FRAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 36 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €300,000
Total assets
€392,213▲ 1.1%
2024 · €388,133
Net result
€628
2024 · -€636
Working capital
-€195,502▲ 8.1%
2024 · -€212,780
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€718
▼ 69.1%
2025
20192025
Net result
€628
2025
20192025
Equity
€142,977
▲ 0.4%
2025
20192025
Total assets
€392,213
▲ 1.1%
2025
20192025
Debt
€249,236
▲ 1.4%
2025
20192025
Working capital
-€195,502
▲ 8.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€9,915-€750▼ 92.4%€7,043▲ 839%€13,791▲ 95.8%-€4,908-€424▲ 91.4%-€718▼ 69.1%
Net result€6,763--€934€4,322€5,953▲ 37.7%-€5,269-€636▲ 87.9%€628
Equity€138,912-€137,978▼ 0.7%€142,300▲ 3.1%€148,254▲ 4.2%€142,985▼ 3.6%€142,349▼ 0.4%€142,977▲ 0.4%
Total assets€453,723-€441,787▼ 2.6%€431,711▼ 2.3%€448,023▲ 3.8%€416,656▼ 7.0%€388,133▼ 6.8%€392,213▲ 1.1%
Debt€314,811-€303,809▼ 3.5%€289,411▼ 4.7%€299,770▲ 3.6%€273,671▼ 8.7%€245,784▼ 10.2%€249,236▲ 1.4%
Working capital-€301,670--€296,045▲ 1.9%-€249,475▲ 15.7%-€238,931▲ 4.2%-€228,288▲ 4.5%-€212,780▲ 6.8%-€195,502▲ 8.1%
The operating result for 2025 is a loss of €718, larger than the loss of €424 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €392,213
Fixed assets
€339,409 ▼ 9.5%
Current assets
€52,804 ▲ 309%
Equity and liabilities €392,213
Equity
€142,977 ▲ 0.4%
Debt
€249,236 ▲ 1.4%
Debt's share of the balance-sheet total rises from 63.3% to 63.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€35,097▼
2024 · €37,741
Cash flow
€36,442▼
2024 · €37,530
Current ratio
0.21▲
2024 · 0.06
Debt to equity
1.74▲
2024 · 1.73
ROE
0.4%▲
2024 · -0.4%
ROA
0.2%▲
2024 · -0.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€248,306▲
2024 · €225,688
Debt > 1 year
€0▼
2024 · €19,328
Income taxes
€177▼
2024 · €181
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 | €66,360 | €11,918 | €11,688 | - |
| Depreciation and write-downs of the year | €31,412 | €37,422 | €38,165 | €35,814 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,244 | €26,948 | €26,879 | €31,412 | €37,422 | €38,165 | €35,814 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €5,942 | €6,022 | €6,587 | €6,862 | ▲ 4.2% |
| Gross operating margin9900 | €41,706 | €33,300 | €39,671 | €51,145 | €38,536 | €44,328 | €41,959 | ▼ 5.3% |
| Operating profit (loss)9901 | €9,915 | €750 | €7,043 | €13,791 | -€4,908 | -€424 | -€718 | ▼ 69.1% |
| Financial income75/76B | - | - | - | - | €0 | €0 | €1,563 | - |
| Recurring financial income75 | - | - | - | - | €0 | €0 | €1,563 | - |
| Financial charges65/66B | - | - | - | €73 | €24 | €30 | €40 | ▲ 31.6% |
| Recurring financial charges65 | €2,229 | €1,612 | €1,186 | €73 | €24 | €30 | €40 | ▲ 31.6% |
| Profit (loss) for the period before taxes9903 | €7,686 | -€862 | €5,857 | €13,718 | -€4,932 | -€455 | €805 | - |
| Income taxes67/77 | €923 | €72 | €1,534 | €7,765 | €337 | €181 | €177 | ▼ 2.1% |
| Profit (loss) for the period9904 | €6,763 | -€934 | €4,322 | €5,953 | -€5,269 | -€636 | €628 | - |
| Profit (loss) for the period to be appropriated9905 | €6,763 | -€934 | €4,322 | €5,953 | -€5,269 | -€636 | €628 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €453,723 | €441,787 | €431,711 | €448,023 | €416,656 | €388,133 | €392,213 | ▲ 1.1% |
| Fixed assets21/28 | €442,843 | €435,755 | €393,171 | €427,206 | €401,702 | €375,224 | €339,409 | ▼ 9.5% |
| Tangible fixed assets22/27 | €442,843 | €435,755 | €393,171 | €427,206 | €401,702 | €375,224 | €339,409 | ▼ 9.5% |
| Land and buildings22 | - | - | - | €374,942 | €355,484 | €332,122 | €309,340 | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | €4,907 | €9,905 | €17,834 | €15,847 | ▼ 11.1% |
| Furniture and vehicles24 | - | - | - | €47,357 | €36,312 | €25,267 | €14,222 | ▼ 43.7% |
| Current assets29/58 | €10,880 | €6,032 | €38,541 | €20,817 | €14,954 | €12,909 | €52,804 | ▲ 309% |
| Cash at bank and in hand54/58 | €10,394 | €6,032 | €38,281 | €20,522 | €14,823 | €11,031 | €48,409 | ▲ 339% |
| Deferred charges and accrued income490/1 | - | - | - | €296 | €132 | €1,877 | €4,394 | ▲ 134% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €453,723 | €441,787 | €431,711 | €448,023 | €416,656 | €388,133 | €392,213 | ▲ 1.1% |
| Equity10/15 | €138,912 | €137,978 | €142,300 | €148,254 | €142,985 | €142,349 | €142,977 | ▲ 0.4% |
| Contributions10/11 | €18,550 | €0 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €120,618 | €120,618 | €124,940 | €129,704 | €124,435 | €123,799 | €124,427 | ▲ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €127,849 | €124,435 | €123,799 | €124,427 | ▲ 0.5% |
| Profit (loss) carried forward14 | -€255 | -€1,190 | -€1,190 | €0 | - | - | - | - |
| Amounts payable17/49 | €314,811 | €303,809 | €289,411 | €299,770 | €273,671 | €245,784 | €249,236 | ▲ 1.4% |
| Amounts payable after more than one year17 | - | - | - | €39,776 | €29,552 | €19,328 | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €39,776 | €29,552 | €19,328 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €312,550 | €302,077 | €288,016 | €259,749 | €243,242 | €225,688 | €248,306 | ▲ 10.0% |
| Trade debts44 | €1,141 | €3,639 | €1,267 | €1,230 | €3,371 | €6,372 | €6,167 | ▼ 3.2% |
| Suppliers440/4 | - | - | - | €1,230 | €3,371 | €6,372 | €6,167 | ▼ 3.2% |
| Taxes, remuneration and social security45 | - | - | - | €595 | €193 | €181 | €177 | ▼ 2.1% |
| Taxes450/3 | - | - | - | €595 | €193 | €181 | €177 | ▼ 2.1% |
| Other amounts payable47/48 | - | - | - | €257,923 | €239,678 | €219,135 | €241,962 | ▲ 10.4% |
| Accrued charges and deferred income492/3 | - | - | - | €245 | €877 | €767 | €931 | ▲ 21.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,763 | -€934 | €4,322 | €5,953 | -€5,269 | -€636 | €628 | - |
| + Depreciation and write-downs630 | €26,244 | €26,948 | €26,879 | €31,412 | €37,422 | €38,165 | €35,814 | ▼ 6.2% |
| Operating cash flow (approximation) | €33,007 | €26,014 | €31,201 | €37,365 | €32,154 | €37,530 | €36,442 | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | -€19,860 | €15,706 | -€65,447 | -€11,918 | -€11,688 | €0 | - |
| Change in cash | - | -€4,361 | €32,249 | -€17,760 | -€5,699 | -€3,791 | €37,378 | - |
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, 17,041 companies had the same profile as FRAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRAN itself: 0.2% 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 17,041 companies, not a prediction for FRAN. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 22-12-2025 | 2025-00587531 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00017583 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00017929 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00009583 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03500191 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03600456 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03500252 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03800547 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01500574 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400422 |