Equity
-€89,925
Debts exceed assets in financial year 2025.
FRAMES
Overview
Lifetime
7 annual accounts with figures on one time axispeak €52,993 (2023)
€8,037▲ €24,145
lowest -€68,074 (2024)
-€1,655▲ €66,420
peak €6,035 (2019)
-€89,925▼ €1,655
€225,871▼ 3.3%
Board1 name since 2018
1 directorDenecker Carl
Documentsfilings and deeds
14-04-202616 days before the deadline
2025micro format
Gross margin from -€16,108 to €8,037Loss of €1,655
Key points
from the 2025 annual accountsResult
-€1,655 ▲ 97.6%
The result rose in 2025 from -€68,074 to -€1,655.
Turnover
≈ €23,000 estimated
The micro format states no turnover.
Debts
€225,871 166% of the balance sheet
Suppliers 4%Taxes and wages 2%Other 93%
Of this, €225,572 falls due within a year.
Filings
7 annual accounts 2 late
The 2019 accounts came latest: 267 days after the end of the period.
Position in the sector
-€89,925
Less equity than 94% of companies in rental and leasing. Sector median €45,393 · 1,853 companies.
Checked score
54
Fair
Financially stronger than 26% of micro companies in rental and leasing (NACE 77)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 3,166 companies (NACE 77, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.1%
01-2025: 1.2%▲ +0.1 percentage points vs 12-2024
02-2025: 1.1%▼ -0.1 percentage points vs 01-2025
03-2025: 1.1%● unchanged vs 02-2025
04-2025: 1.2%▲ +0.1 percentage points vs 03-2025
05-2025: 2.2%▲ +1.0 percentage point vs 04-2025highest value
06-2025: 2.2%● unchanged vs 05-2025highest value
07-2025: 2.2%● unchanged vs 06-2025highest value
08-2025: 2.2%● unchanged vs 07-2025highest value
09-2025: 2.1%▼ -0.1 percentage points vs 08-2025
10-2025: 2.1%● unchanged vs 09-2025
11-2025: 2.1%● unchanged vs 10-2025
12-2025: 2.0%▼ -0.1 percentage points vs 11-2025
01-2026: 2.0%● unchanged vs 12-2025
02-2026: 2.0%● unchanged vs 01-2026
03-2026: 1.9%▼ -0.1 percentage points vs 02-2026
04-2026: 2.0%▲ +0.1 percentage points vs 03-2026
05-2026: 1.0%▼ -1.0 percentage point vs 04-2026
06-2026: 1.0%● unchanged vs 05-2026
07-2026: 1.0%● unchanged vs 06-2026
08-2026: 1.0%● unchanged vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 0.9%▼ -0.1 percentage points vs 09-2026lowest value
11-2026: 0.9%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€89,925
lowers risk
Size: total assets €135,946
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 77, micro). It does better than 7% of them on solvency, 14% on liquidity, 46% on profitability and 37% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,564 companies had the same profile as FRAMES has now. Each dot stands for 4 companies, two years later.
88.9%
were still trading
5.4%
stopped another way
5.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FRAMES itself is lower: 0.9% within 12 months. It rests on far more data about FRAMES than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,564 companies, not a prediction for FRAMES. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.49 (0.49 in 2024), below 1. Short-term debt is 165.9% and cash 9.9% of total assets. Equity is negative.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Four signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€89,925
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 14-04-2026, 16 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
16 days early
2024
1 day early
2023
4 days early
2022
22 days late
2021
30 days early
2020
on the day
2019
267 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 34 days after the deadline. In the sector (NACE 77), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 27 April (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end10-11-2026 today30-04-2027 deadline
Board and ownership
DC
Denecker Carl
Director, since 16-01-2018
Shares in 2 companies, WOODFACTORY BELGIË and WOODFACTORY BERINGEN
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0688555983
Founder · Name clause
Gazette deed
First establishment
FRAMES bvba, Twaalfapostelenstraat 8, Ghent
Incorporation
published on 19-01-2018 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FRAMES Ghent | €135,946 | €8,037 | -66.1% | - |
| ACR Renting Evergem | €130,529 | €8,170 | -4.1% | - |
| KNEVELS MACHINERY Pelt | €98,011 | €10,605 | 50.0% | - |
| ECO-Invest Hasselt | €173,390 | €12,383 | 72.9% | - |
| SAFE & CLEAN Torhout | €176,799 | €6,707 | 62.2% | - |
| FPK-Rent Kruibeke | €188,148 | €4,336 | 46.3% | - |
| Coffral Services Benelux Maldegem | €148,334 | €18,976 | 88.5% | 0 |
These companies have the same main activity as FRAMES: renting and leasing of other machinery, equipment and tangible goods (NACE 77399). They are comparable in size and age: total assets between €98,000 and €188,000, founded between 2017 and 2020.
Official details
Source: KBO- Status
- Active since 17-01-2018Normal situation
- Activity
- Renting and leasing of other machinery, equipment and tangible goodsNACE 77399and 4 others
- Establishment unit
- 2.272.141.8569051 Ghent, since 30-01-2018
- Financial year end
- 30 September
- Peppol
- Reachable since 25-11-2025
Annual accounts to 30-09-2025
- €8,037
- €1,655▼ 97.6%
- -€89,925▼ 1.9%
- €135,946▼ 6.4%
- Filing
- Filed on 14-04-2026, 16 days before the end of the filing period
Insights on FRAMES
FRAMES files the micro format. That format states no turnover. The gross margin rose from -€4,885 in 2019 to €8,037 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 14-04-2026, 16 days before the deadline€8,037
▲ €24,145
-€1,220
▲ €64,219
-€1,655
▲ €66,420
-€114,741
▲ €5,497
-66.1%
▼ 5.4 percentage points
0.49
▲ 0.01
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €23,000. Estimated: probably between €17,000 and €48,000.
Balance sheet
balance sheet total €135,946 on 30-09-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-66.1%
Higher than 11% of 1,847 companies in 2025.
0.49
Higher than 26% of 1,759 companies in 2025.
-1.2%
Higher than 32% of 1,776 companies in 2025.
FRAMES
Middle half of the sector
80% of the sector
Micro accounts in rental and leasing (NACE 77)
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff
Staff costs divided by the average number of full-time equivalents.
people who joined
people who left
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
135,946 | 145,255 | 166,392 | 158,947 | 187,879 | 147,803 | 160,490 | |
21/28 |
25,115 | 31,968 | 56,978 | 82,738 | 100,005 | 116,185 | 132,728 | |
22/27 |
20,614 | 27,467 | 52,477 | 78,014 | 95,505 | 116,185 | 132,728 | |
23 |
1,405 | 3,592 | 21,536 | 39,480 | 52,158 | 66,588 | 120,738 | |
24 |
- | 0 | 2,398 | 4,796 | 7,194 | 9,592 | 11,990 | |
26 |
19,209 | 23,876 | 28,543 | 33,738 | 36,153 | 40,005 | - | |
28 |
4,501 | 4,501 | 4,501 | 4,724 | 4,500 | - | - | |
29/58 |
110,831 | 113,287 | 109,414 | 76,209 | 87,874 | 31,618 | 27,762 | |
3 |
- | - | - | - | - | 3,636 | 7,424 | |
30/36 |
- | - | - | - | - | 3,636 | 7,424 | |
40/41 |
96,623 | 99,117 | 98,120 | 70,763 | 74,647 | 6,687 | 6,759 | |
40 |
96,623 | 98,941 | 98,120 | 70,763 | 74,647 | 6,687 | 6,759 | |
41 |
0 | 175 | - | - | - | - | - | |
54/58 |
13,457 | 14,057 | 11,179 | 4,236 | 11,985 | 20,634 | 13,579 | |
490/1 |
752 | 114 | 115 | 1,211 | 1,242 | 661 | - | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
135,946 | 145,255 | 166,392 | 158,947 | 187,879 | 147,803 | 160,490 | |
10/15 |
-89,925 | -88,270 | -20,195 | -23,822 | 521 | -3,895 | 6,035 | |
10/11 |
12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | |
100 |
- | - | - | - | - | - | 12,500 | |
14 |
-102,425 | -100,770 | -32,695 | -36,322 | -11,979 | -16,395 | -6,465 | |
17/49 |
225,871 | 233,525 | 186,587 | 182,770 | 187,358 | 151,698 | 154,455 | |
17 |
- | - | 0 | 2,897 | 14,399 | 25,764 | 33,267 | |
170/4 |
- | - | 0 | 2,897 | 14,399 | 25,764 | 33,267 | |
42/48 |
225,572 | 233,525 | 186,587 | 179,873 | 167,709 | 120,351 | 121,188 | |
42 |
- | 0 | 2,897 | 11,502 | 11,366 | 10,301 | 11,143 | |
44 |
9,950 | 12,646 | 19,601 | 21,490 | 31,976 | 6,537 | 8,429 | |
440/4 |
9,950 | 12,646 | 19,601 | 21,490 | 31,976 | 6,537 | 8,429 | |
45 |
5,076 | 8,172 | 20,640 | 5,885 | 6,561 | 4,891 | 883 | |
450/3 |
5,076 | 7,800 | 17,619 | 2,543 | 6,561 | 4,891 | 883 | |
454/9 |
0 | 371 | 3,021 | 3,343 | - | - | - | |
47/48 |
210,546 | 212,708 | 143,449 | 140,996 | 117,806 | 98,621 | 100,733 | |
492/3 |
299 | - | - | 0 | 5,250 | 5,583 | - | |
| Income statement | ||||||||
76A |
- | 0 | 107 | - | - | - | - | |
9900 |
8,037 | -16,108 | 52,993 | 8,131 | 30,355 | 14,024 | -4,885 | |
62 |
1,513 | 19,585 | 22,099 | 7,041 | - | - | - | |
630 |
6,853 | 25,009 | 25,009 | 24,738 | 23,674 | 22,590 | - | |
640/8 |
891 | 4,738 | 985 | 219 | 394 | 277 | 154 | |
9901 |
-1,220 | -65,439 | 4,900 | -23,868 | 6,286 | -8,843 | -5,039 | |
75/76B |
1 | 57 | 0 | 215 | 451 | 519 | - | |
75 |
1 | 57 | 0 | 215 | 451 | 519 | - | |
65/66B |
436 | 2,692 | 1,273 | 690 | 2,322 | 1,605 | 1,426 | |
65 |
436 | 2,692 | 1,273 | 690 | 2,322 | 1,605 | 1,426 | |
9903 |
-1,655 | -68,074 | 3,627 | -24,343 | 4,416 | -9,930 | -6,465 | |
9904 |
-1,655 | -68,074 | 3,627 | -24,343 | 4,416 | -9,930 | -6,465 | |
9905 |
-1,655 | -68,074 | 3,627 | -24,343 | 4,416 | -9,930 | -6,465 | |
| Appropriation of the result | ||||||||
9906 |
-102,425 | -100,770 | -32,695 | -36,322 | -11,979 | -16,395 | -6,465 | |
14P |
-100,770 | -32,695 | -36,322 | -11,979 | - | - | - | |
| Social balance sheet | ||||||||
9087 |
0 | 0.5 | 1 | - | - | - | - | |
Hours worked1013 |
- | 787 | 1,434 | - | - | - | - | |
| Document | ||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 14-04-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 14-04-2026 | 2026-00079064 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00079781 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00070250 | |
| 30-09-2022 | micro format | 22-05-2023 | 2023-00090772 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09300340 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12000114 | |
| 30-09-2019 | micro format | 22-01-2021 | 2021-01400378 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 5,633 | -40,430 | 29,909 | 870 | 29,960 | 13,747 | - | ||
| 5,198 | -43,065 | 28,637 | 395 | 28,090 | 12,660 | - | ||
| 0 | 0 | 1 | 7,471 | 8,830 | 6,047 | 132,728 | ||
| -600 | 2,878 | 6,943 | -7,750 | -8,649 | 7,055 | - | ||
| -114,741 | -120,238 | -77,173 | -103,664 | -79,835 | -88,733 | -93,426 | ||
| -66.1% | -60.8% | -12.1% | -15.0% | 0.3% | -2.6% | 3.8% | ||
| 0.49 | 0.49 | 0.59 | 0.42 | 0.52 | 0.26 | 0.23 | ||
| 0.49 | 0.49 | 0.59 | 0.42 | 0.52 | 0.23 | 0.17 | ||
| - | - | - | - | - | - | 25.59 | ||
| - | - | - | - | - | - | -107.1% | ||
| -1.2% | -46.9% | 2.2% | -15.3% | 2.4% | -6.7% | -4.0% | ||
| 12.93 | -15.02 | 23.50 | 1.26 | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 30-09-2024 | 30-09-2023 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| full-time | - | 0 |
| part-time | - | 1 |
| in full-time equivalents | - | 0.8 |
| 0.4 | 0.8 | |
| On a permanent contract | - | 1 |
| Joined | 0 | - |
| Left | 1 | - |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
fixed assets acquired| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €7,247 |
| Financial fixed assets | - | - | €1 | €224 |
| €6,853 | €25,009 | €25,009 | €24,738 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on FRAMES
The operating result for 2025 is a loss of €1,220, smaller than the loss of €65,439 in 2024.
Equity is negative. Debt (€225,871) exceeds the balance-sheet total (€135,946).
Board & ownership
Board
1 directorMandates through the years
1 name, the dashed line is todayDenecker Carl
Director
Director
Board
Mandates as a list
- Denecker Carl
- Director, from 16-01-2018 to date
Control
Capital
- Contribution
- €12,500
- Source
- 2025 annual accounts
Network & group
Holdings
own accounts to 30-09-2025This companyFRAMES2 holdings, 1 country
accounts to 30-09-2025
Belgium 2 Equity Result
- BE Woodfactory België75% €9,355 result €48,117
- BE Woodfactory Beringen20% -€83,589 result -€41,851
Source: list of holdings in its own 30-09-2025 accounts. Every holding stands with its own latest accounts.
Holdings and subsidiaries
2 holdingsHoldings 2
Share, source and own figures per holding (2)
Source for every holding own accounts 30-09-2025
- WOODFACTORY BELGIËsubsidiaryEquity €9,355 Profit of €48,117 in 2025 (profit of €1,652 in 2024) Checked score 9475%
- Equity -€83,589 Loss of €41,851 in 2025 (loss of €9,118 in 2024) Checked score 5320%
Connections & network
1 current directorThe network starts from the directors of FRAMES. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Timeline
14 events since 2018Filings
Financial
Establishments
20182020202220242026
Deadline for the 2026 accounts: 30-04-2027
2026
Annual accounts 2025 filed PDFmicro format · 16 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0688555983
Annual accounts 2024 filed PDFmicro format · 1 day before the deadline
2024
Weakest financial year net -€68,074 The net result drops to -€68,074, the lowest from 2019 to 2025. It recovers the following year.
Annual accounts 2023 filed PDFmicro format · 4 days before the deadline
2023
Back to profit net €3,627 The net result is €3,627, after one loss-making year.
Annual accounts 2022 filed PDFmicro format · 22 days late
2022
Annual accounts 2021 filed PDFmicro format · 30 days before the deadline
2021
Back to profit net €4,416 The net result is €4,416, after 2 loss-making years.
Annual accounts 2020 filed PDFmicro format · on the deadline day
Annual accounts 2019 filed PDFmicro format · 267 days late
2020
Founder · Name clause PDFLegal form clause · Registered office clause
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0688.555.983
- VAT number
- BE 0688.555.983
- Peppol ID
- 0208:0688555983
- Other Peppol ID
- 9925:BE0688555983
- Legal form
- Private limited company (pre-2019)
- Status
- Active, normal situation
- Founded
- 17-01-2018
- Financial year
- ends on 30 September
- Peppol
- Reachable since 25-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- FRAMES in Dutch
- Entity type
- Legal entity
Activities
NACEBEL 202577399
Renting and leasing of other machinery, equipment and tangible goods main activity
47522
Retail trade
Codes under NACEBEL 2008
77399
Renting and leasing of other machinery, equipment and tangible goods main activity
47522
Retail trade
77291
Rental and leasing activities
77320
Rental and leasing activities
77391
Rental and leasing activities
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| FRAMES bvba registered office Twaalfapostelenstraat 8, 9051 Ghent | 30-01-2018 | 2.272.141.856 |