FRECO
ActiveSummary
FRECO has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €724k and a net result of €55k. Equity is growing by ~28.6% per year across the filed fiscal years. Its solvency ranks better than 82% of 15865 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability76▲+2
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days acceptable
Liquidity ample (current ratio 5.47 against 4.86 in 2023; short-term debt: 4.4% and cash: 22.4% of total assets), and 20% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
80%
Return on assets
6.1%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
29 d early
2022
14 d early
2021
13 d early
2020
40 d early
2019
35 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€724k▼ 2.5%
2023 · €742k
2018: €224k
2019: €186k▼ -16.9% vs 2018lowest in 7 years
2020: €264k▲ +42.2% vs 2019
2021: €737k▲ +179% vs 2020
2022: €750k▲ +1.7% vs 2021highest in 7 years
2023: €742k▼ -0.9% vs 2022
2024: €724k▼ -2.5% vs 2023
2018 → 2024
Total assets
€906k▼ 4.3%
2023 · €947k
2018: €281k
2019: €200k▼ -28.9% vs 2018lowest in 7 years
2020: €290k▲ +45.4% vs 2019
2021: €905k▲ +212% vs 2020
2022: €958k▲ +5.8% vs 2021highest in 7 years
2023: €947k▼ -1.1% vs 2022
2024: €906k▼ -4.3% vs 2023
2018 → 2024
Net result
€55k▲ 53.7%
2023 · €36k
2018: €73k
2019: €-38k▼ -152% vs 2018lowest in 7 years
2020: €91k▲ +341% vs 2019
2021: €515k▲ +464% vs 2020highest in 7 years
2022: €41k▼ -92.1% vs 2021
2023: €36k▼ -11.4% vs 2022
2024: €55k▲ +53.7% vs 2023
2018 → 2024
Working capital
€178k▲ 10.0%
2023 · €162k
2018: €123k
2019: €81k▼ -33.9% vs 2018lowest in 7 years
2020: €177k▲ +118% vs 2019
2021: €516k▲ +191% vs 2020highest in 7 years
2022: €145k▼ -71.9% vs 2021
2023: €162k▲ +11.4% vs 2022
2024: €178k▲ +10.0% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€264k-€737k▲ 179%€750k▲ 1.7%€742k▼ 0.9%€724k▼ 2.5%
2020: €264klowest in 5 years
2021: €737k▲ +179% vs 2020
2022: €750k▲ +1.7% vs 2021highest in 5 years
2023: €742k▼ -0.9% vs 2022
2024: €724k▼ -2.5% vs 2023
Operating result€115k-€690k▲ 499%€48k▼ 93.1%€54k▲ 13.2%€83k▲ 52.3%
2020: €115k
2021: €690k▲ +499% vs 2020highest in 5 years
2022: €48k▼ -93.1% vs 2021lowest in 5 years
2023: €54k▲ +13.2% vs 2022
2024: €83k▲ +52.3% vs 2023
Net result€91k-€515k▲ 464%€41k▼ 92.1%€36k▼ 11.4%€55k▲ 53.7%
2020: €91k
2021: €515k▲ +464% vs 2020highest in 5 years
2022: €41k▼ -92.1% vs 2021
2023: €36k▼ -11.4% vs 2022lowest in 5 years
2024: €55k▲ +53.7% vs 2023
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 52% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €906k
Fixed assets
€688k ▼ 7.4%
Current assets
€217k ▲ 6.9%
Equity and liabilities €906k
Equity
€724k ▼ 2.5%
Provisions
€112k ▼ 5.6%
Debt
€69k ▼ 18.9%
Debt's share of the balance-sheet total falls from 9.0% to 7.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€142k▲
2023 · €115k
Cash flow
€115k▲
2023 · €97k
Current ratio
5.47▲
2023 · 4.86
Debt to equity
0.10▼
2023 · 0.12
ROE
7.6%▲
2023 · 4.9%
ROA
6.1%▲
2023 · 3.8%
Interest coverage
64.68▲
2023 · 42.62
Debt ≤ 1 year
€40k▼
2023 · €42k
Debt > 1 year
€30k▼
2023 · €44k
Income taxes
€33k▲
2023 · €23k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 55 lines
Balance sheet
Code20232024
Assets
Total assets20/58€947k€906k▼
Fixed assets21/28€743k€688k▼
Tangible fixed assets22/27€743k€688k▼
Land and buildings22€261k€248k▼
Plant, machinery and equipment23€2k€1k▼
Furniture and vehicles24€85k€64k▼
Other tangible fixed assets26€395k€375k▼
Current assets29/58€203k€217k▲
Amounts receivable within one year40/41€56k€12k▼
Trade receivables40€21k-
Other amounts receivable41€34k€12k▼
Cash at bank and in hand54/58€146k€203k▲
Deferred charges and accrued income490/1€2k€2k▲
Equity and liabilities
Total equity and liabilities10/49€947k€906k▼
Equity10/15€742k€724k▼
Contributions10/11€29k€29k=
Reserves13€713k€695k▼
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Tax-exempt reserves132€356k€336k▼
Distributable reserves133€355k€356k▲
Profit (loss) carried forward14€13€24▲
Provisions and deferred taxes16€119k€112k▼
Deferred taxes168€119k€112k▼
Amounts payable17/49€86k€69k▼
Amounts payable after more than one year17€44k€30k▼
Financial debts170/4€44k€30k▼
Amounts payable within one year42/48€42k€40k▼
Current portion of amounts payable after more than one year42€13k€14k▲
Trade debts44€3k€1k▼
Suppliers440/4€3k€1k▼
Taxes, remuneration and social security45€24k€23k▼
Taxes450/3€24k€23k▼
Other amounts payable47/48€1k€1k=
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€61k€60k▼
Other operating charges640/8€2k€2k▲
Gross operating margin9900€117k€144k▲
Operating profit (loss)9901€54k€83k▲
Financial income75/76B€1k€1k▲
Recurring financial income75€1k€1k▲
Financial charges65/66B€3k€2k▼
Recurring financial charges65€3k€2k▼
Profit (loss) for the period before taxes9903€53k€82k▲
Transfer from deferred taxes780€7k€7k=
Income taxes67/77€23k€33k▲
Profit (loss) for the period9904€36k€55k▲
Transfer from tax-exempt reserves789€20k€20k=
Profit (loss) for the period to be appropriated9905€56k€75k▲
Appropriation of the result
Profit (loss) to be appropriated9906€56k€75k▲
Profit (loss) brought forward from the previous period14P€4€13▲
Transfer from equity791/2€42k€72k▲
Transfer to equity691/2€55k€74k▲
To other reserves6921€55k€74k▲
Profit to be distributed694/7€43k€74k▲
Return on contributions (dividend)694€43k€74k▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €531k | €18k | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25k | €71k | €82k | €61k | €60k | ▼ 2.4% |
| Other operating charges640/8 | - | €4k | €3k | €2k | €2k | ▲ 11.4% |
| Gross operating margin9900 | €144k | €765k | €132k | €117k | €144k | ▲ 23.1% |
| Operating profit (loss)9901 | €115k | €690k | €48k | €54k | €83k | ▲ 52.3% |
| Financial income75/76B | - | €967 | €2k | €1k | €1k | ▲ 14.6% |
| Recurring financial income75 | €24 | €967 | €2k | €1k | €1k | ▲ 14.6% |
| Financial charges65/66B | - | €601 | €149 | €3k | €2k | ▼ 18.7% |
| Recurring financial charges65 | €43 | €601 | €149 | €3k | €2k | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €115k | €690k | €49k | €53k | €82k | ▲ 55.2% |
| Transfer from deferred taxes780 | - | €1k | €6k | €7k | €7k | = |
| Transfer to deferred taxes680 | - | €133k | - | - | - | - |
| Income taxes67/77 | €24k | €44k | €15k | €23k | €33k | ▲ 41.6% |
| Profit (loss) for the period9904 | €91k | €515k | €41k | €36k | €55k | ▲ 53.7% |
| Transfer from tax-exempt reserves789 | - | €4k | €18k | €20k | €20k | = |
| Transfer to tax-exempt reserves689 | - | €398k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €91k | €121k | €59k | €56k | €75k | ▲ 34.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €290k | €905k | €958k | €947k | €906k | ▼ 4.3% |
| Fixed assets21/28 | €87k | €352k | €787k | €743k | €688k | ▼ 7.4% |
| Tangible fixed assets22/27 | €87k | €352k | €787k | €743k | €688k | ▼ 7.4% |
| Land and buildings22 | - | €138k | €269k | €261k | €248k | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | €2k | €2k | €1k | ▼ 28.1% |
| Furniture and vehicles24 | - | €4k | €107k | €85k | €64k | ▼ 24.1% |
| Other tangible fixed assets26 | - | €210k | €408k | €395k | €375k | ▼ 5.2% |
| Current assets29/58 | €203k | €553k | €171k | €203k | €217k | ▲ 6.9% |
| Amounts receivable within one year40/41 | €19k | €435k | €40k | €56k | €12k | ▼ 78.3% |
| Trade receivables40 | - | €32k | €2k | €21k | - | - |
| Other amounts receivable41 | - | €403k | €39k | €34k | €12k | ▼ 64.6% |
| Cash at bank and in hand54/58 | €183k | €117k | €130k | €146k | €203k | ▲ 39.0% |
| Deferred charges and accrued income490/1 | - | €1k | €87 | €2k | €2k | ▲ 32.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €290k | €905k | €958k | €947k | €906k | ▼ 4.3% |
| Equity10/15 | €264k | €737k | €750k | €742k | €724k | ▼ 2.5% |
| Contributions10/11 | - | €29k | €29k | €29k | €29k | = |
| Reserves13 | €235k | €708k | €721k | €713k | €695k | ▼ 2.6% |
| Non-distributable reserves130/1 | - | €3k | €3k | €3k | €3k | = |
| Reserves not available under the articles1311 | - | €3k | €3k | €3k | €3k | = |
| Tax-exempt reserves132 | - | €394k | €376k | €356k | €336k | ▼ 5.6% |
| Distributable reserves133 | - | €311k | €342k | €355k | €356k | ▲ 0.5% |
| Profit (loss) carried forward14 | €2 | €2 | €4 | €13 | €24 | ▲ 82.1% |
| Provisions and deferred taxes16 | - | €131k | €125k | €119k | €112k | ▼ 5.6% |
| Deferred taxes168 | - | €131k | €125k | €119k | €112k | ▼ 5.6% |
| Amounts payable17/49 | €26k | €37k | €83k | €86k | €69k | ▼ 18.9% |
| Amounts payable after more than one year17 | - | - | €57k | €44k | €30k | ▼ 32.0% |
| Financial debts170/4 | - | - | €57k | €44k | €30k | ▼ 32.0% |
| Amounts payable within one year42/48 | €26k | €37k | €26k | €42k | €40k | ▼ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | €13k | €13k | €14k | ▲ 4.1% |
| Trade debts44 | €3k | €4k | €3k | €3k | €1k | ▼ 57.3% |
| Suppliers440/4 | - | €4k | €3k | €3k | €1k | ▼ 57.3% |
| Taxes, remuneration and social security45 | - | €33k | €9k | €24k | €23k | ▼ 3.7% |
| Taxes450/3 | - | €33k | €9k | €24k | €23k | ▼ 3.7% |
| Other amounts payable47/48 | - | €700 | €1k | €1k | €1k | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €91k | €515k | €41k | €36k | €55k | ▲ 53.7% |
| + Depreciation and write-downs630 | €25k | €71k | €82k | €61k | €60k | ▼ 2.4% |
| Operating cash flow (approximation) | €116k | €586k | €122k | €97k | €115k | ▲ 18.4% |
| Investment in fixed assets (approximation) | - | €-336k | €-516k | €-17k | €-5k | ▲ 73.9% |
| Change in cash | - | €-66k | €13k | €16k | €57k | ▲ 258% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €515k ▲464%
Operating result €690k, net result €515k, both a record.
31-12
Financial
Equity above €500kEq €737k ▲179%
2 profitable years in a row build equity to €737k.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €91k
Net result €91k after one loss-making year.
31-12
Financial
Equity above €200kEq €264k ▲42.2%
Equity rises from €186k to €264k.
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €-38k
Net result drops to €-38k, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
24-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kuurne · 1 establishment unit since 1988
Ground area
803 m²
Building footprint
201 m²
Volume, LiDAR
169 m³
Parcel 34023C0103/00B000, Flanders · tallest building 5.6 m. Linked by address, not a title deed.
1 establishment unit
Verbindingsweg 10, 8520 Kuurne
since 19882.039.295.831
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34023C0103/00B000 | Flanders | 803 m² | 1 · 201 m² | 5.6 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 6,155 companies in sector 46190 we hold annual accounts for 2,571. 1,359 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded19-07-1988
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.