FMK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 17 filings
Equity
€16,609▼ 54.4%
2024 · €36,383
Total assets
€21,041▼ 47.9%
2024 · €40,423
Net result
-€19,774▼ 60.5%
2024 · -€12,324
Working capital
€12,063▼ 52.7%
2024 · €25,529
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€19,595
▼ 61.9%
2025
20182025
Net result
-€19,774
▼ 60.5%
2025
lowest quarter of the sector
20182025
Equity
€16,609
▼ 54.4%
2025
middle half of the sector
20182025
Total assets
€21,041
▼ 47.9%
2025
lowest quarter of the sector
20182025
Debt
€4,432
▲ 9.7%
2025
20182025
Working capital
€12,063
▼ 52.7%
2025
middle half of the sector
20182025
Solvency
78.9%
▼ 11.1pp
2025
highest quarter of the sector
20182025
Current ratio
3.72
▼ 3.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-94.0%
▼ 63.5pp
2025
lowest 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€23,163-€1,626▼ 93.0%€2,966▲ 82.4%€53,967▲ 18×€57,842▲ 7.2%€34,643▼ 40.1%-€12,105-€19,595▼ 61.9%
Net result€17,652--€28,137€2,821within the sector's middle half€45,965above the sector's middle half▲ 16×€31,416above the sector's middle half▼ 31.7%€24,125within the sector's middle half▼ 23.2%-€12,324below the sector's middle half-€19,774below the sector's middle half▼ 60.5%
Equity€82,818-€60,181▼ 27.3%€48,002within the sector's middle half▼ 20.2%€93,166within the sector's middle half▲ 94.1%€74,582within the sector's middle half▼ 19.9%€48,707within the sector's middle half▼ 34.7%€36,383within the sector's middle half▼ 25.3%€16,609within the sector's middle half▼ 54.4%
Total assets€88,591-€75,630▼ 14.6%€65,387below the sector's middle half▼ 13.5%€116,008within the sector's middle half▲ 77.4%€174,795within the sector's middle half▲ 50.7%€168,323within the sector's middle half▼ 3.7%€40,423below the sector's middle half▼ 76.0%€21,041below the sector's middle half▼ 47.9%
Debt€5,773-€15,449▲ 168%€17,385▲ 12.5%€22,842▲ 31.4%€100,212▲ 339%€119,615▲ 19.4%€4,040▼ 96.6%€4,432▲ 9.7%
Working capital€51,321-€36,356▼ 29.2%€34,379within the sector's middle half▼ 5.4%€83,748within the sector's middle half▲ 144%€19,574within the sector's middle half▼ 76.6%€6,252within the sector's middle half▼ 68.1%€25,529within the sector's middle half▲ 308%€12,063within the sector's middle half▼ 52.7%
Solvency93.5%-79.6%▼ 13.9pp73.4%above the sector's middle half▼ 6.2pp80.3%above the sector's middle half▲ 6.9pp42.7%within the sector's middle half▼ 37.6pp28.9%within the sector's middle half▼ 13.7pp90.0%above the sector's middle half▲ 61.1pp78.9%above the sector's middle half▼ 11.1pp
Current ratio9.89-3.35▼ 6.542.98within the sector's middle half▼ 0.384.67above the sector's middle half▲ 1.691.26within the sector's middle half▼ 3.401.06within the sector's middle half▼ 0.207.32above the sector's middle half▲ 6.263.72above the sector's middle half▼ 3.60
Return on assets (ROA)19.9%--37.2%▼ 57.1pp4.3%within the sector's middle half▲ 41.5pp39.6%above the sector's middle half▲ 35.3pp18.0%above the sector's middle half▼ 21.6pp14.3%above the sector's middle half▼ 3.6pp-30.5%below the sector's middle half▼ 44.8pp-94.0%below the sector's middle half▼ 63.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €19,595, larger than the loss of €12,105 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21,041
Fixed assets
€4,545 ▼ 58.1%
Current assets
€16,496 ▼ 44.2%
Equity and liabilities €21,041
Equity
€16,609 ▼ 54.4%
Debt
€4,432 ▲ 9.7%
Debt's share of the balance-sheet total rises from 10.0% to 21.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€13,286▼
2024 · -€5,798
Cash flow
-€13,465▼
2024 · -€6,017
Debt to equity
0.27▲
2024 · 0.11
ROE
-119.1%▼
2024 · -33.9%
Interest coverage
-59.63▼
2024 · -12.05
Debt ≤ 1 year
€4,432▲
2024 · €4,040
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 | €762 | €91,682 | €1,986 | €1,044 | - |
| Depreciation and write-downs of the year | €4,966 | €20,446 | €19,531 | €6,307 | €6,309 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,367 | €17,950 | €11,152 | €4,966 | €20,446 | €19,531 | €6,307 | €6,309 | = |
| Other operating charges640/8 | - | - | - | €561 | €846 | €872 | €706 | €1,256 | ▲ 77.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €3,147 | - | - |
| Gross operating margin9900 | €40,517 | €21,042 | €14,854 | €59,494 | €79,134 | €55,047 | -€1,945 | -€12,030 | ▼ 519% |
| Operating profit (loss)9901 | €23,163 | €1,626 | €2,966 | €53,967 | €57,842 | €34,643 | -€12,105 | -€19,595 | ▼ 61.9% |
| Financial income75/76B | - | - | - | - | - | €406 | €254 | €43 | ▼ 83.1% |
| Recurring financial income75 | €8 | €1 | - | - | - | €406 | €254 | €43 | ▼ 83.1% |
| Financial charges65/66B | - | - | - | €453 | €17,417 | €1,356 | €481 | €223 | ▼ 53.7% |
| Recurring financial charges65 | €121 | €29,763 | €145 | €453 | €17,417 | €1,356 | €481 | €223 | ▼ 53.7% |
| Profit (loss) for the period before taxes9903 | €23,051 | -€28,137 | €2,821 | €53,514 | €40,425 | €33,694 | -€12,332 | -€19,774 | ▼ 60.3% |
| Income taxes67/77 | €5,399 | -€0 | - | €7,550 | €9,009 | €9,569 | -€8 | - | - |
| Profit (loss) for the period9904 | €17,652 | -€28,137 | €2,821 | €45,965 | €31,416 | €24,125 | -€12,324 | -€19,774 | ▼ 60.5% |
| Profit (loss) for the period to be appropriated9905 | €17,652 | -€28,137 | €2,821 | €45,965 | €31,416 | €24,125 | -€12,324 | -€19,774 | ▼ 60.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,591 | €75,630 | €65,387 | €116,008 | €174,795 | €168,323 | €40,423 | €21,041 | ▼ 47.9% |
| Fixed assets21/28 | €31,497 | €23,825 | €13,623 | €9,419 | €80,654 | €58,108 | €10,854 | €4,545 | ▼ 58.1% |
| Tangible fixed assets22/27 | €26,497 | €18,825 | €8,623 | €4,419 | €75,654 | €58,108 | €10,854 | €4,545 | ▼ 58.1% |
| Furniture and vehicles24 | - | - | - | €4,419 | €75,654 | €58,108 | €10,854 | €4,545 | ▼ 58.1% |
| Financial fixed assets28 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | - | - | - | - |
| Current assets29/58 | €57,094 | €51,805 | €51,764 | €106,589 | €94,141 | €110,214 | €29,568 | €16,496 | ▼ 44.2% |
| Amounts receivable within one year40/41 | €34,807 | €28,741 | €28,000 | €48,930 | €15,264 | €345 | €16,102 | €453 | ▼ 97.2% |
| Trade receivables40 | - | - | - | €47,480 | €14,274 | - | €15,000 | - | - |
| Other amounts receivable41 | - | - | - | €1,450 | €991 | €345 | €1,102 | €453 | ▼ 58.9% |
| Cash at bank and in hand54/58 | €21,082 | €21,859 | €21,884 | €55,689 | €77,885 | €108,439 | €12,626 | €15,978 | ▲ 26.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,971 | €991 | €1,430 | €841 | €65 | ▼ 92.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,591 | €75,630 | €65,387 | €116,008 | €174,795 | €168,323 | €40,423 | €21,041 | ▼ 47.9% |
| Equity10/15 | €82,818 | €60,181 | €48,002 | €93,166 | €74,582 | €48,707 | €36,383 | €16,609 | ▼ 54.4% |
| Contributions10/11 | €100 | €18,600 | - | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €20,000 | €20,000 | €20,000 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | €80,858 | €39,721 | €27,542 | €72,706 | €54,122 | €8,247 | -€4,077 | -€23,851 | ▼ 485% |
| Amounts payable17/49 | €5,773 | €15,449 | €17,385 | €22,842 | €100,212 | €119,615 | €4,040 | €4,432 | ▲ 9.7% |
| Amounts payable after more than one year17 | - | - | - | - | €25,646 | €15,653 | - | - | - |
| Financial debts170/4 | - | - | - | - | €25,646 | €15,653 | - | - | - |
| Amounts payable within one year42/48 | €5,773 | €15,449 | €17,385 | €22,842 | €74,567 | €103,962 | €4,040 | €4,432 | ▲ 9.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,652 | €9,993 | - | - | - |
| Trade debts44 | €2,536 | €342 | €39 | €3,600 | €6,746 | €2,321 | €72 | €16 | ▼ 78.4% |
| Suppliers440/4 | - | - | - | €3,600 | €6,746 | €2,321 | €72 | €16 | ▼ 78.4% |
| Taxes, remuneration and social security45 | - | - | - | €4,384 | €13,688 | €11,860 | €168 | €33 | ▼ 80.5% |
| Taxes450/3 | - | - | - | €4,384 | €12,047 | €11,860 | €168 | €33 | ▼ 80.5% |
| Remuneration and social security454/9 | - | - | - | - | €1,641 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €14,858 | €44,481 | €79,788 | €3,799 | €4,384 | ▲ 15.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,652 | -€28,137 | €2,821 | €45,965 | €31,416 | €24,125 | -€12,324 | -€19,774 | ▼ 60.5% |
| + Depreciation and write-downs630 | €16,367 | €17,950 | €11,152 | €4,966 | €20,446 | €19,531 | €6,307 | €6,309 | = |
| Operating cash flow (approximation) | €34,018 | -€10,187 | €13,973 | €50,931 | €51,862 | €43,656 | -€6,017 | -€13,465 | ▼ 124% |
| Investment in fixed assets (approximation) | - | -€10,278 | -€950 | -€762 | -€91,682 | €3,014 | €40,947 | €0 | ▼ 100% |
| Change in cash | - | €777 | €25 | €33,805 | €22,196 | €30,554 | -€95,813 | €3,352 | - |
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, 4,805 companies had the same profile as FMK has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FMK itself is lower: 0.2% within 12 months. It rests on far more data about FMK 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 4,805 companies, not a prediction for FMK. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00190271 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00438740 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00191627 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00304717 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20273206 | |
| 31-12-2020 | micro format | 26-07-2021 | 2021-40400403 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-16800035 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-21400376 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-47200112 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-40800035 |