (loss) for the period before taxes9903 | -€2,606 | -€3,423 | -€8,770 | -€85,009 | -€24,906 | ▲ 70.7% |
| Income taxes67/77 | - | - | - | - | €27 | - |
| Profit (loss) for the period9904 | -€2,606 | -€3,423 | -€8,770 | -€85,009 | -€24,933 | ▲ 70.7% |
| Profit (loss) for the period to be appropriated9905 | -€2,606 | -€3,423 | -€8,770 | -€85,009 | -€24,933 | ▲ 70.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €25,954 | €19,351 | €10,202 | €398,868 | €539,359 | ▲ 35.2% |
| Fixed assets21/28 | - | - | - | €150,835 | €302,828 | ▲ 101% |
| Tangible fixed assets22/27 | - | - | - | €150,335 | €232,328 | ▲ 54.5% |
| Land and buildings22 | - | - | - | €66,744 | €43,812 | ▼ 34.4% |
| Plant, machinery and equipment23 | - | - | - | €14,959 | €135,161 | ▲ 804% |
| Furniture and vehicles24 | - | - | - | €68,632 | €53,355 | ▼ 22.3% |
| Financial fixed assets28 | - | - | - | €500 | €70,500 | ▲ 141× |
| Current assets29/58 | €25,954 | €19,351 | €10,202 | €248,033 | €236,531 | ▼ 4.6% |
| Stocks and contracts in progress3 | - | - | - | €199,776 | - | - |
| Stocks30/36 | - | - | - | €199,776 | - | - |
| Amounts receivable within one year40/41 | €3,972 | €584 | €3,414 | €37,634 | €133,130 | ▲ 254% |
| Trade receivables40 | €3,972 | - | - | €26,880 | €55,434 | ▲ 106% |
| Other amounts receivable41 | - | €584 | €3,414 | €10,754 | €77,696 | ▲ 622% |
| Cash at bank and in hand54/58 | €21,982 | €18,768 | €6,788 | €10,623 | €68,963 | ▲ 549% |
| Deferred charges and accrued income490/1 | - | - | - | - | €34,438 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €25,954 | €19,351 | €10,202 | €398,868 | €539,359 | ▲ 35.2% |
| Equity10/15 | €22,394 | €18,972 | €10,202 | -€74,807 | -€99,739 | ▼ 33.3% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Issued capital100 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Profit (loss) carried forward14 | -€2,606 | -€6,028 | -€14,798 | -€99,807 | -€124,739 | ▼ 25.0% |
| Amounts payable17/49 | €3,560 | €380 | - | €473,675 | €639,099 | ▲ 34.9% |
| Amounts payable after more than one year17 | - | - | - | €100,000 | €352,000 | ▲ 252% |
| Financial debts170/4 | - | - | - | €100,000 | €352,000 | ▲ 252% |
| Amounts payable within one year42/48 | €3,560 | €380 | - | €373,675 | €287,099 | ▼ 23.2% |
| Trade debts44 | €2,890 | €380 | - | €187,576 | €272,685 | ▲ 45.4% |
| Suppliers440/4 | €2,890 | €380 | - | €187,576 | €272,685 | ▲ 45.4% |
| Advances received on contracts in progress46 | €670 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €620 | €6,840 | ▲ 11× |
| Taxes450/3 | - | - | - | - | €119 | - |
| Remuneration and social security454/9 | - | - | - | €620 | €6,721 | ▲ 984% |
| Other amounts payable47/48 | - | - | - | €185,479 | €7,574 | ▼ 95.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,606 | -€3,423 | -€8,770 | -€85,009 | -€24,933 | ▲ 70.7% |
| + Depreciation and write-downs630 | - | - | - | €5,750 | €17,254 | ▲ 200% |
| Operating cash flow (approximation) | -€2,606 | -€3,423 | -€8,770 | -€79,259 | -€7,679 | ▲ 90.3% |
| Investment in fixed assets (approximation) | - | - | - | - | -€169,247 | - |
| Change in cash | - | -€3,215 | -€11,980 | €3,835 | €58,340 | ▲ 15× |
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, 1,167 companies had the same profile as FEEY has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FEEY itself is higher: 2.6% within 12 months. It rests on far more data about FEEY than the profile alone.
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 1,167 companies, not a prediction for FEEY. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00535617 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00454962 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00384023 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00433020 | |
| 31-12-2021 | micro format | 21-01-2023 | 2023-00001260 |