FLO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-05-2026 PDF all 24 filings
Turnover
≈ €150,000
Estimated: probably between €55,000 and €320,000
Total assets
€23,781▼ 12.1%
2024 · €27,048
Net result
€12,999▼ 42.3%
2024 · €22,526
Working capital
-€23,364▲ 35.7%
2024 · -€36,363
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,617
▲ 161%
2025
20182025
Net result
€12,999
▼ 42.3%
2025
middle half of the sector
20182025
Equity
-€23,364
▲ 35.7%
2025
lowest quarter of the sector
20182025
Total assets
€23,781
▼ 12.1%
2025
lowest quarter of the sector
20182025
Debt
€47,145
▼ 25.7%
2025
20182025
Working capital
-€23,364
▲ 35.7%
2025
lowest quarter of the sector
20182025
Solvency
-98.2%
▲ 36.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.50
▲ 0.08
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
54.7%
▼ 28.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,786-€301▼ 93.7%-€6,527-€28,918▼ 343%-€19,605▲ 32.2%€674€5,218▲ 674%€13,617▲ 161%
Net result€1,251--€847-€7,410below the sector's middle half▼ 775%-€29,288below the sector's middle half▼ 295%-€19,372below the sector's middle half▲ 33.9%-€175within the sector's middle half▲ 99.1%€22,526above the sector's middle half€12,999within the sector's middle half▼ 42.3%
Equity-€1,799--€2,646▼ 47.1%-€10,055below the sector's middle half▼ 280%-€39,343below the sector's middle half▼ 291%-€58,715below the sector's middle half▼ 49.2%-€58,890below the sector's middle half▼ 0.3%-€36,363below the sector's middle half▲ 38.3%-€23,364below the sector's middle half▲ 35.7%
Total assets€38,319-€39,135▲ 2.1%€114,522within the sector's middle half▲ 193%€79,945within the sector's middle half▼ 30.2%€57,155below the sector's middle half▼ 28.5%€30,322below the sector's middle half▼ 46.9%€27,048below the sector's middle half▼ 10.8%€23,781below the sector's middle half▼ 12.1%
Debt€40,118-€41,781▲ 4.1%€124,577▲ 198%€119,288▼ 4.2%€115,870▼ 2.9%€89,212▼ 23.0%€63,411▼ 28.9%€47,145▼ 25.7%
Working capital-€2,563--€3,259▼ 27.2%-€80,096below the sector's middle half▼ 2,358%-€91,465below the sector's middle half▼ 14.2%-€93,463below the sector's middle half▼ 2.2%-€76,264below the sector's middle half▲ 18.4%-€36,363below the sector's middle half▲ 52.3%-€23,364below the sector's middle half▲ 35.7%
Solvency-4.7%--6.8%▼ 2.1pp-8.8%below the sector's middle half▼ 2.0pp-49.2%below the sector's middle half▼ 40.4pp-102.7%below the sector's middle half▼ 53.5pp-194.2%below the sector's middle half▼ 91.5pp-134.4%below the sector's middle half▲ 59.8pp-98.2%below the sector's middle half▲ 36.2pp
Current ratio0.94-0.92▼ 0.010.36below the sector's middle half▼ 0.560.23below the sector's middle half▼ 0.120.19below the sector's middle half▼ 0.040.15below the sector's middle half▼ 0.050.43below the sector's middle half▲ 0.280.50below the sector's middle half▲ 0.08
Return on assets (ROA)3.3%--2.2%▼ 5.4pp-6.5%below the sector's middle half▼ 4.3pp-36.6%below the sector's middle half▼ 30.2pp-33.9%below the sector's middle half▲ 2.7pp-0.6%within the sector's middle half▲ 33.3pp83.3%above the sector's middle half▲ 83.9pp54.7%above the sector's middle half▼ 28.6pp
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 161% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Quick ratio
0.11▲
2024 · 0.09
Debt ≤ 1 year
€47,145▼
2024 · €63,411
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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €770 | €151 | €17,423 | €17,423 | €17,374 | €17,374 | €17,374 | - | - |
| Other operating charges640/8 | - | - | - | €1,602 | €2,251 | €602 | €705 | €714 | ▲ 1.3% |
| Gross operating margin9900 | €6,814 | €1,720 | €12,267 | -€9,893 | €20 | €18,650 | €23,297 | €14,331 | ▼ 38.5% |
| Operating profit (loss)9901 | €4,786 | €301 | -€6,527 | -€28,918 | -€19,605 | €674 | €5,218 | €13,617 | ▲ 161% |
| Financial income75/76B | - | - | - | €86 | €613 | €297 | €17,866 | - | - |
| Recurring financial income75 | €26 | €33 | €103 | €86 | €613 | €297 | €1,200 | - | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €16,666 | - | - |
| Financial charges65/66B | - | - | - | €456 | €379 | €1,146 | €558 | €618 | ▲ 10.8% |
| Recurring financial charges65 | €2,485 | €585 | €551 | €456 | €379 | €1,146 | €558 | €618 | ▲ 10.8% |
| Profit (loss) for the period before taxes9903 | €2,327 | -€251 | -€6,975 | -€29,288 | -€19,372 | -€175 | €22,526 | €12,999 | ▼ 42.3% |
| Income taxes67/77 | €1,076 | €596 | €434 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €1,251 | -€847 | -€7,410 | -€29,288 | -€19,372 | -€175 | €22,526 | €12,999 | ▼ 42.3% |
| Profit (loss) for the period to be appropriated9905 | €1,251 | -€847 | -€6,370 | -€29,288 | -€19,372 | -€175 | €22,526 | €12,999 | ▼ 42.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,319 | €39,135 | €114,522 | €79,945 | €57,155 | €30,322 | €27,048 | €23,781 | ▼ 12.1% |
| Formation expenses20 | - | - | - | - | - | €0 | - | - | - |
| Fixed assets21/28 | €764 | €613 | €70,041 | €52,122 | €34,748 | €17,374 | €0 | - | - |
| Tangible fixed assets22/27 | €764 | €613 | €70,041 | €52,122 | €34,748 | €17,374 | €0 | - | - |
| Land and buildings22 | - | - | - | €12 | €8 | €4 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €52,110 | €34,740 | €17,370 | €0 | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | €0 | - | - | - |
| Current assets29/58 | €37,555 | €38,522 | €44,481 | €27,823 | €22,407 | €12,948 | €27,048 | €23,781 | ▼ 12.1% |
| Stocks and contracts in progress3 | €35,592 | €27,806 | €29,211 | €25,606 | €18,999 | €7,394 | €21,640 | €18,580 | ▼ 14.1% |
| Stocks30/36 | - | - | - | €25,606 | €18,999 | €7,394 | €21,640 | €18,580 | ▼ 14.1% |
| Amounts receivable within one year40/41 | - | €1,900 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €467 | €7,327 | €13,296 | €1,110 | €1,894 | €2,722 | €2,426 | €1,954 | ▼ 19.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,107 | €1,513 | €2,832 | €2,982 | €3,247 | ▲ 8.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,319 | €39,135 | €114,522 | €79,945 | €57,155 | €30,322 | €27,048 | €23,781 | ▼ 12.1% |
| Equity10/15 | -€1,799 | -€2,646 | -€10,055 | -€39,343 | -€58,715 | -€58,890 | -€36,363 | -€23,364 | ▲ 35.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €18,600 | - | - |
| Share premium1100/10 | - | - | - | - | - | - | €18,600 | - | - |
| Reserves13 | €72,970 | €72,970 | €71,931 | €71,931 | €71,931 | €71,931 | €71,931 | €71,931 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | - | - | - | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Other1319 | - | - | - | - | - | - | - | €1,860 | - |
| Distributable reserves133 | - | - | - | €70,071 | €70,071 | €70,071 | €70,071 | €70,071 | = |
| Profit (loss) carried forward14 | -€93,369 | -€94,216 | -€100,586 | -€129,874 | -€149,246 | -€149,420 | -€126,894 | -€113,895 | ▲ 10.2% |
| Amounts payable17/49 | €40,118 | €41,781 | €124,577 | €119,288 | €115,870 | €89,212 | €63,411 | €47,145 | ▼ 25.7% |
| Amounts payable within one year42/48 | €40,118 | €41,781 | €124,577 | €119,288 | €115,870 | €89,212 | €63,411 | €47,145 | ▼ 25.7% |
| Trade debts44 | €19,428 | €19,525 | €15,282 | €9,122 | €17,198 | €13,773 | €13,400 | €18,586 | ▲ 38.7% |
| Suppliers440/4 | - | - | - | €9,122 | €17,198 | €13,773 | €13,400 | €18,586 | ▲ 38.7% |
| Taxes, remuneration and social security45 | - | - | - | €9,993 | €4,705 | €4,687 | €4,848 | €3,842 | ▼ 20.8% |
| Taxes450/3 | - | - | - | €9,993 | €4,705 | €4,687 | €4,848 | €3,842 | ▼ 20.8% |
| Other amounts payable47/48 | - | - | - | €100,173 | €93,966 | €70,752 | €45,163 | €24,717 | ▼ 45.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,251 | -€847 | -€7,410 | -€29,288 | -€19,372 | -€175 | €22,526 | €12,999 | ▼ 42.3% |
| + Depreciation and write-downs630 | €770 | €151 | €17,423 | €17,423 | €17,374 | €17,374 | €17,374 | - | - |
| Operating cash flow (approximation) | €2,021 | -€696 | €10,013 | -€11,865 | -€1,998 | €17,199 | €39,900 | €12,999 | ▼ 67.4% |
| Investment in fixed assets (approximation) | - | €0 | -€86,850 | €496 | €0 | €0 | €0 | - | - |
| Change in cash | - | €6,860 | €5,969 | -€12,186 | €784 | €828 | -€296 | -€472 | ▼ 59.7% |
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, 3,794 companies had the same profile as FLO has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FLO 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 3,794 companies, not a prediction for FLO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-05-2026 | 2026-00120552 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00223526 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00281327 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00284794 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20308311 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62500095 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31600333 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34300243 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-30900584 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51600413 |