FRÉDÉRIC GOETHALS MANAGEMENT
ActiveSummary
FRÉDÉRIC GOETHALS MANAGEMENT has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €212k and a net result of €27k. Equity is growing by ~16.6% per year across the filed fiscal years. Its solvency ranks better than 25% of 928 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability59▲+13
Solvency42▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity ample (current ratio 1.97 against 0.96 in 2024; short-term debt: 12.1% and cash: 19.9% of total assets), but 83.4% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer 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 2025Solvency, return and age of the figures
Solvency
16.6%
Return on assets
2.1%
Age of the figures
9 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 928 sector peers (2025).
NBB · sector comparisonPosition among 928 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
26 d early
2023
17 d early
2022
28 d early
2021
19 d early
2020
25 d early
2019
17 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€27k▼ 3.2%
2024 · €28k
2018: €5k
2019: €37k▲ +696% vs 2018
2020: €32k▼ -13.3% vs 2019
2021: €11k▼ -66.8% vs 2020
2022: €37k▲ +250% vs 2021highest in 8 years
2023: €2k▼ -95.4% vs 2022lowest in 8 years
2024: €28k▲ +1584% vs 2023
2025: €27k▼ -3.2% vs 2024
2018 → 2025
Working capital
€150k
2024 · €-12k
2018: €70k
2019: €85k▲ +22.3% vs 2018
2020: €107k▲ +25.4% vs 2019
2021: €16k▼ -85.0% vs 2020
2022: €49k▲ +201% vs 2021
2023: €-343k▼ -807% vs 2022lowest in 8 years
2024: €-12k▲ +96.5% vs 2023
2025: €150k▲ +1355% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€118k-€155k▲ 31.4%€156k▲ 1.1%€185k▲ 18.2%€212k▲ 14.9%
2021: €118klowest in 5 years
2022: €155k▲ +31.4% vs 2021
2023: €156k▲ +1.1% vs 2022
2024: €185k▲ +18.2% vs 2023
2025: €212k▲ +14.9% vs 2024highest in 5 years
Operating result€18k-€56k▲ 211%€30k▼ 46.1%€84k▲ 181%€61k▼ 27.5%
2021: €18klowest in 5 years
2022: €56k▲ +211% vs 2021
2023: €30k▼ -46.1% vs 2022
2024: €84k▲ +181% vs 2023highest in 5 years
2025: €61k▼ -27.5% vs 2024
Net result€11k-€37k▲ 250%€2k▼ 95.4%€28k▲ 1,584%€27k▼ 3.2%
2021: €11k
2022: €37k▲ +250% vs 2021highest in 5 years
2023: €2k▼ -95.4% vs 2022lowest in 5 years
2024: €28k▲ +1584% vs 2023
2025: €27k▼ -3.2% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 27% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.28M
Fixed assets
€975k ▲ 17.5%
Current assets
€305k ▲ 2.9%
Equity and liabilities €1.28M
Equity
€212k ▲ 14.9%
Debt
€1.07M ▲ 13.4%
Debt's share of the balance-sheet total falls from 83.6% to 83.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€96k▼
2024 · €123k
Cash flow
€62k▼
2024 · €67k
Current ratio
1.97▲
2024 · 0.96
Quick ratio
1.71▲
2024 · 0.25
Debt to equity
5.04▼
2024 · 5.10
ROE
12.9%▼
2024 · 15.4%
ROA
2.1%▼
2024 · 2.5%
Interest coverage
4.47▲
2024 · 2.87
Debt ≤ 1 year
€155k▼
2024 · €308k
Debt > 1 year
€909k▲
2024 · €628k
Income taxes
€13k▼
2024 · €14k
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 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.13M€1.28M▲
Fixed assets21/28€830k€975k▲
Tangible fixed assets22/27€830k€975k▲
Land and buildings22€830k€975k▲
Current assets29/58€296k€305k▲
Stocks and contracts in progress3€220k€40k▼
Stocks30/36€220k€40k▼
Amounts receivable within one year40/41€13k€11k▼
Trade receivables40€10k€10k=
Other amounts receivable41€3k€481▼
Cash at bank and in hand54/58€63k€255k▲
Equity and liabilities
Total equity and liabilities10/49€1.13M€1.28M▲
Equity10/15€185k€212k▲
Contributions10/11€22k€22k=
Outside capital11€22k€22k=
Other1109/19€22k€22k=
Reserves13€163k€190k▲
Distributable reserves133€163k€190k▲
Amounts payable17/49€942k€1.07M▲
Amounts payable after more than one year17€628k€909k▲
Financial debts170/4€623k€903k▲
Other amounts payable178/9€6k€6k=
Amounts payable within one year42/48€308k€155k▼
Financial debts43€177k€29k▼
Credit institutions430/8€177k€29k▼
Trade debts44€2k€4k▲
Suppliers440/4€2k€4k▲
Taxes, remuneration and social security45€36k€39k▲
Taxes450/3€35k€39k▲
Remuneration and social security454/9€1k-
Other amounts payable47/48€93k€83k▼
Accrued charges and deferred income492/3€5k€4k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€35k▼
Other operating charges640/8€20k€9k▼
Gross operating margin9900€143k€105k▼
Operating profit (loss)9901€84k€61k▼
Financial income75/76B€332€582▲
Recurring financial income75€332€582▲
Financial charges65/66B€43k€21k▼
Recurring financial charges65€43k€21k▼
Profit (loss) for the period before taxes9903€42k€40k▼
Income taxes67/77€14k€13k▼
Profit (loss) for the period9904€28k€27k▼
Profit (loss) for the period to be appropriated9905€28k€27k▼
Appropriation of the result
Profit (loss) to be appropriated9906€28k€27k▼
Transfer to equity691/2€28k€27k▼
To other reserves6921€28k€27k▼
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18k | €24k | €26k | €39k | €35k | ▼ 10.5% |
| Other operating charges640/8 | €2k | €3k | €4k | €20k | €9k | ▼ 53.6% |
| Gross operating margin9900 | €38k | €83k | €60k | €143k | €105k | ▼ 26.5% |
| Operating profit (loss)9901 | €18k | €56k | €30k | €84k | €61k | ▼ 27.5% |
| Financial income75/76B | - | - | - | €332 | €582 | ▲ 75.3% |
| Recurring financial income75 | - | - | - | €332 | €582 | ▲ 75.3% |
| Financial charges65/66B | €4k | €4k | €26k | €43k | €21k | ▼ 50.0% |
| Recurring financial charges65 | €4k | €4k | €26k | €43k | €21k | ▼ 50.0% |
| Profit (loss) for the period before taxes9903 | €14k | €52k | €4k | €42k | €40k | ▼ 3.7% |
| Income taxes67/77 | €4k | €15k | €2k | €14k | €13k | ▼ 4.6% |
| Profit (loss) for the period9904 | €11k | €37k | €2k | €28k | €27k | ▼ 3.2% |
| Profit (loss) for the period to be appropriated9905 | €11k | €37k | €2k | €28k | €27k | ▼ 3.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €584k | €576k | €1.76M | €1.13M | €1.28M | ▲ 13.6% |
| Fixed assets21/28 | €493k | €470k | €869k | €830k | €975k | ▲ 17.5% |
| Tangible fixed assets22/27 | €493k | €470k | €869k | €830k | €975k | ▲ 17.5% |
| Land and buildings22 | €493k | €470k | €869k | €830k | €975k | ▲ 17.5% |
| Current assets29/58 | €91k | €107k | €896k | €296k | €305k | ▲ 2.9% |
| Stocks and contracts in progress3 | - | - | €745k | €220k | €40k | ▼ 81.9% |
| Stocks30/36 | - | - | €745k | €220k | €40k | ▼ 81.9% |
| Amounts receivable within one year40/41 | €64 | €162 | €449 | €13k | €11k | ▼ 21.6% |
| Trade receivables40 | - | - | €185 | €10k | €10k | = |
| Other amounts receivable41 | €64 | €162 | €264 | €3k | €481 | ▼ 85.7% |
| Cash at bank and in hand54/58 | €91k | €107k | €150k | €63k | €255k | ▲ 302% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €584k | €576k | €1.76M | €1.13M | €1.28M | ▲ 13.6% |
| Equity10/15 | €118k | €155k | €156k | €185k | €212k | ▲ 14.9% |
| Contributions10/11 | €20k | €20k | €20k | €22k | €22k | = |
| Outside capital11 | €20k | €20k | €20k | €22k | €22k | = |
| Other1109/19 | €20k | €20k | €20k | €22k | €22k | = |
| Reserves13 | €98k | €135k | €136k | €163k | €190k | ▲ 16.9% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | - | - | - |
| Distributable reserves133 | €96k | €133k | €134k | €163k | €190k | ▲ 16.9% |
| Amounts payable17/49 | €466k | €422k | €1.61M | €942k | €1.07M | ▲ 13.4% |
| Amounts payable after more than one year17 | €392k | €364k | €369k | €628k | €909k | ▲ 44.6% |
| Financial debts170/4 | €392k | €364k | €364k | €623k | €903k | ▲ 45.0% |
| Other amounts payable178/9 | - | - | €6k | €6k | €6k | = |
| Amounts payable within one year42/48 | €74k | €58k | €1.24M | €308k | €155k | ▼ 49.7% |
| Financial debts43 | €28k | €28k | €1.02M | €177k | €29k | ▼ 83.5% |
| Credit institutions430/8 | €28k | €28k | €1.02M | €177k | €29k | ▼ 83.5% |
| Trade debts44 | €22k | €2k | €7k | €2k | €4k | ▲ 97.5% |
| Suppliers440/4 | €22k | €2k | €7k | €2k | €4k | ▲ 97.5% |
| Taxes, remuneration and social security45 | €20k | €22k | €26k | €36k | €39k | ▲ 9.1% |
| Taxes450/3 | €20k | €22k | €26k | €35k | €39k | ▲ 12.6% |
| Remuneration and social security454/9 | - | - | - | €1k | - | - |
| Other amounts payable47/48 | €4k | €6k | €187k | €93k | €83k | ▼ 11.4% |
| Accrued charges and deferred income492/3 | - | - | - | €5k | €4k | ▼ 19.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11k | €37k | €2k | €28k | €27k | ▼ 3.2% |
| + Depreciation and write-downs630 | €18k | €24k | €26k | €39k | €35k | ▼ 10.5% |
| Operating cash flow (approximation) | €28k | €60k | €28k | €67k | €62k | ▼ 7.4% |
| Investment in fixed assets (approximation) | - | €0 | €-425k | €0 | €-180k | - |
| Change in cash | - | €16k | €44k | €-87k | €191k | ▲ 320% |
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
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
31-12
Financial
Liquidity doublescurrent ratio 1.97
Current ratio from 0.96 to 1.97; short-term debt falls from €308k to €155k.
31-12
Financial
Equity above €200kEq €212k ▲14.9%
8 profitable years in a row build equity to €212k.
05-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
14-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €2k ▼95.4%
Net result drops to €2k, the lowest in the series; recovery starts the following year.
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €37k ▲250%
Net result €37k, the highest in the series.
31-12
Financial
Equity above €150kEq €155k ▲31.4%
5 profitable years in a row build equity to €155k.
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €100kEq €107k ▲25.4%
3 profitable years in a row build equity to €107k.
Show earlier events
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated 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, Waasmunster · 1 establishment unit since 2011
Ground area
3,608 m²
Building footprint
308 m²
Volume, LiDAR
1,747 m³
Parcel 42023B0768/00P000, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
FGM
since 20112.207.001.111
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42023B0768/00P000 | Flanders | 3,608 m² | 1 · 308 m² | 9.7 m · 2 fl. |
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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 24,497 companies in sector 82990 we hold annual accounts for 9,406. 6,872 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
Founded22-06-2011
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
68110Buying and selling of own real estate
Scores and ratios are computed by Checked and are not a credit decision.