FREDIP
ActiveSummary
FREDIP has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€1.8m) and a net result of €1.2m. Equity is shrinking by about 7.8% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Equity
- -€1.8m
- Profit
- €1.2m
- Parent
- Thornwood Capital SA · 100%
- Holdings
- 2
Why 55raises riskCapped at 59: negative equityNegative equity -€1.8mLiquidity: current ratio 0.02, cash €44,109lowers riskSize: total assets €2.8mFigures for financial year 2025 (filed 18-08-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, small): better than 1% on solvency, 9% on liquidity, 98% on profitability and 90% on growth.
The bankruptcy probability was computed on 08-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 33 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Back to profitnet €1.2m
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €1.8m in 2025 against €17,859 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.07m | €0.1m | €0.001m | €0.001m | ▲ 4.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1.8m | - |
| Gross operating margin9900 | -€0.01m | -€0.01m | -€0.01m | -€0.01m | -€0.02m | -€0.02m | -€0.02m | -€0.01m | ▲ 12.2% |
| Operating profit (loss)9901 | -€0.07m | -€0.08m | -€0.08m | -€0.05m | -€0.1m | -€0.1m | -€0.02m | -€1.8m | ▼ 10,026% |
| Financial income75/76B | - | - | - | - | €2 | €0 | - | €3.1m | - |
| Recurring financial income75 | €0 | - | - | - | €2 | €0 | - | €3.1m | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 45.8% |
| Recurring financial charges65 | €0.1m | €0.2m | €0.03m | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 45.8% |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | €1.2m | ▲ 640% |
| Income taxes67/77 | €0 | - | - | - | - | - | €0.1m | €0.03m | ▼ 74.1% |
| Profit (loss) for the period9904 | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | €1.2m | ▲ 463% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | €1.2m | ▲ 463% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €2.8m | ▼ 39.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €2.8m | ▼ 40.7% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0 | - | - | - | - | - | - | - | - |
| Financial fixed assets28 | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €2.8m | ▼ 40.7% |
| Current assets29/58 | €0.04m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.001m | €0.04m | ▲ 3,102% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €13 | €0 | - | - | - | - | - | €348 | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €348 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €191 | €0.04m | ▲ 23,044% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €2.8m | ▼ 39.8% |
| Equity10/15 | -€1.8m | -€2.0m | -€2.1m | -€2.3m | -€2.5m | -€2.7m | -€3.0m | -€1.8m | ▲ 38.8% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€2.0m | -€2.3m | -€2.4m | -€2.5m | -€2.7m | -€3.0m | -€3.3m | -€2.1m | ▲ 35.5% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €6.5m | €6.7m | €6.8m | €7.0m | €7.2m | €7.4m | €7.7m | €4.7m | ▼ 39.4% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €4.8m | €4.9m | €5.0m | €5.0m | €5.1m | €5.2m | €5.3m | €2.2m | ▼ 58.0% |
| Trade debts44 | €0.008m | €0.003m | €0.01m | €0.09m | €0.1m | €0.1m | €0.005m | €0.01m | ▲ 180% |
| Suppliers440/4 | - | - | - | €0.09m | €0.1m | €0.1m | €0.005m | €0.01m | ▲ 180% |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | - | €0.2m | €0.1m | ▼ 36.9% |
| Taxes450/3 | - | - | - | €0 | - | - | €0.2m | €0.1m | ▼ 36.9% |
| Other amounts payable47/48 | - | - | - | €4.9m | €5.0m | €5.1m | €5.1m | €2.1m | ▼ 59.1% |
| Accrued charges and deferred income492/3 | - | - | - | €2.0m | €2.1m | €2.2m | €2.4m | €2.4m | ▲ 2.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | €1.2m | ▲ 463% |
| + Depreciation and write-downs630 | €0 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | €1.2m | ▲ 463% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €1.9m | - |
| Change in cash | - | -€0.03m | €0.005m | -€0.002m | €0.008m | -€0.005m | -€0.03m | €0.04m | ▲ 273% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Directors
Owners and capital
Owners
1 ownerChain of control
- Thornwood Capital SALU
- FREDIP
Highest known parent: Thornwood Capital SA (Luxembourg). The sources do not say who stands above it.
Owners 1
- Thornwood Capital SALUparentSourceown accounts 2025100%
According to the 2025 annual accounts of FREDIP and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
2 holdingsHoldings 2
Source for every holding own accounts 2025
- LE MAIL SCIFRsubsidiaryEquity €3.4mResult -€5,21399.99%
- IMMO INVEST SCIFRsubsidiaryEquity €5.9mResult €80,35999.96%
According to the 2025 annual accounts of FREDIP and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
No directors read yet: 0 of 12 Gazette acts processed.
History
Acts, filings and financial milestones
About the unread acts
We know of 12 Belgian Official Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Register details
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 9 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25050C0039/00K000 | Wallonia | 10.1 ha | 1 · 113 m² | 14.1 m · 3 |
| 21806F0362/00S003 | Brussels | 808 m² | 1 · 789 m² | 35.3 m · 10 |