FRANCES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-04-2026 PDF all 26 filings
Turnover
≈ €150,000
Estimated: probably between €110,000 and €190,000
EBIT margin
Not included in this filing
Net result
€13,400▲ 18.9%
2024 · €11,272
Working capital
-€64,828▲ 29.3%
2024 · -€91,743
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€14,785
▲ 34.6%
2025
20182025
Net result
€13,400
▲ 18.9%
2025
middle half of the sector
20182025
Equity
€58,121
▲ 30.0%
2025
middle half of the sector
20182025
Total assets
€132,735
▼ 11.2%
2025
lowest quarter of the sector
20182025
Debt
€74,615
▼ 28.8%
2025
20182025
Working capital
-€64,828
▲ 29.3%
2025
middle half of the sector
20182025
Solvency
43.8%
▲ 13.9pp
2025
middle half of the sector
20182025
Current ratio
0.13
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.1%
▲ 2.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€17,061--€2,684▲ 84.3%-€721▲ 73.1%€8,828€273▼ 96.9%€24▼ 91.1%€10,981▲ 451×€14,785▲ 34.6%
Net result-€17,114--€2,755▲ 83.9%-€760within the sector's middle half▲ 72.4%€8,962within the sector's middle half€547within the sector's middle half▼ 93.9%€72within the sector's middle half▼ 86.8%€11,272within the sector's middle half▲ 156×€13,400within the sector's middle half▲ 18.9%
Equity€27,382-€24,627▼ 10.1%€23,867within the sector's middle half▼ 3.1%€32,829within the sector's middle half▲ 37.6%€33,376within the sector's middle half▲ 1.7%€33,449within the sector's middle half▲ 0.2%€44,721within the sector's middle half▲ 33.7%€58,121within the sector's middle half▲ 30.0%
Total assets€203,388-€190,551▼ 6.3%€180,538within the sector's middle half▼ 5.3%€173,750within the sector's middle half▼ 3.8%€169,971within the sector's middle half▼ 2.2%€162,794within the sector's middle half▼ 4.2%€149,483within the sector's middle half▼ 8.2%€132,735below the sector's middle half▼ 11.2%
Debt€176,005-€165,924▼ 5.7%€156,671▼ 5.6%€140,920▼ 10.1%€136,594▼ 3.1%€129,346▼ 5.3%€104,762▼ 19.0%€74,615▼ 28.8%
Working capital-€168,866--€157,573▲ 6.7%-€146,957below the sector's middle half▲ 6.7%-€134,288below the sector's middle half▲ 8.6%-€128,844below the sector's middle half▲ 4.1%-€115,366below the sector's middle half▲ 10.5%-€91,743within the sector's middle half▲ 20.5%-€64,828within the sector's middle half▲ 29.3%
Solvency13.5%-12.9%▼ 0.5pp13.2%within the sector's middle half▲ 0.3pp18.9%within the sector's middle half▲ 5.7pp19.6%within the sector's middle half▲ 0.7pp20.5%within the sector's middle half▲ 0.9pp29.9%within the sector's middle half▲ 9.4pp43.8%within the sector's middle half▲ 13.9pp
Current ratio0.04-0.05▲ 0.010.06below the sector's middle half▲ 0.010.05below the sector's middle half▼ 0.010.06below the sector's middle half▲ 0.010.11below the sector's middle half▲ 0.050.12below the sector's middle half▲ 0.020.13below the sector's middle half▲ 0.01
Return on assets (ROA)-8.4%--1.4%▲ 7.0pp-0.4%within the sector's middle half▲ 1.0pp5.2%within the sector's middle half▲ 5.6pp0.3%within the sector's middle half▼ 4.8pp0.0%within the sector's middle half▼ 0.3pp7.5%within the sector's middle half▲ 7.5pp10.1%within the sector's middle half▲ 2.6pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 35% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €132,735
Fixed assets
€122,948 ▼ 9.9%
Current assets
€9,787 ▼ 24.8%
Equity and liabilities €132,735
Equity
€58,121 ▲ 30.0%
Debt
€74,615 ▼ 28.8%
Debt's share of the balance-sheet total falls from 70.1% to 56.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,301▲
2024 · €24,426
Cash flow
€26,915▲
2024 · €24,718
Quick ratio
0.05▼
2024 · 0.05
Debt to equity
1.28▼
2024 · 2.34
ROE
23.1%▼
2024 · 25.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€74,615▼
2024 · €104,762
Income taxes
€1,984▲
2024 · €191
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,724 | €8,327 | - | €1,095 | - |
| Depreciation and write-downs of the year | €12,431 | €13,223 | €13,406 | €13,446 | €13,516 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,000 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,048 | €14,048 | €14,083 | €12,431 | €13,223 | €13,406 | €13,446 | €13,516 | ▲ 0.5% |
| Other operating charges640/8 | - | - | - | €1,598 | €3,679 | €1,281 | €1,536 | €1,152 | ▼ 25.0% |
| Gross operating margin9900 | -€2,883 | €11,860 | €13,858 | €22,857 | €17,176 | €14,712 | €25,962 | €29,453 | ▲ 13.4% |
| Operating profit (loss)9901 | -€17,061 | -€2,684 | -€721 | €8,828 | €273 | €24 | €10,981 | €14,785 | ▲ 34.6% |
| Financial income75/76B | - | - | - | €134 | €378 | €291 | €556 | €680 | ▲ 22.3% |
| Recurring financial income75 | - | - | - | €134 | €378 | €291 | €556 | €680 | ▲ 22.3% |
| Financial charges65/66B | - | - | - | - | €104 | €44 | €74 | €82 | ▲ 10.9% |
| Recurring financial charges65 | €53 | €71 | €39 | - | €104 | €44 | €74 | €82 | ▲ 10.9% |
| Profit (loss) for the period before taxes9903 | -€17,114 | -€2,755 | -€760 | €8,962 | €547 | €271 | €11,463 | €15,384 | ▲ 34.2% |
| Income taxes67/77 | - | - | - | - | - | €199 | €191 | €1,984 | ▲ 939% |
| Profit (loss) for the period9904 | -€17,114 | -€2,755 | -€760 | €8,962 | €547 | €72 | €11,272 | €13,400 | ▲ 18.9% |
| Profit (loss) for the period to be appropriated9905 | -€17,114 | -€2,755 | -€760 | €8,962 | €547 | €72 | €11,272 | €13,400 | ▲ 18.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €203,388 | €190,551 | €180,538 | €173,750 | €169,971 | €162,794 | €149,483 | €132,735 | ▼ 11.2% |
| Fixed assets21/28 | €196,248 | €182,200 | €170,824 | €167,117 | €162,221 | €148,814 | €136,464 | €122,948 | ▼ 9.9% |
| Intangible fixed assets21 | €692 | €519 | €346 | €173 | - | - | - | - | - |
| Tangible fixed assets22/27 | €195,556 | €181,681 | €170,478 | €166,944 | €162,221 | €148,814 | €136,464 | €122,948 | ▼ 9.9% |
| Land and buildings22 | - | - | - | €145,208 | €141,212 | €131,736 | €122,260 | €112,784 | ▼ 7.8% |
| Plant, machinery and equipment23 | - | - | - | €13,668 | €14,285 | €11,700 | €10,170 | €7,475 | ▼ 26.5% |
| Furniture and vehicles24 | - | - | - | €8,069 | €6,724 | €5,379 | €4,034 | €2,690 | ▼ 33.3% |
| Current assets29/58 | €7,140 | €8,351 | €9,714 | €6,632 | €7,750 | €13,980 | €13,019 | €9,787 | ▼ 24.8% |
| Stocks and contracts in progress3 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | €5,250 | €7,321 | €6,025 | ▼ 17.7% |
| Stocks30/36 | - | - | - | €4,000 | €4,000 | €5,250 | €7,321 | €6,025 | ▼ 17.7% |
| Amounts receivable within one year40/41 | - | - | €351 | €1,586 | - | €304 | - | - | - |
| Trade receivables40 | - | - | - | €500 | - | €304 | - | - | - |
| Other amounts receivable41 | - | - | - | €1,086 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,140 | €3,414 | €4,404 | €366 | €3,750 | €7,804 | €4,755 | €2,762 | ▼ 41.9% |
| Deferred charges and accrued income490/1 | - | - | - | €680 | - | €622 | €944 | €1,001 | ▲ 6.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €203,388 | €190,551 | €180,538 | €173,750 | €169,971 | €162,794 | €149,483 | €132,735 | ▼ 11.2% |
| Equity10/15 | €27,382 | €24,627 | €23,867 | €32,829 | €33,376 | €33,449 | €44,721 | €58,121 | ▲ 30.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €25,904 | €25,904 | €25,904 | €25,904 | €25,904 | €25,904 | €25,904 | €25,904 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €24,045 | €24,045 | €25,904 | €25,904 | €25,904 | = |
| Profit (loss) carried forward14 | -€17,114 | -€19,869 | -€20,629 | -€11,666 | -€11,120 | -€11,047 | €225 | €13,625 | ▲ 61× |
| Amounts payable17/49 | €176,005 | €165,924 | €156,671 | €140,920 | €136,594 | €129,346 | €104,762 | €74,615 | ▼ 28.8% |
| Amounts payable within one year42/48 | €176,005 | €165,924 | €156,671 | €140,920 | €136,594 | €129,346 | €104,762 | €74,615 | ▼ 28.8% |
| Trade debts44 | €4,475 | €1,627 | €1,728 | €1,265 | €2,278 | €1,285 | €1,508 | €1,389 | ▼ 7.8% |
| Suppliers440/4 | - | - | - | €1,265 | €2,278 | €1,285 | €1,508 | €1,389 | ▼ 7.8% |
| Taxes, remuneration and social security45 | - | - | - | €50 | €5,651 | €7,989 | €5,528 | €7,021 | ▲ 27.0% |
| Taxes450/3 | - | - | - | €50 | €5,651 | €5,444 | €5,528 | €7,021 | ▲ 27.0% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,545 | - | - | - |
| Other amounts payable47/48 | - | - | - | €139,605 | €128,665 | €120,072 | €97,727 | €66,204 | ▼ 32.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,114 | -€2,755 | -€760 | €8,962 | €547 | €72 | €11,272 | €13,400 | ▲ 18.9% |
| + Depreciation and write-downs630 | €14,048 | €14,048 | €14,083 | €12,431 | €13,223 | €13,406 | €13,446 | €13,516 | ▲ 0.5% |
| Operating cash flow (approximation) | -€3,066 | €11,293 | €13,323 | €21,393 | €13,770 | €13,479 | €24,718 | €26,915 | ▲ 8.9% |
| Investment in fixed assets (approximation) | - | €0 | -€2,707 | -€8,724 | -€8,327 | €0 | -€1,095 | €0 | - |
| Change in cash | - | €274 | €990 | -€4,038 | €3,384 | €4,054 | -€3,049 | -€1,993 | ▲ 34.6% |
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, 31,368 companies had the same profile as FRANCES has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRANCES itself: 0.6% 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 31,368 companies, not a prediction for FRANCES. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-04-2026 | 2026-00081645 | |
| 31-12-2024 | full format | 16-05-2025 | 2025-00095902 | |
| 31-12-2023 | full format | 01-06-2024 | 2024-00104402 | |
| 31-12-2022 | full format | 17-06-2023 | 2023-00136704 | |
| 31-12-2021 | full format | 01-06-2022 | 2022-20042526 | |
| 31-12-2020 | full format | 02-02-2021 | 2021-04500168 | |
| 31-12-2019 | full format | 03-04-2020 | 2020-08600241 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-38300299 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55800245 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56100414 |