FRELO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 33 filings
Turnover
€30,000
EBIT margin
-25.3%
Net result
-€9,212▲ 23.1%
2024 · -€11,973
Working capital
€64,851▲ 8.1%
2024 · €59,979
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€11,083
▲ 6.5%
2025
20182025
Net result
-€9,212
▲ 23.1%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€286,193
▼ 3.1%
2025
20182025
Total assets
€349,386
▼ 4.4%
2025
20182025
Debt
€38,678
▼ 0.9%
2025
20182025
Working capital
€64,851
▲ 8.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€30,000
Operating result-€4,882-€271,877-€660-€7,597▼ 1,051%-€9,095▼ 19.7%-€11,010▼ 21.1%-€11,850▼ 7.6%-€11,083▲ 6.5%
Net result-€1,971-€171,865-€3,643-€8,923▼ 145%-€9,972▼ 11.7%-€11,992▼ 20.3%-€11,973▲ 0.2%-€9,212▲ 23.1%
EBIT margin-25.3%
Equity€182,979-€354,844▲ 93.9%€338,265▼ 4.7%€329,342▼ 2.6%€319,370▼ 3.0%€307,378▼ 3.8%€295,405▼ 3.9%€286,193▼ 3.1%
Total assets€458,713-€613,727▲ 33.8%€525,929▼ 14.3%€505,250▼ 3.9%€477,654▼ 5.5%€449,771▼ 5.8%€365,622▼ 18.7%€349,386▼ 4.4%
Debt€204,591-€194,401▼ 5.0%€129,843▼ 33.2%€124,749▼ 3.9%€113,786▼ 8.8%€104,556▼ 8.1%€39,041▼ 62.7%€38,678▼ 0.9%
Working capital-€114,755-€100,904€88,304▼ 12.5%€82,049▼ 7.1%€82,555▲ 0.6%€81,180▼ 1.7%€59,979▼ 26.1%€64,851▲ 8.1%
The operating result for 2025 is a loss of €11,083, smaller than the loss of €11,850 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €349,386
Fixed assets
€248,955 ▼ 8.5%
Current assets
€100,431 ▲ 7.3%
Equity and liabilities €349,386
Equity
€286,193 ▼ 3.1%
Provisions
€24,514 ▼ 21.4%
Debt
€38,678 ▼ 0.9%
Debt's share of the balance-sheet total rises from 10.7% to 11.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,969▲
2024 · €10,266
Cash flow
€13,839▲
2024 · €10,144
Current ratio
2.82▲
2024 · 2.78
Debt to equity
0.14▲
2024 · 0.13
ROE
-3.2%▲
2024 · -4.1%
ROA
-2.6%▲
2024 · -3.3%
Interest coverage
5.53▲
2024 · 2.24
Debt ≤ 1 year
€35,580▲
2024 · €33,637
Income taxes
€3,611▲
2024 · €2,208
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 | €7,327 | - | - | €19,223 | - |
| Depreciation and write-downs of the year | €21,850 | €22,077 | €21,964 | €22,117 | €23,052 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €30,000 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €15,245 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,730 | €26,100 | €27,315 | €21,850 | €22,077 | €21,964 | €22,117 | €23,052 | ▲ 4.2% |
| Other operating charges640/8 | - | - | - | €2,380 | €2,393 | €2,839 | €2,610 | €2,695 | ▲ 3.3% |
| Gross operating margin9900 | €26,923 | €301,105 | €28,764 | €16,632 | €15,375 | €13,793 | €12,876 | €14,664 | ▲ 13.9% |
| Operating profit (loss)9901 | -€4,882 | €271,877 | -€660 | -€7,597 | -€9,095 | -€11,010 | -€11,850 | -€11,083 | ▲ 6.5% |
| Financial income75/76B | - | - | - | - | - | - | - | €985 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €985 | - |
| Financial charges65/66B | - | - | - | €4,307 | €4,786 | €5,599 | €4,576 | €2,164 | ▼ 52.7% |
| Recurring financial charges65 | €2,391 | €3,401 | €5,689 | €4,307 | €4,786 | €5,599 | €4,576 | €2,164 | ▼ 52.7% |
| Profit (loss) for the period before taxes9903 | -€7,274 | €268,476 | -€6,349 | -€11,904 | -€13,880 | -€16,609 | -€16,426 | -€12,262 | ▲ 25.4% |
| Transfer from deferred taxes780 | - | - | - | €6,661 | €6,661 | €6,661 | €6,661 | €6,661 | = |
| Income taxes67/77 | €1,359 | €103,273 | €3,955 | €3,680 | €2,753 | €2,044 | €2,208 | €3,611 | ▲ 63.6% |
| Profit (loss) for the period9904 | -€1,971 | €171,865 | -€3,643 | -€8,923 | -€9,972 | -€11,992 | -€11,973 | -€9,212 | ▲ 23.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €12,936 | €12,936 | €12,936 | €12,936 | €12,936 | = |
| Profit (loss) for the period to be appropriated9905 | €10,964 | €184,801 | -€3,643 | €4,012 | €2,964 | €943 | €963 | €3,723 | ▲ 287% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €458,713 | €613,727 | €525,929 | €505,250 | €477,654 | €449,771 | €365,622 | €349,386 | ▼ 4.4% |
| Fixed assets21/28 | €403,048 | €346,000 | €333,464 | €318,941 | €296,864 | €274,900 | €272,006 | €248,955 | ▼ 8.5% |
| Tangible fixed assets22/27 | €403,048 | €346,000 | €333,464 | €318,941 | €296,864 | €274,900 | €272,006 | €248,955 | ▼ 8.5% |
| Land and buildings22 | - | - | - | €316,582 | €295,158 | €273,847 | €270,125 | €247,878 | ▼ 8.2% |
| Plant, machinery and equipment23 | - | - | - | €500 | €400 | €300 | €200 | €100 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €1,859 | €1,306 | €753 | €1,681 | €976 | ▼ 41.9% |
| Current assets29/58 | €55,666 | €267,727 | €192,465 | €186,309 | €180,790 | €174,871 | €93,616 | €100,431 | ▲ 7.3% |
| Amounts receivable within one year40/41 | - | €11,733 | - | - | €1,247 | €2,203 | €1,339 | €292 | ▼ 78.2% |
| Trade receivables40 | - | - | - | - | - | - | €21 | - | - |
| Other amounts receivable41 | - | - | - | - | €1,247 | €2,203 | €1,318 | €292 | ▼ 77.8% |
| Cash at bank and in hand54/58 | €54,796 | €255,067 | €191,394 | €185,422 | €178,631 | €171,678 | €91,242 | €99,079 | ▲ 8.6% |
| Deferred charges and accrued income490/1 | - | - | - | €887 | €912 | €989 | €1,035 | €1,060 | ▲ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €458,713 | €613,727 | €525,929 | €505,250 | €477,654 | €449,771 | €365,622 | €349,386 | ▼ 4.4% |
| Equity10/15 | €182,979 | €354,844 | €338,265 | €329,342 | €319,370 | €307,378 | €295,405 | €286,193 | ▼ 3.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €164,379 | €336,244 | €319,665 | €310,742 | €300,770 | €288,778 | €276,805 | €267,593 | ▼ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €99,361 | €86,426 | €73,490 | €60,554 | €47,619 | ▼ 21.4% |
| Distributable reserves133 | - | - | - | €209,521 | €212,485 | €215,288 | €216,251 | €219,974 | ▲ 1.7% |
| Provisions and deferred taxes16 | €71,144 | €64,482 | €57,821 | €51,160 | €44,498 | €37,837 | €31,176 | €24,514 | ▼ 21.4% |
| Deferred taxes168 | - | - | - | €51,160 | €44,498 | €37,837 | €31,176 | €24,514 | ▼ 21.4% |
| Amounts payable17/49 | €204,591 | €194,401 | €129,843 | €124,749 | €113,786 | €104,556 | €39,041 | €38,678 | ▼ 0.9% |
| Amounts payable after more than one year17 | €32,770 | €25,724 | €20,553 | €15,305 | €9,977 | €4,569 | - | - | - |
| Financial debts170/4 | - | - | - | €15,305 | €9,977 | €4,569 | - | - | - |
| Amounts payable within one year42/48 | €170,420 | €166,823 | €104,161 | €104,260 | €98,235 | €93,690 | €33,637 | €35,580 | ▲ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,249 | €5,328 | €5,408 | €4,569 | - | - |
| Trade debts44 | - | €530 | €1,848 | - | €2,328 | - | - | €2,077 | - |
| Suppliers440/4 | - | - | - | - | €2,328 | - | - | €2,077 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,622 | €1,803 | - | - | €965 | - |
| Taxes450/3 | - | - | - | €3,622 | €1,803 | - | - | €965 | - |
| Other amounts payable47/48 | - | - | - | €95,389 | €88,777 | €88,282 | €29,068 | €32,538 | ▲ 11.9% |
| Accrued charges and deferred income492/3 | - | - | - | €5,184 | €5,573 | €6,296 | €5,404 | €3,098 | ▼ 42.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,971 | €171,865 | -€3,643 | -€8,923 | -€9,972 | -€11,992 | -€11,973 | -€9,212 | ▲ 23.1% |
| + Depreciation and write-downs630 | €28,730 | €26,100 | €27,315 | €21,850 | €22,077 | €21,964 | €22,117 | €23,052 | ▲ 4.2% |
| Operating cash flow (approximation) | €26,759 | €197,965 | €23,673 | €12,926 | €12,105 | €9,972 | €10,144 | €13,839 | ▲ 36.4% |
| Investment in fixed assets (approximation) | - | €30,948 | -€14,779 | -€7,327 | €0 | €0 | -€19,223 | €0 | - |
| Change in cash | - | €200,272 | -€63,674 | -€5,972 | -€6,791 | -€6,952 | -€80,436 | €7,836 | - |
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, 12,322 companies had the same profile as FRELO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRELO 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 12,322 companies, not a prediction for FRELO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00172364 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00157074 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00129649 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00167023 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20264648 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46400478 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-51300511 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-33800156 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-28000550 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-40000060 |