FRELUC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 22 filings
Equity
€20,219▼ 44.5%
2024 · €36,437
Total assets
€28,488▼ 35.8%
2024 · €44,386
Net result
-€16,218▼ 1,863%
2024 · -€826
Working capital
€16,022▼ 50.8%
2024 · €32,581
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€15,256
2025
20192025
Net result
-€16,218
▼ 1,863%
2025
lowest quarter of the sector
20192025
Equity
€20,219
▼ 44.5%
2025
middle half of the sector
20192025
Total assets
€28,488
▼ 35.8%
2025
lowest quarter of the sector
20192025
Debt
€8,269
▲ 4.0%
2025
20192025
Working capital
€16,022
▼ 50.8%
2025
middle half of the sector
20192025
Solvency
71.0%
▼ 11.1pp
2025
highest quarter of the sector
20192025
Current ratio
5.90
▼ 5.05
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-56.9%
▼ 55.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€997--€8,175▼ 720%-€13,691▼ 67.5%€8,607-€1,239€90-€15,256
Net result-€1,482--€8,689within the sector's middle half▼ 486%-€14,147below the sector's middle half▼ 62.8%€7,999within the sector's middle half-€1,983within the sector's middle half-€826within the sector's middle half▲ 58.3%-€16,218below the sector's middle half▼ 1,863%
Equity€54,084-€45,395within the sector's middle half▼ 16.1%€31,248within the sector's middle half▼ 31.2%€39,247within the sector's middle half▲ 25.6%€37,263within the sector's middle half▼ 5.1%€36,437within the sector's middle half▼ 2.2%€20,219within the sector's middle half▼ 44.5%
Total assets€54,665-€48,082below the sector's middle half▼ 12.0%€36,570below the sector's middle half▼ 23.9%€44,390below the sector's middle half▲ 21.4%€40,665below the sector's middle half▼ 8.4%€44,386below the sector's middle half▲ 9.1%€28,488below the sector's middle half▼ 35.8%
Debt€582-€2,687▲ 362%€5,322▲ 98.1%€5,144▼ 3.4%€3,402▼ 33.9%€7,949▲ 134%€8,269▲ 4.0%
Working capital€42,149-€32,421within the sector's middle half▼ 23.1%€23,754within the sector's middle half▼ 26.7%€36,065within the sector's middle half▲ 51.8%€31,825within the sector's middle half▼ 11.8%€32,581within the sector's middle half▲ 2.4%€16,022within the sector's middle half▼ 50.8%
Solvency98.9%-94.4%above the sector's middle half▼ 4.5pp85.4%above the sector's middle half▼ 9.0pp88.4%above the sector's middle half▲ 3.0pp91.6%above the sector's middle half▲ 3.2pp82.1%above the sector's middle half▼ 9.5pp71.0%above the sector's middle half▼ 11.1pp
Current ratio73.46-48.95above the sector's middle half▼ 24.5117.23above the sector's middle half▼ 31.7260.63above the sector's middle half▲ 43.4059.94above the sector's middle half▼ 0.6910.95above the sector's middle half▼ 48.995.90above the sector's middle half▼ 5.05
Return on assets (ROA)-2.7%--18.1%below the sector's middle half▼ 15.4pp-38.7%below the sector's middle half▼ 20.6pp18.0%above the sector's middle half▲ 56.7pp-4.9%within the sector's middle half▼ 22.9pp-1.9%within the sector's middle half▲ 3.0pp-56.9%below the sector's middle half▼ 55.1pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 a loss of €15,256, after a profit of €90 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €28,488
Fixed assets
€9,197 ▲ 7.8%
Current assets
€19,291 ▼ 46.2%
Equity and liabilities €28,488
Equity
€20,219 ▼ 44.5%
Debt
€8,269 ▲ 4.0%
Debt's share of the balance-sheet total rises from 17.9% to 29.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€12,698▼
2024 · €2,076
Cash flow
-€13,660▼
2024 · €1,159
Debt to equity
0.41▲
2024 · 0.22
ROE
-80.2%▼
2024 · -2.3%
Interest coverage
-13.20▼
2024 · 2.25
Debt ≤ 1 year
€3,269▼
2024 · €3,275
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,890 | €2,215 | €3,226 |
| Depreciation and write-downs of the year | €3,632 | €1,310 | €1,985 | €2,558 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,252 | €4,131 | €3,632 | €3,632 | €1,310 | €1,985 | €2,558 | ▲ 28.9% |
| Other operating charges640/8 | - | - | - | €983 | €1,190 | €2,383 | €1,305 | ▼ 45.3% |
| Gross operating margin9900 | €4,343 | -€2,945 | -€9,144 | €13,221 | €1,262 | €4,459 | -€11,393 | - |
| Operating profit (loss)9901 | -€997 | -€8,175 | -€13,691 | €8,607 | -€1,239 | €90 | -€15,256 | - |
| Financial income75/76B | - | - | - | - | €20 | €5 | - | - |
| Recurring financial income75 | €43 | €20 | €0 | - | €20 | €5 | - | - |
| Financial charges65/66B | - | - | - | €608 | €765 | €922 | €962 | ▲ 4.4% |
| Recurring financial charges65 | €528 | €534 | €456 | €608 | €765 | €922 | €962 | ▲ 4.4% |
| Profit (loss) for the period before taxes9903 | -€1,482 | -€8,689 | -€14,147 | €7,999 | -€1,983 | -€826 | -€16,218 | ▼ 1,863% |
| Profit (loss) for the period9904 | -€1,482 | -€8,689 | -€14,147 | €7,999 | -€1,983 | -€826 | -€16,218 | ▼ 1,863% |
| Profit (loss) for the period to be appropriated9905 | -€1,482 | -€8,689 | -€14,147 | €7,999 | -€1,983 | -€826 | -€16,218 | ▼ 1,863% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €54,665 | €48,082 | €36,570 | €44,390 | €40,665 | €44,386 | €28,488 | ▼ 35.8% |
| Fixed assets21/28 | €11,935 | €14,984 | €11,352 | €7,721 | €8,300 | €8,530 | €9,197 | ▲ 7.8% |
| Tangible fixed assets22/27 | €11,810 | €14,859 | €11,227 | €7,596 | €8,175 | €8,405 | €9,072 | ▲ 7.9% |
| Plant, machinery and equipment23 | - | - | - | - | €1,824 | €3,298 | €5,209 | ▲ 58.0% |
| Other tangible fixed assets26 | - | - | - | €7,596 | €6,351 | €5,107 | €3,863 | ▼ 24.4% |
| Financial fixed assets28 | €125 | €125 | €125 | €125 | €125 | €125 | €125 | = |
| Current assets29/58 | €42,731 | €33,098 | €25,218 | €36,670 | €32,365 | €35,856 | €19,291 | ▼ 46.2% |
| Amounts receivable within one year40/41 | €5,529 | €6,479 | €2,391 | €2,344 | €782 | €978 | €1,161 | ▲ 18.7% |
| Trade receivables40 | - | - | - | €648 | €782 | €854 | €1,016 | ▲ 19.0% |
| Other amounts receivable41 | - | - | - | €1,696 | - | €124 | €145 | ▲ 16.8% |
| Cash at bank and in hand54/58 | €34,384 | €22,843 | €22,577 | €30,235 | €27,084 | €34,180 | €13,423 | ▼ 60.7% |
| Deferred charges and accrued income490/1 | - | - | - | €4,090 | €4,499 | €698 | €4,707 | ▲ 574% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €54,665 | €48,082 | €36,570 | €44,390 | €40,665 | €44,386 | €28,488 | ▼ 35.8% |
| Equity10/15 | €54,084 | €45,395 | €31,248 | €39,247 | €37,263 | €36,437 | €20,219 | ▼ 44.5% |
| Contributions10/11 | €30,000 | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €24,084 | €15,395 | €3,000 | €9,247 | €7,263 | €6,437 | €3,000 | ▼ 53.4% |
| Non-distributable reserves130/1 | - | - | - | €3,000 | €3,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,000 | €3,000 | - | - | - |
| Distributable reserves133 | - | - | - | €6,247 | €4,263 | €6,437 | €3,000 | ▼ 53.4% |
| Profit (loss) carried forward14 | - | - | -€1,752 | - | - | - | -€12,781 | - |
| Amounts payable17/49 | €582 | €2,687 | €5,322 | €5,144 | €3,402 | €7,949 | €8,269 | ▲ 4.0% |
| Amounts payable within one year42/48 | €582 | €676 | €1,464 | €605 | €540 | €3,275 | €3,269 | ▼ 0.2% |
| Trade debts44 | €582 | €361 | €291 | €605 | €270 | €921 | €777 | ▼ 15.7% |
| Suppliers440/4 | - | - | - | €605 | €270 | €921 | €777 | ▼ 15.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €270 | - | - | - |
| Taxes450/3 | - | - | - | - | €270 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €2,354 | €2,493 | ▲ 5.9% |
| Accrued charges and deferred income492/3 | - | - | - | €4,539 | €2,862 | €4,674 | €5,000 | ▲ 7.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,482 | -€8,689 | -€14,147 | €7,999 | -€1,983 | -€826 | -€16,218 | ▼ 1,863% |
| + Depreciation and write-downs630 | €4,252 | €4,131 | €3,632 | €3,632 | €1,310 | €1,985 | €2,558 | ▲ 28.9% |
| Operating cash flow (approximation) | €2,771 | -€4,558 | -€10,515 | €11,630 | -€673 | €1,159 | -€13,660 | - |
| Investment in fixed assets (approximation) | - | -€7,180 | €0 | €0 | -€1,890 | -€2,215 | -€3,226 | ▼ 45.6% |
| Change in cash | - | -€11,541 | -€266 | €7,659 | -€3,151 | €7,096 | -€20,757 | - |
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, 5,831 companies had the same profile as FRELUC has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FRELUC itself is lower: 0.2% within 12 months. It rests on far more data about FRELUC than the profile alone.
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 5,831 companies, not a prediction for FRELUC. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00023889 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00016614 | |
| 30-06-2023 | micro format | 25-01-2024 | 2024-00008299 | |
| 30-06-2022 | micro format | 24-01-2023 | 2023-00002669 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-03200081 | |
| 30-06-2020 | micro format | 22-01-2021 | 2021-01400253 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00600086 | |
| 30-06-2018 | micro format | 03-01-2019 | 2019-00300321 | |
| 30-06-2017 | abbreviated format | 05-01-2018 | 2018-00300456 | |
| 30-06-2016 | abbreviated format | 06-01-2017 | 2017-00400261 |