FREEST2
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 6 filings
Turnover
≈ €610,000
Estimated: probably between €450,000 and €740,000
Total assets
€180,406▼ 15.0%
2024 · €212,211
Net result
€25,693▼ 56.2%
2024 · €58,711
Working capital
€26,200▼ 37.2%
2024 · €41,732
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€38,120
▼ 53.2%
2025
20202025
Net result
€25,693
▼ 56.2%
2025
highest quarter of the sector
20202025
Equity
€128,320
▼ 14.3%
2025
highest quarter of the sector
20202025
Total assets
€180,406
▼ 15.0%
2025
middle half of the sector
20202025
Debt
€52,087
▼ 16.7%
2025
20202025
Working capital
€26,200
▼ 37.2%
2025
middle half of the sector
20202025
Solvency
71.1%
▲ 0.6pp
2025
highest quarter of the sector
20202025
Current ratio
1.54
▼ 0.39
2025
middle half of the sector
20202025
Return on assets (ROA)
14.2%
▼ 13.4pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€62,138-€38,414▼ 38.2%€4,213▼ 89.0%€74,686▲ 18×€81,467▲ 9.1%€38,120▼ 53.2%
Net result€47,700above the sector's middle half-€27,391within the sector's middle half▼ 42.6%-€1,101within the sector's middle half€56,090above the sector's middle half€58,711above the sector's middle half▲ 4.7%€25,693above the sector's middle half▼ 56.2%
Equity€35,985within the sector's middle half-€59,577within the sector's middle half▲ 65.6%€58,476within the sector's middle half▼ 1.8%€114,566above the sector's middle half▲ 95.9%€149,686above the sector's middle half▲ 30.7%€128,320above the sector's middle half▼ 14.3%
Total assets€156,586within the sector's middle half-€116,755within the sector's middle half▼ 25.4%€174,287within the sector's middle half▲ 49.3%€196,015within the sector's middle half▲ 12.5%€212,211within the sector's middle half▲ 8.3%€180,406within the sector's middle half▼ 15.0%
Debt€120,601-€57,179▼ 52.6%€115,811▲ 103%€81,449▼ 29.7%€62,525▼ 23.2%€52,087▼ 16.7%
Working capital-€41,756below the sector's middle half--€31,991below the sector's middle half▲ 23.4%-€63,591below the sector's middle half▼ 98.8%€580within the sector's middle half€41,732within the sector's middle half▲ 72×€26,200within the sector's middle half▼ 37.2%
Solvency23.0%within the sector's middle half-51.0%within the sector's middle half▲ 28.0pp33.6%within the sector's middle half▼ 17.5pp58.4%above the sector's middle half▲ 24.9pp70.5%above the sector's middle half▲ 12.1pp71.1%above the sector's middle half▲ 0.6pp
Current ratio0.56within the sector's middle half-0.44below the sector's middle half▼ 0.120.10below the sector's middle half▼ 0.341.01within the sector's middle half▲ 0.911.93within the sector's middle half▲ 0.921.54within the sector's middle half▼ 0.39
Return on assets (ROA)30.5%above the sector's middle half-23.5%within the sector's middle half▼ 7.0pp-0.6%within the sector's middle half▼ 24.1pp28.6%above the sector's middle half▲ 29.2pp27.7%above the sector's middle half▼ 0.9pp14.2%within the sector's middle half▼ 13.4pp
Staff (FTE)0.5below the sector's middle half-1.8▲ 260%3.4▲ 88.9%1.6▼ 52.9%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 53% lower than in 2024.
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 €180,406
Fixed assets
€105,345 ▼ 16.1%
Current assets
€75,062 ▼ 13.4%
Equity and liabilities €180,406
Equity
€128,320 ▼ 14.3%
Debt
€52,087 ▼ 16.7%
Debt's share of the balance-sheet total falls from 29.5% to 28.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€59,839▼
2024 · €103,285
Cash flow
€47,412▼
2024 · €80,528
Debt to equity
0.41▼
2024 · 0.42
ROE
20.0%▼
2024 · 39.2%
Interest coverage
13.92▼
2024 · 18.06
Debt ≤ 1 year
€48,862▲
2024 · €44,967
Debt > 1 year
€3,225▼
2024 · €17,558
Income taxes
€8,129▼
2024 · €17,037
Staff costs
€133,983▲
2024 · €117,080
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | - | - | 1 |
| full-time | - | - | 0 |
| part-time | - | - | 1 |
| in full-time equivalents | - | - | 0.3 |
| Average over the year, in full-time equivalents | 1.3 | 2 | 1.6 |
| On a permanent contract | - | - | 0 |
| Joined | 21 | 43 | 376 |
| Left | 21 | 43 | 375 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €82,999 | - | €1,815 | €1,552 |
| Intangible fixed assets | - | €16,322 | - | - | - |
| Financial fixed assets | - | €6,200 | - | - | - |
| Depreciation and write-downs of the year | €11,777 | €32,990 | €21,696 | €21,817 | €21,719 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €23,358 | €44,384 | €77,396 | €117,080 | €133,983 | ▲ 14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,542 | €11,777 | €32,990 | €21,696 | €21,817 | €21,719 | ▼ 0.5% |
| Other operating charges640/8 | - | €194 | €1,102 | €1,799 | €1,028 | €2,207 | ▲ 115% |
| Non-recurring operating charges66A | - | - | €2,281 | €0 | - | - | - |
| Gross operating margin9900 | €81,908 | €73,744 | €84,971 | €175,577 | €221,393 | €196,029 | ▼ 11.5% |
| Operating profit (loss)9901 | €62,138 | €38,414 | €4,213 | €74,686 | €81,467 | €38,120 | ▼ 53.2% |
| Financial income75/76B | - | €2 | €58 | €306 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €11 | €2 | €58 | €306 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | €1,374 | €5,228 | €4,776 | €5,719 | €4,298 | ▼ 24.9% |
| Recurring financial charges65 | €1,841 | €1,374 | €5,228 | €4,776 | €5,719 | €4,298 | ▼ 24.9% |
| Profit (loss) for the period before taxes9903 | €60,309 | €37,042 | -€956 | €70,215 | €75,748 | €33,822 | ▼ 55.3% |
| Income taxes67/77 | €12,609 | €9,651 | €144 | €14,126 | €17,037 | €8,129 | ▼ 52.3% |
| Profit (loss) for the period9904 | €47,700 | €27,391 | -€1,101 | €56,090 | €58,711 | €25,693 | ▼ 56.2% |
| Profit (loss) for the period to be appropriated9905 | €47,700 | €27,391 | -€1,101 | €56,090 | €58,711 | €25,693 | ▼ 56.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €156,586 | €116,755 | €174,287 | €196,015 | €212,211 | €180,406 | ▼ 15.0% |
| Fixed assets21/28 | €103,345 | €91,567 | €167,211 | €145,514 | €125,512 | €105,345 | ▼ 16.1% |
| Intangible fixed assets21 | €99,872 | €88,872 | €80,387 | €68,793 | €57,199 | €45,607 | ▼ 20.3% |
| Tangible fixed assets22/27 | €3,473 | €2,696 | €80,624 | €70,522 | €62,113 | €53,537 | ▼ 13.8% |
| Plant, machinery and equipment23 | - | €2,696 | €6,871 | €4,768 | €4,359 | €2,500 | ▼ 42.7% |
| Furniture and vehicles24 | - | - | - | - | - | €1,284 | - |
| Leasing and similar rights25 | - | - | €73,753 | €65,753 | €57,753 | €49,753 | ▼ 13.9% |
| Financial fixed assets28 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Current assets29/58 | €53,242 | €25,188 | €7,076 | €50,501 | €86,699 | €75,062 | ▼ 13.4% |
| Amounts receivable within one year40/41 | €28,726 | €18,311 | €496 | €124 | €605 | €7,051 | ▲ 12× |
| Trade receivables40 | - | €16,325 | €235 | €0 | €350 | €60 | ▼ 82.9% |
| Other amounts receivable41 | - | €1,986 | €261 | €124 | €255 | €6,991 | ▲ 27× |
| Cash at bank and in hand54/58 | €21,984 | €4,681 | €4,952 | €47,629 | €82,147 | €62,072 | ▼ 24.4% |
| Deferred charges and accrued income490/1 | - | €2,196 | €1,628 | €2,748 | €3,947 | €5,938 | ▲ 50.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €156,586 | €116,755 | €174,287 | €196,015 | €212,211 | €180,406 | ▼ 15.0% |
| Equity10/15 | €35,985 | €59,577 | €58,476 | €114,566 | €149,686 | €128,320 | ▼ 14.3% |
| Contributions10/11 | - | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | = |
| Reserves13 | - | €23,591 | €23,591 | €23,591 | €125,686 | €104,320 | ▼ 17.0% |
| Distributable reserves133 | - | €23,591 | €23,591 | €23,591 | €125,686 | €104,320 | ▼ 17.0% |
| Profit (loss) carried forward14 | €11,985 | €11,985 | €10,885 | €66,975 | €0 | €0 | - |
| Amounts payable17/49 | €120,601 | €57,179 | €115,811 | €81,449 | €62,525 | €52,087 | ▼ 16.7% |
| Amounts payable after more than one year17 | €25,399 | - | €45,144 | €31,528 | €17,558 | €3,225 | ▼ 81.6% |
| Financial debts170/4 | - | - | €45,144 | €31,528 | €17,558 | €3,225 | ▼ 81.6% |
| Amounts payable within one year42/48 | €94,997 | €57,179 | €70,667 | €49,921 | €44,967 | €48,862 | ▲ 8.7% |
| Current portion of amounts payable after more than one year42 | - | €25,399 | €29,442 | €13,616 | €13,970 | €14,334 | ▲ 2.6% |
| Trade debts44 | €8,133 | €16,770 | €7,747 | €4,756 | €9,559 | €17,382 | ▲ 81.8% |
| Suppliers440/4 | - | €16,770 | €7,747 | €4,756 | €9,559 | €17,382 | ▲ 81.8% |
| Advances received on contracts in progress46 | - | €320 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | €10,891 | €15,529 | €18,668 | €12,882 | €8,528 | ▼ 33.8% |
| Taxes450/3 | - | €9,753 | €12,734 | €17,008 | €7,114 | €3,921 | ▼ 44.9% |
| Remuneration and social security454/9 | - | €1,138 | €2,795 | €1,660 | €5,767 | €4,606 | ▼ 20.1% |
| Other amounts payable47/48 | - | €3,800 | €17,948 | €12,881 | €8,556 | €8,619 | ▲ 0.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,700 | €27,391 | -€1,101 | €56,090 | €58,711 | €25,693 | ▼ 56.2% |
| + Depreciation and write-downs630 | €10,542 | €11,777 | €32,990 | €21,696 | €21,817 | €21,719 | ▼ 0.5% |
| Operating cash flow (approximation) | €58,242 | €39,169 | €31,890 | €77,786 | €80,528 | €47,412 | ▼ 41.1% |
| Investment in fixed assets (approximation) | - | €0 | -€108,634 | €0 | -€1,815 | -€1,552 | ▲ 14.5% |
| Change in cash | - | -€17,303 | €271 | €42,676 | €34,518 | -€20,074 | - |
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, 26,972 companies had the same profile as FREEST2 has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FREEST2 itself: 1.1% 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 26,972 companies, not a prediction for FREEST2. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00299295 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00148251 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00479452 | |
| 31-12-2022 | micro format | 08-02-2024 | 2024-00028024 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20323423 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48200376 |