FRENDZ
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-03-2026 PDF all 7 filings
Turnover
≈ €330,000
Estimated: probably between €160,000 and €480,000
Total assets
€332,582▼ 38.9%
2024 · €544,158
Net result
-€82,993
2024 · €9,490
Working capital
€242,789▼ 20.9%
2024 · €306,760
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€76,720
2025
20192025
Net result
-€82,993
2025
lowest quarter of the sector
20192025
Equity
€279,791
▼ 22.9%
2025
middle half of the sector
20192025
Total assets
€332,582
▼ 38.9%
2025
middle half of the sector
20192025
Debt
€52,791
▼ 70.9%
2025
20192025
Working capital
€242,789
▼ 20.9%
2025
middle half of the sector
20192025
Solvency
84.1%
▲ 17.5pp
2025
highest quarter of the sector
20192025
Current ratio
5.60
▲ 2.91
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-25.0%
▼ 26.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1.4
▼ 22.2%
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€38,208-€132,641▲ 247%€77,675▼ 41.4%€140,000▲ 80.2%€250,049▲ 78.6%€23,692▼ 90.5%-€76,720
Net result€22,563-€93,481within the sector's middle half▲ 314%€48,867within the sector's middle half▼ 47.7%€97,693within the sector's middle half▲ 99.9%€172,089above the sector's middle half▲ 76.2%€9,490within the sector's middle half▼ 94.5%-€82,993below the sector's middle half
Equity€28,763-€122,244within the sector's middle half▲ 325%€171,111within the sector's middle half▲ 40.0%€268,805within the sector's middle half▲ 57.1%€353,294within the sector's middle half▲ 31.4%€362,784within the sector's middle half▲ 2.7%€279,791within the sector's middle half▼ 22.9%
Total assets€113,038-€440,406below the sector's middle half▲ 290%€331,783below the sector's middle half▼ 24.7%€376,085below the sector's middle half▲ 13.4%€475,594below the sector's middle half▲ 26.5%€544,158within the sector's middle half▲ 14.4%€332,582within the sector's middle half▼ 38.9%
Debt€84,275-€318,162▲ 278%€160,671▼ 49.5%€107,280▼ 33.2%€122,300▲ 14.0%€181,375▲ 48.3%€52,791▼ 70.9%
Working capital€28,763-€122,244within the sector's middle half▲ 325%€147,516within the sector's middle half▲ 20.7%€248,568within the sector's middle half▲ 68.5%€335,558within the sector's middle half▲ 35.0%€306,760within the sector's middle half▼ 8.6%€242,789within the sector's middle half▼ 20.9%
Solvency25.4%-27.8%within the sector's middle half▲ 2.3pp51.6%within the sector's middle half▲ 23.8pp71.5%above the sector's middle half▲ 19.9pp74.3%above the sector's middle half▲ 2.8pp66.7%above the sector's middle half▼ 7.6pp84.1%above the sector's middle half▲ 17.5pp
Current ratio1.34-1.38within the sector's middle half▲ 0.041.92within the sector's middle half▲ 0.533.32above the sector's middle half▲ 1.403.74above the sector's middle half▲ 0.432.69within the sector's middle half▼ 1.055.60above the sector's middle half▲ 2.91
Return on assets (ROA)20.0%-21.2%above the sector's middle half▲ 1.3pp14.7%above the sector's middle half▼ 6.5pp26.0%above the sector's middle half▲ 11.2pp36.2%above the sector's middle half▲ 10.2pp1.7%within the sector's middle half▼ 34.4pp-25.0%below the sector's middle half▼ 26.7pp
Staff (FTE)1.9-2within the sector's middle half▲ 5.3%2within the sector's middle half=2within the sector's middle half=1.7within the sector's middle half▼ 15.0%1.8within the sector's middle half▲ 5.9%1.4below the sector's middle half▼ 22.2%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €76,720, after a profit of €23,692 in 2024. It is the lowest result since 2019.
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 €332,582
Fixed assets
€37,002 ▼ 34.0%
Current assets
€295,580 ▼ 39.4%
Equity and liabilities €332,582
Equity
€279,791 ▼ 22.9%
Debt
€52,791 ▼ 70.9%
Debt's share of the balance-sheet total falls from 33.3% to 15.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€57,699▼
2024 · €31,194
Cash flow
-€63,971▼
2024 · €16,992
Quick ratio
2.93▲
2024 · 1.88
Debt to equity
0.19▼
2024 · 0.50
ROE
-29.7%▼
2024 · 2.6%
Interest coverage
-8.38▼
2024 · 2.89
Debt ≤ 1 year
€52,791▼
2024 · €181,375
Income taxes
€8▼
2024 · €3,730
Staff costs
€120,756▲
2024 · €105,182
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 0 |
| part-time | 1 | 1 | 1 | 2 |
| in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.4 |
| Average over the year, in full-time equivalents | 1.8 | 1.7 | 1.8 | 1.4 |
| On a permanent contract | 2 | 2 | 2 | 2 |
| Training hours | 12 | 12 | 12 | 12 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,198 | - | - |
| Intangible fixed assets | - | - | €45,790 | - |
| Depreciation and write-downs of the year | €3,359 | €3,698 | €7,502 | €19,022 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €17,265 awarded · €17,265 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €315 | €315 |
| 2023 | 1 | €16,950 | €16,950 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €109,533 | €118,038 | €105,182 | €120,756 | ▲ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €691 | - | €1,150 | €3,359 | €3,698 | €7,502 | €19,022 | ▲ 154% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €4,035 | - |
| Other operating charges640/8 | - | - | - | €327 | €841 | €730 | €745 | ▲ 2.0% |
| Gross operating margin9900 | €152,059 | €219,263 | €181,709 | €253,219 | €372,626 | €137,106 | €67,837 | ▼ 50.5% |
| Operating profit (loss)9901 | €38,208 | €132,641 | €77,675 | €140,000 | €250,049 | €23,692 | -€76,720 | - |
| Financial income75/76B | - | - | - | €36 | €392 | €318 | €625 | ▲ 96.7% |
| Recurring financial income75 | €89 | €59 | €81 | €36 | €392 | €318 | €625 | ▲ 96.7% |
| Financial charges65/66B | - | - | - | €14,355 | €15,813 | €10,790 | €6,889 | ▼ 36.1% |
| Recurring financial charges65 | €8,134 | €14,879 | €16,595 | €14,355 | €15,813 | €10,790 | €6,889 | ▼ 36.1% |
| Profit (loss) for the period before taxes9903 | €30,163 | €117,821 | €61,161 | €125,681 | €234,629 | €13,220 | -€82,985 | - |
| Income taxes67/77 | €7,600 | €24,341 | €12,294 | €27,988 | €62,540 | €3,730 | €8 | ▼ 99.8% |
| Profit (loss) for the period9904 | €22,563 | €93,481 | €48,867 | €97,693 | €172,089 | €9,490 | -€82,993 | - |
| Profit (loss) for the period to be appropriated9905 | €22,563 | €93,481 | €48,867 | €97,693 | €172,089 | €9,490 | -€82,993 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €113,038 | €440,406 | €331,783 | €376,085 | €475,594 | €544,158 | €332,582 | ▼ 38.9% |
| Fixed assets21/28 | - | - | €23,596 | €20,237 | €17,736 | €56,024 | €37,002 | ▼ 34.0% |
| Intangible fixed assets21 | - | - | - | - | - | €42,046 | €26,783 | ▼ 36.3% |
| Tangible fixed assets22/27 | - | - | €15,646 | €12,287 | €9,786 | €6,028 | €2,269 | ▼ 62.3% |
| Furniture and vehicles24 | - | - | - | - | €859 | €459 | €60 | ▼ 86.9% |
| Other tangible fixed assets26 | - | - | - | €12,287 | €8,928 | €5,568 | €2,209 | ▼ 60.3% |
| Financial fixed assets28 | - | - | €7,950 | €7,950 | €7,950 | €7,950 | €7,950 | = |
| Current assets29/58 | €113,038 | €440,406 | €308,187 | €355,848 | €457,858 | €488,135 | €295,580 | ▼ 39.4% |
| Stocks and contracts in progress3 | €17,508 | €34,007 | €52,138 | €61,259 | €57,076 | €146,951 | €140,794 | ▼ 4.2% |
| Stocks30/36 | - | - | - | €61,259 | €57,076 | €146,951 | €140,794 | ▼ 4.2% |
| Amounts receivable within one year40/41 | €69,827 | €276,291 | €189,267 | €262,782 | €328,436 | €296,608 | €110,531 | ▼ 62.7% |
| Trade receivables40 | - | - | - | €262,566 | €321,800 | €290,954 | €110,531 | ▼ 62.0% |
| Other amounts receivable41 | - | - | - | €216 | €6,635 | €5,654 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €25,468 | €129,751 | €66,435 | €28,689 | €64,298 | €44,182 | €43,882 | ▼ 0.7% |
| Deferred charges and accrued income490/1 | - | - | - | €3,119 | €8,048 | €393 | €373 | ▼ 5.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €113,038 | €440,406 | €331,783 | €376,085 | €475,594 | €544,158 | €332,582 | ▼ 38.9% |
| Equity10/15 | €28,763 | €122,244 | €171,111 | €268,805 | €353,294 | €362,784 | €279,791 | ▼ 22.9% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Non-distributable reserves130/1 | - | - | - | €1,150 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,150 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,150 | €1,150 | €1,150 | = |
| Profit (loss) carried forward14 | €21,413 | €114,894 | €163,761 | €261,455 | €333,544 | €343,034 | €260,041 | ▼ 24.2% |
| Amounts payable17/49 | €84,275 | €318,162 | €160,671 | €107,280 | €122,300 | €181,375 | €52,791 | ▼ 70.9% |
| Amounts payable within one year42/48 | €84,275 | €318,162 | €160,671 | €107,280 | €122,300 | €181,375 | €52,791 | ▼ 70.9% |
| Financial debts43 | - | - | - | - | - | - | €1,606 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €1,606 | - |
| Trade debts44 | €58,608 | €178,043 | €96,895 | €76,891 | €62,046 | €141,000 | €29,619 | ▼ 79.0% |
| Suppliers440/4 | - | - | - | €76,891 | €62,046 | €141,000 | €29,619 | ▼ 79.0% |
| Advances received on contracts in progress46 | - | - | - | €9,365 | €15,908 | €18,500 | €1,927 | ▼ 89.6% |
| Taxes, remuneration and social security45 | - | - | - | €21,024 | €44,346 | €21,874 | €19,639 | ▼ 10.2% |
| Taxes450/3 | - | - | - | €3,100 | €25,000 | €3,650 | €29 | ▼ 99.2% |
| Remuneration and social security454/9 | - | - | - | €17,924 | €19,346 | €18,224 | €19,610 | ▲ 7.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,563 | €93,481 | €48,867 | €97,693 | €172,089 | €9,490 | -€82,993 | - |
| + Depreciation and write-downs630 | €691 | - | €1,150 | €3,359 | €3,698 | €7,502 | €19,022 | ▲ 154% |
| Operating cash flow (approximation) | €23,255 | €93,481 | €50,017 | €101,053 | €175,787 | €16,992 | -€63,971 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€1,198 | -€45,790 | €0 | - |
| Change in cash | - | €104,282 | -€63,316 | -€37,746 | €35,609 | -€20,116 | -€300 | ▲ 98.5% |
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, 3,591 companies had the same profile as FRENDZ has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRENDZ itself: 0.7% 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 3,591 companies, not a prediction for FRENDZ. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 13-03-2026 | 2026-00053675 | |
| 30-09-2024 | abbreviated format | 10-02-2025 | 2025-00033832 | |
| 30-09-2023 | abbreviated format | 28-02-2024 | 2024-00037050 | |
| 30-09-2022 | abbreviated format | 17-02-2023 | 2023-00030560 | |
| 30-09-2021 | abbreviated format | 14-02-2022 | 2022-05600324 | |
| 30-09-2020 | abbreviated format | 22-02-2021 | 2021-05900155 | |
| 30-09-2019 | abbreviated format | 05-03-2020 | 2020-06400003 |