FM DEVELOPPEMENT
ActiveFM DEVELOPPEMENT has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €408k and a net result of €66k. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 34% of 217 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
59
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability74▼-2
Solvency50▼-4
Growth67▼-13
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24k at 30 days acceptable
Liquidity tight (current ratio 1.06 against 1.33 in 2024; short-term debt: 74.5% and cash: 7.7% of total assets), and 74.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 60
Relative position
BE, all sectors
reference
Sector 60
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
25.1%
Return on assets
4%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
30 d early
2023
12 d early
2022
39 d early
2021
40 d early
2020
39 d early
2019
12 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€2.26M▲ 20.8%
2019 · €1.87M
2018: €1.68M
2019: €1.87M
2018 → 2020
EBIT margin
1.3%▲ 0.6pp
2019 · 0.7%
2018: 4.4%
2019: 0.7%
2018 → 2020
Net result
€66k▼ 57.5%
2024 · €154k
2018: €47k
2019: €10k
2020: €31k
2021: €220k
2022: €26k
2023: €-83k
2024: €154k
2018 → 2025
Working capital
€68k▼ 88.8%
2024 · €610k
2018: €513k
2019: €486k
2020: €561k
2021: €653k
2022: €516k
2023: €466k
2024: €610k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€764k-€685k▼ 10.3%€602k▼ 12.2%€756k▲ 25.7%€408k▼ 46.1%
Operating result€269k-€15k▼ 94.4%€-82k€238k€92k▼ 61.2%
Net result€220k-€26k▼ 88.0%€-83k€154k€66k▼ 57.5%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 61% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.62M
Fixed assets
€345k▲ 108%
Current assets
€1.28M▼ 48.6%
Equity and liabilities €1.62M
Equity
€408k▼ 46.1%
Debt
€1.21M▼ 35.9%
The debt ratio rises from 71.5% to 74.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€181k▼
2024 · €298k
Cash flow
€154k▼
2024 · €214k
Solvency
25.1%▼
2024 · 28.5%
Current ratio
1.06▼
2024 · 1.33
Quick ratio
1.06▼
2024 · 1.33
Debt / equity
2.98▲
2024 · 2.51
ROE
16.1%▼
2024 · 20.4%
ROA
4.0%▼
2024 · 5.8%
Interest coverage
6.89▲
2024 · 6.60
Debt
€1.21M▼
2024 · €1.90M
Debt ≤ 1 year
€1.21M▼
2024 · €1.88M
Debt > 1 year
€5k▼
2024 · €19k
Income taxes
€29k▼
2024 · €39k
Staff costs
€669k▲
2024 · €608k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.65M€1.62M▼
Fixed assets21/28€165k€345k▲
Intangible fixed assets21-€20k
Tangible fixed assets22/27€159k€319k▲
Plant, machinery and equipment23€53k€119k▲
Furniture and vehicles24€67k€40k▼
Other tangible fixed assets26€39k€160k▲
Financial fixed assets28€6k€6k=
Current assets29/58€2.49M€1.28M▼
Amounts receivable within one year40/41€1.25M€1.14M▼
Trade receivables40€1.20M€95k▼
Other amounts receivable41€48k€1.05M▲
Cash at bank and in hand54/58€1.23M€125k▼
Deferred charges and accrued income490/1€11k€9k▼
Equity and liabilities
Total equity and liabilities10/49€2.65M€1.62M▼
Equity10/15€756k€408k▼
Contributions10/11€94k€153k▲
Reserves13€2k€13k▲
Distributable reserves133€2k€13k▲
Profit (loss) carried forward14€661k€242k▼
Amounts payable17/49€1.90M€1.21M▼
Amounts payable after more than one year17€19k€5k▼
Financial debts170/4€19k€5k▼
Amounts payable within one year42/48€1.88M€1.21M▼
Current portion of amounts payable after more than one year42€22k€13k▼
Trade debts44€349k€132k▼
Suppliers440/4€349k€132k▼
Taxes, remuneration and social security45€98k€150k▲
Taxes450/3€36k€68k▲
Remuneration and social security454/9€63k€82k▲
Other amounts payable47/48€1.41M€914k▼
Accrued charges and deferred income492/3€1k-
Income statement
Code20242025
Remuneration, social security and pensions62€608k€669k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€60k€89k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€750€16k▲
Other operating charges640/8€15k€10k▼
Non-recurring operating charges66A€19k-
Gross operating margin9900€941k€877k▼
Operating profit (loss)9901€238k€92k▼
Financial income75/76B€398€28k▲
Recurring financial income75€398€28k▲
Financial charges65/66B€45k€26k▼
Recurring financial charges65€45k€26k▼
Profit (loss) for the period before taxes9903€194k€95k▼
Income taxes67/77€39k€29k▼
Profit (loss) for the period9904€154k€66k▼
Profit (loss) for the period to be appropriated9905€154k€66k▼
Appropriation of the result
Profit (loss) to be appropriated9906€661k€726k▲
Profit (loss) brought forward from the previous period14P€506k€661k▲
Transfer from equity791/2-€316k
Profit to be distributed694/7-€800k
Return on contributions (dividend)694-€800k
Social balance
Average headcount (FTE)908714.416.1▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-09
State Gazette act
General meeting · Director resignationGeneral meeting · Director resignation · Director appointment5 facts ▸
State Gazette act
General meeting · Director resignation
General meeting · Director resignation · Director appointment5 facts ▸
- General meeting, 2026-06-29
- Director resignation, IPM Group SA (administrateur)
- Director appointment, MAJA Group SA (Administrateur unique)
- Permanent representative, François le Hodey
- Shareholding, Actionnaire unique
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €154k
Net result €154k after one loss-making year.
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-83k ▼416%
Net result drops to €-83k, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €220k ▲613%
Operating result €269k, net result €220k, both a record.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
12-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 12 days late
2019
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 directors, no change since 2026
SA MAJA Group
CurrentAdministrateur unique · since 29-06-2026 · Legal entity · perm. rep.: François le Hodey
29-06-2026
SA MAJA Group: Appointed as Administrateur unique
29-06-2026
IPM Group SA: Resigned as Director
Location & real-estate footprint
Registered office, Etterbeek · 2 establishment units since 1995
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Frankenstraat 791040 EtterbeekGround area
3,975 m²
Building footprint
3,644 m²
Volume, LiDAR
56,819 m³
2 parcels, Brussels · tallest building 22.8 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
Télémachuslaan 33, 1190 Vorst
since 19952.073.512.778
Frankenstraat 79, 1040 Etterbeek
since 20242.360.690.978
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21362B0225/00Z005 | Brussels | 3,610 m² | 1 · 3,528 m² | 22.8 m · 5 fl. |
| 21383B0020/00D066 | Brussels | 365 m² | 1 · 115 m² | 17.5 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
4 connected companiesNetwork connections
Shared director
→
Shared director
→
Shared director
→
Shared director
→
Ownership & control
1 partyFM DEVELOPPEMENTBE 0455.941.273
controls
Where this company holds controlthis company sits on their board1
1 location
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Of 331 companies in sector 60100 we hold annual accounts for 79. 47 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded07-09-1995
Fiscal year end31-12
Activities, NACEBEL
60100Programming, broadcasting, news agency and other content distribution activities
92201
Sources
Crossroads Bank for EnterprisesNational Bank · 30 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:compta@funradio.be
Phone:02/346.05.19
Fax:02/346.06.52