FRAMI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-11-2025 PDF all 29 filings
Turnover
€124,198▼ 4.8%
2024 · €130,397
EBIT margin
-58.5%▲ 5.6pp
2024 · -64.1%
Net result
-€58,151▲ 18.8%
2024 · -€71,625
Working capital
€3.0m▼ 2.4%
2024 · €3.0m
In the rankings
#4 company by equity in the province of Liège, Film, video and music sector#6 company by total assets in the province of Liège, Film, video and music sector
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€124,198
▼ 4.8%
2025
20202025
Operating result
-€72,614
▲ 13.1%
2025
20202025
Net result
-€58,151
▲ 18.8%
2025
lowest quarter of the sector
20202025
EBIT margin
-58.5%
▲ 5.6pp
2025
20202025
Equity
€4.0m
▼ 3.0%
2025
highest quarter of the sector
20202025
Total assets
€4.1m
▼ 2.8%
2025
middle half of the sector
20202025
Debt
€11,008
▲ 26.8%
2025
20202025
Working capital
€3.0m
▼ 2.4%
2025
highest quarter of the sector
20202025
Solvency
96.9%
▼ 0.1pp
2025
highest quarter of the sector
20202025
Return on assets (ROA)
-1.4%
▲ 0.3pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€0.2m-€0.2m▲ 10.6%€0.09m▼ 43.1%€0.09m▼ 0.9%€0.1m▲ 38.8%€0.1m▼ 4.8%
Operating result-€0.02m--€0.004m▲ 79.6%-€0.1m▼ 3,132%-€0.1m▲ 7.5%-€0.08m▲ 33.2%-€0.07m▲ 13.1%
Net result-€0.005mwithin the sector's middle half--€0.002mwithin the sector's middle half▲ 64.1%-€0.1mbelow the sector's middle half▼ 6,629%-€0.1mbelow the sector's middle half▲ 9.3%-€0.07mbelow the sector's middle half▲ 40.2%-€0.06mbelow the sector's middle half▲ 18.8%
EBIT margin-13.6%--2.5%▲ 11.1pp-142.7%▼ 140.2pp-133.2%▲ 9.5pp-64.1%▲ 69.1pp-58.5%▲ 5.6pp
Equity€4.5mabove the sector's middle half-€4.5mabove the sector's middle half=€4.3mabove the sector's middle half▼ 3.6%€4.2mabove the sector's middle half▼ 2.8%€4.1mabove the sector's middle half▼ 1.7%€4.0mabove the sector's middle half▼ 3.0%
Total assets€4.6mabove the sector's middle half-€4.6mabove the sector's middle half▼ 0.1%€4.5mabove the sector's middle half▼ 3.4%€4.3mabove the sector's middle half▼ 2.7%€4.3mabove the sector's middle half▼ 1.7%€4.1mwithin the sector's middle half▼ 2.8%
Debt€0.009m-€0.007m▼ 21.4%€0.009m▲ 29.6%€0.01m▲ 19.7%€0.009m▼ 17.4%€0.01m▲ 26.8%
Working capital€3.5mabove the sector's middle half-€3.3mabove the sector's middle half▼ 6.4%€3.1mabove the sector's middle half▼ 3.7%€3.1mabove the sector's middle half▼ 2.3%€3.0mabove the sector's middle half▼ 0.8%€3.0mabove the sector's middle half▼ 2.4%
Solvency97.3%above the sector's middle half-97.3%above the sector's middle half=97.2%above the sector's middle half▼ 0.1pp97.1%above the sector's middle half▼ 0.1pp97.1%above the sector's middle half=96.9%above the sector's middle half▼ 0.1pp
Return on assets (ROA)-0.1%within the sector's middle half-0.0%within the sector's middle half▲ 0.1pp-3.0%below the sector's middle half▼ 2.9pp-2.8%below the sector's middle half▲ 0.2pp-1.7%within the sector's middle half▲ 1.1pp-1.4%within the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 €72,614, smaller than the loss of €83,592 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.1m
Fixed assets
€1.2m ▼ 4.0%
Current assets
€3.0m ▼ 2.4%
Equity and liabilities €4.1m
Equity
€4.0m ▼ 3.0%
Provisions
€115,922 =
Debt
€11,008 ▲ 26.8%
Debt's share of the balance-sheet total rises from 0.2% to 0.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€24,290▲
2024 · -€35,269
Cash flow
-€9,827▲
2024 · -€23,302
Debt to equity
0.00▲
2024 · 0.00
ROE
-1.4%▲
2024 · -1.7%
Interest coverage
-33.09▲
2024 · -173.74
Debt ≤ 1 year
€11,008▲
2024 · €8,680
Customer credit
0 days
Supplier credit
14 days▲
2024 · 3 days
A ratio outside any meaningful range has been withheld (balance sheet total €4.1m, equity €4.0m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €9,290 | - | - | - |
| Depreciation and write-downs of the year | €48,663 | €48,323 | €48,323 | €48,324 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €150,593 | €166,508 | €94,786 | €93,944 | €130,397 | €124,198 | ▼ 4.8% |
| Non-recurring operating income76A | - | - | €5,762 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €131,650 | €151,785 | €151,583 | €136,974 | ▼ 9.6% |
| Remuneration, social security and pensions62 | - | - | €48 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,153 | €48,802 | €48,663 | €48,323 | €48,323 | €48,324 | = |
| Other operating charges640/8 | - | - | €76,397 | €18,950 | €14,083 | €11,514 | ▼ 18.2% |
| Gross operating margin9900 | €23,459 | €55,640 | -€10,148 | -€57,842 | -€21,186 | -€12,776 | ▲ 39.7% |
| Operating profit (loss)9901 | -€20,498 | -€4,185 | -€135,256 | -€125,115 | -€83,592 | -€72,614 | ▲ 13.1% |
| Financial income75/76B | - | - | €3,511 | €6,453 | €12,316 | €15,197 | ▲ 23.4% |
| Recurring financial income75 | €16,123 | €4,081 | €3,511 | €6,453 | €12,316 | €15,197 | ▲ 23.4% |
| Financial charges65/66B | - | - | €213 | €1,060 | €203 | €734 | ▲ 262% |
| Recurring financial charges65 | €1,083 | €255 | €213 | €1,060 | €203 | €734 | ▲ 262% |
| Profit (loss) for the period before taxes9903 | -€5,458 | -€359 | -€131,958 | -€119,722 | -€71,479 | -€58,151 | ▲ 18.6% |
| Income taxes67/77 | -€2 | €1,602 | - | - | €146 | - | - |
| Profit (loss) for the period9904 | -€5,456 | -€1,961 | -€131,958 | -€119,722 | -€71,625 | -€58,151 | ▲ 18.8% |
| Profit (loss) for the period to be appropriated9905 | -€5,456 | -€1,961 | -€131,958 | -€119,722 | -€71,625 | -€58,151 | ▲ 18.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €4.6m | €4.6m | €4.5m | €4.3m | €4.3m | €4.1m | ▼ 2.8% |
| Fixed assets21/28 | €1.1m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 4.0% |
| Tangible fixed assets22/27 | €1.1m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 4.0% |
| Land and buildings22 | - | - | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 3.9% |
| Plant, machinery and equipment23 | - | - | €0.005m | €0.005m | €0.004m | €0.003m | ▼ 18.8% |
| Financial fixed assets28 | €168 | €168 | €168 | €168 | €168 | €168 | = |
| Current assets29/58 | €3.5m | €3.3m | €3.1m | €3.1m | €3.0m | €3.0m | ▼ 2.4% |
| Amounts receivable within one year40/41 | €0.001m | €0.001m | - | €0.004m | - | €143 | - |
| Trade receivables40 | - | - | - | - | - | €143 | - |
| Other amounts receivable41 | - | - | - | €0.004m | - | - | - |
| Current investments50/53 | €1.0m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 6.1% |
| Cash at bank and in hand54/58 | €2.5m | €2.4m | €2.3m | €2.2m | €2.2m | €2.2m | ▼ 1.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €4.6m | €4.6m | €4.5m | €4.3m | €4.3m | €4.1m | ▼ 2.8% |
| Equity10/15 | €4.5m | €4.5m | €4.3m | €4.2m | €4.1m | €4.0m | ▼ 3.0% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €4.4m | €4.4m | €4.2m | €4.1m | €4.0m | €3.9m | ▼ 2.8% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | €4.1m | €4.0m | €3.9m | €3.8m | ▼ 2.8% |
| Profit (loss) carried forward14 | €0.003m | €0.002m | €0.04m | €0.01m | €0.02m | €0.005m | ▼ 70.5% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Provisions for liabilities and charges160/5 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Pensions and similar obligations160 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Deferred taxes168 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable17/49 | €0.009m | €0.007m | €0.009m | €0.01m | €0.009m | €0.01m | ▲ 26.8% |
| Amounts payable within one year42/48 | €0.009m | €0.007m | €0.009m | €0.01m | €0.009m | €0.01m | ▲ 26.8% |
| Trade debts44 | €0.003m | €0.001m | €0.006m | €0.003m | €0.001m | €0.005m | ▲ 268% |
| Suppliers440/4 | - | - | €0.006m | €0.003m | €0.001m | €0.005m | ▲ 268% |
| Taxes, remuneration and social security45 | - | - | €0.003m | €0.003m | €0.001m | - | - |
| Taxes450/3 | - | - | €0.003m | €0.003m | €0.001m | - | - |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.006m | €0.006m | ▼ 5.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,456 | -€1,961 | -€131,958 | -€119,722 | -€71,625 | -€58,151 | ▲ 18.8% |
| + Depreciation and write-downs630 | €39,153 | €48,802 | €48,663 | €48,323 | €48,323 | €48,324 | = |
| Operating cash flow (approximation) | €33,697 | €46,841 | -€83,295 | -€71,399 | -€23,302 | -€9,827 | ▲ 57.8% |
| Investment in fixed assets (approximation) | - | -€270,228 | -€9,290 | €0 | €0 | €0 | - |
| Change in cash | - | -€122,720 | -€102,036 | -€60,844 | -€20,954 | -€21,976 | ▼ 4.9% |
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, 8,617 companies had the same profile as FRAMI has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRAMI itself: < 0.1% 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 8,617 companies, not a prediction for FRAMI. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 13-11-2025 | 2025-00566552 | |
| 30-06-2024 | full format | 14-11-2024 | 2024-00600495 | |
| 30-06-2023 | full format | 17-11-2023 | 2023-00514043 | |
| 30-06-2022 | full format | 21-11-2022 | 2022-20523672 | |
| 30-06-2021 | full format | 22-11-2021 | 2021-77900480 | |
| 30-06-2020 | full format | 16-11-2020 | 2020-71000176 | |
| 30-06-2018 | full format | 19-11-2018 | 2018-72500064 | |
| 30-06-2017 | full format | 15-11-2017 | 2017-69700288 | |
| 30-06-2016 | full format | 25-11-2016 | 2016-68500534 | |
| 30-06-2015 | full format | 17-11-2015 | 2015-66900384 |