FRADOFLO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00436131.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 12 filings
Turnover
€35,154
EBIT margin
42.6%
Net result
-€5,815
2024 · €10,870
Working capital
€40,930▲ 15.0%
2024 · €35,604
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,278
2025
20182025
Net result
-€5,815
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€187,999
▼ 3.0%
2025
middle half of the sector
20182025
Total assets
€242,829
▼ 1.4%
2025
middle half of the sector
20182025
Debt
€54,830
▲ 4.6%
2025
20182025
Working capital
€40,930
▲ 15.0%
2025
middle half of the sector
20182025
Solvency
77.4%
▼ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
1.84
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.4%
▼ 6.8pp
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
Turnover€35,154
Operating result€1,523-€1,839▲ 20.7%€615▼ 66.5%€7,623▲ 12×€11,709▲ 53.6%€890▼ 92.4%€14,959▲ 17×-€3,278
Net result€1,552--€3,276-€3,736within the sector's middle half▼ 14.1%€3,297within the sector's middle half€6,984within the sector's middle half▲ 112%-€2,133within the sector's middle half€10,870within the sector's middle half-€5,815within the sector's middle half
EBIT margin42.6%
Equity€169,409-€166,133▼ 1.9%€162,397within the sector's middle half▼ 2.2%€165,693within the sector's middle half▲ 2.0%€185,078within the sector's middle half▲ 11.7%€182,945within the sector's middle half▼ 1.2%€193,815within the sector's middle half▲ 5.9%€187,999within the sector's middle half▼ 3.0%
Total assets€280,329-€277,296▼ 1.1%€279,091below the sector's middle half▲ 0.6%€279,035within the sector's middle half=€250,104within the sector's middle half▼ 10.4%€248,118within the sector's middle half▼ 0.8%€246,239within the sector's middle half▼ 0.8%€242,829within the sector's middle half▼ 1.4%
Debt€110,920-€111,163▲ 0.2%€116,694▲ 5.0%€113,342▼ 2.9%€65,026▼ 42.6%€65,173▲ 0.2%€52,424▼ 19.6%€54,830▲ 4.6%
Working capital-€66,959--€53,635▲ 19.9%-€41,178within the sector's middle half▲ 23.2%-€30,761within the sector's middle half▲ 25.3%€5,115within the sector's middle half€8,236within the sector's middle half▲ 61.0%€35,604within the sector's middle half▲ 332%€40,930within the sector's middle half▲ 15.0%
Solvency60.4%-59.9%▼ 0.5pp58.2%within the sector's middle half▼ 1.7pp59.4%within the sector's middle half▲ 1.2pp74.0%above the sector's middle half▲ 14.6pp73.7%above the sector's middle half▼ 0.3pp78.7%above the sector's middle half▲ 5.0pp77.4%above the sector's middle half▼ 1.3pp
Current ratio0.40-0.50▲ 0.100.62within the sector's middle half▲ 0.120.72within the sector's middle half▲ 0.101.09within the sector's middle half▲ 0.371.13within the sector's middle half▲ 0.041.78within the sector's middle half▲ 0.651.84within the sector's middle half▲ 0.06
Return on assets (ROA)0.6%--1.2%▼ 1.7pp-1.3%within the sector's middle half▼ 0.2pp1.2%within the sector's middle half▲ 2.5pp2.8%within the sector's middle half▲ 1.6pp-0.9%within the sector's middle half▼ 3.7pp4.4%within the sector's middle half▲ 5.3pp-2.4%below the sector's middle half▼ 6.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €3,278, after a profit of €14,959 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €242,829
Fixed assets
€153,319 ▼ 7.2%
Current assets
€89,510 ▲ 10.4%
Equity and liabilities €242,829
Equity
€187,999 ▼ 3.0%
Debt
€54,830 ▲ 4.6%
Debt's share of the balance-sheet total rises from 21.3% to 22.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€8,583▼
2024 · €26,823
Cash flow
€6,046▼
2024 · €22,734
Debt to equity
0.29▲
2024 · 0.27
ROE
-3.1%▼
2024 · 5.6%
Interest coverage
2.68▼
2024 · 6.38
Debt ≤ 1 year
€48,580▲
2024 · €45,455
Debt > 1 year
€4,050=
2024 · €4,050
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €35,154 | - | - |
| Non-recurring operating income76A | - | - | - | €24,387 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1,956 | - | - | €4,962 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,861 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €6,577 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,943 | €3,007 | €3,299 | €3,368 | €3,474 | ▲ 3.1% |
| Gross operating margin9900 | €16,152 | €16,509 | €15,404 | €22,431 | €33,158 | €16,053 | €30,192 | €12,057 | ▼ 60.1% |
| Operating profit (loss)9901 | €1,523 | €1,839 | €615 | €7,623 | €11,709 | €890 | €14,959 | -€3,278 | - |
| Financial income75/76B | - | - | - | €100 | €42 | €294 | €113 | €660 | ▲ 484% |
| Recurring financial income75 | €41 | €53 | €43 | €100 | €42 | €294 | €113 | €660 | ▲ 484% |
| Financial charges65/66B | - | - | - | €4,420 | €4,767 | €3,316 | €4,202 | €3,197 | ▼ 23.9% |
| Recurring financial charges65 | €12 | €4,810 | €4,388 | €4,420 | €4,767 | €3,316 | €4,202 | €3,197 | ▼ 23.9% |
| Profit (loss) for the period before taxes9903 | €1,552 | -€2,918 | -€3,730 | €3,303 | €6,984 | -€2,133 | €10,870 | -€5,815 | - |
| Income taxes67/77 | - | €358 | €6 | €6 | - | - | - | - | - |
| Profit (loss) for the period9904 | €1,552 | -€3,276 | -€3,736 | €3,297 | €6,984 | -€2,133 | €10,870 | -€5,815 | - |
| Profit (loss) for the period to be appropriated9905 | €1,552 | -€3,276 | -€3,736 | €3,297 | €6,984 | -€2,133 | €10,870 | -€5,815 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €280,329 | €277,296 | €279,091 | €279,035 | €250,104 | €248,118 | €246,239 | €242,829 | ▼ 1.4% |
| Fixed assets21/28 | €236,368 | €224,503 | €212,639 | €200,774 | €188,909 | €177,045 | €165,180 | €153,319 | ▼ 7.2% |
| Tangible fixed assets22/27 | €236,368 | €224,503 | €212,639 | €200,774 | €188,909 | €177,045 | €165,180 | €153,319 | ▼ 7.2% |
| Land and buildings22 | - | - | - | €200,774 | €188,909 | €177,045 | €165,180 | €153,319 | ▼ 7.2% |
| Current assets29/58 | €43,961 | €52,793 | €66,452 | €78,261 | €61,195 | €71,073 | €81,058 | €89,510 | ▲ 10.4% |
| Amounts receivable within one year40/41 | €2,461 | €28 | €1,587 | - | €1,388 | €1,425 | €1,405 | €1,790 | ▲ 27.4% |
| Trade receivables40 | - | - | - | - | €1,381 | €1,381 | €1,381 | €1,381 | = |
| Other amounts receivable41 | - | - | - | - | €6 | €44 | €24 | €409 | ▲ 17× |
| Cash at bank and in hand54/58 | €41,500 | €52,765 | €64,865 | €77,716 | €59,763 | €69,604 | €79,608 | €87,674 | ▲ 10.1% |
| Deferred charges and accrued income490/1 | - | - | - | €545 | €44 | €43 | €45 | €46 | ▲ 2.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €280,329 | €277,296 | €279,091 | €279,035 | €250,104 | €248,118 | €246,239 | €242,829 | ▼ 1.4% |
| Equity10/15 | €169,409 | €166,133 | €162,397 | €165,693 | €185,078 | €182,945 | €193,815 | €187,999 | ▼ 3.0% |
| Contributions10/11 | €188,855 | €188,855 | €188,855 | €188,855 | €201,255 | €201,255 | €201,255 | €201,255 | = |
| Reserves13 | €92 | €92 | €92 | €92 | €92 | €92 | €92 | €92 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €92 | €92 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €92 | €92 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €92 | €92 | €92 | ▼ 0.5% |
| Profit (loss) carried forward14 | -€19,539 | -€22,814 | -€26,551 | -€23,254 | -€16,270 | -€18,403 | -€7,533 | -€13,348 | ▼ 77.2% |
| Amounts payable17/49 | €110,920 | €111,163 | €116,694 | €113,342 | €65,026 | €65,173 | €52,424 | €54,830 | ▲ 4.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €4,050 | €4,050 | = |
| Other amounts payable178/9 | - | - | - | - | - | - | €4,050 | €4,050 | = |
| Amounts payable within one year42/48 | €110,920 | €106,428 | €107,630 | €109,022 | €56,079 | €62,837 | €45,455 | €48,580 | ▲ 6.9% |
| Trade debts44 | €50 | €558 | €1,131 | €546 | - | €384 | €387 | €417 | ▲ 7.7% |
| Suppliers440/4 | - | - | - | €546 | - | €384 | €387 | €417 | ▲ 7.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,052 | €2,055 | €1,808 | €2,135 | €2,189 | ▲ 2.5% |
| Taxes450/3 | - | - | - | €2,052 | €2,055 | €1,808 | €2,135 | €2,189 | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | €106,424 | €54,024 | €60,644 | €42,932 | €45,974 | ▲ 7.1% |
| Accrued charges and deferred income492/3 | - | - | - | €4,320 | €8,947 | €2,336 | €2,919 | €2,200 | ▼ 24.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,552 | -€3,276 | -€3,736 | €3,297 | €6,984 | -€2,133 | €10,870 | -€5,815 | - |
| + Depreciation and write-downs630 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,865 | €11,861 | = |
| Operating cash flow (approximation) | €13,416 | €8,589 | €8,128 | €15,162 | €18,849 | €9,732 | €22,734 | €6,046 | ▼ 73.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€0 | -€0 | €0 | €0 | €0 | - |
| Change in cash | - | €11,264 | €12,101 | €12,851 | -€17,953 | €9,841 | €10,004 | €8,066 | ▼ 19.4% |
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, 6,908 companies had the same profile as FRADOFLO has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FRADOFLO itself is lower: 0.1% within 12 months. It rests on far more data about FRADOFLO 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 6,908 companies, not a prediction for FRADOFLO. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00436131 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00423346 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00359887 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00200797 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20365594 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-25700158 | |
| 31-12-2019 | full format | 29-06-2020 | 2020-22000536 | |
| 31-12-2018 | full format | 01-07-2019 | 2019-26600100 | |
| 31-12-2017 | full format | 02-07-2018 | 2018-27800273 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-27100003 |