FRELON
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 3 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€208,546▼ 39.3%
2024 · €343,444
Working capital
€10.6m▲ 3.6%
2024 · €10.3m
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€54,633
2025
20232025
Net result
€208,546
▼ 39.3%
2025
20232025
Equity
€520.2m
=
2025
20232025
Total assets
€520.2m
=
2025
20232025
Debt
€28,932
▼ 76.0%
2025
20232025
Working capital
€10.6m
▲ 3.6%
2025
20232025
Staff (FTE)
0
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€0.007m-€0.03m▲ 381%-€0.05m
Net result€0.3m-€0.3m▲ 5.7%€0.2m▼ 39.3%
Equity€519.7m-€520.0m▲ 0.1%€520.2m=
Total assets€520.4m-€520.1m▼ 0.1%€520.2m=
Debt€0.8m-€0.1m▼ 84.5%€0.03m▼ 76.0%
Working capital€10.0m-€10.3m▲ 3.2%€10.6m▲ 3.6%
Staff (FTE)0
The operating result for 2025 is a loss of €54,633, after a profit of €32,265 in 2024. It is the lowest result since 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €520.2m
Fixed assets
€509.6m =
Current assets
€10.7m ▲ 2.9%
Equity and liabilities €520.2m
Equity
€520.2m =
Debt
€28,932 ▼ 76.0%
Debt's share of the balance-sheet total stays at 0.0%.
Key figures and ratios
EBITDA
-€54,633▼
2024 · €40,404
Cash flow
€208,546▼
2024 · €351,583
Debt to equity
0.00▼
2024 · 0.00
ROE
0.0%▼
2024 · 0.1%
ROA
0.0%▼
2024 · 0.1%
Interest coverage
-9.41▼
2024 · 1.91
Debt ≤ 1 year
€28,932▼
2024 · €99,476
Income taxes
€97,982▲
2024 · €52,777
A ratio outside any meaningful range has been withheld (balance sheet total €520.2m, equity €520.2m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €41,488 | - |
| Financial fixed assets | €509.7m | - | - |
| Depreciation and write-downs of the year | - | €8,139 | €0 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €8,139 | €0 | ▼ 100% |
| Other operating charges640/8 | €518 | €802 | €6,034 | ▲ 652% |
| Gross operating margin9900 | €7,229 | €41,206 | -€48,599 | - |
| Operating profit (loss)9901 | €6,711 | €32,265 | -€54,633 | - |
| Financial income75/76B | €333,699 | €385,111 | €366,971 | ▼ 4.7% |
| Recurring financial income75 | €333,699 | €385,111 | €366,971 | ▼ 4.7% |
| Financial charges65/66B | €15,499 | €21,156 | €5,809 | ▼ 72.5% |
| Recurring financial charges65 | €15,499 | €21,156 | €5,809 | ▼ 72.5% |
| Profit (loss) for the period before taxes9903 | €324,911 | €396,221 | €306,528 | ▼ 22.6% |
| Income taxes67/77 | - | €52,777 | €97,982 | ▲ 85.7% |
| Profit (loss) for the period9904 | €324,911 | €343,444 | €208,546 | ▼ 39.3% |
| Profit (loss) for the period to be appropriated9905 | €324,911 | €343,444 | €208,546 | ▼ 39.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €520.4m | €520.1m | €520.2m | = |
| Fixed assets21/28 | €509.7m | €509.8m | €509.6m | = |
| Tangible fixed assets22/27 | - | €0.03m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €0.03m | €0 | ▼ 100% |
| Financial fixed assets28 | €509.7m | €509.7m | €509.6m | = |
| Current assets29/58 | €10.7m | €10.4m | €10.7m | ▲ 2.9% |
| Amounts receivable after more than one year29 | €10.0m | €10.0m | €10.5m | ▲ 5.0% |
| Other amounts receivable291 | €10.0m | €10.0m | €10.5m | ▲ 5.0% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €240 | ▼ 98.4% |
| Trade receivables40 | €0.02m | €0.02m | €0 | ▼ 100% |
| Other amounts receivable41 | €0.005m | €0 | €240 | - |
| Cash at bank and in hand54/58 | €0.4m | €0.05m | €0.06m | ▲ 3.9% |
| Deferred charges and accrued income490/1 | €0.3m | €0.3m | €0.1m | ▼ 61.7% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €520.4m | €520.1m | €520.2m | = |
| Equity10/15 | €519.7m | €520.0m | €520.2m | = |
| Contributions10/11 | €13.0m | €13.0m | €13.0m | = |
| Capital10 | €13.0m | €13.0m | €13.0m | = |
| Issued capital100 | €13.0m | €13.0m | €13.0m | = |
| Reserves13 | €506.6m | €507.0m | €507.2m | = |
| Non-distributable reserves130/1 | €1.3m | €1.3m | €1.3m | = |
| Legal reserve130 | €1.3m | €1.3m | €1.3m | = |
| Distributable reserves133 | €505.3m | €505.7m | €505.9m | = |
| Amounts payable17/49 | €0.8m | €0.1m | €0.03m | ▼ 76.0% |
| Amounts payable within one year42/48 | €0.8m | €0.1m | €0.03m | ▼ 70.9% |
| Trade debts44 | €71 | €0.001m | €0 | ▼ 100% |
| Suppliers440/4 | €71 | €0.001m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €0.006m | €0.03m | €0.03m | ▼ 15.4% |
| Taxes450/3 | €0.003m | €0.03m | €0.03m | ▼ 16.7% |
| Remuneration and social security454/9 | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable47/48 | €0.8m | €0.06m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €0.02m | €0.02m | €0 | ▼ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €324,911 | €343,444 | €208,546 | ▼ 39.3% |
| + Depreciation and write-downs630 | - | €8,139 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €324,911 | €351,583 | €208,546 | ▼ 40.7% |
| Investment in fixed assets (approximation) | - | -€41,488 | €184,243 | - |
| Change in cash | - | -€316,506 | €2,107 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.