FRAMAR
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, 2026-00456908.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 32 filings
Equity
-€1,952
2024 · €2,802
Total assets
€15,510▼ 2.4%
2024 · €15,890
Net result
-€4,754▲ 44.7%
2024 · -€8,604
Working capital
-€5,202▼ 1,061%
2024 · -€448
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,714
▲ 44.6%
2025
20182025
Net result
-€4,754
▲ 44.7%
2025
lowest quarter of the sector
20182025
Equity
-€1,952
2025
lowest quarter of the sector
20182025
Total assets
€15,510
▼ 2.4%
2025
lowest quarter of the sector
20182025
Debt
€17,462
▲ 33.4%
2025
20182025
Working capital
-€5,202
▼ 1,061%
2025
middle half of the sector
20182025
Solvency
-12.6%
▼ 30.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.70
▼ 0.26
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-30.7%
▲ 23.5pp
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-€10,826--€4,946▲ 54.3%€10,147-€3,381-€15,500▼ 358%-€8,656▲ 44.2%-€8,512▲ 1.7%-€4,714▲ 44.6%
Net result-€11,030-€27€9,939within the sector's middle half▲ 368×-€3,623below the sector's middle half-€15,901below the sector's middle half▼ 339%-€9,034below the sector's middle half▲ 43.2%-€8,604below the sector's middle half▲ 4.8%-€4,754below the sector's middle half▲ 44.7%
Equity€29,998-€30,025▲ 0.1%€39,964within the sector's middle half▲ 33.1%€36,341within the sector's middle half▼ 9.1%€20,440within the sector's middle half▼ 43.8%€11,406within the sector's middle half▼ 44.2%€2,802within the sector's middle half▼ 75.4%-€1,952below the sector's middle half
Total assets€66,225-€61,705▼ 6.8%€61,992within the sector's middle half▲ 0.5%€57,006below the sector's middle half▼ 8.0%€40,310below the sector's middle half▼ 29.3%€21,407below the sector's middle half▼ 46.9%€15,890below the sector's middle half▼ 25.8%€15,510below the sector's middle half▼ 2.4%
Debt€36,227-€31,680▼ 12.6%€22,028▼ 30.5%€20,665▼ 6.2%€19,870▼ 3.8%€10,001▼ 49.7%€13,088▲ 30.9%€17,462▲ 33.4%
Working capital€2,146-€5,733▲ 167%€19,232within the sector's middle half▲ 235%€19,169within the sector's middle half▼ 0.3%€6,355within the sector's middle half▼ 66.8%€5,068within the sector's middle half▼ 20.3%-€448within the sector's middle half-€5,202within the sector's middle half▼ 1,061%
Solvency45.3%-48.7%▲ 3.4pp64.5%above the sector's middle half▲ 15.8pp63.7%above the sector's middle half▼ 0.7pp50.7%within the sector's middle half▼ 13.0pp53.3%within the sector's middle half▲ 2.6pp17.6%within the sector's middle half▼ 35.6pp-12.6%below the sector's middle half▼ 30.2pp
Current ratio1.06-1.18▲ 0.121.87within the sector's middle half▲ 0.691.93within the sector's middle half▲ 0.051.32within the sector's middle half▼ 0.611.51within the sector's middle half▲ 0.190.97within the sector's middle half▼ 0.540.70below the sector's middle half▼ 0.26
Return on assets (ROA)-16.7%-0.0%▲ 16.7pp16.0%above the sector's middle half▲ 16.0pp-6.4%below the sector's middle half▼ 22.4pp-39.4%below the sector's middle half▼ 33.1pp-42.2%below the sector's middle half▼ 2.8pp-54.1%below the sector's middle half▼ 11.9pp-30.7%below the sector's middle half▲ 23.5pp
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 a loss of €4,714, smaller than the loss of €8,512 in 2024.
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 €15,510
Fixed assets
€3,250 =
Current assets
€12,260 ▼ 3.0%
Equity and liabilities
Equity-€1,952
Debt€17,462
Equity is negative. Debt (€17,462) exceeds the balance-sheet total (€15,510).
Key figures and ratios
Quick ratio
0.01▼
2024 · 0.04
Debt ≤ 1 year
€17,462▲
2024 · €13,088
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,727 | €17,503 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,560 | €3,560 | €3,560 | €3,560 | €3,087 | €3,087 | €3,088 | - | - |
| Other operating charges640/8 | - | - | - | €2,999 | €2,799 | €2,904 | €3,515 | €3,229 | ▼ 8.1% |
| Gross operating margin9900 | €18,816 | €23,022 | €31,235 | €17,905 | €7,889 | -€2,665 | -€1,909 | -€1,485 | ▲ 22.2% |
| Operating profit (loss)9901 | -€10,826 | -€4,946 | €10,147 | -€3,381 | -€15,500 | -€8,656 | -€8,512 | -€4,714 | ▲ 44.6% |
| Financial income75/76B | - | - | - | €19 | - | €29 | €6 | - | - |
| Recurring financial income75 | €22 | €22 | €22 | €19 | - | €29 | €6 | - | - |
| Financial charges65/66B | - | - | - | €261 | €401 | €407 | €97 | €40 | ▼ 58.8% |
| Recurring financial charges65 | €226 | €345 | €230 | €261 | €401 | €407 | €97 | €40 | ▼ 58.8% |
| Profit (loss) for the period before taxes9903 | -€11,030 | €27 | €9,939 | -€3,623 | -€15,901 | -€9,034 | -€8,603 | -€4,754 | ▲ 44.7% |
| Income taxes67/77 | - | - | - | - | - | - | €1 | - | - |
| Profit (loss) for the period9904 | -€11,030 | €27 | €9,939 | -€3,623 | -€15,901 | -€9,034 | -€8,604 | -€4,754 | ▲ 44.7% |
| Profit (loss) for the period to be appropriated9905 | -€11,030 | €27 | €9,939 | -€3,623 | -€15,901 | -€9,034 | -€8,604 | -€4,754 | ▲ 44.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €66,225 | €61,705 | €61,992 | €57,006 | €40,310 | €21,407 | €15,890 | €15,510 | ▼ 2.4% |
| Fixed assets21/28 | €27,852 | €24,292 | €20,732 | €17,172 | €14,085 | €6,338 | €3,250 | €3,250 | = |
| Tangible fixed assets22/27 | €23,192 | €19,632 | €16,072 | €12,512 | €9,425 | €6,338 | €3,250 | €3,250 | = |
| Land and buildings22 | - | - | - | €12,512 | €9,425 | €6,338 | €3,250 | €3,250 | = |
| Financial fixed assets28 | €4,660 | €4,660 | €4,660 | €4,660 | €4,660 | - | - | - | - |
| Current assets29/58 | €38,373 | €37,413 | €41,260 | €39,834 | €26,225 | €15,069 | €12,640 | €12,260 | ▼ 3.0% |
| Stocks and contracts in progress3 | €27,821 | €23,811 | €20,909 | €23,219 | €12,121 | €12,121 | €12,121 | €12,121 | = |
| Stocks30/36 | - | - | - | €23,219 | €12,121 | €12,121 | €12,121 | €12,121 | = |
| Amounts receivable within one year40/41 | €987 | €539 | €33 | €782 | €3,067 | €1,678 | €425 | €22 | ▼ 94.8% |
| Trade receivables40 | - | - | - | €207 | €2,698 | €1,100 | - | - | - |
| Other amounts receivable41 | - | - | - | €575 | €369 | €578 | €425 | €22 | ▼ 94.8% |
| Cash at bank and in hand54/58 | €9,565 | €13,063 | €20,150 | €15,130 | €11,037 | €1,270 | €94 | €117 | ▲ 24.5% |
| Deferred charges and accrued income490/1 | - | - | - | €703 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €66,225 | €61,705 | €61,992 | €57,006 | €40,310 | €21,407 | €15,890 | €15,510 | ▼ 2.4% |
| Equity10/15 | €29,998 | €30,025 | €39,964 | €36,341 | €20,440 | €11,406 | €2,802 | -€1,952 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €13,195 | €13,195 | €13,195 | €13,195 | €13,195 | €13,195 | €13,195 | €13,195 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €3,963 | €3,963 | €3,963 | €3,963 | €3,963 | = |
| Distributable reserves133 | - | - | - | €7,372 | €7,372 | €7,372 | €7,372 | €7,372 | = |
| Profit (loss) carried forward14 | -€1,797 | -€1,770 | €8,169 | €4,546 | -€11,355 | -€20,389 | -€28,993 | -€33,747 | ▼ 16.4% |
| Amounts payable17/49 | €36,227 | €31,680 | €22,028 | €20,665 | €19,870 | €10,001 | €13,088 | €17,462 | ▲ 33.4% |
| Amounts payable within one year42/48 | €36,227 | €31,680 | €22,028 | €20,665 | €19,870 | €10,001 | €13,088 | €17,462 | ▲ 33.4% |
| Trade debts44 | €9,729 | €10,609 | €4,657 | €5,984 | €2,684 | €1,142 | €490 | €464 | ▼ 5.3% |
| Suppliers440/4 | - | - | - | €5,984 | €2,684 | €1,142 | €490 | €464 | ▼ 5.3% |
| Taxes, remuneration and social security45 | - | - | - | €236 | €2,741 | - | - | - | - |
| Taxes450/3 | - | - | - | €219 | €486 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €17 | €2,255 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €14,445 | €14,445 | €8,859 | €12,598 | €16,998 | ▲ 34.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,030 | €27 | €9,939 | -€3,623 | -€15,901 | -€9,034 | -€8,604 | -€4,754 | ▲ 44.7% |
| + Depreciation and write-downs630 | €3,560 | €3,560 | €3,560 | €3,560 | €3,087 | €3,087 | €3,088 | - | - |
| Operating cash flow (approximation) | -€7,470 | €3,587 | €13,499 | -€63 | -€12,814 | -€5,947 | -€5,516 | -€4,754 | ▲ 13.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €4,660 | €0 | €0 | - |
| Change in cash | - | €3,498 | €7,087 | -€5,020 | -€4,093 | -€9,767 | -€1,176 | €23 | - |
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, 6,619 companies had the same profile as FRAMAR has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRAMAR itself: 1.4% 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 6,619 companies, not a prediction for FRAMAR. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00456908 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00403224 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00405664 | |
| 31-12-2022 | micro format | 30-10-2023 | 2023-00496294 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20443278 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58300224 | |
| 31-12-2019 | micro format | 26-10-2020 | 2020-62800373 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-51900006 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-65500434 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-49400063 |