FMD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 26 filings
Turnover
≈ €63,000
Estimated: probably between €33,000 and €140,000
Total assets
€29,836▼ 58.1%
2024 · €71,174
Net result
€745▼ 96.5%
2024 · €21,001
Working capital
€23,375▼ 40.9%
2024 · €39,543
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€564
▼ 83.4%
2025
20182025
Net result
€745
▼ 96.5%
2025
middle half of the sector
20182025
Equity
€23,375
▼ 62.8%
2025
middle half of the sector
20182025
Total assets
€29,836
▼ 58.1%
2025
lowest quarter of the sector
20182025
Debt
€6,461
▼ 22.2%
2025
20182025
Working capital
€23,375
▼ 40.9%
2025
middle half of the sector
20182025
Solvency
78.3%
▼ 10.0pp
2025
highest quarter of the sector
20182025
Current ratio
4.62
▼ 1.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.5%
▼ 27.0pp
2025
middle half 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
Operating result€59,351-€36,609▼ 38.3%-€12,155-€7,891▲ 35.1%-€3,156▲ 60.0%€354€3,405▲ 862%€564▼ 83.4%
Net result€38,135-€20,947▼ 45.1%-€13,198below the sector's middle half-€8,325below the sector's middle half▲ 36.9%-€3,380within the sector's middle half▲ 59.4%€101within the sector's middle half€21,001within the sector's middle half▲ 209×€745within the sector's middle half▼ 96.5%
Equity€130,962-€151,109▲ 15.4%€137,911within the sector's middle half▼ 8.7%€110,721within the sector's middle half▼ 19.7%€93,913within the sector's middle half▼ 15.2%€42,695within the sector's middle half▼ 54.5%€62,866within the sector's middle half▲ 47.2%€23,375within the sector's middle half▼ 62.8%
Total assets€485,099-€171,406▼ 64.7%€142,388below the sector's middle half▼ 16.9%€120,357within the sector's middle half▼ 15.5%€100,136within the sector's middle half▼ 16.8%€48,597below the sector's middle half▼ 51.5%€71,174within the sector's middle half▲ 46.5%€29,836below the sector's middle half▼ 58.1%
Debt€354,137-€20,297▼ 94.3%€4,477▼ 77.9%€9,636▲ 115%€6,223▼ 35.4%€5,901▼ 5.2%€8,309▲ 40.8%€6,461▼ 22.2%
Working capital€92,576-€118,076▲ 27.5%€105,133within the sector's middle half▼ 11.0%€90,427above the sector's middle half▼ 14.0%€85,849above the sector's middle half▼ 5.1%€10,018within the sector's middle half▼ 88.3%€39,543within the sector's middle half▲ 295%€23,375within the sector's middle half▼ 40.9%
Solvency27.0%-88.2%▲ 61.2pp96.9%above the sector's middle half▲ 8.7pp92.0%above the sector's middle half▼ 4.9pp93.8%above the sector's middle half▲ 1.8pp87.9%above the sector's middle half▼ 5.9pp88.3%above the sector's middle half▲ 0.5pp78.3%above the sector's middle half▼ 10.0pp
Current ratio1.27-6.82▲ 5.5524.48above the sector's middle half▲ 17.6610.38above the sector's middle half▼ 14.1014.80above the sector's middle half▲ 4.412.90above the sector's middle half▼ 11.905.85above the sector's middle half▲ 2.954.62above the sector's middle half▼ 1.23
Return on assets (ROA)7.9%-12.2%▲ 4.4pp-9.3%below the sector's middle half▼ 21.5pp-6.9%below the sector's middle half▲ 2.4pp-3.4%within the sector's middle half▲ 3.5pp0.2%within the sector's middle half▲ 3.6pp29.5%above the sector's middle half▲ 29.3pp2.5%within the sector's middle half▼ 27.0pp
Staff (FTE)1.7-
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 83% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €29,836
Equity
€23,375 ▼ 62.8%
Debt
€6,461 ▼ 22.2%
Debt's share of the balance-sheet total rises from 11.7% to 21.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€872▼
2024 · €13,236
Cash flow
€1,052▼
2024 · €30,832
Debt to equity
0.28▲
2024 · 0.13
ROE
3.2%▼
2024 · 33.4%
Interest coverage
21.57▼
2024 · 34.70
Debt ≤ 1 year
€6,461▼
2024 · €8,160
Income taxes
€14▼
2024 · €198
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 | - | - | €33,156 | - | - |
| Depreciation and write-downs of the year | €12,484 | €12,229 | €7,918 | €9,831 | €307 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | -€1,437 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,360 | €10,295 | €11,816 | €12,484 | €12,229 | €7,918 | €9,831 | €307 | ▼ 96.9% |
| Other operating charges640/8 | - | - | - | €1,529 | €1,224 | €1,958 | €1,525 | €555 | ▼ 63.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €7,164 | - |
| Gross operating margin9900 | €133,128 | €46,401 | €1,007 | €4,685 | €10,297 | €10,230 | €14,761 | €8,590 | ▼ 41.8% |
| Operating profit (loss)9901 | €59,351 | €36,609 | -€12,155 | -€7,891 | -€3,156 | €354 | €3,405 | €564 | ▼ 83.4% |
| Financial income75/76B | - | - | - | - | - | €64 | €18,175 | €235 | ▼ 98.7% |
| Recurring financial income75 | €7,207 | €90 | - | - | - | €64 | €70 | €235 | ▲ 237% |
| Non-recurring financial income76B | - | - | - | - | - | - | €18,105 | - | - |
| Financial charges65/66B | - | - | - | €255 | €39 | €74 | €381 | €40 | ▼ 89.4% |
| Recurring financial charges65 | €12,940 | €7,006 | €848 | €255 | €39 | €74 | €381 | €40 | ▼ 89.4% |
| Profit (loss) for the period before taxes9903 | €53,618 | €29,693 | -€13,003 | -€8,145 | -€3,195 | €344 | €21,198 | €759 | ▼ 96.4% |
| Income taxes67/77 | €15,483 | €8,746 | €195 | €180 | €185 | €244 | €198 | €14 | ▼ 92.7% |
| Profit (loss) for the period9904 | €38,135 | €20,947 | -€13,198 | -€8,325 | -€3,380 | €101 | €21,001 | €745 | ▼ 96.5% |
| Profit (loss) for the period to be appropriated9905 | €38,135 | €20,947 | -€13,198 | -€8,325 | -€3,380 | €101 | €21,001 | €745 | ▼ 96.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €485,099 | €171,406 | €142,388 | €120,357 | €100,136 | €48,597 | €71,174 | €29,836 | ▼ 58.1% |
| Fixed assets21/28 | €43,328 | €33,034 | €32,777 | €20,294 | €8,064 | €33,302 | €23,471 | - | - |
| Tangible fixed assets22/27 | €43,328 | €33,034 | €32,777 | €20,294 | €8,064 | €33,302 | €23,471 | - | - |
| Land and buildings22 | - | - | - | €13,566 | €6,707 | €3,507 | €307 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,518 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €5,210 | €1,357 | €29,795 | €23,164 | - | - |
| Current assets29/58 | €441,771 | €138,373 | €109,611 | €100,063 | €92,072 | €15,295 | €47,703 | €29,836 | ▼ 37.5% |
| Stocks and contracts in progress3 | €260,025 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €7,223 | €1,526 | €4,587 | €2,589 | €4,564 | €1,365 | €44 | €11,645 | ▲ 268× |
| Trade receivables40 | - | - | - | €2,517 | €4,564 | €1,361 | €44 | - | - |
| Other amounts receivable41 | - | - | - | €72 | - | €4 | - | €11,645 | - |
| Cash at bank and in hand54/58 | €174,523 | €136,846 | €105,024 | €97,475 | €87,508 | €12,667 | €46,794 | €17,264 | ▼ 63.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,262 | €866 | €927 | ▲ 7.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €485,099 | €171,406 | €142,388 | €120,357 | €100,136 | €48,597 | €71,174 | €29,836 | ▼ 58.1% |
| Equity10/15 | €130,962 | €151,109 | €137,911 | €110,721 | €93,913 | €42,695 | €62,866 | €23,375 | ▼ 62.8% |
| Contributions10/11 | €7,000 | €7,000 | - | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Reserves13 | €123,962 | €144,109 | €143,993 | €125,128 | €111,701 | €60,382 | €60,382 | €20,147 | ▼ 66.6% |
| Non-distributable reserves130/1 | - | - | - | €2,100 | €2,100 | €2,100 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,100 | €2,100 | €2,100 | - | - | - |
| Distributable reserves133 | - | - | - | €123,028 | €109,601 | €58,282 | €60,382 | €20,147 | ▼ 66.6% |
| Profit (loss) carried forward14 | - | - | -€13,082 | -€21,407 | -€24,788 | -€24,687 | -€4,516 | -€3,772 | ▲ 16.5% |
| Amounts payable17/49 | €354,137 | €20,297 | €4,477 | €9,636 | €6,223 | €5,901 | €8,309 | €6,461 | ▼ 22.2% |
| Amounts payable after more than one year17 | €4,942 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €349,195 | €20,297 | €4,477 | €9,636 | €6,223 | €5,276 | €8,160 | €6,461 | ▼ 20.8% |
| Trade debts44 | €13,784 | €3,712 | - | €2,292 | €423 | - | €39 | - | - |
| Suppliers440/4 | - | - | - | €2,292 | €423 | - | €39 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,743 | €1,653 | €565 | €2,475 | €6,461 | ▲ 161% |
| Taxes450/3 | - | - | - | €1,743 | €1,653 | €565 | €2,475 | €6,461 | ▲ 161% |
| Other amounts payable47/48 | - | - | - | €5,602 | €4,147 | €4,712 | €5,646 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €625 | €148 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,135 | €20,947 | -€13,198 | -€8,325 | -€3,380 | €101 | €21,001 | €745 | ▼ 96.5% |
| + Depreciation and write-downs630 | €16,360 | €10,295 | €11,816 | €12,484 | €12,229 | €7,918 | €9,831 | €307 | ▼ 96.9% |
| Operating cash flow (approximation) | €54,495 | €31,242 | -€1,382 | €4,158 | €8,849 | €8,019 | €30,832 | €1,052 | ▼ 96.6% |
| Investment in fixed assets (approximation) | - | €0 | -€11,560 | €0 | €0 | -€33,156 | €0 | - | - |
| Change in cash | - | -€37,677 | -€31,822 | -€7,549 | -€9,967 | -€74,840 | €34,127 | -€29,530 | - |
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, 17,041 companies had the same profile as FMD has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FMD itself: 0.1% 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 17,041 companies, not a prediction for FMD. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00304764 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00458698 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00272470 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00314493 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072779 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-25100341 | |
| 31-12-2019 | abbreviated format | 07-08-2020 | 2020-39800092 | |
| 31-12-2018 | abbreviated format | 03-07-2019 | 2019-28900186 | |
| 31-12-2017 | abbreviated format | 20-07-2018 | 2018-37000433 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-23000370 |