Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
Of this, €297,756 falls due within a year.
In 2025, 11 people joined and 11 left.
The last five annual accounts were filed 14 to 48 days before the end of the period.
Less equity than 84% of companies in food products. Sector median €51,652 · 1,914 companies.
The dashed line is the sector median: 1.1% across 3,081 companies (NACE 10, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, micro). It does better than 17% of them on solvency, 18% on liquidity, 28% on profitability and 81% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 906 companies had the same profile as Freda has now. Each dot stands for 3 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Freda itself: 1.7% within 12 months.
The method was tested on the 497,447 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 906 companies, not a prediction for Freda. 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.
Liquidity is insufficient, with a current ratio of 0.79 (0.85 in 2024), below 1. Short-term debt is 99.7% and cash 21.2% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 34 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Freda Wingene | €298,738 | €133,742 | -4.6% | - |
| HAQUIN Sint-Lievens-Houtem | €292,579 | €154,984 | 41.4% | - |
| Quanina Roeselare | €373,534 | €192,035 | 5.4% | - |
| Chocolatier Spriet Jens Ingelmunster | €383,458 | €97,823 | 42.8% | - |
| Chocorette Aartselaar | €232,780 | €192,824 | 63.8% | - |
| Bernard Schobbens Chocolatier Beauvechain | €314,163 | €80,812 | 71.8% | - |
| THEYSMANS Herk-de-Stad | €422,582 | €101,921 | 5.7% | - |
These companies have the same main activity as Freda: manufacture of cocoa, chocolate and sugar confectionery (NACE 10820). They are comparable in size and age: total assets between €233,000 and €423,000, founded between 2017 and 2019.
Freda files the micro format. That format states no turnover. The gross margin rose from €26,429 in 2020 to €133,742 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 20% of 1,911 companies in 2025.
Higher than 33% of 1,855 companies in 2025.
Higher than 44% of 1,871 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 11 people joined and 11 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
298,738 | 303,544 | 293,090 | 372,300 | 343,954 | 91,321 | |
21/28 |
63,388 | 69,184 | 86,264 | 102,721 | 72,108 | 39,369 | |
21 |
28,513 | 34,257 | 40,001 | 48,036 | 24,489 | 21,250 | |
22/27 |
31,807 | 31,859 | 43,195 | 51,617 | 44,551 | 15,051 | |
23 |
26,528 | 25,727 | 32,889 | 39,351 | 32,797 | 9,493 | |
24 |
5,280 | 6,131 | 10,307 | 12,266 | 11,754 | 5,558 | |
28 |
3,068 | 3,068 | 3,068 | 3,068 | 3,068 | 3,068 | |
29/58 |
235,350 | 234,361 | 206,826 | 269,580 | 271,846 | 51,952 | |
29 |
0 | 13,051 | 12,692 | - | - | - | |
291 |
0 | 13,051 | 12,692 | - | - | - | |
3 |
82,081 | 88,252 | 71,071 | 86,211 | 83,797 | 13,761 | |
30/36 |
82,081 | 88,252 | 71,071 | 86,211 | 83,797 | 13,761 | |
40/41 |
88,772 | 96,367 | 84,656 | 118,451 | 113,362 | 14,151 | |
40 |
80,712 | 96,336 | 83,664 | 104,766 | 107,662 | 14,151 | |
41 |
8,060 | 31 | 991 | 13,684 | 5,700 | - | |
54/58 |
63,357 | 34,625 | 35,119 | 63,649 | 74,375 | 24,040 | |
490/1 |
1,140 | 2,065 | 3,288 | 1,269 | 312 | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
298,738 | 303,544 | 293,090 | 372,300 | 343,954 | 91,321 | |
10/15 |
-13,598 | -22,780 | -67,341 | -33,247 | 4,586 | 16,577 | |
10/11 |
14,900 | 14,900 | 14,900 | 14,900 | 14,900 | 2,500 | |
13 |
3,360 | 3,360 | 3,360 | 3,360 | 3,360 | - | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
133 |
1,500 | 1,500 | 1,500 | 1,500 | 1,500 | - | |
14 |
-31,858 | -41,040 | -85,601 | -51,507 | -13,674 | 14,077 | |
17/49 |
312,336 | 326,324 | 360,431 | 405,547 | 339,368 | 74,744 | |
17 |
10,011 | 49,742 | 104,777 | 148,368 | 173,333 | 36,309 | |
170/4 |
10,011 | 49,742 | 104,777 | 148,368 | 173,333 | 36,309 | |
42/48 |
297,756 | 275,811 | 254,754 | 255,933 | 165,771 | 38,434 | |
42 |
39,731 | 55,509 | 62,434 | 62,032 | 18,983 | 7,143 | |
43 |
135,000 | 75,000 | 75,000 | 75,000 | 50,000 | - | |
430/8 |
135,000 | 75,000 | 75,000 | 75,000 | 50,000 | - | |
44 |
72,472 | 116,009 | 93,234 | 101,630 | 86,638 | 24,253 | |
440/4 |
72,472 | 116,009 | 93,234 | 101,630 | 86,638 | 24,253 | |
46 |
8,750 | - | - | - | - | - | |
45 |
18,794 | 27,916 | 22,607 | 17,271 | 10,150 | 2,697 | |
450/3 |
5,910 | 9,030 | 7,832 | 3,726 | 6,235 | 2,697 | |
454/9 |
12,884 | 18,886 | 14,775 | 13,545 | 3,915 | - | |
47/48 |
23,009 | 1,377 | 1,479 | - | - | 4,341 | |
492/3 |
4,569 | 771 | 900 | 1,246 | 264 | - | |
| Income statement | |||||||
70 |
- | - | - | - | 904,237 | - | |
9900 |
133,742 | 159,596 | 89,316 | 38,913 | 71,191 | 26,429 | |
60/61 |
- | - | - | - | 843,949 | - | |
62 |
97,295 | 87,472 | 97,635 | 61,207 | 30,661 | - | |
630 |
14,827 | 17,081 | 19,119 | 15,651 | 11,352 | 7,332 | |
631/4 |
944 | 0 | -83 | - | - | - | |
640/8 |
1,595 | 3,520 | 2,307 | 2,001 | 2,972 | 900 | |
66A |
- | - | - | - | - | 1,692 | |
9901 |
19,081 | 51,523 | -29,663 | -39,947 | 26,206 | 16,505 | |
75/76B |
4,280 | 1,281 | 3,074 | 4,988 | 78 | 3,001 | |
75 |
4,280 | 1,281 | 489 | 3,738 | 78 | 1 | |
76B |
- | 0 | 2,585 | 1,250 | - | 3,000 | |
65/66B |
12,125 | 7,857 | 6,773 | 8,154 | 6,675 | 3,269 | |
65 |
12,125 | 7,857 | 6,773 | 8,154 | 6,675 | 3,269 | |
9903 |
11,237 | 44,947 | -33,362 | -43,113 | 19,609 | 16,236 | |
67/77 |
2,055 | 385 | 733 | -3,599 | 3,646 | 2,159 | |
9904 |
9,182 | 44,561 | -34,095 | -39,514 | 15,963 | 14,077 | |
9905 |
9,182 | 44,561 | -34,095 | -39,514 | 15,963 | 14,077 | |
| Appropriation of the result | |||||||
9906 |
-31,858 | -41,040 | -85,601 | -51,507 | -13,674 | 14,077 | |
14P |
-41,040 | -85,601 | -51,507 | -11,993 | -29,637 | - | |
| Social balance sheet | |||||||
9087 |
2.2 | 2.1 | 2.6 | 1.7 | 0.3 | - | |
Hours worked1013 |
3,641 | 3,522 | 4,470 | 3,698 | 1,039 | - | |
| Document | |||||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 10-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00277249 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00135814 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00151902 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00240573 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072823 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-21900482 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €588 | €0 |
| 2023 | 2 | €9,180 | €10,050 |
| 2022 | 1 | €900 | €0 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 33,909 | 68,604 | -10,544 | -24,295 | 37,558 | 23,837 | ||
| 24,009 | 61,642 | -14,975 | -23,862 | 27,315 | 21,409 | ||
| 9,032 | 0 | 9,078 | 46,265 | 81,420 | 45,692 | ||
| 28,732 | -494 | -28,530 | -10,726 | 50,335 | - | ||
| -62,406 | -41,450 | -47,929 | 13,646 | 106,075 | 13,518 | ||
| - | - | - | - | 2.9% | - | ||
| -4.6% | -7.5% | -23.0% | -8.9% | 1.3% | 18.2% | ||
| 0.79 | 0.85 | 0.81 | 1.05 | 1.64 | 1.35 | ||
| 0.51 | 0.53 | 0.53 | 0.72 | 1.13 | 0.99 | ||
| - | - | - | - | 74.00 | 4.51 | ||
| - | - | - | - | 348.1% | 84.9% | ||
| 3.1% | 14.7% | -11.6% | -10.6% | 4.6% | 15.4% | ||
| 2.80 | 8.73 | -1.56 | -2.98 | 5.63 | - | ||
| - | - | - | - | 43 days | - | ||
| - | - | - | - | 37 days | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 1 |
| full-time | 0 | 0 | 0 | 1 | - |
| part-time | 2 | 2 | 2 | 1 | 1 |
| in full-time equivalents | 1.4 | 1.3 | 1.3 | 1.6 | 0.5 |
| 2 | 1.6 | 2.6 | 1.7 | 0.3 | |
| On a permanent contract | 2 | 2 | 2 | 2 | 1 |
| Joined | 11 | 8 | 9 | 12 | 6 |
| Left | 11 | 8 | 9 | 9 | 5 |
| Training hours | 0 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| €145,000 | - | €70,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,032 | - | €9,078 | €16,265 | €66,846 |
| Intangible fixed assets | - | - | - | €30,000 | €14,574 |
| Financial fixed assets | €0 | - | - | - | - |
| €14,827 | €17,081 | €19,119 | €15,651 | €11,352 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 63% lower than in 2024.
Equity is negative. Debt (€312,336) exceeds the balance-sheet total (€298,738).
Freda has no parent and no holdings in its annual accounts.
| 't WERKPAND
establishment since 01-01-2023 · founded in 1997 |
5.9 FTE (2025) 0461.014.769 |
| INCA'VALLEY
registered office since 15-04-2020 · founded in 2020 · negative equity (2025) |
total assets €958,245 (2025) 0745.975.728 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Freda was incorporated on 2 July 2019 as a private limited company.1 In 2022 the company absorbed CONFISERIE RENÉE by merger.2 Total assets fell from €372,300 in 2022 to €298,738 in 2025 and headcount from 1.7 to 2.2 full-time equivalents.3
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Renée Onvervalst Lekker registered office Verrekijker 25, 8750 Wingene 1039102 Manufacture of food products | 02-07-2019 | 2.290.760.908 | Food wholesaler Manufacturer of other plant products Manufacturer of condiments, spices, sauces Manufacturer of products derived from vegetables Food packer |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 37018F1190/00X002 | 2,508 m² | 1 · 781 m² | 8.1 m · 2 |
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