FRAVANCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-08-2026 at the NBB Annual accounts 2025 at the NBB all 26 filings
Turnover
≈ €1.2m
Estimated: probably between €920,000 and €1.8m
EBIT margin
Not included in this filing
Net result
€56,002▼ 11.8%
2024 · €63,496
Working capital
-€48,631▼ 3.6%
2024 · -€46,951
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€125,595
▲ 29.2%
2025
20192025
Net result
€56,002
▼ 11.8%
2025
highest quarter of the sector
20192025
Equity
€279,917
▼ 5.9%
2025
highest quarter of the sector
20192025
Total assets
€775,252
▼ 9.1%
2025
highest quarter of the sector
20192025
Debt
€495,335
▼ 10.9%
2025
20192025
Working capital
-€48,631
▼ 3.6%
2025
lowest quarter of the sector
20192025
Solvency
36.1%
▲ 1.2pp
2025
middle half of the sector
20192025
Current ratio
0.84
▼ 0.01
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
7.2%
▼ 0.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€21,803-€24,040▲ 10.3%€98,434▲ 309%€60,024▼ 39.0%€35,501▼ 40.9%€97,229▲ 174%€125,595▲ 29.2%
Net result€16,850-€9,537within the sector's middle half▼ 43.4%€65,537above the sector's middle half▲ 587%€39,986above the sector's middle half▼ 39.0%€13,117within the sector's middle half▼ 67.2%€63,496above the sector's middle half▲ 384%€56,002above the sector's middle half▼ 11.8%
Equity€129,187-€137,124above the sector's middle half▲ 6.1%€201,061above the sector's middle half▲ 46.6%€239,446above the sector's middle half▲ 19.1%€250,897above the sector's middle half▲ 4.8%€297,506above the sector's middle half▲ 18.6%€279,917above the sector's middle half▼ 5.9%
Total assets€511,627-€482,204above the sector's middle half▼ 5.8%€585,356above the sector's middle half▲ 21.4%€760,879above the sector's middle half▲ 30.0%€801,778above the sector's middle half▲ 5.4%€853,297above the sector's middle half▲ 6.4%€775,252above the sector's middle half▼ 9.1%
Debt€382,440-€345,080▼ 9.8%€384,295▲ 11.4%€521,433▲ 35.7%€550,881▲ 5.6%€555,791▲ 0.9%€495,335▼ 10.9%
Working capital-€67,363-€8,624within the sector's middle half€34,675within the sector's middle half▲ 302%€117,701above the sector's middle half▲ 239%€944within the sector's middle half▼ 99.2%-€46,951below the sector's middle half-€48,631below the sector's middle half▼ 3.6%
Solvency25.3%-28.4%within the sector's middle half▲ 3.2pp34.3%within the sector's middle half▲ 5.9pp31.5%within the sector's middle half▼ 2.9pp31.3%within the sector's middle half▼ 0.2pp34.9%within the sector's middle half▲ 3.6pp36.1%within the sector's middle half▲ 1.2pp
Current ratio0.67-1.06within the sector's middle half▲ 0.391.21within the sector's middle half▲ 0.151.85within the sector's middle half▲ 0.641.00within the sector's middle half▼ 0.850.85within the sector's middle half▼ 0.160.84below the sector's middle half▼ 0.01
Return on assets (ROA)3.3%-2.0%within the sector's middle half▼ 1.3pp11.2%within the sector's middle half▲ 9.2pp5.3%within the sector's middle half▼ 5.9pp1.6%within the sector's middle half▼ 3.6pp7.4%within the sector's middle half▲ 5.8pp7.2%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 29% 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 €775,252
Fixed assets
€512,892 ▼ 13.1%
Current assets
€262,360 ▼ 0.4%
Equity and liabilities €775,252
Equity
€279,917 ▼ 5.9%
Debt
€495,335 ▼ 10.9%
Debt's share of the balance-sheet total falls from 65.1% to 63.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€203,152▲
2024 · €167,135
Cash flow
€133,560▲
2024 · €133,402
Quick ratio
0.34▲
2024 · 0.29
Debt to equity
1.77▼
2024 · 1.87
ROE
20.0%▼
2024 · 21.3%
Interest coverage
4.09▼
2024 · 4.74
Debt ≤ 1 year
€310,991▲
2024 · €310,297
Debt > 1 year
€183,079▼
2024 · €241,974
Income taxes
€23,479▲
2024 · €20,370
Staff costs
€221▼
2024 · €3,690
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €166,250 | €137,565 | €55,057 | - |
| Financial fixed assets | - | - | €50,051 | €500 |
| Depreciation and write-downs of the year | €48,598 | €86,306 | €69,906 | €77,558 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €37,014 | - |
| Remuneration, social security and pensions62 | - | - | - | - | €2,804 | €3,690 | €221 | ▼ 94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,150 | €38,688 | €40,885 | €48,598 | €86,306 | €69,906 | €77,558 | ▲ 10.9% |
| Other operating charges640/8 | - | - | - | €4,744 | €11,439 | €12,713 | €9,205 | ▼ 27.6% |
| Gross operating margin9900 | €71,696 | €66,025 | €143,096 | €113,366 | €136,050 | €183,538 | €212,579 | ▲ 15.8% |
| Operating profit (loss)9901 | €21,803 | €24,040 | €98,434 | €60,024 | €35,501 | €97,229 | €125,595 | ▲ 29.2% |
| Financial income75/76B | - | - | - | €40 | €828 | €21,880 | €3,527 | ▼ 83.9% |
| Recurring financial income75 | €871 | €754 | €942 | €40 | €828 | €1,530 | €3,527 | ▲ 131% |
| Non-recurring financial income76B | - | - | - | - | - | €20,350 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €9,796 | €20,793 | €35,243 | €49,640 | ▲ 40.9% |
| Recurring financial charges65 | €11,068 | €11,679 | €8,990 | €9,796 | €20,793 | €35,243 | €49,640 | ▲ 40.9% |
| Profit (loss) for the period before taxes9903 | €21,849 | €13,115 | €90,386 | €50,268 | €15,536 | €83,866 | €79,481 | ▼ 5.2% |
| Income taxes67/77 | €4,999 | €3,578 | €24,849 | €10,282 | €2,419 | €20,370 | €23,479 | ▲ 15.3% |
| Profit (loss) for the period9904 | €16,850 | €9,537 | €65,537 | €39,986 | €13,117 | €63,496 | €56,002 | ▼ 11.8% |
| Profit (loss) for the period to be appropriated9905 | €16,850 | €9,537 | €65,537 | €39,986 | €13,117 | €63,496 | €56,002 | ▼ 11.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €511,627 | €482,204 | €585,356 | €760,879 | €801,778 | €853,297 | €775,252 | ▼ 9.1% |
| Fixed assets21/28 | €375,001 | €339,853 | €387,606 | €505,259 | €556,456 | €589,951 | €512,892 | ▼ 13.1% |
| Tangible fixed assets22/27 | €374,939 | €339,791 | €387,544 | €505,197 | €556,456 | €539,900 | €462,342 | ▼ 14.4% |
| Land and buildings22 | - | - | - | €412,414 | €375,752 | €336,002 | €296,537 | ▼ 11.7% |
| Plant, machinery and equipment23 | - | - | - | €92,783 | €140,137 | €169,048 | €134,965 | ▼ 20.2% |
| Furniture and vehicles24 | - | - | - | - | €30,212 | €25,164 | €21,823 | ▼ 13.3% |
| Other tangible fixed assets26 | - | - | - | - | €10,355 | €9,686 | €9,017 | ▼ 6.9% |
| Financial fixed assets28 | €62 | €62 | €62 | €62 | - | €50,051 | €50,551 | ▲ 1.0% |
| Current assets29/58 | €136,626 | €142,351 | €197,750 | €255,620 | €245,322 | €263,346 | €262,360 | ▼ 0.4% |
| Stocks and contracts in progress3 | €108,376 | €108,345 | €164,504 | €164,708 | €180,889 | €173,417 | €156,188 | ▼ 9.9% |
| Stocks30/36 | - | - | - | €164,708 | €180,889 | €173,417 | €156,188 | ▼ 9.9% |
| Amounts receivable within one year40/41 | €21,335 | €31,500 | €32,973 | €54,659 | €47,202 | €76,450 | €85,818 | ▲ 12.3% |
| Trade receivables40 | - | - | - | €52,297 | €25,635 | €13,832 | €21,119 | ▲ 52.7% |
| Other amounts receivable41 | - | - | - | €2,362 | €21,567 | €62,618 | €64,699 | ▲ 3.3% |
| Current investments50/53 | - | - | - | €35,175 | - | - | - | - |
| Cash at bank and in hand54/58 | €4,420 | €293 | €273 | €1,078 | €16,903 | €13,213 | €20,077 | ▲ 52.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €328 | €266 | €276 | ▲ 3.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €511,627 | €482,204 | €585,356 | €760,879 | €801,778 | €853,297 | €775,252 | ▼ 9.1% |
| Equity10/15 | €129,187 | €137,124 | €201,061 | €239,446 | €250,897 | €297,506 | €279,917 | ▼ 5.9% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | - | €20,000 | - | - | - | - |
| Issued capital100 | - | - | - | €20,000 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €20,000 | €20,000 | - | - |
| Other1109/19 | - | - | - | - | €20,000 | €20,000 | - | - |
| Reserves13 | €109,187 | €117,124 | €181,061 | €219,446 | €230,897 | €277,506 | €259,917 | ▼ 6.3% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Legal reserve130 | - | - | - | €2,000 | €2,000 | €2,000 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €2,000 | - |
| Tax-exempt reserves132 | - | - | - | €125,480 | - | - | - | - |
| Distributable reserves133 | - | - | - | €91,966 | €228,897 | €275,506 | €257,917 | ▼ 6.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €382,440 | €345,080 | €384,295 | €521,433 | €550,881 | €555,791 | €495,335 | ▼ 10.9% |
| Amounts payable after more than one year17 | €174,266 | €206,280 | €220,960 | €383,145 | €300,730 | €241,974 | €183,079 | ▼ 24.3% |
| Financial debts170/4 | - | - | - | €383,145 | €300,730 | €241,974 | €183,079 | ▼ 24.3% |
| Amounts payable within one year42/48 | €203,989 | €133,727 | €163,075 | €137,919 | €244,378 | €310,297 | €310,991 | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €86,416 | €113,514 | €144,935 | €90,287 | ▼ 37.7% |
| Financial debts43 | - | - | - | - | €55,000 | €75,000 | €75,000 | = |
| Credit institutions430/8 | - | - | - | - | €55,000 | €75,000 | €75,000 | = |
| Trade debts44 | €114,644 | €22,137 | €29,799 | €32,482 | €53,380 | €48,734 | €48,088 | ▼ 1.3% |
| Suppliers440/4 | - | - | - | €32,482 | €53,380 | €48,734 | €48,088 | ▼ 1.3% |
| Advances received on contracts in progress46 | - | - | - | €10,681 | €8,573 | €8,629 | €8,021 | ▼ 7.0% |
| Taxes, remuneration and social security45 | - | - | - | €6,740 | €12,245 | €16,873 | €20,556 | ▲ 21.8% |
| Taxes450/3 | - | - | - | €6,740 | €12,245 | €16,873 | €20,556 | ▲ 21.8% |
| Other amounts payable47/48 | - | - | - | €1,600 | €1,666 | €16,126 | €69,039 | ▲ 328% |
| Accrued charges and deferred income492/3 | - | - | - | €369 | €5,773 | €3,520 | €1,266 | ▼ 64.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,850 | €9,537 | €65,537 | €39,986 | €13,117 | €63,496 | €56,002 | ▼ 11.8% |
| + Depreciation and write-downs630 | €46,150 | €38,688 | €40,885 | €48,598 | €86,306 | €69,906 | €77,558 | ▲ 10.9% |
| Operating cash flow (approximation) | €63,000 | €48,225 | €106,422 | €88,584 | €99,423 | €133,402 | €133,560 | ▲ 0.1% |
| Investment in fixed assets (approximation) | - | -€3,540 | -€88,638 | -€166,251 | -€137,503 | -€103,401 | -€499 | ▲ 99.5% |
| Change in cash | - | -€4,127 | -€20 | €805 | €15,825 | -€3,690 | €6,864 | - |
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 FRAVANCO 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 FRAVANCO 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 FRAVANCO. 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 | micro format | 27-08-2026 | 2026-00432189 | |
| 31-12-2025 | full format | 30-06-2026 | 2026-00236640 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00255717 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00189553 | |
| 30-06-2022 | micro format | 26-11-2022 | 2022-20527667 | |
| 30-06-2021 | micro format | 03-12-2021 | 2021-79500077 | |
| 30-06-2020 | micro format | 03-12-2020 | 2020-74800174 | |
| 30-06-2019 | abbreviated format | 06-12-2019 | 2019-75600539 | |
| 30-06-2018 | abbreviated format | 26-11-2018 | 2018-72900067 | |
| 30-06-2017 | micro format | 27-11-2017 | 2017-70700484 |