FRENDO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-11-2025 PDF all 6 filings
Turnover
€38,636▼ 56.5%
2024 · €88,881
EBIT margin
46.9%▲ 62.4pp
2024 · -15.6%
Net result
€16,913
2024 · -€13,880
Working capital
€38,457▲ 78.5%
2024 · €21,543
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€38,636
▼ 56.5%
2025
20202025
Operating result
€18,109
2025
20202025
Net result
€16,913
2025
middle half of the sector
20202025
EBIT margin
46.9%
▲ 62.4pp
2025
20202025
Equity
€38,457
▲ 78.5%
2025
middle half of the sector
20202025
Total assets
€43,363
▲ 20.8%
2025
lowest quarter of the sector
20202025
Debt
€4,906
▼ 65.8%
2025
20202025
Working capital
€38,457
▲ 78.5%
2025
middle half of the sector
20202025
Solvency
88.7%
▲ 28.7pp
2025
highest quarter of the sector
20202025
Current ratio
8.84
▲ 6.34
2025
highest quarter of the sector
20202025
Return on assets (ROA)
39.0%
▲ 77.7pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€85,122-€21,048▼ 75.3%€58,609▲ 178%€203,853▲ 248%€88,881▼ 56.4%€38,636▼ 56.5%
Operating result€13,802-€5,457▼ 60.5%€5,643▲ 3.4%€9,838▲ 74.3%-€13,824€18,109
Net result€10,984within the sector's middle half-€5,298within the sector's middle half▼ 51.8%€4,864within the sector's middle half▼ 8.2%€8,077within the sector's middle half▲ 66.0%-€13,880below the sector's middle half€16,913within the sector's middle half
EBIT margin16.2%-25.9%▲ 9.7pp9.6%▼ 16.3pp4.8%▼ 4.8pp-15.6%▼ 20.4pp46.9%▲ 62.4pp
Equity€17,184below the sector's middle half-€22,483within the sector's middle half▲ 30.8%€27,347within the sector's middle half▲ 21.6%€35,424within the sector's middle half▲ 29.5%€21,543within the sector's middle half▼ 39.2%€38,457within the sector's middle half▲ 78.5%
Total assets€26,210below the sector's middle half-€27,934below the sector's middle half▲ 6.6%€30,453below the sector's middle half▲ 9.0%€101,944within the sector's middle half▲ 235%€35,890below the sector's middle half▼ 64.8%€43,363below the sector's middle half▲ 20.8%
Debt€9,026-€5,451▼ 39.6%€3,106▼ 43.0%€66,520▲ 21×€14,346▼ 78.4%€4,906▼ 65.8%
Working capital€17,184within the sector's middle half-€22,483within the sector's middle half▲ 30.8%€27,347within the sector's middle half▲ 21.6%€35,424within the sector's middle half▲ 29.5%€21,543within the sector's middle half▼ 39.2%€38,457within the sector's middle half▲ 78.5%
Solvency65.6%above the sector's middle half-80.5%above the sector's middle half▲ 14.9pp89.8%above the sector's middle half▲ 9.3pp34.7%within the sector's middle half▼ 55.1pp60.0%within the sector's middle half▲ 25.3pp88.7%above the sector's middle half▲ 28.7pp
Current ratio2.90within the sector's middle half-5.12above the sector's middle half▲ 2.229.80above the sector's middle half▲ 4.681.53within the sector's middle half▼ 8.272.50within the sector's middle half▲ 0.978.84above the sector's middle half▲ 6.34
Return on assets (ROA)41.9%above the sector's middle half-19.0%above the sector's middle half▼ 22.9pp16.0%within the sector's middle half▼ 3.0pp7.9%within the sector's middle half▼ 8.0pp-38.7%below the sector's middle half▼ 46.6pp39.0%above the sector's middle half▲ 77.7pp
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 a profit of €18,109, after a loss of €13,824 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €43,363
Equity
€38,457 ▲ 78.5%
Debt
€4,906 ▼ 65.8%
Debt's share of the balance-sheet total falls from 40.0% to 11.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.13▼
2024 · 0.67
ROE
44.0%▲
2024 · -64.4%
Debt ≤ 1 year
€4,906▼
2024 · €14,346
Income taxes
€1,150
Customer credit
91 days▲
2024 · 33 days
Supplier credit
65 days▲
2024 · 51 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €85,122 | €21,048 | €58,609 | €203,853 | €88,881 | €38,636 | ▼ 56.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €52,574 | €194,015 | €102,705 | €20,483 | ▼ 80.1% |
| Other operating charges640/8 | - | - | €392 | - | - | €44 | - |
| Gross operating margin9900 | €14,497 | €5,804 | €6,035 | €9,838 | -€13,824 | €18,153 | - |
| Operating profit (loss)9901 | €13,802 | €5,457 | €5,643 | €9,838 | -€13,824 | €18,109 | - |
| Financial income75/76B | - | - | €418 | €969 | €10 | €0 | ▼ 99.8% |
| Recurring financial income75 | €259 | €614 | €418 | €969 | €10 | €0 | ▼ 99.8% |
| Financial charges65/66B | - | - | €72 | €646 | €66 | €46 | ▼ 30.2% |
| Recurring financial charges65 | €19 | €13 | €72 | €646 | €66 | €46 | ▼ 30.2% |
| Profit (loss) for the period before taxes9903 | €14,042 | €6,058 | €5,990 | €10,160 | -€13,880 | €18,063 | - |
| Income taxes67/77 | €3,058 | €760 | €1,125 | €2,083 | - | €1,150 | - |
| Profit (loss) for the period9904 | €10,984 | €5,298 | €4,864 | €8,077 | -€13,880 | €16,913 | - |
| Profit (loss) for the period to be appropriated9905 | €10,984 | €5,298 | €4,864 | €8,077 | -€13,880 | €16,913 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €26,210 | €27,934 | €30,453 | €101,944 | €35,890 | €43,363 | ▲ 20.8% |
| Current assets29/58 | €26,210 | €27,934 | €30,453 | €101,944 | €35,890 | €43,363 | ▲ 20.8% |
| Amounts receivable within one year40/41 | €6,717 | €11,207 | €22,982 | €77,899 | €8,596 | €11,130 | ▲ 29.5% |
| Trade receivables40 | - | - | €15,300 | €76,899 | €8,139 | €9,684 | ▲ 19.0% |
| Other amounts receivable41 | - | - | €7,682 | €1,001 | €457 | €1,446 | ▲ 217% |
| Cash at bank and in hand54/58 | €19,494 | €16,727 | €7,471 | €18,092 | €27,294 | €32,233 | ▲ 18.1% |
| Deferred charges and accrued income490/1 | - | - | - | €5,952 | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €26,210 | €27,934 | €30,453 | €101,944 | €35,890 | €43,363 | ▲ 20.8% |
| Equity10/15 | €17,184 | €22,483 | €27,347 | €35,424 | €21,543 | €38,457 | ▲ 78.5% |
| Contributions10/11 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €10,984 | €16,283 | €21,147 | €29,224 | €15,343 | €32,257 | ▲ 110% |
| Amounts payable17/49 | €9,026 | €5,451 | €3,106 | €66,520 | €14,346 | €4,906 | ▼ 65.8% |
| Amounts payable within one year42/48 | €9,026 | €5,451 | €3,106 | €66,520 | €14,346 | €4,906 | ▼ 65.8% |
| Trade debts44 | €968 | €4,508 | €1,749 | €64,351 | €14,227 | €3,637 | ▼ 74.4% |
| Suppliers440/4 | - | - | €1,349 | €64,351 | €14,227 | €3,637 | ▼ 74.4% |
| Bills of exchange payable441 | - | - | €400 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €1,357 | €2,169 | - | €1,150 | - |
| Taxes450/3 | - | - | €1,357 | €2,169 | - | €1,150 | - |
| Other amounts payable47/48 | - | - | - | - | €119 | €119 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,984 | €5,298 | €4,864 | €8,077 | -€13,880 | €16,913 | - |
| Operating cash flow (approximation) | €10,984 | €5,298 | €4,864 | €8,077 | -€13,880 | €16,913 | - |
| Change in cash | - | -€2,766 | -€9,256 | €10,621 | €9,202 | €4,939 | ▼ 46.3% |
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, 26,972 companies had the same profile as FRENDO has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FRENDO itself is lower: 0.1% within 12 months. It rests on far more data about FRENDO 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 26,972 companies, not a prediction for FRENDO. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 28-11-2025 | 2025-00573557 | |
| 31-05-2024 | micro format | 13-12-2024 | 2024-00616418 | |
| 31-05-2023 | micro format | 07-12-2023 | 2023-00526353 | |
| 31-05-2022 | micro format | 02-12-2022 | 2022-20534192 | |
| 31-05-2021 | micro format | 30-11-2021 | 2021-78800572 | |
| 31-05-2020 | micro format | 12-11-2020 | 2020-70200221 |