FEFRE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 11 filings
Turnover
€95,941▲ 5.0%
2022 · €91,370
EBIT margin
7.9%▼ 0.1pp
2022 · 8.0%
Net result
-€3,561
2024 · €9,029
Working capital
€60,182▼ 3.9%
2024 · €62,638
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,510
2025
20182025
Net result
-€3,561
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€69,012
▼ 4.9%
2025
middle half of the sector
20182025
Total assets
€73,580
▼ 12.7%
2025
middle half of the sector
20182025
Debt
€4,568
▼ 61.1%
2025
20182025
Working capital
€60,182
▼ 3.9%
2025
middle half of the sector
20182025
Solvency
93.8%
▲ 7.7pp
2025
highest quarter of the sector
20182025
Current ratio
14.17
▲ 7.85
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-4.8%
▼ 15.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€91,370€95,941▲ 5.0%
Operating result€7,348-€17,465▲ 138%€24,633▲ 41.0%€18,835▼ 23.5%€7,334▼ 61.1%€7,606▲ 3.7%€8,254▲ 8.5%-€3,510
Net result€4,979-€10,747▲ 116%€20,004within the sector's middle half▲ 86.1%€14,602within the sector's middle half▼ 27.0%€7,149within the sector's middle half▼ 51.0%€6,123within the sector's middle half▼ 14.3%€9,029within the sector's middle half▲ 47.5%-€3,561within the sector's middle half
EBIT margin8.0%7.9%▼ 0.1pp
Equity€32,629-€43,376▲ 32.9%€63,379within the sector's middle half▲ 46.1%€77,981within the sector's middle half▲ 23.0%€85,130within the sector's middle half▲ 9.2%€91,253within the sector's middle half▲ 7.2%€72,574within the sector's middle half▼ 20.5%€69,012within the sector's middle half▼ 4.9%
Total assets€47,246-€61,360▲ 29.9%€67,526within the sector's middle half▲ 10.0%€83,189within the sector's middle half▲ 23.2%€90,236within the sector's middle half▲ 8.5%€93,244within the sector's middle half▲ 3.3%€84,326within the sector's middle half▼ 9.6%€73,580within the sector's middle half▼ 12.7%
Debt€14,618-€17,985▲ 23.0%€4,147▼ 76.9%€5,208▲ 25.6%€5,107▼ 1.9%€1,991▼ 61.0%€11,752▲ 490%€4,568▼ 61.1%
Working capital€32,629-€45,316▲ 38.9%€63,319within the sector's middle half▲ 39.7%€77,921within the sector's middle half▲ 23.1%€83,447within the sector's middle half▲ 7.1%€89,735above the sector's middle half▲ 7.5%€62,638within the sector's middle half▼ 30.2%€60,182within the sector's middle half▼ 3.9%
Solvency69.1%-70.7%▲ 1.6pp93.9%above the sector's middle half▲ 23.2pp93.7%above the sector's middle half▼ 0.1pp94.3%above the sector's middle half▲ 0.6pp97.9%above the sector's middle half▲ 3.5pp86.1%above the sector's middle half▼ 11.8pp93.8%above the sector's middle half▲ 7.7pp
Current ratio3.23-3.83▲ 0.6016.27above the sector's middle half▲ 12.4315.96above the sector's middle half▼ 0.3117.34above the sector's middle half▲ 1.3846.08above the sector's middle half▲ 28.746.33above the sector's middle half▼ 39.7514.17above the sector's middle half▲ 7.85
Return on assets (ROA)10.5%-17.5%▲ 7.0pp29.6%above the sector's middle half▲ 12.1pp17.6%above the sector's middle half▼ 12.1pp7.9%within the sector's middle half▼ 9.6pp6.6%within the sector's middle half▼ 1.4pp10.7%within the sector's middle half▲ 4.1pp-4.8%below the sector's middle half▼ 15.5pp
Staff (FTE)0.1
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 a loss of €3,510, after a profit of €8,254 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €73,580
Fixed assets
€8,830 ▼ 11.1%
Current assets
€64,750 ▼ 13.0%
Equity and liabilities €73,580
Equity
€69,012 ▼ 4.9%
Debt
€4,568 ▼ 61.1%
Debt's share of the balance-sheet total falls from 13.9% to 6.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€2,405▼
2024 · €9,236
Cash flow
-€2,456▼
2024 · €10,012
Quick ratio
2.22▲
2024 · 1.96
Debt to equity
0.07▼
2024 · 0.16
ROE
-5.2%▼
2024 · 12.4%
Interest coverage
-3.23▼
2024 · 11.57
Debt ≤ 1 year
€4,568▼
2024 · €11,752
Income taxes
-€691▲
2024 · -€1,574
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 | - | €1,650 | - | €9,400 | - |
| Depreciation and write-downs of the year | - | €28 | €165 | €982 | €1,105 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €91,370 | €95,941 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €83,456 | €87,513 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €28 | €165 | €982 | €1,105 | ▲ 12.5% |
| Other operating charges640/8 | - | - | - | €528 | €553 | €657 | €614 | €546 | ▼ 11.2% |
| Gross operating margin9900 | €8,371 | €21,361 | €25,089 | €19,362 | €7,914 | €8,428 | €9,850 | -€1,859 | - |
| Operating profit (loss)9901 | €7,348 | €17,465 | €24,633 | €18,835 | €7,334 | €7,606 | €8,254 | -€3,510 | - |
| Financial income75/76B | - | - | - | - | - | - | €0 | €2 | ▲ 15× |
| Recurring financial income75 | €0 | €7 | €0 | - | - | - | €0 | €2 | ▲ 15× |
| Financial charges65/66B | - | - | - | €125 | €185 | €165 | €798 | €744 | ▼ 6.8% |
| Recurring financial charges65 | €339 | €333 | €237 | €125 | €185 | €165 | €798 | €744 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €7,009 | €17,139 | €24,396 | €18,710 | €7,149 | €7,441 | €7,456 | -€4,252 | - |
| Income taxes67/77 | €2,030 | €6,392 | €4,392 | €4,108 | - | €1,318 | -€1,574 | -€691 | ▲ 56.1% |
| Profit (loss) for the period9904 | €4,979 | €10,747 | €20,004 | €14,602 | €7,149 | €6,123 | €9,029 | -€3,561 | - |
| Profit (loss) for the period to be appropriated9905 | €4,979 | €10,747 | €20,004 | €14,602 | €7,149 | €6,123 | €9,029 | -€3,561 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €47,246 | €61,360 | €67,526 | €83,189 | €90,236 | €93,244 | €84,326 | €73,580 | ▼ 12.7% |
| Fixed assets21/28 | - | €60 | €60 | €60 | €1,683 | €1,518 | €9,935 | €8,830 | ▼ 11.1% |
| Tangible fixed assets22/27 | - | - | - | - | €1,623 | €1,458 | €9,875 | €8,770 | ▼ 11.2% |
| Land and buildings22 | - | - | - | - | - | - | €8,583 | €7,643 | ▼ 11.0% |
| Other tangible fixed assets26 | - | - | - | - | €1,623 | €1,458 | €1,293 | €1,128 | ▼ 12.8% |
| Financial fixed assets28 | - | €60 | €60 | €60 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €47,246 | €61,300 | €67,466 | €83,129 | €88,554 | €91,726 | €74,391 | €64,750 | ▼ 13.0% |
| Stocks and contracts in progress3 | €39,058 | €49,639 | €41,108 | €43,866 | €43,953 | €46,276 | €51,301 | €54,609 | ▲ 6.4% |
| Stocks30/36 | - | - | - | €43,866 | €43,953 | €46,276 | €51,301 | €54,609 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €1,070 | €0 | €6,789 | €18,120 | €26,969 | €30,272 | €10,284 | €1,598 | ▼ 84.5% |
| Trade receivables40 | - | - | - | €15,792 | €26,962 | €23,764 | €5,251 | €580 | ▼ 89.0% |
| Other amounts receivable41 | - | - | - | €2,327 | €8 | €6,508 | €5,033 | €1,018 | ▼ 79.8% |
| Cash at bank and in hand54/58 | €6,124 | €10,673 | €17,562 | €21,109 | €16,393 | €15,178 | €12,805 | €8,543 | ▼ 33.3% |
| Deferred charges and accrued income490/1 | - | - | - | €35 | €1,239 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €47,246 | €61,360 | €67,526 | €83,189 | €90,236 | €93,244 | €84,326 | €73,580 | ▼ 12.7% |
| Equity10/15 | €32,629 | €43,376 | €63,379 | €77,981 | €85,130 | €91,253 | €72,574 | €69,012 | ▼ 4.9% |
| Contributions10/11 | €13,200 | €13,200 | €13,200 | €13,200 | €13,200 | €13,200 | €13,200 | €13,200 | = |
| Capital10 | - | - | - | €13,200 | €13,200 | €13,200 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €5,400 | €5,400 | €5,400 | - | - | - |
| Reserves13 | €19,429 | €30,176 | €50,179 | €64,781 | €64,781 | €64,781 | €30,176 | €30,176 | = |
| Non-distributable reserves130/1 | - | - | - | €64,781 | €64,781 | €64,781 | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Other1319 | - | - | - | €62,921 | €62,921 | €62,921 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €30,176 | €30,176 | = |
| Profit (loss) carried forward14 | - | - | - | - | €7,149 | €13,272 | €29,198 | €25,637 | ▼ 12.2% |
| Amounts payable17/49 | €14,618 | €17,985 | €4,147 | €5,208 | €5,107 | €1,991 | €11,752 | €4,568 | ▼ 61.1% |
| Amounts payable within one year42/48 | €14,618 | €15,985 | €4,147 | €5,208 | €5,107 | €1,991 | €11,752 | €4,568 | ▼ 61.1% |
| Trade debts44 | €1,468 | €1,195 | - | - | - | - | €5,679 | €1,268 | ▼ 77.7% |
| Suppliers440/4 | - | - | - | - | - | - | €5,679 | €1,268 | ▼ 77.7% |
| Taxes, remuneration and social security45 | - | - | - | €5,208 | €5,077 | €1,991 | €5,695 | €3,115 | ▼ 45.3% |
| Taxes450/3 | - | - | - | €5,208 | €5,057 | €1,971 | €5,695 | €3,115 | ▼ 45.3% |
| Remuneration and social security454/9 | - | - | - | - | €19 | €19 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €30 | - | €379 | €184 | ▼ 51.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,979 | €10,747 | €20,004 | €14,602 | €7,149 | €6,123 | €9,029 | -€3,561 | - |
| + Depreciation and write-downs630 | - | - | - | - | €28 | €165 | €982 | €1,105 | ▲ 12.5% |
| Operating cash flow (approximation) | €4,979 | €10,747 | €20,004 | €14,602 | €7,176 | €6,288 | €10,012 | -€2,456 | - |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | -€1,650 | €0 | -€9,400 | €0 | - |
| Change in cash | - | €4,549 | €6,889 | €3,548 | -€4,717 | -€1,214 | -€2,373 | -€4,262 | ▼ 79.6% |
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, 6,908 companies had the same profile as FEFRE has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FEFRE itself: 0.6% 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 6,908 companies, not a prediction for FEFRE. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00193110 | |
| 31-12-2024 | micro format | 22-10-2025 | 2025-00548366 | |
| 31-12-2023 | micro format | 04-10-2024 | 2024-00492869 | |
| 31-12-2022 | micro format | 30-09-2023 | 2023-00473231 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20446258 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64000530 | |
| 31-12-2019 | micro format | 26-08-2020 | 2020-44900206 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60500213 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59800408 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56700136 |