FRECO
ActiveSummary
FRECO has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €173k and a net result of €19k. Equity is growing by ~8.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+2
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14k at 30 days acceptable
Liquidity ample (current ratio 30.79 against 7.51 in 2024; short-term debt: 2.8% and cash: 54% of total assets), and 6.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
93.3%
Return on assets
10.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-06-2026, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
57 d early
2024
40 d early
2023
30 d early
2022
46 d early
2021
30 d early
2020
98 d early
2019
63 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€19k▲ 27.9%
2024 · €15k
2018: €7klowest in 8 years
2019: €18k▲ +160% vs 2018
2020: €11k▼ -41.8% vs 2019
2021: €8k▼ -29.0% vs 2020
2022: €14k▲ +81.9% vs 2021
2023: €20k▲ +42.4% vs 2022highest in 8 years
2024: €15k▼ -25.3% vs 2023
2025: €19k▲ +27.9% vs 2024
2018 → 2025
Working capital
€154k▲ 17.7%
2024 · €131k
2018: €291k
2019: €326k▲ +12.0% vs 2018highest in 8 years
2020: €63k▼ -80.7% vs 2019lowest in 8 years
2021: €77k▲ +23.0% vs 2020
2022: €88k▲ +14.4% vs 2021
2023: €120k▲ +35.3% vs 2022
2024: €131k▲ +9.1% vs 2023
2025: €154k▲ +17.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€107k-€120k▲ 12.9%€140k▲ 16.3%€154k▲ 10.4%€173k▲ 12.1%
2021: €107klowest in 5 years
2022: €120k▲ +12.9% vs 2021
2023: €140k▲ +16.3% vs 2022
2024: €154k▲ +10.4% vs 2023
2025: €173k▲ +12.1% vs 2024highest in 5 years
Operating result€8k-€16k▲ 105%€24k▲ 48.8%€18k▼ 24.2%€22k▲ 21.5%
2021: €8klowest in 5 years
2022: €16k▲ +105% vs 2021
2023: €24k▲ +48.8% vs 2022highest in 5 years
2024: €18k▼ -24.2% vs 2023
2025: €22k▲ +21.5% vs 2024
Net result€8k-€14k▲ 81.9%€20k▲ 42.4%€15k▼ 25.3%€19k▲ 27.9%
2021: €8klowest in 5 years
2022: €14k▲ +81.9% vs 2021
2023: €20k▲ +42.4% vs 2022highest in 5 years
2024: €15k▼ -25.3% vs 2023
2025: €19k▲ +27.9% vs 2024
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 21% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €186k
Fixed assets
€27k ▼ 14.4%
Current assets
€159k ▲ 5.5%
Equity and liabilities €186k
Equity
€173k ▲ 12.1%
Debt
€13k ▼ 54.4%
Debt's share of the balance-sheet total falls from 15.1% to 6.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27k▲
2024 · €25k
Cash flow
€23k▲
2024 · €21k
Current ratio
30.79▲
2024 · 7.51
Debt to equity
0.07▼
2024 · 0.18
ROE
10.8%▲
2024 · 9.5%
ROA
10.1%▲
2024 · 8.0%
Interest coverage
412.66▲
2024 · 31.37
Debt ≤ 1 year
€5k▼
2024 · €20k
Income taxes
€6k▲
2024 · €5k
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 · 2025 against 2024 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€182k€186k▲
Fixed assets21/28€31k€27k▼
Tangible fixed assets22/27€31k€27k▼
Land and buildings22€31k€27k▼
Current assets29/58€151k€159k▲
Amounts receivable after more than one year29€50k€50k=
Other amounts receivable291€50k€50k=
Amounts receivable within one year40/41-€4k
Other amounts receivable41-€4k
Cash at bank and in hand54/58€98k€100k▲
Deferred charges and accrued income490/1€2k€5k▲
Equity and liabilities
Total equity and liabilities10/49€182k€186k▲
Equity10/15€154k€173k▲
Contributions10/11€62k€62k=
Reserves13€92k€111k▲
Non-distributable reserves130/1€26k-
Reserves not available under the articles1311€26k-
Distributable reserves133€66k€111k▲
Profit (loss) carried forward14€820€494▼
Amounts payable17/49€27k€13k▼
Amounts payable within one year42/48€20k€5k▼
Taxes, remuneration and social security45€5k-
Taxes450/3€5k-
Other amounts payable47/48€15k€5k▼
Accrued charges and deferred income492/3€7k€7k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€5k▼
Other operating charges640/8€5k€5k▲
Gross operating margin9900€30k€32k▲
Operating profit (loss)9901€18k€22k▲
Financial income75/76B€3k€3k=
Recurring financial income75€3k€3k=
Financial charges65/66B€794€65▼
Recurring financial charges65€794€65▼
Profit (loss) for the period before taxes9903€20k€25k▲
Income taxes67/77€5k€6k▲
Profit (loss) for the period9904€15k€19k▲
Profit (loss) for the period to be appropriated9905€15k€19k▲
Appropriation of the result
Profit (loss) to be appropriated9906€15k€19k▲
Profit (loss) brought forward from the previous period14P€214€820▲
Transfer to equity691/2€14k€19k▲
To other reserves6921€14k€19k▲
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €6k | €7k | €7k | €5k | ▼ 31.0% |
| Other operating charges640/8 | €4k | €4k | €5k | €5k | €5k | ▲ 2.3% |
| Gross operating margin9900 | €17k | €26k | €36k | €30k | €32k | ▲ 6.8% |
| Operating profit (loss)9901 | €8k | €16k | €24k | €18k | €22k | ▲ 21.5% |
| Financial income75/76B | €3k | €3k | €3k | €3k | €3k | = |
| Recurring financial income75 | €3k | €3k | €3k | €3k | €3k | = |
| Financial charges65/66B | €37 | €39 | €39 | €794 | €65 | ▼ 91.8% |
| Recurring financial charges65 | €37 | €39 | €39 | €794 | €65 | ▼ 91.8% |
| Profit (loss) for the period before taxes9903 | €10k | €19k | €27k | €20k | €25k | ▲ 23.3% |
| Income taxes67/77 | €3k | €5k | €7k | €5k | €6k | ▲ 11.0% |
| Profit (loss) for the period9904 | €8k | €14k | €20k | €15k | €19k | ▲ 27.9% |
| Profit (loss) for the period to be appropriated9905 | €8k | €14k | €20k | €15k | €19k | ▲ 27.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126k | €147k | €174k | €182k | €186k | ▲ 2.0% |
| Fixed assets21/28 | €42k | €44k | €38k | €31k | €27k | ▼ 14.4% |
| Tangible fixed assets22/27 | €42k | €44k | €38k | €31k | €27k | ▼ 14.4% |
| Land and buildings22 | €42k | €44k | €38k | €31k | €27k | ▼ 14.4% |
| Current assets29/58 | €84k | €103k | €136k | €151k | €159k | ▲ 5.5% |
| Amounts receivable after more than one year29 | €50k | €50k | €50k | €50k | €50k | = |
| Other amounts receivable291 | €50k | €50k | €50k | €50k | €50k | = |
| Amounts receivable within one year40/41 | - | - | - | - | €4k | - |
| Other amounts receivable41 | - | - | - | - | €4k | - |
| Cash at bank and in hand54/58 | €30k | €46k | €76k | €98k | €100k | ▲ 1.8% |
| Deferred charges and accrued income490/1 | €4k | €7k | €10k | €2k | €5k | ▲ 124% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126k | €147k | €174k | €182k | €186k | ▲ 2.0% |
| Equity10/15 | €107k | €120k | €140k | €154k | €173k | ▲ 12.1% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €44k | €58k | €78k | €92k | €111k | ▲ 20.6% |
| Non-distributable reserves130/1 | €26k | €26k | €26k | €26k | - | - |
| Reserves not available under the articles1311 | €26k | €26k | €26k | €26k | - | - |
| Distributable reserves133 | €18k | €32k | €52k | €66k | €111k | ▲ 68.3% |
| Profit (loss) carried forward14 | €917 | €652 | €214 | €820 | €494 | ▼ 39.8% |
| Amounts payable17/49 | €19k | €27k | €34k | €27k | €13k | ▼ 54.4% |
| Amounts payable within one year42/48 | €7k | €14k | €16k | €20k | €5k | ▼ 74.3% |
| Taxes, remuneration and social security45 | €3k | €5k | €7k | €5k | - | - |
| Taxes450/3 | €3k | €5k | €7k | €5k | - | - |
| Other amounts payable47/48 | €4k | €9k | €9k | €15k | €5k | ▼ 64.7% |
| Accrued charges and deferred income492/3 | €12k | €13k | €18k | €7k | €7k | ▼ 0.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8k | €14k | €20k | €15k | €19k | ▲ 27.9% |
| + Depreciation and write-downs630 | €6k | €6k | €7k | €7k | €5k | ▼ 31.0% |
| Operating cash flow (approximation) | €13k | €20k | €26k | €21k | €23k | ▲ 9.7% |
| Investment in fixed assets (approximation) | - | €-8k | €0 | €0 | €0 | - |
| Change in cash | - | €16k | €31k | €22k | €2k | ▼ 92.2% |
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
2026
04-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity quadruplescurrent ratio 30.79
Current ratio from 7.51 to 30.79; short-term debt falls from €20k to €5k.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-12
Financial
Equity above €150kEq €154k ▲10.4%
7 profitable years in a row build equity to €154k.
30-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-12
Financial
Highest result since 2018net €20k ▲42.4%
Operating result €24k, net result €20k, both a record.
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-12
Financial
Equity above €100kEq €107k ▲7.6%
4 profitable years in a row build equity to €107k.
23-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
30-12
Financial
Liquidity times 5current ratio 69.86
Current ratio from 13.74 to 69.86; short-term debt falls from €23k to €5k.
Show earlier events
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Elsene · 1 establishment unit since 1998
Ground area
1,382 m²
Building footprint
1,014 m²
Volume, LiDAR
30,281 m³
2 parcels, Brussels · tallest building 45.1 m, ±13 floors. Linked by address, not a title deed.
15
companies at this address
See who is registered here
1 establishment unit
Spiraalbuisstraat 33, 1050 Elsene
since 19982.087.210.960
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0123/00E004 | Brussels | 1,164 m² | 1 · 815 m² | 45.1 m · 13 fl. |
| 21443C0074/00G000 | Brussels | 217 m² | 1 · 199 m² | 18.3 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded04-12-1997
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
1 convocationGeneral meeting
Agenda
Rapport du conseil d’administra- tion. Approbation des comptes au 31 décembre 2004. Affectation du résultat. Nominations statutaires. Décharge. Dépôt des titres, Banque Delen, avenue de Tervuren 72, à Etterbeek. (12411) Vermeir Claude, société anonyme, parc scientifique, avenue Albert Einstein 12, 1348 Louvain-la-Neuve Numéro d’entreprise 0459.585.109 Assemblée générale le 10 mai 2005, à 10 heures, au siège social. Agenda : Rapport C.A. Approbation comptes annuels. Affectation résultat. Décharge administrateurs. Nominations d’administrateurs. Divers. (12412) 19230 MONITEUR BELGE — 25.04.2005 — BELGISCH STAATSBLAD Galcom, société anonyme, rue du Serpentin 33, 1050 Bruxelles Numéro d’entrepris ...