FRAVAN
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 40 days after the deadline Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00510529.
Annual accounts 2025 filed on 09-09-2026 at the NBB all 32 filings
Turnover
≈ €720,000
Estimated: probably between €500,000 and €920,000
EBIT margin
Not included in this filing
Net result
€201,706
2024 · -€16,542
Working capital
€615,444▲ 51.2%
2024 · €407,172
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€285,870
2025
20182025
Net result
€201,706
2025
highest quarter of the sector
20182025
Equity
€762,042
▲ 36.0%
2025
middle half of the sector
20182025
Total assets
€778,753
▲ 17.9%
2025
lowest quarter of the sector
20182025
Debt
€16,711
▼ 73.0%
2025
20182025
Working capital
€615,444
▲ 51.2%
2025
middle half of the sector
20182025
Solvency
97.9%
▲ 13.0pp
2025
highest quarter of the sector
20182025
Current ratio
37.83
▲ 30.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.9%
▲ 28.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
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-€18,521-€196,167€209,294▲ 6.7%-€5,477€2,646-€1,282-€5,812▼ 353%€285,870
Net result-€9,593-€132,333€161,370above the sector's middle half▲ 21.9%-€1,302within the sector's middle half€4,818within the sector's middle half€2,116within the sector's middle half▼ 56.1%-€16,542within the sector's middle half€201,706above the sector's middle half
Equity€390,042-€522,376▲ 33.9%€571,246within the sector's middle half▲ 9.4%€569,944within the sector's middle half▼ 0.2%€574,762within the sector's middle half▲ 0.8%€576,878within the sector's middle half▲ 0.4%€560,336within the sector's middle half▼ 2.9%€762,042within the sector's middle half▲ 36.0%
Total assets€912,191-€822,480▼ 9.8%€840,513within the sector's middle half▲ 2.2%€763,347within the sector's middle half▼ 9.2%€688,587within the sector's middle half▼ 9.8%€691,008within the sector's middle half▲ 0.4%€660,517below the sector's middle half▼ 4.4%€778,753below the sector's middle half▲ 17.9%
Debt€450,984-€237,789▼ 47.3%€159,158▼ 33.1%€89,367▼ 43.9%€12,871▼ 85.6%€16,376▲ 27.2%€62,001▲ 279%€16,711▼ 73.0%
Working capital-€182,038-€43,829€236,496within the sector's middle half▲ 440%€239,991within the sector's middle half▲ 1.5%€257,808within the sector's middle half▲ 7.4%€265,532within the sector's middle half▲ 3.0%€407,172within the sector's middle half▲ 53.3%€615,444within the sector's middle half▲ 51.2%
Solvency42.8%-63.5%▲ 20.8pp68.0%above the sector's middle half▲ 4.5pp74.7%above the sector's middle half▲ 6.7pp83.5%above the sector's middle half▲ 8.8pp83.5%above the sector's middle half=84.8%above the sector's middle half▲ 1.3pp97.9%above the sector's middle half▲ 13.0pp
Current ratio0.58-1.20▲ 0.622.55within the sector's middle half▲ 1.363.72above the sector's middle half▲ 1.1621.78above the sector's middle half▲ 18.0619.91above the sector's middle half▼ 1.877.59above the sector's middle half▼ 12.3237.83above the sector's middle half▲ 30.23
Return on assets (ROA)-1.1%-16.1%▲ 17.1pp19.2%above the sector's middle half▲ 3.1pp-0.2%within the sector's middle half▼ 19.4pp0.7%within the sector's middle half▲ 0.9pp0.3%within the sector's middle half▼ 0.4pp-2.5%below the sector's middle half▼ 2.8pp25.9%above the sector's middle half▲ 28.4pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €285,870, after a loss of €5,812 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €778,753
Fixed assets
€146,598 ▼ 23.5%
Current assets
€632,156 ▲ 34.8%
Equity and liabilities €778,753
Equity
€762,042 ▲ 36.0%
Provisions
€0 ▼ 100%
Debt
€16,711 ▼ 73.0%
Debt's share of the balance-sheet total falls from 9.4% to 2.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€291,810▲
2024 · €12,560
Cash flow
€207,646▲
2024 · €1,830
Debt to equity
0.02▼
2024 · 0.11
ROE
26.5%▲
2024 · -3.0%
Interest coverage
over 100▲
2024 · 36.33
Debt ≤ 1 year
€16,711▼
2024 · €61,740
Income taxes
€128,432▲
2024 · €75,307
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 | - | - | €10,185 | - | - |
| Depreciation and write-downs of the year | €16,840 | €16,606 | €17,122 | €18,372 | €5,940 |
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 | - | - | - | €0 | - | €7,000 | €0 | €298,660 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,753 | €23,697 | €20,444 | €16,840 | €16,606 | €17,122 | €18,372 | €5,940 | ▼ 67.7% |
| Other operating charges640/8 | - | - | - | €4,494 | €3,268 | €4,927 | €3,825 | €2,666 | ▼ 30.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €7,685 | €0 | ▼ 100% |
| Gross operating margin9900 | €23,282 | €224,907 | €234,216 | €15,857 | €22,520 | €20,766 | €24,070 | €294,476 | ▲ 12× |
| Operating profit (loss)9901 | -€18,521 | €196,167 | €209,294 | -€5,477 | €2,646 | -€1,282 | -€5,812 | €285,870 | - |
| Financial income75/76B | - | - | - | €5,036 | €4,589 | €4,866 | €5,348 | €6,259 | ▲ 17.0% |
| Recurring financial income75 | €5,845 | €3,756 | €5,576 | €5,036 | €4,589 | €4,866 | €5,348 | €6,259 | ▲ 17.0% |
| Financial charges65/66B | - | - | - | €1,662 | €275 | €355 | €346 | €171 | ▼ 50.5% |
| Recurring financial charges65 | €1,944 | €9,859 | €1,064 | €1,662 | €275 | €355 | €346 | €171 | ▼ 50.5% |
| Profit (loss) for the period before taxes9903 | -€14,620 | €190,064 | €213,805 | -€2,102 | €6,960 | €3,229 | -€810 | €291,958 | - |
| Transfer from deferred taxes780 | - | - | - | €6,072 | €3,083 | €3,199 | €59,575 | €38,180 | ▼ 35.9% |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €2,962 | €66,581 | €4,641 | €5,272 | €5,225 | €4,312 | €75,307 | €128,432 | ▲ 70.5% |
| Profit (loss) for the period9904 | -€9,593 | €132,333 | €161,370 | -€1,302 | €4,818 | €2,116 | -€16,542 | €201,706 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €11,792 | €5,988 | €6,213 | €173,410 | €74,147 | ▼ 57.2% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €5,921 | €149,522 | €10,839 | €10,490 | €10,806 | €8,329 | €156,868 | €275,853 | ▲ 75.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €912,191 | €822,480 | €840,513 | €763,347 | €688,587 | €691,008 | €660,517 | €778,753 | ▲ 17.9% |
| Fixed assets21/28 | €662,300 | €554,055 | €451,816 | €434,977 | €418,371 | €411,434 | €191,605 | €146,598 | ▼ 23.5% |
| Tangible fixed assets22/27 | €540,474 | €429,055 | €326,816 | €309,977 | €293,371 | €286,434 | €66,605 | €21,598 | ▼ 67.6% |
| Land and buildings22 | - | - | - | €309,977 | €293,371 | €286,434 | €66,605 | €21,598 | ▼ 67.6% |
| Financial fixed assets28 | €121,826 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Current assets29/58 | €249,892 | €268,425 | €388,697 | €328,371 | €270,216 | €279,574 | €468,911 | €632,156 | ▲ 34.8% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €193,772 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | - | €193,772 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €228,330 | €224,654 | €284,650 | €261,068 | €231,291 | €273,899 | €272,917 | €411,542 | ▲ 50.8% |
| Trade receivables40 | - | - | - | €37,180 | €7,747 | €18,457 | €9,987 | €10,755 | ▲ 7.7% |
| Other amounts receivable41 | - | - | - | €223,888 | €223,544 | €255,442 | €262,930 | €400,787 | ▲ 52.4% |
| Cash at bank and in hand54/58 | €8,868 | €34,276 | €97,695 | €64,086 | €35,702 | €5,281 | €1,988 | €220,557 | ▲ 111× |
| Deferred charges and accrued income490/1 | - | - | - | €3,216 | €3,223 | €395 | €234 | €57 | ▼ 75.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €912,191 | €822,480 | €840,513 | €763,347 | €688,587 | €691,008 | €660,517 | €778,753 | ▲ 17.9% |
| Equity10/15 | €390,042 | €522,376 | €571,246 | €569,944 | €574,762 | €576,878 | €560,336 | €762,042 | ▲ 36.0% |
| Contributions10/11 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Capital10 | - | - | - | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Issued capital100 | - | - | - | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €180,706 | €163,518 | €314,049 | €312,257 | €316,269 | €318,056 | €300,647 | €501,500 | ▲ 66.8% |
| Non-distributable reserves130/1 | - | - | - | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Legal reserve130 | - | - | - | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Tax-exempt reserves132 | - | - | - | €259,757 | €253,769 | €247,556 | €74,147 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €45,000 | €55,000 | €63,000 | €219,000 | €494,000 | ▲ 126% |
| Profit (loss) carried forward14 | €134,336 | €283,858 | €182,197 | €182,687 | €183,493 | €183,822 | €184,689 | €185,542 | ▲ 0.5% |
| Provisions and deferred taxes16 | €71,165 | €62,315 | €110,109 | €104,037 | €100,954 | €97,754 | €38,180 | €0 | ▼ 100% |
| Deferred taxes168 | - | - | - | €104,037 | €100,954 | €97,754 | €38,180 | €0 | ▼ 100% |
| Amounts payable17/49 | €450,984 | €237,789 | €159,158 | €89,367 | €12,871 | €16,376 | €62,001 | €16,711 | ▼ 73.0% |
| Amounts payable after more than one year17 | €18,179 | €12,596 | €6,869 | €987 | €0 | €2,309 | €0 | - | - |
| Financial debts170/4 | - | - | - | €987 | €0 | €2,309 | €0 | - | - |
| Amounts payable within one year42/48 | €431,929 | €224,596 | €152,201 | €88,380 | €12,408 | €14,042 | €61,740 | €16,711 | ▼ 72.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,921 | €5,208 | €7,235 | €2,309 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | - | - | €434 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €434 | €0 | - | - |
| Trade debts44 | €34,824 | €46,020 | €14,034 | €26,102 | €2,098 | €5,099 | €2,388 | €1,287 | ▼ 46.1% |
| Suppliers440/4 | - | - | - | €26,102 | €2,098 | €5,099 | €2,388 | €1,287 | ▼ 46.1% |
| Taxes, remuneration and social security45 | - | - | - | €7,854 | €225 | €1,273 | €15,341 | €15,424 | ▲ 0.5% |
| Taxes450/3 | - | - | - | €7,854 | €225 | €1,273 | €15,341 | €15,424 | ▲ 0.5% |
| Other amounts payable47/48 | - | - | - | €43,502 | €4,877 | €0 | €41,702 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €463 | €26 | €261 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,593 | €132,333 | €161,370 | -€1,302 | €4,818 | €2,116 | -€16,542 | €201,706 | - |
| + Depreciation and write-downs630 | €35,753 | €23,697 | €20,444 | €16,840 | €16,606 | €17,122 | €18,372 | €5,940 | ▼ 67.7% |
| Operating cash flow (approximation) | €26,160 | €156,031 | €181,815 | €15,537 | €21,424 | €19,237 | €1,830 | €207,646 | ▲ 113× |
| Investment in fixed assets (approximation) | - | €84,548 | €81,794 | €0 | €0 | -€10,185 | €201,457 | €39,068 | ▼ 80.6% |
| Change in cash | - | €25,407 | €63,419 | -€33,608 | -€28,384 | -€30,422 | -€3,292 | €218,568 | - |
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, 20,136 companies had the same profile as FRAVAN has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of FRAVAN 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 20,136 companies, not a prediction for FRAVAN. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 09-09-2026 | 2026-00510529 | |
| 31-12-2024 | abbreviated format | 30-08-2025 | 2025-00476551 | |
| 31-12-2023 | abbreviated format | 01-10-2024 | 2024-00488871 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00426283 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20414644 | |
| 31-12-2020 | abbreviated format | 22-11-2021 | 2021-78000089 | |
| 31-12-2019 | abbreviated format | 28-09-2020 | 2020-56400357 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59400115 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-60400262 | |
| 31-12-2016 | abbreviated format | 11-09-2017 | 2017-60700474 |