FREDERIC SIGEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-02-2026 PDF all 15 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €220,000
Total assets
€1.9m▲ 5.7%
2024 · €1.8m
Net result
-€22,116
2024 · €115,472
Working capital
-€174,223▼ 929%
2024 · -€16,936
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€5,839
▼ 96.9%
2025
20192025
Net result
-€22,116
2025
lowest quarter of the sector
20192025
Equity
€1.0m
▼ 2.1%
2025
highest quarter of the sector
20192025
Total assets
€1.9m
▲ 5.7%
2025
highest quarter of the sector
20192025
Debt
€897,849
▲ 16.3%
2025
20192025
Working capital
-€174,223
▼ 929%
2025
lowest quarter of the sector
20192025
Solvency
53.2%
▼ 4.2pp
2025
middle half of the sector
20192025
Current ratio
0.18
▼ 0.71
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-1.2%
▼ 7.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.08m-€0.2m▲ 118%€0.2m▲ 0.9%€0.07m▼ 62.6%€0.2m▲ 190%€0.2m▼ 3.7%€0.006m▼ 96.9%
Net result€0.04m-€0.1mabove the sector's middle half▲ 173%€0.1mabove the sector's middle half▼ 4.8%€0.04mwithin the sector's middle half▼ 60.2%€0.1mabove the sector's middle half▲ 162%€0.1mabove the sector's middle half▼ 1.4%-€0.02mbelow the sector's middle half
Equity€0.7m-€0.8mabove the sector's middle half▲ 17.9%€0.9mabove the sector's middle half▲ 14.5%€0.9mabove the sector's middle half▼ 0.6%€1.0mabove the sector's middle half▲ 13.3%€1.0mabove the sector's middle half▲ 4.5%€1.0mabove the sector's middle half▼ 2.1%
Total assets€1.2m-€1.2mabove the sector's middle half▼ 0.1%€1.3mabove the sector's middle half▲ 10.2%€1.9mabove the sector's middle half▲ 45.1%€1.9mabove the sector's middle half▼ 3.2%€1.8mabove the sector's middle half▼ 2.0%€1.9mabove the sector's middle half▲ 5.7%
Debt€0.5m-€0.4m▼ 22.0%€0.4m▲ 2.4%€1.0m▲ 139%€0.9m▼ 17.3%€0.8m▼ 9.7%€0.9m▲ 16.3%
Working capital-€0.1m--€0.06mbelow the sector's middle half▲ 56.3%-€0.08mbelow the sector's middle half▼ 20.6%-€0.1mbelow the sector's middle half▼ 69.4%-€0.05mbelow the sector's middle half▲ 64.2%-€0.02mbelow the sector's middle half▲ 63.9%-€0.2mbelow the sector's middle half▼ 929%
Solvency54.8%-64.7%within the sector's middle half▲ 9.9pp67.2%within the sector's middle half▲ 2.5pp46.1%within the sector's middle half▼ 21.2pp53.9%within the sector's middle half▲ 7.8pp57.5%within the sector's middle half▲ 3.6pp53.2%within the sector's middle half▼ 4.2pp
Current ratio0.25-0.62below the sector's middle half▲ 0.370.55below the sector's middle half▼ 0.060.41below the sector's middle half▼ 0.140.67below the sector's middle half▲ 0.260.89below the sector's middle half▲ 0.220.18below the sector's middle half▼ 0.71
Return on assets (ROA)3.6%-9.8%within the sector's middle half▲ 6.2pp8.5%within the sector's middle half▼ 1.3pp2.3%within the sector's middle half▼ 6.2pp6.3%within the sector's middle half▲ 4.0pp6.4%within the sector's middle half=-1.2%below the sector's middle half▼ 7.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 97% lower than in 2024 and the lowest since 2021. It is the second 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 €1.9m
Fixed assets
€1.9m ▲ 12.1%
Current assets
€39,474 ▼ 71.6%
Equity and liabilities €1.9m
Equity
€1.0m ▼ 2.1%
Debt
€897,849 ▲ 16.3%
Debt's share of the balance-sheet total rises from 42.5% to 46.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€100,898▼
2024 · €274,405
Cash flow
€72,943▼
2024 · €199,500
Debt to equity
0.88▲
2024 · 0.74
ROE
-2.2%▼
2024 · 11.1%
Interest coverage
3.67▼
2024 · 11.25
Debt ≤ 1 year
€213,698▲
2024 · €156,041
Debt > 1 year
€681,432▲
2024 · €610,484
Income taxes
€740▼
2024 · €52,031
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Carrying value of the mortgaged assets | - | €1.8m | €1.7m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €772,715 | €20,665 | €4,089 | €298,134 |
| Depreciation and write-downs of the year | €173,349 | €87,291 | €84,028 | €95,059 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,559 | €65,865 | €68,194 | €173,349 | €87,291 | €84,028 | €95,059 | ▲ 13.1% |
| Other operating charges640/8 | - | - | - | €6,812 | €8,552 | €8,049 | €10,050 | ▲ 24.8% |
| Gross operating margin9900 | €152,048 | €249,717 | €259,499 | €248,290 | €293,448 | €282,455 | €110,947 | ▼ 60.7% |
| Operating profit (loss)9901 | €82,823 | €180,589 | €182,161 | €68,129 | €197,605 | €190,377 | €5,839 | ▼ 96.9% |
| Financial income75/76B | - | - | - | €1,032 | €1,892 | €1,512 | €270 | ▼ 82.1% |
| Recurring financial income75 | €0 | €648 | €206 | €1,032 | €1,892 | €1,512 | €270 | ▼ 82.1% |
| Non-recurring financial income76B | - | - | - | - | €1,892 | - | - | - |
| Financial charges65/66B | - | - | - | €10,352 | €30,794 | €24,386 | €27,485 | ▲ 12.7% |
| Recurring financial charges65 | €18,779 | €16,284 | €11,680 | €10,352 | €28,901 | €24,386 | €27,485 | ▲ 12.7% |
| Non-recurring financial charges66B | - | - | - | - | €1,892 | - | - | - |
| Profit (loss) for the period before taxes9903 | €64,045 | €164,953 | €170,687 | €58,810 | €168,704 | €167,503 | -€21,376 | - |
| Income taxes67/77 | €20,917 | €47,039 | €58,456 | €14,160 | €51,547 | €52,031 | €740 | ▼ 98.6% |
| Profit (loss) for the period9904 | €43,127 | €117,914 | €112,232 | €44,650 | €117,157 | €115,472 | -€22,116 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €31,000 | - | €56,960 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €79,990 | - | €54,730 | - | - |
| Profit (loss) for the period to be appropriated9905 | €43,127 | €60,954 | €174,232 | -€4,340 | €117,157 | €117,702 | -€22,116 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.3m | €1.9m | €1.9m | €1.8m | €1.9m | ▲ 5.7% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.2m | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.2m | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Land and buildings22 | - | - | - | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Plant, machinery and equipment23 | - | - | - | €323 | €0.001m | €0.004m | €0.005m | ▲ 17.2% |
| Furniture and vehicles24 | - | - | - | €107 | - | - | - | - |
| Financial fixed assets28 | €70 | €70 | €70 | €70 | €70 | €70 | €70 | = |
| Current assets29/58 | €0.05m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.04m | ▼ 71.6% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.03m | €0.05m | €0.03m | €0.05m | €0.03m | ▼ 36.0% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.05m | €0.03m | ▼ 36.0% |
| Other amounts receivable41 | - | - | - | €0.02m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.08m | €0.06m | €0.02m | €0.07m | €0.08m | €0.002m | ▼ 97.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.005m | €0.007m | €0.007m | ▼ 3.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.3m | €1.9m | €1.9m | €1.8m | €1.9m | ▲ 5.7% |
| Equity10/15 | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | ▼ 2.1% |
| Contributions10/11 | €0.01m | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.6% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €1.0m | €0.9m | €0.8m | €0.9m | ▲ 16.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.8m | €0.7m | €0.6m | €0.7m | ▲ 11.6% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.6m | €0.7m | ▲ 11.6% |
| Other amounts payable178/9 | - | - | - | €0.002m | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 36.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.1m | €0.08m | ▼ 13.8% |
| Trade debts44 | €0.003m | €0.004m | €0.03m | €0.006m | €0.01m | €0.01m | €0.04m | ▲ 175% |
| Suppliers440/4 | - | - | - | €0.006m | €0.01m | €0.01m | €0.04m | ▲ 175% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.03m | €0.003m | ▼ 91.7% |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | €0.03m | €0.002m | ▼ 95.1% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.004m | - | €0.001m | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.002m | €0.01m | €0.09m | ▲ 508% |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.005m | €0.006m | €0.003m | ▼ 52.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,127 | €117,914 | €112,232 | €44,650 | €117,157 | €115,472 | -€22,116 | - |
| + Depreciation and write-downs630 | €65,559 | €65,865 | €68,194 | €173,349 | €87,291 | €84,028 | €95,059 | ▲ 13.1% |
| Operating cash flow (approximation) | €108,686 | €183,780 | €180,426 | €217,999 | €204,448 | €199,500 | €72,943 | ▼ 63.4% |
| Investment in fixed assets (approximation) | - | -€10,798 | -€198,225 | -€772,715 | -€20,665 | -€4,089 | -€298,134 | ▼ 7,191% |
| Change in cash | - | €53,629 | -€23,321 | -€33,061 | €41,529 | €18,021 | -€82,367 | - |
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, 2,686 companies had the same profile as FREDERIC SIGEL has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FREDERIC SIGEL itself: 0.2% 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 2,686 companies, not a prediction for FREDERIC SIGEL. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-02-2026 | 2026-00035534 | |
| 30-09-2024 | micro format | 24-03-2025 | 2025-00056762 | |
| 30-09-2023 | micro format | 08-02-2024 | 2024-00028867 | |
| 30-09-2022 | micro format | 23-03-2023 | 2023-00045047 | |
| 30-09-2021 | micro format | 14-12-2021 | 2021-80100563 | |
| 30-09-2020 | micro format | 21-01-2021 | 2021-01300275 | |
| 30-09-2019 | micro format | 02-12-2019 | 2019-74900310 | |
| 30-09-2018 | micro format | 05-12-2018 | 2018-73700062 | |
| 30-09-2017 | micro format | 15-12-2017 | 2017-72000051 | |
| 30-09-2016 | full format | 22-11-2016 | 2016-68200067 |