FREDKO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-01-2026 PDF all 3 filings
Every figure per financial year
The operating result for 2025 is 11% higher than in 2024 and the highest since 2023. It is the second rise 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.
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €34,029 | €39,694 | - |
| Depreciation and write-downs of the year | €12,367 | €15,091 | €10,187 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,367 | €15,091 | €10,187 | ▼ 32.5% |
| Other operating charges640/8 | - | €31 | €141 | ▲ 357% |
| Gross operating margin9900 | €217,931 | €307,489 | €336,186 | ▲ 9.3% |
| Operating profit (loss)9901 | €205,564 | €292,367 | €325,858 | ▲ 11.5% |
| Financial income75/76B | - | €706 | €10,007 | ▲ 14× |
| Recurring financial income75 | - | €706 | €10,007 | ▲ 14× |
| Financial charges65/66B | €4 | €4,436 | €4,523 | ▲ 2.0% |
| Recurring financial charges65 | €4 | €4,436 | €4,523 | ▲ 2.0% |
| Profit (loss) for the period before taxes9903 | €205,560 | €288,637 | €331,341 | ▲ 14.8% |
| Income taxes67/77 | €46,690 | €67,489 | €78,130 | ▲ 15.8% |
| Profit (loss) for the period9904 | €158,870 | €221,148 | €253,211 | ▲ 14.5% |
| Profit (loss) for the period to be appropriated9905 | €158,870 | €221,148 | €253,211 | ▲ 14.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €217,377 | €471,979 | €716,268 | ▲ 51.8% |
| Fixed assets21/28 | €24,104 | €48,707 | €38,519 | ▼ 20.9% |
| Tangible fixed assets22/27 | €24,104 | €48,707 | €38,519 | ▼ 20.9% |
| Land and buildings22 | - | €33,110 | €31,430 | ▼ 5.1% |
| Furniture and vehicles24 | €24,104 | €15,597 | €7,089 | ▼ 54.5% |
| Current assets29/58 | €193,273 | €423,272 | €677,748 | ▲ 60.1% |
| Amounts receivable within one year40/41 | €14,256 | €58,535 | €94,625 | ▲ 61.7% |
| Trade receivables40 | €14,256 | €58,535 | €94,625 | ▲ 61.7% |
| Current investments50/53 | - | €300,000 | €200,000 | ▼ 33.3% |
| Cash at bank and in hand54/58 | €178,639 | €64,335 | €382,702 | ▲ 495% |
| Deferred charges and accrued income490/1 | €377 | €402 | €422 | ▲ 4.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €217,377 | €471,979 | €716,268 | ▲ 51.8% |
| Equity10/15 | €161,370 | €382,518 | €635,730 | ▲ 66.2% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | - | - | €253,211 | - |
| Distributable reserves133 | - | - | €253,211 | - |
| Profit (loss) carried forward14 | €158,870 | €380,018 | €380,018 | = |
| Amounts payable17/49 | €56,007 | €89,461 | €80,538 | ▼ 10.0% |
| Amounts payable within one year42/48 | €56,007 | €86,036 | €76,740 | ▼ 10.8% |
| Trade debts44 | €271 | €257 | €531 | ▲ 107% |
| Suppliers440/4 | €271 | €257 | €531 | ▲ 107% |
| Taxes, remuneration and social security45 | €5,793 | €35,491 | €25,921 | ▼ 27.0% |
| Taxes450/3 | €5,793 | €33,749 | €25,921 | ▼ 23.2% |
| Remuneration and social security454/9 | - | €1,742 | - | - |
| Other amounts payable47/48 | €49,943 | €50,288 | €50,288 | = |
| Accrued charges and deferred income492/3 | - | €3,425 | €3,797 | ▲ 10.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €158,870 | €221,148 | €253,211 | ▲ 14.5% |
| + Depreciation and write-downs630 | €12,367 | €15,091 | €10,187 | ▼ 32.5% |
| Operating cash flow (approximation) | €171,237 | €236,239 | €263,399 | ▲ 11.5% |
| Investment in fixed assets (approximation) | - | -€39,694 | €0 | - |
| Change in cash | - | -€114,305 | €318,367 | - |
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, 3,127 companies had the same profile as FREDKO has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of FREDKO 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 3,127 companies, not a prediction for FREDKO. 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.