FP2
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00546359.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 7 filings
Turnover
≈ €4.4m
Estimated: probably between €2.4m and €6.8m
Total assets
€2.5m▲ 1.6%
2024 · €2.5m
Net result
€86,357▲ 88.9%
2024 · €45,705
Working capital
€737,974▲ 15.0%
2024 · €641,517
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€145,339
▲ 45.4%
2025
20192025
Net result
€86,357
▲ 88.9%
2025
middle half of the sector
20192025
Equity
€883,771
▲ 10.8%
2025
highest quarter of the sector
20192025
Total assets
€2.5m
▲ 1.6%
2025
highest quarter of the sector
20192025
Debt
€1.6m
▼ 2.9%
2025
20192025
Working capital
€737,974
▲ 15.0%
2025
highest quarter of the sector
20192025
Solvency
35.5%
▲ 3.0pp
2025
middle half of the sector
20192025
Current ratio
1.77
▲ 0.10
2025
middle half of the sector
20192025
Return on assets (ROA)
3.5%
▲ 1.6pp
2025
middle half of the sector
20192025
Staff (FTE)
7.4
=
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.3m▲ 72.3%€0.2m▼ 25.3%€0.2m▲ 18.5%€0.3m▲ 3.1%€0.1m▼ 60.4%€0.1m▲ 45.4%
Net result€0.1m-€0.2mabove the sector's middle half▲ 82.1%€0.1mabove the sector's middle half▼ 24.8%€0.2mabove the sector's middle half▲ 14.4%€0.2mabove the sector's middle half▼ 3.7%€0.05mwithin the sector's middle half▼ 70.5%€0.09mwithin the sector's middle half▲ 88.9%
Equity€0.1m-€0.3mwithin the sector's middle half▲ 172%€0.4mwithin the sector's middle half▲ 47.5%€0.6mwithin the sector's middle half▲ 36.9%€0.8mabove the sector's middle half▲ 25.9%€0.8mabove the sector's middle half▲ 6.1%€0.9mabove the sector's middle half▲ 10.8%
Total assets€0.9m-€1.3mwithin the sector's middle half▲ 40.9%€1.8mabove the sector's middle half▲ 34.6%€2.6mabove the sector's middle half▲ 43.2%€2.7mabove the sector's middle half▲ 4.6%€2.5mabove the sector's middle half▼ 9.1%€2.5mabove the sector's middle half▲ 1.6%
Debt€0.8m-€1.0m▲ 24.0%€1.4m▲ 30.9%€2.0m▲ 45.3%€1.9m▼ 1.8%€1.7m▼ 14.9%€1.6m▼ 2.9%
Working capital€0.2m-€0.4mwithin the sector's middle half▲ 141%€0.4mwithin the sector's middle half▲ 18.0%€0.6mabove the sector's middle half▲ 40.6%€0.6mabove the sector's middle half▲ 0.9%€0.6mabove the sector's middle half▲ 2.3%€0.7mabove the sector's middle half▲ 15.0%
Solvency11.5%-22.1%within the sector's middle half▲ 10.6pp24.2%within the sector's middle half▲ 2.1pp23.1%within the sector's middle half▼ 1.1pp27.9%within the sector's middle half▲ 4.7pp32.5%within the sector's middle half▲ 4.6pp35.5%within the sector's middle half▲ 3.0pp
Current ratio1.37-1.59within the sector's middle half▲ 0.221.52within the sector's middle half▼ 0.071.52within the sector's middle half=1.53within the sector's middle half▲ 0.011.67within the sector's middle half▲ 0.141.77within the sector's middle half▲ 0.10
Return on assets (ROA)10.8%-14.0%above the sector's middle half▲ 3.2pp7.8%within the sector's middle half▼ 6.2pp6.2%within the sector's middle half▼ 1.6pp5.7%within the sector's middle half▼ 0.5pp1.9%within the sector's middle half▼ 3.9pp3.5%within the sector's middle half▲ 1.6pp
Staff (FTE)1.5-2.2within the sector's middle half▲ 46.7%4.2within the sector's middle half▲ 90.9%5.3within the sector's middle half▲ 26.2%6.5within the sector's middle half▲ 22.6%7.4within the sector's middle half▲ 13.8%7.4above the sector's middle half=
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 45% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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
Assets €2.5m
Fixed assets
€792,509 ▼ 7.2%
Current assets
€1.7m ▲ 6.3%
Equity and liabilities €2.5m
Equity
€883,771 ▲ 10.8%
Debt
€1.6m ▼ 2.9%
Debt's share of the balance-sheet total falls from 67.5% to 64.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€216,936▲
2024 · €170,904
Cash flow
€157,954▲
2024 · €116,664
Quick ratio
0.76▲
2024 · 0.68
Debt to equity
1.82▼
2024 · 2.08
ROE
9.8%▲
2024 · 5.7%
Interest coverage
6.97▲
2024 · 4.64
Debt ≤ 1 year
€962,421▲
2024 · €958,438
Debt > 1 year
€626,934▼
2024 · €686,397
Income taxes
€41,392▲
2024 · €23,278
Staff costs
€380,470▲
2024 · €366,094
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 9 | 9 | 9 | 11 |
| full-time | 4 | 5 | 6 | 6 | 5 |
| part-time | 1 | 4 | 3 | 3 | 6 |
| in full-time equivalents | 4.2 | 6.1 | 6.9 | 7.4 | 7.8 |
| Average over the year, in full-time equivalents | 4 | 5.3 | 6.5 | 6.9 | 7.4 |
| On a permanent contract | 4 | 5 | 6 | 7 | 7 |
| Joined | 4 | 14 | 7 | 9 | 8 |
| Left | 2 | 10 | 7 | 9 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €220,260 | €326,832 | €200,129 | €36,391 | €10,215 |
| Intangible fixed assets | €5,460 | - | - | - | - |
| Depreciation and write-downs of the year | €42,786 | €71,845 | €69,286 | €70,959 | €71,597 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €208,193 | €263,443 | €320,492 | €366,094 | €380,470 | ▲ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €158,502 | €45,840 | €42,786 | €71,845 | €69,286 | €70,959 | €71,597 | ▲ 0.9% |
| Other operating charges640/8 | - | - | €12,165 | €9,773 | €7,427 | €8,629 | €7,702 | ▼ 10.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €158 | €40,457 | ▲ 256× |
| Gross operating margin9900 | €396,795 | €417,258 | €469,593 | €589,766 | €649,589 | €545,786 | €645,566 | ▲ 18.3% |
| Operating profit (loss)9901 | €160,313 | €276,243 | €206,450 | €244,705 | €252,384 | €99,945 | €145,339 | ▲ 45.4% |
| Financial income75/76B | - | - | €6,802 | €2,163 | €9,422 | €5,874 | €13,541 | ▲ 131% |
| Recurring financial income75 | €682 | €11,570 | €6,802 | €2,163 | €9,296 | €5,874 | €13,541 | ▲ 131% |
| Non-recurring financial income76B | - | - | - | - | €126 | - | - | - |
| Financial charges65/66B | - | - | €22,764 | €29,174 | €32,077 | €36,836 | €31,130 | ▼ 15.5% |
| Recurring financial charges65 | €31,278 | €18,597 | €22,764 | €29,174 | €32,077 | €36,836 | €31,130 | ▼ 15.5% |
| Profit (loss) for the period before taxes9903 | €129,717 | €269,216 | €190,488 | €217,693 | €229,729 | €68,983 | €127,750 | ▲ 85.2% |
| Income taxes67/77 | €27,118 | €82,391 | €49,960 | €56,926 | €74,938 | €23,278 | €41,392 | ▲ 77.8% |
| Profit (loss) for the period9904 | €102,598 | €186,825 | €140,528 | €160,767 | €154,791 | €45,705 | €86,357 | ▲ 88.9% |
| Profit (loss) for the period to be appropriated9905 | €102,598 | €186,825 | €140,528 | €160,767 | €154,791 | €45,705 | €86,357 | ▲ 88.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €1.3m | €1.8m | €2.6m | €2.7m | €2.5m | €2.5m | ▲ 1.6% |
| Fixed assets21/28 | €0.4m | €0.3m | €0.5m | €0.8m | €0.9m | €0.9m | €0.8m | ▼ 7.2% |
| Intangible fixed assets21 | - | €105 | €0.005m | €0.003m | €0.001m | - | - | - |
| Tangible fixed assets22/27 | €0.4m | €0.3m | €0.5m | €0.8m | €0.9m | €0.9m | €0.8m | ▼ 7.2% |
| Land and buildings22 | - | - | €0.4m | €0.6m | €0.8m | €0.7m | €0.7m | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | €0.05m | €0.1m | €0.1m | €0.09m | €0.08m | ▼ 10.3% |
| Furniture and vehicles24 | - | - | €0.007m | €0.008m | €0.007m | €0.008m | €0.007m | ▼ 8.0% |
| Leasing and similar rights25 | - | - | - | - | - | €0.02m | €0.01m | ▼ 23.6% |
| Other tangible fixed assets26 | - | - | €0.01m | €0.009m | €0.01m | €0.01m | €0.01m | ▼ 8.2% |
| Current assets29/58 | €0.6m | €1.0m | €1.3m | €1.8m | €1.8m | €1.6m | €1.7m | ▲ 6.3% |
| Stocks and contracts in progress3 | €0.4m | €0.8m | €0.9m | €1.4m | €1.3m | €1.0m | €1.0m | ▲ 1.9% |
| Stocks30/36 | - | - | €0.9m | €1.4m | €1.3m | €1.0m | €1.0m | ▲ 1.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.4m | €0.3m | €0.4m | €0.5m | €0.5m | ▲ 4.0% |
| Trade receivables40 | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 20.0% |
| Other amounts receivable41 | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 14.7% |
| Cash at bank and in hand54/58 | €0.06m | €0.1m | €0.01m | €0.06m | €0.09m | €0.1m | €0.2m | ▲ 66.1% |
| Deferred charges and accrued income490/1 | - | - | €0.007m | €0.005m | €0.01m | €0.02m | €0.01m | ▼ 34.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €1.3m | €1.8m | €2.6m | €2.7m | €2.5m | €2.5m | ▲ 1.6% |
| Equity10/15 | €0.1m | €0.3m | €0.4m | €0.6m | €0.8m | €0.8m | €0.9m | ▲ 10.8% |
| Contributions10/11 | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.1m | €0.3m | €0.4m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 10.9% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | €0.4m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 10.9% |
| Amounts payable17/49 | €0.8m | €1.0m | €1.4m | €2.0m | €1.9m | €1.7m | €1.6m | ▼ 2.9% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.5m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 8.7% |
| Financial debts170/4 | - | - | €0.5m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 8.7% |
| Amounts payable within one year42/48 | €0.4m | €0.6m | €0.8m | €1.2m | €1.2m | €1.0m | €1.0m | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | - | - | €0.06m | €0.08m | €0.06m | €0.08m | €0.09m | ▲ 10.2% |
| Financial debts43 | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 15.8% |
| Credit institutions430/8 | - | - | €0.1m | €0.08m | €0.2m | €0.2m | €0.2m | = |
| Other loans439 | - | - | €0.04m | €0.04m | €0.04m | €0.05m | €0.01m | ▼ 80.1% |
| Trade debts44 | €0.2m | €0.4m | €0.4m | €0.6m | €0.5m | €0.3m | €0.3m | ▲ 21.6% |
| Suppliers440/4 | - | - | €0.4m | €0.6m | €0.5m | €0.3m | €0.3m | ▲ 21.6% |
| Advances received on contracts in progress46 | - | - | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.2% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 0.9% |
| Taxes450/3 | - | - | €0.1m | €0.07m | €0.06m | €0.03m | €0.04m | ▲ 54.4% |
| Remuneration and social security454/9 | - | - | €0.04m | €0.04m | €0.06m | €0.06m | €0.05m | ▼ 25.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.04m | €0.01m | €0.02m | ▲ 70.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €102,598 | €186,825 | €140,528 | €160,767 | €154,791 | €45,705 | €86,357 | ▲ 88.9% |
| + Depreciation and write-downs630 | €158,502 | €45,840 | €42,786 | €71,845 | €69,286 | €70,959 | €71,597 | ▲ 0.9% |
| Operating cash flow (approximation) | €261,101 | €232,664 | €183,314 | €232,612 | €224,076 | €116,664 | €157,954 | ▲ 35.4% |
| Investment in fixed assets (approximation) | - | -€2,142 | -€225,720 | -€326,832 | -€200,129 | -€28,492 | -€10,215 | ▲ 64.1% |
| Change in cash | - | €57,230 | -€102,914 | €42,900 | €30,273 | €16,808 | €68,066 | ▲ 305% |
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, 5,047 companies had the same profile as FP2 has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FP2 itself: 1.8% 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 5,047 companies, not a prediction for FP2. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-09-2026 | 2026-00546359 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00525598 | |
| 31-12-2023 | abbreviated format | 07-10-2024 | 2024-00503409 | |
| 31-12-2022 | abbreviated format | 31-10-2023 | 2023-00503772 | |
| 31-12-2021 | abbreviated format | 24-02-2023 | 2023-00032995 | |
| 31-12-2020 | abbreviated format | 07-02-2022 | 2022-05200290 | |
| 31-12-2019 | abbreviated format | 06-10-2020 | 2020-59400463 |