Frederix E. Dr.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 14 filings
Turnover
≈ €350,000
Estimated: probably between €280,000 and €430,000
Total assets
€773,149▲ 11.9%
2024 · €690,817
Net result
€133,105▲ 0.8%
2024 · €131,992
Working capital
€716,305▲ 8.7%
2024 · €658,692
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€187,226
▲ 3.1%
2025
20182025
Net result
€133,105
▲ 0.8%
2025
highest quarter of the sector
20182025
Equity
€730,857
▲ 10.3%
2025
highest quarter of the sector
20182025
Total assets
€773,149
▲ 11.9%
2025
highest quarter of the sector
20182025
Debt
€42,292
▲ 50.7%
2025
20182025
Working capital
€716,305
▲ 8.7%
2025
highest quarter of the sector
20182025
Solvency
94.5%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
17.94
▼ 6.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
17.2%
▼ 1.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€114,633-€109,794▼ 4.2%€160,058▲ 45.8%€171,378▲ 7.1%€150,332▼ 12.3%€167,585▲ 11.5%€181,582▲ 8.4%€187,226▲ 3.1%
Net result€69,616-€75,214▲ 8.0%€106,389above the sector's middle half▲ 41.4%€125,778above the sector's middle half▲ 18.2%€104,385within the sector's middle half▼ 17.0%€115,872above the sector's middle half▲ 11.0%€131,992above the sector's middle half▲ 13.9%€133,105above the sector's middle half▲ 0.8%
Equity€187,833-€263,046▲ 40.0%€369,435above the sector's middle half▲ 40.4%€495,213above the sector's middle half▲ 34.0%€522,325above the sector's middle half▲ 5.5%€589,852above the sector's middle half▲ 12.9%€662,752above the sector's middle half▲ 12.4%€730,857above the sector's middle half▲ 10.3%
Total assets€211,011-€291,707▲ 38.2%€395,246within the sector's middle half▲ 35.5%€522,252within the sector's middle half▲ 32.1%€539,223within the sector's middle half▲ 3.2%€602,228within the sector's middle half▲ 11.7%€690,817above the sector's middle half▲ 14.7%€773,149above the sector's middle half▲ 11.9%
Debt€23,178-€28,661▲ 23.7%€25,811▼ 9.9%€27,039▲ 4.8%€16,898▼ 37.5%€12,376▼ 26.8%€28,065▲ 127%€42,292▲ 50.7%
Working capital€178,329-€252,229▲ 41.4%€351,302above the sector's middle half▲ 39.3%€479,123above the sector's middle half▲ 36.4%€510,598above the sector's middle half▲ 6.6%€583,571above the sector's middle half▲ 14.3%€658,692above the sector's middle half▲ 12.9%€716,305above the sector's middle half▲ 8.7%
Solvency89.0%-90.2%▲ 1.2pp93.5%above the sector's middle half▲ 3.3pp94.8%above the sector's middle half▲ 1.4pp96.9%above the sector's middle half▲ 2.0pp97.9%above the sector's middle half▲ 1.1pp95.9%above the sector's middle half▼ 2.0pp94.5%above the sector's middle half▼ 1.4pp
Current ratio8.69-9.80▲ 1.1114.61above the sector's middle half▲ 4.8118.72above the sector's middle half▲ 4.1131.22above the sector's middle half▲ 12.5048.15above the sector's middle half▲ 16.9424.57above the sector's middle half▼ 23.5817.94above the sector's middle half▼ 6.63
Return on assets (ROA)33.0%-25.8%▼ 7.2pp26.9%above the sector's middle half▲ 1.1pp24.1%within the sector's middle half▼ 2.8pp19.4%within the sector's middle half▼ 4.7pp19.2%within the sector's middle half▼ 0.1pp19.1%within the sector's middle half▼ 0.1pp17.2%within the sector's middle half▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 3% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €773,149
Fixed assets
€14,552 ▲ 248%
Current assets
€758,597 ▲ 10.5%
Equity and liabilities €773,149
Equity
€730,857 ▲ 10.3%
Debt
€42,292 ▲ 50.7%
Debt's share of the balance-sheet total rises from 4.1% to 5.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€189,085▲
2024 · €183,683
Cash flow
€134,964▲
2024 · €134,093
Debt to equity
0.06▲
2024 · 0.04
ROE
18.2%▼
2024 · 19.9%
Interest coverage
52.02▼
2024 · over 100
Debt ≤ 1 year
€42,292▲
2024 · €27,946
Income taxes
€60,480▲
2024 · €59,464
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 | €4,920 | €3,030 | €1,398 | - | €12,232 |
| Depreciation and write-downs of the year | €6,963 | €7,393 | €6,844 | €2,101 | €1,859 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,463 | €5,946 | €4,891 | €6,963 | €7,393 | €6,844 | €2,101 | €1,859 | ▼ 11.5% |
| Other operating charges640/8 | - | - | - | €1,289 | €1,423 | €1,897 | €4,222 | €4,062 | ▼ 3.8% |
| Gross operating margin9900 | €121,633 | €116,711 | €166,503 | €179,630 | €159,148 | €176,326 | €187,905 | €193,147 | ▲ 2.8% |
| Operating profit (loss)9901 | €114,633 | €109,794 | €160,058 | €171,378 | €150,332 | €167,585 | €181,582 | €187,226 | ▲ 3.1% |
| Financial income75/76B | - | - | - | €833 | €1,486 | €2,784 | €10,354 | €9,994 | ▼ 3.5% |
| Recurring financial income75 | €45 | €73 | €1,886 | €833 | €1,486 | €2,784 | €10,354 | €9,994 | ▼ 3.5% |
| Financial charges65/66B | - | - | - | €165 | €178 | €482 | €480 | €3,635 | ▲ 657% |
| Recurring financial charges65 | €62 | €61 | €137 | €165 | €178 | €482 | €480 | €3,635 | ▲ 657% |
| Profit (loss) for the period before taxes9903 | €114,616 | €109,806 | €161,807 | €172,046 | €151,640 | €169,887 | €191,456 | €193,585 | ▲ 1.1% |
| Income taxes67/77 | €45,000 | €34,592 | €55,418 | €46,268 | €47,255 | €54,015 | €59,464 | €60,480 | ▲ 1.7% |
| Profit (loss) for the period9904 | €69,616 | €75,214 | €106,389 | €125,778 | €104,385 | €115,872 | €131,992 | €133,105 | ▲ 0.8% |
| Profit (loss) for the period to be appropriated9905 | €69,616 | €75,214 | €106,389 | €125,778 | €104,385 | €115,872 | €131,992 | €133,105 | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €211,011 | €291,707 | €395,246 | €522,252 | €539,223 | €602,228 | €690,817 | €773,149 | ▲ 11.9% |
| Fixed assets21/28 | €9,504 | €10,818 | €18,133 | €16,090 | €11,727 | €6,281 | €4,179 | €14,552 | ▲ 248% |
| Tangible fixed assets22/27 | €9,504 | €10,818 | €18,133 | €16,090 | €11,727 | €6,281 | €4,179 | €14,552 | ▲ 248% |
| Land and buildings22 | - | - | - | €4,505 | €6,378 | €5,046 | €3,713 | €6,666 | ▲ 79.5% |
| Furniture and vehicles24 | - | - | - | €11,585 | €5,349 | €1,235 | €466 | €7,886 | ▲ 17× |
| Current assets29/58 | €201,507 | €280,889 | €377,113 | €506,162 | €527,496 | €595,947 | €686,638 | €758,597 | ▲ 10.5% |
| Amounts receivable within one year40/41 | €13,220 | €16,062 | - | - | €2,745 | €985 | - | - | - |
| Other amounts receivable41 | - | - | - | - | €2,745 | €985 | - | - | - |
| Current investments50/53 | €45,938 | €67,952 | €85,237 | €100,913 | €299,988 | €406,362 | €457,789 | €547,892 | ▲ 19.7% |
| Cash at bank and in hand54/58 | €140,510 | €195,171 | €286,224 | €396,957 | €219,534 | €178,605 | €223,747 | €205,125 | ▼ 8.3% |
| Deferred charges and accrued income490/1 | - | - | - | €8,292 | €5,229 | €9,995 | €5,102 | €5,580 | ▲ 9.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €211,011 | €291,707 | €395,246 | €522,252 | €539,223 | €602,228 | €690,817 | €773,149 | ▲ 11.9% |
| Equity10/15 | €187,833 | €263,046 | €369,435 | €495,213 | €522,325 | €589,852 | €662,752 | €730,857 | ▲ 10.3% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €12,400 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €175,433 | €250,646 | €357,035 | €482,813 | €509,925 | €571,252 | €644,152 | €712,257 | ▲ 10.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €480,953 | €508,065 | €571,252 | €644,152 | €712,257 | ▲ 10.6% |
| Amounts payable17/49 | €23,178 | €28,661 | €25,811 | €27,039 | €16,898 | €12,376 | €28,065 | €42,292 | ▲ 50.7% |
| Amounts payable within one year42/48 | €23,178 | €28,660 | €25,811 | €27,039 | €16,898 | €12,376 | €27,946 | €42,292 | ▲ 51.3% |
| Trade debts44 | - | €7,458 | €6,423 | €3,970 | €1,192 | €117 | €227 | €754 | ▲ 232% |
| Suppliers440/4 | - | - | - | €3,970 | €1,192 | €117 | €227 | €754 | ▲ 232% |
| Taxes, remuneration and social security45 | - | - | - | €16,268 | - | - | €11,464 | €31,945 | ▲ 179% |
| Taxes450/3 | - | - | - | €16,268 | - | - | €11,464 | €31,945 | ▲ 179% |
| Other amounts payable47/48 | - | - | - | €6,801 | €15,706 | €12,259 | €16,255 | €9,593 | ▼ 41.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €119 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,616 | €75,214 | €106,389 | €125,778 | €104,385 | €115,872 | €131,992 | €133,105 | ▲ 0.8% |
| + Depreciation and write-downs630 | €5,463 | €5,946 | €4,891 | €6,963 | €7,393 | €6,844 | €2,101 | €1,859 | ▼ 11.5% |
| Operating cash flow (approximation) | €75,079 | €81,160 | €111,280 | €132,741 | €111,778 | €122,716 | €134,093 | €134,964 | ▲ 0.6% |
| Investment in fixed assets (approximation) | - | -€7,260 | -€12,206 | -€4,920 | -€3,030 | -€1,398 | €1 | -€12,232 | - |
| Change in cash | - | €54,661 | €91,053 | €110,733 | -€177,423 | -€40,929 | €45,142 | -€18,622 | - |
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, 17,811 companies had the same profile as Frederix E. Dr. has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of Frederix E. Dr. 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 17,811 companies, not a prediction for Frederix E. Dr.. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00204140 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00167581 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00201657 | |
| 31-12-2022 | micro format | 17-08-2023 | 2023-00333801 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20274289 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30600067 | |
| 31-12-2019 | micro format | 14-08-2020 | 2020-41200114 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800322 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-29400203 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-21000450 |