FGL
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 08-08-2025 PDF all 15 filings
Equity
-€55,135▼ 1.1%
2023 · -€54,545
Total assets
€103▲ 17.6%
2023 · €87
Net result
-€590▲ 90.0%
2023 · -€5,900
Working capital
-€55,135▼ 1.1%
2023 · -€54,545
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€558
▲ 89.5%
2024
20182024
Net result
-€590
▲ 90.0%
2024
middle half of the sector
20182024
Equity
-€55,135
▼ 1.1%
2024
lowest quarter of the sector
20182024
Total assets
€103
▲ 17.6%
2024
lowest quarter of the sector
20182024
Debt
€55,237
▲ 1.1%
2024
20182024
Working capital
-€55,135
▼ 1.1%
2024
lowest quarter of the sector
20182024
Solvency
no figure
2024
20182024
Current ratio
no figure
2024
20182024
Return on assets (ROA)
no figure
2024
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€10,911--€12,451€32,184-€50,478€26,053-€5,313-€558▲ 89.5%
Net result€8,693--€14,377€31,253above the sector's middle half-€53,401below the sector's middle half€17,075within the sector's middle half-€5,900below the sector's middle half-€590within the sector's middle half▲ 90.0%
Equity-€29,195--€43,572▼ 49.2%-€12,318below the sector's middle half▲ 71.7%-€65,720below the sector's middle half▼ 434%-€48,645below the sector's middle half▲ 26.0%-€54,545below the sector's middle half▼ 12.1%-€55,135below the sector's middle half▼ 1.1%
Total assets€40,143-€113,304▲ 182%€74,322within the sector's middle half▼ 34.4%€64,223within the sector's middle half▼ 13.6%€71,191within the sector's middle half▲ 10.8%€87below the sector's middle half▼ 99.9%€103below the sector's middle half▲ 17.6%
Debt€69,339-€156,876▲ 126%€86,640▼ 44.8%€129,943▲ 50.0%€119,835▼ 7.8%€54,632▼ 54.4%€55,237▲ 1.1%
Working capital-€36,764--€60,292▼ 64.0%-€28,548below the sector's middle half▲ 52.7%-€50,950below the sector's middle half▼ 78.5%-€35,266below the sector's middle half▲ 30.8%-€54,545below the sector's middle half▼ 54.7%-€55,135below the sector's middle half▼ 1.1%
Solvency-72.7%--38.5%▲ 34.3pp-16.6%below the sector's middle half▲ 21.9pp-102.3%below the sector's middle half▼ 85.8pp-68.3%below the sector's middle half▲ 34.0pp
Current ratio0.47-0.57▲ 0.100.62below the sector's middle half▲ 0.050.48below the sector's middle half▼ 0.140.66below the sector's middle half▲ 0.18
Return on assets (ROA)21.7%--12.7%▼ 34.3pp42.1%above the sector's middle half▲ 54.7pp-83.1%below the sector's middle half▼ 125.2pp24.0%above the sector's middle half▲ 107.1pp
Staff (FTE)7.7-8.6▲ 11.7%8.16.9▼ 14.8%0.6▼ 91.3%
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 2024 is a loss of €558, smaller than the loss of €5,313 in 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€55,237▲
2023 · €54,632
The ratios are withheld because a balance sheet total of €103 is too small for a meaningful ratio.
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 10 | 5 | - |
| full-time | 9 | 5 | - |
| part-time | 1 | 0 | - |
| in full-time equivalents | 9.1 | 5 | - |
| Average over the year, in full-time equivalents | 8.1 | 6.9 | 0.6 |
| On a permanent contract | 10 | 5 | - |
| Joined | 3 | 3 | 0 |
| Left | 0 | 8 | 5 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €2,388 | - | - | - |
| Depreciation and write-downs of the year | €13,106 | €13,446 | €3,261 | - |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €279,605 | €238,881 | €1,846 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,569 | €18,691 | €12,849 | €13,106 | €13,446 | €3,261 | - | - |
| Other operating charges640/8 | - | - | - | €970 | €365 | €403 | €255 | ▼ 36.6% |
| Gross operating margin9900 | €277,687 | €302,919 | €311,696 | €243,203 | €278,745 | €197 | -€303 | - |
| Operating profit (loss)9901 | €10,911 | -€12,451 | €32,184 | -€50,478 | €26,053 | -€5,313 | -€558 | ▲ 89.5% |
| Financial income75/76B | - | - | - | €201 | €3 | €2 | - | - |
| Recurring financial income75 | €0 | €0 | €1 | €201 | €3 | €2 | - | - |
| Financial charges65/66B | - | - | - | €3,125 | €1,896 | €589 | €32 | ▼ 94.5% |
| Recurring financial charges65 | €2,219 | €1,926 | €931 | €3,125 | €1,896 | €589 | €32 | ▼ 94.5% |
| Profit (loss) for the period before taxes9903 | €8,693 | -€14,377 | €31,253 | -€53,401 | €24,160 | -€5,900 | -€590 | ▲ 90.0% |
| Income taxes67/77 | - | - | - | - | €7,085 | - | - | - |
| Profit (loss) for the period9904 | €8,693 | -€14,377 | €31,253 | -€53,401 | €17,075 | -€5,900 | -€590 | ▲ 90.0% |
| Profit (loss) for the period to be appropriated9905 | €8,693 | -€14,377 | €31,253 | -€53,401 | €17,075 | -€5,900 | -€590 | ▲ 90.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €40,143 | €113,304 | €74,322 | €64,223 | €71,191 | €87 | €103 | ▲ 17.6% |
| Fixed assets21/28 | €7,569 | €33,367 | €27,425 | €16,708 | €3,261 | - | - | - |
| Tangible fixed assets22/27 | €7,569 | €33,367 | €27,425 | €16,708 | €3,261 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €3,454 | €1,727 | - | - | - |
| Furniture and vehicles24 | - | - | - | €13,254 | €1,535 | - | - | - |
| Current assets29/58 | €32,574 | €79,937 | €46,896 | €47,516 | €67,929 | €87 | €103 | ▲ 17.6% |
| Amounts receivable within one year40/41 | €31,919 | €42,372 | €29,227 | €9,014 | €15,638 | €87 | €103 | ▲ 17.6% |
| Trade receivables40 | - | - | - | €2,730 | €15,477 | - | - | - |
| Other amounts receivable41 | - | - | - | €6,284 | €161 | €87 | €103 | ▲ 17.6% |
| Cash at bank and in hand54/58 | €655 | €37,566 | €17,669 | €38,502 | €52,291 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €40,143 | €113,304 | €74,322 | €64,223 | €71,191 | €87 | €103 | ▲ 17.6% |
| Equity10/15 | -€29,195 | -€43,572 | -€12,318 | -€65,720 | -€48,645 | -€54,545 | -€55,135 | ▼ 1.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€49,655 | -€64,032 | -€32,778 | -€86,180 | -€69,105 | -€75,005 | -€75,595 | ▼ 0.8% |
| Amounts payable17/49 | €69,339 | €156,876 | €86,640 | €129,943 | €119,835 | €54,632 | €55,237 | ▲ 1.1% |
| Amounts payable after more than one year17 | - | €16,646 | €11,196 | €31,478 | €16,640 | - | - | - |
| Financial debts170/4 | - | - | - | €31,478 | €16,640 | - | - | - |
| Amounts payable within one year42/48 | €69,339 | €140,230 | €75,444 | €98,465 | €103,195 | €54,632 | €55,237 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,512 | €14,837 | - | - | - |
| Financial debts43 | - | - | - | - | - | €54 | €91 | ▲ 66.9% |
| Credit institutions430/8 | - | - | - | - | - | €54 | €91 | ▲ 66.9% |
| Trade debts44 | €34,165 | €97,690 | €30,631 | €6,925 | €33,500 | €36,727 | €23,628 | ▼ 35.7% |
| Suppliers440/4 | - | - | - | €6,925 | €33,500 | €36,727 | €23,628 | ▼ 35.7% |
| Taxes, remuneration and social security45 | - | - | - | €77,028 | €50,553 | - | - | - |
| Taxes450/3 | - | - | - | €11,144 | €19,220 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €65,885 | €31,333 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €4,305 | €17,851 | €31,519 | ▲ 76.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,693 | -€14,377 | €31,253 | -€53,401 | €17,075 | -€5,900 | -€590 | ▲ 90.0% |
| + Depreciation and write-downs630 | €7,569 | €18,691 | €12,849 | €13,106 | €13,446 | €3,261 | - | - |
| Operating cash flow (approximation) | €16,262 | €4,315 | €44,103 | -€40,295 | €30,521 | -€2,639 | -€590 | ▲ 77.6% |
| Investment in fixed assets (approximation) | - | -€44,489 | -€6,908 | -€2,388 | €0 | - | - | - |
| Change in cash | - | €36,911 | -€19,897 | €20,833 | €13,789 | - | - | - |
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, 6,907 companies had the same profile as FGL has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FGL itself is higher: 10.3% within 12 months. It rests on far more data about FGL 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 6,907 companies, not a prediction for FGL. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 08-08-2025 | 2025-00370157 | |
| 31-12-2023 | micro format | 02-08-2024 | 2024-00323057 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00360061 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20306131 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38700391 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15400308 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-17900189 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-29200237 | |
| 31-12-2016 | micro format | 17-07-2017 | 2017-33300090 | |
| 31-12-2015 | full format | 13-07-2016 | 2016-32400236 |