Active BE 0459.744.564Public limited company

FRAMAVER

Goethalslaan(Heu) 4 ·8501 Kortrijk, Belgium· 29 yrs active

Sector: Agents specialised in the wholesale of other particular products (46180)

Conclusion Checked

FRAMAVER has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €568k and a net result of €15k. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 52% of 10877 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€568k
Net result	€15k
Better than sector	52%
Active	29 yrs

Financial profile 5 of 5 axes measured · computed by Checked

72 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 79

Profitability 13

Solvency 90

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1997, 29 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

79 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€45k

estimate, not credit advice

Score history

74 2022

87 2023

79 2024

79 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 4.29 (≥ 1.5) +10

Quick ratio Quick ratio 4.29 (≥ 1.0) +5

Leverage Debt/equity 1.20 (< 2.0) +3

Profitability ROE 3% +3

Interest coverage Interest coverage 151.3× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview28 NBB filings

Annual accounts filed on 21-01-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~3%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	45.4%	42.6%	better than 52% of 10877 sector peers
Net result	€15k	€6k	better than 63% of 10889 sector peers
Equity	€568k	€60k	better than 93% of 10908 sector peers
Gross operating margin	€100k	€29k	better than 79% of 10866 sector peers
Total assets	€1.25M	€175k	better than 95% of 10887 sector peers

EBITDA

€84k

-1.9% 22-25

Net profit

€15k

-11.2% 22-25

Cash flow

€83k

-1.1% 22-25

Total assets

€1.25M

-0.2% 22-25

Equity

€568k

+2.7% 22-25

Working capital

€195k

+49.7% 22-25

Debt

€684k

-2.5% 22-25

Debt ≤ 1y

€60k

-11.6% 22-25

Debt > 1y

€609k

-1.8% 22-25

Current ratio

4.29

+45.8% 22-25

Quick ratio

4.29

+45.8% 22-25

Solvency

45.4%

+2.9% 22-25

Debt / equity

1.20

-5.0% 22-25

ROE

2.6%

-13.5% 22-25

ROA

1.2%

-11.0% 22-25

Interest coverage

151.28

+124.4% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	€84k	€85k	€86k	€71k
Net profit	€15k	€17k	€17k	€3k
Cash flow	€83k	€84k	€85k	€69k
Staff costs	-	-	-	-
Income taxes	-	-	-	-
Dividends	-	-	-	-
Total assets	€1.25M	€1.25M	€1.26M	€1.27M
Equity	€568k	€553k	€536k	€519k
Debt	€684k	€701k	€722k	€749k
of which ≤ 1y	€60k	€67k	€66k	€73k
of which > 1y	€609k	€621k	€641k	€661k
Working capital	€195k	€131k	€72k	€7k
Employees (FTE)	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022
Current ratio	4.29	2.94	2.09	1.09
Quick ratio	4.29	2.94	2.09	1.09
Working capital ratio	15.6%	10.4%	5.7%	0.5%
Solvency	45.4%	44.1%	42.6%	41.0%
Debt / equity	1.20	1.27	1.35	1.44
Long-term debt ratio	1.07	1.12	1.20	1.27
Interest coverage	151.28	67.42	68.63	44.89
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	1.2%	1.3%	1.3%	0.2%
ROE	2.6%	3.0%	3.2%	0.5%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €996k · 79.6% Current assets €255k · 20.4%

Equity & liabilities

Equity €568k · 45.4% Debt €684k · 54.6%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€1.25M	€1.25M	€1.26M	€1.27M
Fixed assets	21/28	€996k	€1.06M	€1.12M	€1.19M
Tangible fixed assets	22/27	€996k	€1.06M	€1.12M	€1.19M
Current assets	29/58	€255k	€198k	€138k	€80k
Amounts receivable within one year	40/41	€9k	€13k	€9k	€9k
Investments	50/53	€155k	€100k	-	-
Cash & bank	54/58	€90k	€84k	€128k	€70k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€1.25M	€1.25M	€1.26M	€1.27M
Equity	10/15	€568k	€553k	€536k	€519k
Contributions / capital	10/11	€300k	€300k	€300k	€300k
Reserves	13	€139k	€139k	€139k	€139k
Accumulated profits (losses)	14	€129k	€114k	€98k	€81k
Amounts payable	17/49	€684k	€701k	€722k	€749k
Amounts payable after one year	17	€609k	€621k	€641k	€661k
Amounts payable within one year	42/48	€60k	€67k	€66k	€73k
Trade debts payable within one year	44	-	€2k	-	€1k
Income statement
Gross operating margin	9900	€100k	€101k	€99k	€90k
Operating result	9901	€15k	€18k	€18k	€4k
Financial income	75	-	€0	€10	€270
Financial charges	65	€553	€1k	€1k	€2k
Result before taxes	9903	€15k	€17k	€17k	€3k
Net result for the period	9904	€15k	€17k	€17k	€3k
Result to be appropriated	9905	€15k	€17k	€17k	€3k

Directors & mandates 4 directors

Former directors (4)

ANTHEUNES Marthe Elisabeth Cornelia
Director
State Gazette act 24353609 (06-02-2024)

Former
- → 06-02-2024
VERSTRAETE Eveline Patricia Delphine
Director
State Gazette act 24353609 (06-02-2024)

Former
- → 06-02-2024
VERSTRAETE Frans Oswald Louis Jeroom
Director
State Gazette act 24353609 (06-02-2024)

Former
- → 06-02-2024
VERSTRAETE Katleen Patricia Francisca
Director
State Gazette act 24353609 (06-02-2024)

Former
- → 06-02-2024

Legal Structure

NACE primary	Agents specialised in the wholesale of other particular products(46180)
Legal form	Public limited company(014)
Incorporation	08-01-1997
Status	Active
Postal code	8501

Establishment units 1 location

Goethalslaan(Heu) 4, 8501 Kortrijk

Air transport

since 19992.099.232.032

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
34016C0921/00V000	Flanders	1,598 m²	1 · 193 m²	10.8 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 12Financial 1Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2026

21-01

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2024

19-12

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

06-02

State Gazette act Director changes

Hendrik MOENS

2023

21-11

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

30-06

Financial Highest result since 2022net €17k ▲517%

Operating result €18k, net result €17k, both a record.

03-01

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2021

29-12

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2020

31-12

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

08-01

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

18-02

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 18 days late

2018

26-02

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 26 days late

2016

31-12

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

06-02-2024 4 resigning Director changes·Hendrik MOENS

VERSTRAETE Frans Oswald Louis Jeroom, Bestuurder
ANTHEUNES Marthe Elisabeth Cornelia, Bestuurder
VERSTRAETE Eveline Patricia Delphine, Bestuurder
VERSTRAETE Katleen Patricia Francisca, Bestuurder

Notary: Hendrik MOENS · Wevelgem

Original publication ↗

Technical details

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      },
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  "act_meta": {
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Agents specialised in the wholesale of other particular products46180Wholesale trade46120

Names & trade names

Legal nameNL

FRAMAVER

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