FRELU
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 27 filings
Turnover
≈ €210,000
Estimated: probably between €150,000 and €340,000
Total assets
€420,305▼ 10.3%
2024 · €468,537
Net result
€3,244▼ 85.4%
2024 · €22,220
Working capital
€39,338▲ 4.8%
2024 · €37,520
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,534
▼ 86.3%
2025
20182025
Net result
€3,244
▼ 85.4%
2025
middle half of the sector
20182025
Equity
€146,570
▲ 2.3%
2025
middle half of the sector
20182025
Total assets
€420,305
▼ 10.3%
2025
middle half of the sector
20182025
Debt
€273,734
▼ 15.8%
2025
20182025
Working capital
€39,338
▲ 4.8%
2025
middle half of the sector
20182025
Solvency
34.9%
▲ 4.3pp
2025
middle half of the sector
20182025
Current ratio
2.63
▲ 0.98
2025
middle half of the sector
20182025
Return on assets (ROA)
0.8%
▼ 4.0pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€342-€3,455€20,327▲ 488%-€14,435€33,065€29,725▼ 10.1%€33,019▲ 11.1%€4,534▼ 86.3%
Net result€342-€2,957▲ 764%€19,113within the sector's middle half▲ 546%-€13,141below the sector's middle half€23,753within the sector's middle half€18,216within the sector's middle half▼ 23.3%€22,220within the sector's middle half▲ 22.0%€3,244within the sector's middle half▼ 85.4%
Equity€70,209-€73,166▲ 4.2%€92,279within the sector's middle half▲ 26.1%€79,138below the sector's middle half▼ 14.2%€102,891below the sector's middle half▲ 30.0%€121,107below the sector's middle half▲ 17.7%€143,327within the sector's middle half▲ 18.3%€146,570within the sector's middle half▲ 2.3%
Total assets€167,916-€104,704▼ 37.6%€128,159below the sector's middle half▲ 22.4%€561,391within the sector's middle half▲ 338%€488,529within the sector's middle half▼ 13.0%€570,521within the sector's middle half▲ 16.8%€468,537within the sector's middle half▼ 17.9%€420,305within the sector's middle half▼ 10.3%
Debt€97,707-€31,538▼ 67.7%€35,881▲ 13.8%€482,252▲ 13×€385,638▼ 20.0%€449,415▲ 16.5%€325,210▼ 27.6%€273,734▼ 15.8%
Working capital€21,673-€25,798▲ 19.0%€47,258within the sector's middle half▲ 83.2%-€18,710below the sector's middle half€11,345below the sector's middle half€15,672below the sector's middle half▲ 38.1%€37,520within the sector's middle half▲ 139%€39,338within the sector's middle half▲ 4.8%
Solvency41.8%-69.9%▲ 28.1pp72.0%above the sector's middle half▲ 2.1pp14.1%below the sector's middle half▼ 57.9pp21.1%below the sector's middle half▲ 7.0pp21.2%below the sector's middle half▲ 0.2pp30.6%within the sector's middle half▲ 9.4pp34.9%within the sector's middle half▲ 4.3pp
Current ratio1.23-1.84▲ 0.612.32within the sector's middle half▲ 0.480.89below the sector's middle half▼ 1.431.13below the sector's middle half▲ 0.251.09below the sector's middle half▼ 0.041.65within the sector's middle half▲ 0.552.63within the sector's middle half▲ 0.98
Return on assets (ROA)0.2%-2.8%▲ 2.6pp14.9%above the sector's middle half▲ 12.1pp-2.3%below the sector's middle half▼ 17.3pp4.9%within the sector's middle half▲ 7.2pp3.2%within the sector's middle half▼ 1.7pp4.7%within the sector's middle half▲ 1.5pp0.8%within the sector's middle half▼ 4.0pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 86% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €420,305
Fixed assets
€356,792 ▼ 4.3%
Current assets
€63,513 ▼ 33.6%
Equity and liabilities €420,305
Equity
€146,570 ▲ 2.3%
Debt
€273,734 ▼ 15.8%
Debt's share of the balance-sheet total falls from 69.4% to 65.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,426▼
2024 · €56,842
Cash flow
€27,135▼
2024 · €46,043
Quick ratio
2.54▲
2024 · 1.16
Debt to equity
1.87▼
2024 · 2.27
ROE
2.2%▼
2024 · 15.5%
Interest coverage
3.72▼
2024 · 7.21
Debt ≤ 1 year
€24,175▼
2024 · €58,099
Debt > 1 year
€247,014▼
2024 · €264,530
Income taxes
€2,114▼
2024 · €8,010
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 | €374,277 | €2,838 | €19,255 | €7,075 | €7,765 |
| Intangible fixed assets | €1,500 | - | - | - | - |
| Depreciation and write-downs of the year | €8,729 | €21,930 | €22,566 | €23,823 | €23,891 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,369 | €4,975 | €4,955 | €8,729 | €21,930 | €22,566 | €23,823 | €23,891 | ▲ 0.3% |
| Other operating charges640/8 | - | - | - | €2,918 | €5,625 | €6,162 | €6,395 | €6,594 | ▲ 3.1% |
| Gross operating margin9900 | €6,032 | €10,419 | €27,499 | -€2,789 | €60,620 | €58,452 | €63,237 | €35,020 | ▼ 44.6% |
| Operating profit (loss)9901 | -€342 | €3,455 | €20,327 | -€14,435 | €33,065 | €29,725 | €33,019 | €4,534 | ▼ 86.3% |
| Financial income75/76B | - | - | - | €3,903 | €2,384 | €3,272 | €5,098 | €8,466 | ▲ 66.1% |
| Recurring financial income75 | €1,386 | €1,628 | €3,300 | €3,903 | €2,384 | €3,272 | €5,098 | €8,466 | ▲ 66.1% |
| Financial charges65/66B | - | - | - | €2,608 | €8,425 | €8,053 | €7,887 | €7,642 | ▼ 3.1% |
| Recurring financial charges65 | €358 | €451 | €431 | €2,608 | €8,425 | €8,053 | €7,887 | €7,642 | ▼ 3.1% |
| Profit (loss) for the period before taxes9903 | €686 | €4,633 | €23,196 | -€13,141 | €27,024 | €24,944 | €30,230 | €5,358 | ▼ 82.3% |
| Income taxes67/77 | €344 | €1,677 | €4,083 | €0 | €3,272 | €6,728 | €8,010 | €2,114 | ▼ 73.6% |
| Profit (loss) for the period9904 | €342 | €2,957 | €19,113 | -€13,141 | €23,753 | €18,216 | €22,220 | €3,244 | ▼ 85.4% |
| Profit (loss) for the period to be appropriated9905 | €342 | €2,957 | €19,113 | -€13,141 | €23,753 | €18,216 | €22,220 | €3,244 | ▼ 85.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €167,916 | €104,704 | €128,159 | €561,391 | €488,529 | €570,521 | €468,537 | €420,305 | ▼ 10.3% |
| Fixed assets21/28 | €50,520 | €48,076 | €45,021 | €412,069 | €392,977 | €389,666 | €372,918 | €356,792 | ▼ 4.3% |
| Intangible fixed assets21 | - | - | - | €1,465 | €1,165 | €865 | €565 | €265 | ▼ 53.1% |
| Tangible fixed assets22/27 | €50,520 | €48,076 | €45,021 | €410,604 | €391,812 | €388,801 | €372,353 | €356,527 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €366,405 | €350,405 | €345,628 | €334,953 | €320,933 | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | €2,676 | €2,242 | €1,660 | €918 | €2,542 | ▲ 177% |
| Furniture and vehicles24 | - | - | - | €0 | €1,606 | €1,238 | €869 | €501 | ▼ 42.4% |
| Leasing and similar rights25 | - | - | - | €41,522 | €37,559 | €40,275 | €35,613 | €32,551 | ▼ 8.6% |
| Current assets29/58 | €117,396 | €56,629 | €83,138 | €149,322 | €95,551 | €180,855 | €95,619 | €63,513 | ▼ 33.6% |
| Stocks and contracts in progress3 | €1,000 | €1,000 | €1,000 | €52,301 | €21,239 | €83,391 | €28,441 | €2,014 | ▼ 92.9% |
| Stocks30/36 | - | - | - | €52,301 | €21,239 | €83,391 | €28,441 | €2,014 | ▼ 92.9% |
| Amounts receivable within one year40/41 | €101,533 | €44,136 | €29,045 | €39,641 | €39,496 | €36,958 | €40,253 | €59,712 | ▲ 48.3% |
| Trade receivables40 | - | - | - | €18,529 | €34,362 | €18,282 | €15,813 | €31,883 | ▲ 102% |
| Other amounts receivable41 | - | - | - | €21,112 | €5,133 | €18,677 | €24,439 | €27,830 | ▲ 13.9% |
| Cash at bank and in hand54/58 | €14,819 | €11,448 | €53,048 | €56,606 | €34,266 | €60,506 | €25,183 | €707 | ▼ 97.2% |
| Deferred charges and accrued income490/1 | - | - | - | €775 | €551 | €0 | €1,743 | €1,079 | ▼ 38.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €167,916 | €104,704 | €128,159 | €561,391 | €488,529 | €570,521 | €468,537 | €420,305 | ▼ 10.3% |
| Equity10/15 | €70,209 | €73,166 | €92,279 | €79,138 | €102,891 | €121,107 | €143,327 | €146,570 | ▲ 2.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €7,867 | €7,867 | €7,867 | €7,867 | €7,867 | €40,891 | €59,107 | €81,327 | ▲ 37.6% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves not available under the articles1311 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €1,667 | €1,667 | €34,691 | €52,907 | €75,127 | ▲ 42.0% |
| Profit (loss) carried forward14 | €342 | €3,299 | €22,412 | €9,271 | €33,024 | €18,216 | €22,220 | €3,244 | ▼ 85.4% |
| Amounts payable17/49 | €97,707 | €31,538 | €35,881 | €482,252 | €385,638 | €449,415 | €325,210 | €273,734 | ▼ 15.8% |
| Amounts payable after more than one year17 | - | - | - | €311,538 | €298,282 | €281,616 | €264,530 | €247,014 | ▼ 6.6% |
| Financial debts170/4 | - | - | - | €311,538 | €295,282 | €278,616 | €261,530 | €244,014 | ▼ 6.7% |
| Other amounts payable178/9 | - | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Amounts payable within one year42/48 | €95,724 | €30,831 | €35,881 | €168,032 | €84,207 | €165,183 | €58,099 | €24,175 | ▼ 58.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,857 | €16,257 | €16,666 | €17,086 | €17,516 | ▲ 2.5% |
| Financial debts43 | - | - | - | €675 | €660 | €6,660 | €6,679 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €675 | €660 | €6,660 | €6,679 | €0 | ▼ 100% |
| Trade debts44 | €88,385 | €30,154 | €33,122 | €131,973 | €42,201 | €140,030 | €34,320 | €3,180 | ▼ 90.7% |
| Suppliers440/4 | - | - | - | €131,973 | €42,201 | €140,030 | €34,320 | €3,180 | ▼ 90.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,084 | €16,015 | €1,828 | €15 | €3,479 | ▲ 231× |
| Taxes450/3 | - | - | - | €2,084 | €16,015 | €1,828 | €15 | €3,479 | ▲ 231× |
| Other amounts payable47/48 | - | - | - | €17,442 | €9,075 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,682 | €3,149 | €2,616 | €2,581 | €2,546 | ▼ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €342 | €2,957 | €19,113 | -€13,141 | €23,753 | €18,216 | €22,220 | €3,244 | ▼ 85.4% |
| + Depreciation and write-downs630 | €4,369 | €4,975 | €4,955 | €8,729 | €21,930 | €22,566 | €23,823 | €23,891 | ▲ 0.3% |
| Operating cash flow (approximation) | €4,711 | €7,932 | €24,068 | -€4,411 | €45,682 | €40,782 | €46,043 | €27,135 | ▼ 41.1% |
| Investment in fixed assets (approximation) | - | -€2,531 | -€1,901 | -€375,777 | -€2,838 | -€19,255 | -€7,075 | -€7,765 | ▼ 9.8% |
| Change in cash | - | -€3,371 | €41,600 | €3,558 | -€22,340 | €26,241 | -€35,323 | -€24,477 | ▲ 30.7% |
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, 17,041 companies had the same profile as FRELU has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRELU itself: 0.5% 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 17,041 companies, not a prediction for FRELU. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-06-2026 | 2026-00198270 | |
| 31-12-2024 | abbreviated format | 21-08-2025 | 2025-00389277 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00152620 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00156603 | |
| 31-12-2021 | abbreviated format | 11-07-2022 | 2022-20168585 | |
| 31-12-2020 | abbreviated format | 14-06-2021 | 2021-19500494 | |
| 31-12-2019 | abbreviated format | 23-06-2020 | 2020-19500187 | |
| 31-12-2018 | abbreviated format | 08-06-2019 | 2019-17100167 | |
| 31-12-2017 | abbreviated format | 10-07-2018 | 2018-30900559 | |
| 31-12-2016 | micro format | 02-06-2017 | 2017-14500011 |