FRELA
InactiveFinancials · financial year 2025, micro format
Equity
€625,973▲ 321%
2024 · €148,835
Total assets
€793,679▲ 67.9%
2024 · €472,636
Net result
€477,138
2024 · -€173,529
Working capital
€625,973
2024 · -€321,063
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 3,463% above 2024 and is the highest 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.
Operating result€794,573
2025
Net result€477,138
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€793,679
2025
Equity€625,973
2025
Debt€167,707
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€625,973
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€58,148-€57,274▼ 1.5%€46,410▼ 19.0%€18,076▼ 61.1%€17,782▼ 1.6%€16,221▼ 8.8%€22,299▲ 37.5%€794,573▲ 3,463%
Net result€30,586-€32,177▲ 5.2%€28,065▼ 12.8%€9,211▼ 67.2%€11,717▲ 27.2%€10,591▼ 9.6%-€173,529€477,138
Equity€230,603-€262,780▲ 14.0%€290,845▲ 10.7%€300,056▲ 3.2%€311,773▲ 3.9%€322,364▲ 3.4%€148,835▼ 53.8%€625,973▲ 321%
Total assets€879,174-€856,743▼ 2.6%€789,077▼ 7.9%€764,613▼ 3.1%€729,268▼ 4.6%€710,103▼ 2.6%€472,636▼ 33.4%€793,679▲ 67.9%
Debt€648,571-€593,963▼ 8.4%€498,233▼ 16.1%€464,557▼ 6.8%€417,495▼ 10.1%€387,739▼ 7.1%€323,802▼ 16.5%€167,707▼ 48.2%
Working capital-€385,997--€384,530▲ 0.4%-€392,906▼ 2.2%-€450,747▼ 14.7%-€412,180▲ 8.6%-€367,023▲ 11.0%-€321,063▲ 12.5%€625,973
Staff (FTE)0
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €793,679
Equity
€625,973 ▲ 321%
Debt
€167,707 ▼ 48.2%
Debt's share of the balance-sheet total falls from 68.5% to 21.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€794,573▲
2024 · €56,228
Cash flow
€477,138▲
2024 · -€139,601
Current ratio
4.73▲
2024 · 0.01
Debt to equity
0.27▼
2024 · 2.18
ROE
76.2%▲
2024 · -116.6%
ROA
60.1%▲
2024 · -36.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€167,707▼
2024 · €323,802
Income taxes
€232,155▲
2024 · €5,633
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €820,892 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,850 | €35,555 | €35,201 | €36,020 | €37,098 | €39,459 | €33,929 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €5,794 | €5,989 | €5,910 | €6,179 | €3,791 | ▼ 38.6% |
| Gross operating margin9900 | €99,291 | €98,212 | €87,419 | €59,891 | €60,868 | €61,590 | €62,407 | €798,364 | ▲ 1,179% |
| Operating profit (loss)9901 | €58,148 | €57,274 | €46,410 | €18,076 | €17,782 | €16,221 | €22,299 | €794,573 | ▲ 3,463% |
| Financial income75/76B | - | - | - | €32 | - | - | - | €7,726 | - |
| Recurring financial income75 | - | - | €69 | €32 | - | - | - | €7,726 | - |
| Financial charges65/66B | - | - | - | €4,290 | €602 | €426 | €190,195 | €93,006 | ▼ 51.1% |
| Recurring financial charges65 | €13,907 | €10,248 | €7,667 | €4,290 | €602 | €426 | €195 | €3,106 | ▲ 1,495% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €190,000 | €89,900 | ▼ 52.7% |
| Profit (loss) for the period before taxes9903 | €44,241 | €47,026 | €38,812 | €13,818 | €17,180 | €15,794 | -€167,896 | €709,293 | - |
| Income taxes67/77 | €13,654 | €14,849 | €10,747 | €4,607 | €5,463 | €5,203 | €5,633 | €232,155 | ▲ 4,021% |
| Profit (loss) for the period9904 | €30,586 | €32,177 | €28,065 | €9,211 | €11,717 | €10,591 | -€173,529 | €477,138 | - |
| Profit (loss) for the period to be appropriated9905 | €30,586 | €32,177 | €28,065 | €9,211 | €11,717 | €10,591 | -€173,529 | €477,138 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €879,174 | €856,743 | €789,077 | €764,613 | €729,268 | €710,103 | €472,636 | €793,679 | ▲ 67.9% |
| Fixed assets21/28 | €846,069 | €810,515 | €778,241 | €756,959 | €725,510 | €689,387 | €469,898 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €565,279 | €529,725 | €497,451 | €476,169 | €444,720 | €408,597 | €379,108 | €0 | ▼ 100% |
| Land and buildings22 | - | - | - | €476,169 | €444,720 | €408,597 | €376,849 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €2,259 | €0 | ▼ 100% |
| Financial fixed assets28 | €280,790 | €280,790 | €280,790 | €280,790 | €280,790 | €280,790 | €90,790 | €0 | ▼ 100% |
| Current assets29/58 | €33,105 | €46,228 | €10,836 | €7,654 | €3,758 | €20,716 | €2,739 | €793,679 | ▲ 28,880% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €150,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €150,000 | - |
| Amounts receivable within one year40/41 | €24,546 | €24,546 | - | - | €37 | €85 | €48 | €8,861 | ▲ 18,223% |
| Other amounts receivable41 | - | - | - | - | €37 | €85 | €48 | €8,861 | ▲ 18,223% |
| Cash at bank and in hand54/58 | €7,571 | €20,683 | €9,282 | €6,090 | €2,101 | €18,887 | €874 | €633,693 | ▲ 72,373% |
| Deferred charges and accrued income490/1 | - | - | - | €1,564 | €1,620 | €1,744 | €1,816 | €1,125 | ▼ 38.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €879,174 | €856,743 | €789,077 | €764,613 | €729,268 | €710,103 | €472,636 | €793,679 | ▲ 67.9% |
| Equity10/15 | €230,603 | €262,780 | €290,845 | €300,056 | €311,773 | €322,364 | €148,835 | €625,973 | ▲ 321% |
| Contributions10/11 | €275,000 | €275,000 | - | €275,000 | €275,000 | €275,000 | €275,000 | €275,000 | = |
| Reserves13 | €10,000 | €10,000 | €15,845 | €25,056 | €36,773 | €47,364 | €37,364 | €350,973 | ▲ 839% |
| Distributable reserves133 | - | - | - | €25,056 | €36,773 | €47,364 | €37,364 | €350,973 | ▲ 839% |
| Profit (loss) carried forward14 | -€54,397 | -€22,220 | €0 | €0 | €0 | €0 | -€163,529 | €0 | - |
| Amounts payable17/49 | €648,571 | €593,963 | €498,233 | €464,557 | €417,495 | €387,739 | €323,802 | €167,707 | ▼ 48.2% |
| Amounts payable after more than one year17 | €229,470 | €163,204 | €94,490 | €6,156 | €1,556 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €6,156 | €1,556 | €0 | - | - | - |
| Amounts payable within one year42/48 | €419,102 | €430,759 | €403,742 | €458,402 | €415,939 | €387,739 | €323,802 | €167,707 | ▼ 48.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,495 | €4,599 | €1,558 | €0 | - | - |
| Trade debts44 | €702 | - | €15,031 | €8,670 | €883 | €934 | €3,322 | €4,044 | ▲ 21.7% |
| Suppliers440/4 | - | - | - | €8,670 | €883 | €934 | €3,322 | €4,044 | ▲ 21.7% |
| Taxes, remuneration and social security45 | - | - | - | €15,354 | €4,607 | €5,203 | €7,586 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €15,354 | €4,607 | €5,203 | €7,586 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €429,882 | €405,850 | €380,043 | €312,893 | €163,663 | ▼ 47.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,586 | €32,177 | €28,065 | €9,211 | €11,717 | €10,591 | -€173,529 | €477,138 | - |
| + Depreciation and write-downs630 | €35,850 | €35,555 | €35,201 | €36,020 | €37,098 | €39,459 | €33,929 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €66,436 | €67,731 | €63,266 | €45,231 | €48,814 | €50,050 | -€139,601 | €477,138 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,928 | -€14,737 | -€5,649 | -€3,336 | €185,560 | €469,898 | ▲ 153% |
| Change in cash | - | €13,112 | -€11,401 | -€3,192 | -€3,989 | €16,786 | -€18,013 | €632,819 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00263667 |
| 31-12-2024 | abbreviated format | 01-08-2025 | 2025-00355419 |
| 31-12-2023 | abbreviated format | 06-08-2024 | 2024-00342125 |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00305660 |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20216835 |
| 31-12-2020 | abbreviated format | 09-07-2021 | 2021-32900406 |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-33900227 |
| 31-12-2018 | abbreviated format | 04-07-2019 | 2019-28000039 |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39100092 |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-36700440 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.