FRECOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 15 filings
Turnover
≈ €130,000
Estimated: probably between €57,000 and €300,000
Total assets
€137,066▼ 2.0%
2024 · €139,861
Net result
€1,190
2024 · -€448
Working capital
€120,968▲ 14.6%
2024 · €105,536
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,719
▼ 5.1%
2025
20182025
Net result
€1,190
2025
lowest quarter of the sector
20182025
Equity
€115,393
▲ 1.0%
2025
middle half of the sector
20182025
Total assets
€137,066
▼ 2.0%
2025
middle half of the sector
20182025
Debt
€21,673
▼ 15.5%
2025
20182025
Working capital
€120,968
▲ 14.6%
2025
highest quarter of the sector
20182025
Solvency
84.2%
▲ 2.5pp
2025
highest quarter of the sector
20182025
Current ratio
15.51
▲ 5.94
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.9%
▲ 1.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€19,231-€11,957▼ 37.8%€24,367▲ 104%€14,327▼ 41.2%€25,917▲ 80.9%€4,641▼ 82.1%€1,812▼ 61.0%€1,719▼ 5.1%
Net result€12,053-€6,735▼ 44.1%€15,379within the sector's middle half▲ 128%€8,258within the sector's middle half▼ 46.3%€18,701within the sector's middle half▲ 126%-€10,490below the sector's middle half-€448below the sector's middle half▲ 95.7%€1,190below the sector's middle half
Equity€166,655-€172,574▲ 3.6%€170,169above the sector's middle half▼ 1.4%€159,441above the sector's middle half▼ 6.3%€137,142above the sector's middle half▼ 14.0%€114,652within the sector's middle half▼ 16.4%€114,203within the sector's middle half▼ 0.4%€115,393within the sector's middle half▲ 1.0%
Total assets€204,430-€211,373▲ 3.4%€188,628within the sector's middle half▼ 10.8%€174,580within the sector's middle half▼ 7.4%€181,189within the sector's middle half▲ 3.8%€194,201within the sector's middle half▲ 7.2%€139,861within the sector's middle half▼ 28.0%€137,066within the sector's middle half▼ 2.0%
Debt€37,775-€38,800▲ 2.7%€18,459▼ 52.4%€15,139▼ 18.0%€44,047▲ 191%€79,550▲ 80.6%€25,658▼ 67.7%€21,673▼ 15.5%
Working capital€136,879-€142,047▲ 3.8%€143,611above the sector's middle half▲ 1.1%€129,477above the sector's middle half▼ 9.8%€98,959above the sector's middle half▼ 23.6%€134,904above the sector's middle half▲ 36.3%€105,536above the sector's middle half▼ 21.8%€120,968above the sector's middle half▲ 14.6%
Solvency81.5%-81.6%▲ 0.1pp90.2%above the sector's middle half▲ 8.6pp91.3%above the sector's middle half▲ 1.1pp75.7%above the sector's middle half▼ 15.6pp59.0%within the sector's middle half▼ 16.7pp81.7%above the sector's middle half▲ 22.6pp84.2%above the sector's middle half▲ 2.5pp
Current ratio9.60-6.73▼ 2.8712.56above the sector's middle half▲ 5.849.55above the sector's middle half▼ 3.017.20above the sector's middle half▼ 2.356.94above the sector's middle half▼ 0.279.56above the sector's middle half▲ 2.6315.51above the sector's middle half▲ 5.94
Return on assets (ROA)5.9%-3.2%▼ 2.7pp8.2%within the sector's middle half▲ 5.0pp4.7%within the sector's middle half▼ 3.4pp10.3%within the sector's middle half▲ 5.6pp-5.4%below the sector's middle half▼ 15.7pp-0.3%below the sector's middle half▲ 5.1pp0.9%below the sector's middle half▲ 1.2pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 5% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €137,066
Fixed assets
€7,761 ▼ 64.7%
Current assets
€129,305 ▲ 9.7%
Equity and liabilities €137,066
Equity
€115,393 ▲ 1.0%
Debt
€21,673 ▼ 15.5%
Debt's share of the balance-sheet total falls from 18.3% to 15.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,961▼
2024 · €17,700
Cash flow
€15,431=
2024 · €15,439
Debt to equity
0.19▼
2024 · 0.22
ROE
1.0%▲
2024 · -0.4%
Interest coverage
21.13▲
2024 · 20.10
Debt ≤ 1 year
€8,338▼
2024 · €12,323
Debt > 1 year
€13,335=
2024 · €13,335
Income taxes
€479▼
2024 · €1,557
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 | €10,834 | €47,760 | - | €1,321 | - |
| Depreciation and write-downs of the year | €13,469 | €11,451 | €17,412 | €15,887 | €14,241 |
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 | - | - | - | - | €15,709 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,364 | €11,995 | €11,929 | €13,469 | €11,451 | €17,412 | €15,887 | €14,241 | ▼ 10.4% |
| Other operating charges640/8 | - | - | - | €471 | €736 | €1,106 | €627 | €462 | ▼ 26.4% |
| Gross operating margin9900 | €30,058 | €24,411 | €36,705 | €28,268 | €38,104 | €23,160 | €18,327 | €16,422 | ▼ 10.4% |
| Operating profit (loss)9901 | €19,231 | €11,957 | €24,367 | €14,327 | €25,917 | €4,641 | €1,812 | €1,719 | ▼ 5.1% |
| Financial income75/76B | - | - | - | - | - | €8 | €176 | €705 | ▲ 300% |
| Recurring financial income75 | €48 | - | €1 | - | - | €8 | €176 | €705 | ▲ 300% |
| Financial charges65/66B | - | - | - | €329 | €858 | €13,385 | €880 | €755 | ▼ 14.2% |
| Recurring financial charges65 | €764 | €677 | €578 | €329 | €858 | €1,093 | €880 | €755 | ▼ 14.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €12,292 | - | - | - |
| Profit (loss) for the period before taxes9903 | €18,515 | €11,280 | €23,790 | €13,998 | €25,059 | -€8,735 | €1,108 | €1,669 | ▲ 50.6% |
| Income taxes67/77 | €6,462 | €4,544 | €8,411 | €5,740 | €6,358 | €1,755 | €1,557 | €479 | ▼ 69.2% |
| Profit (loss) for the period9904 | €12,053 | €6,735 | €15,379 | €8,258 | €18,701 | -€10,490 | -€448 | €1,190 | - |
| Profit (loss) for the period to be appropriated9905 | €12,053 | €6,495 | €15,644 | €8,258 | €18,701 | -€10,490 | -€448 | €1,190 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €204,430 | €211,373 | €188,628 | €174,580 | €181,189 | €194,201 | €139,861 | €137,066 | ▼ 2.0% |
| Fixed assets21/28 | €51,630 | €44,527 | €32,599 | €29,964 | €66,272 | €36,568 | €22,002 | €7,761 | ▼ 64.7% |
| Tangible fixed assets22/27 | €39,338 | €32,235 | €20,307 | €17,672 | €53,980 | €36,568 | €22,002 | €7,761 | ▼ 64.7% |
| Furniture and vehicles24 | - | - | - | €17,672 | €16,450 | €9,575 | €5,546 | €1,842 | ▼ 66.8% |
| Leasing and similar rights25 | - | - | - | - | €37,531 | €26,993 | €16,456 | €5,918 | ▼ 64.0% |
| Financial fixed assets28 | €12,292 | €12,292 | €12,292 | €12,292 | €12,292 | - | - | - | - |
| Current assets29/58 | €152,800 | €166,846 | €156,030 | €144,617 | €114,916 | €157,633 | €117,859 | €129,305 | ▲ 9.7% |
| Amounts receivable after more than one year29 | - | - | - | €16,667 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €16,667 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €25,300 | €35,792 | €81,736 | €60,953 | €33,454 | €64,774 | €21,256 | €29,046 | ▲ 36.6% |
| Trade receivables40 | - | - | - | €21,965 | €19,360 | €58,212 | - | €8,685 | - |
| Other amounts receivable41 | - | - | - | €38,988 | €14,094 | €6,562 | €21,256 | €20,361 | ▼ 4.2% |
| Cash at bank and in hand54/58 | €117,253 | €89,173 | €51,024 | €59,246 | €74,674 | €85,347 | €91,863 | €98,984 | ▲ 7.8% |
| Deferred charges and accrued income490/1 | - | - | - | €7,751 | €6,789 | €7,513 | €4,739 | €1,275 | ▼ 73.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €204,430 | €211,373 | €188,628 | €174,580 | €181,189 | €194,201 | €139,861 | €137,066 | ▼ 2.0% |
| Equity10/15 | €166,655 | €172,574 | €170,169 | €159,441 | €137,142 | €114,652 | €114,203 | €115,393 | ▲ 1.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €160,455 | €166,374 | €163,969 | €153,241 | €130,942 | €108,452 | €108,003 | €109,193 | ▲ 1.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €241 | €241 | €241 | €241 | €241 | = |
| Distributable reserves133 | - | - | - | €151,140 | €128,841 | €108,211 | €107,763 | €108,953 | ▲ 1.1% |
| Amounts payable17/49 | €37,775 | €38,800 | €18,459 | €15,139 | €44,047 | €79,550 | €25,658 | €21,673 | ▼ 15.5% |
| Amounts payable after more than one year17 | €21,855 | €14,001 | €6,041 | - | €28,090 | €20,821 | €13,335 | €13,335 | = |
| Financial debts170/4 | - | - | - | - | €28,090 | €20,821 | €13,335 | €13,335 | = |
| Amounts payable within one year42/48 | €15,921 | €24,799 | €12,418 | €15,139 | €15,957 | €22,729 | €12,323 | €8,338 | ▼ 32.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,041 | €7,058 | €7,269 | €7,486 | - | - |
| Trade debts44 | €2,125 | €9,449 | €1,755 | €1,941 | €387 | €4,234 | €3,258 | €232 | ▼ 92.9% |
| Suppliers440/4 | - | - | - | €1,941 | €387 | €4,234 | €3,258 | €232 | ▼ 92.9% |
| Taxes, remuneration and social security45 | - | - | - | €6,595 | €8,512 | €11,226 | €1,579 | €8,106 | ▲ 413% |
| Taxes450/3 | - | - | - | €6,595 | €8,412 | €11,226 | €1,579 | €8,106 | ▲ 413% |
| Remuneration and social security454/9 | - | - | - | - | €100 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €563 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €36,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,053 | €6,735 | €15,379 | €8,258 | €18,701 | -€10,490 | -€448 | €1,190 | - |
| + Depreciation and write-downs630 | €10,364 | €11,995 | €11,929 | €13,469 | €11,451 | €17,412 | €15,887 | €14,241 | ▼ 10.4% |
| Operating cash flow (approximation) | €22,417 | €18,730 | €27,308 | €21,727 | €30,152 | €6,922 | €15,439 | €15,431 | = |
| Investment in fixed assets (approximation) | - | -€4,892 | €0 | -€10,834 | -€47,760 | €12,292 | -€1,321 | €0 | - |
| Change in cash | - | -€28,080 | -€38,149 | €8,222 | €15,427 | €10,673 | €6,517 | €7,121 | ▲ 9.3% |
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, 10,904 companies had the same profile as FRECOM has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FRECOM 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 10,904 companies, not a prediction for FRECOM. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00218237 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00205191 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00348162 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00316647 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20100066 | |
| 31-12-2020 | micro format | 13-08-2021 | 2021-49100085 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31600253 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-31200293 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47400212 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-33600531 |