FREPAT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 13 filings
Turnover
≈ €660,000
Estimated: probably between €490,000 and €790,000
Total assets
€2.6m▼ 2.7%
2024 · €2.6m
Net result
-€10,092
2024 · €9,653
Working capital
-€253,853▲ 26.4%
2024 · -€344,813
In the rankings
#9 company by total assets in Hasselt, Agriculture, forestry and fishing sector#10 company by equity in Hasselt, Agriculture, forestry and fishing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,676
▼ 36.3%
2025
20182025
Net result
-€10,092
2025
lowest quarter of the sector
20182025
Equity
€1.0m
▼ 1.0%
2025
highest quarter of the sector
20182025
Total assets
€2.6m
▼ 2.7%
2025
highest quarter of the sector
20182025
Debt
€1.5m
▼ 3.8%
2025
20182025
Working capital
-€253,853
▲ 26.4%
2025
lowest quarter of the sector
20182025
Solvency
39.9%
▲ 0.7pp
2025
middle half of the sector
20182025
Current ratio
0.49
▲ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.4%
▼ 0.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▼ 3.5%€0.1m▼ 14.7%€0.1m▼ 11.5%€0.1m▲ 43.1%€0.2m▲ 5.6%€0.1m▼ 38.9%€0.06m▼ 36.3%
Net result€0.07m-€0.06m▼ 10.8%€0.07mabove the sector's middle half▲ 2.2%€0.05mabove the sector's middle half▼ 17.2%€0.1mabove the sector's middle half▲ 87.8%€0.09mabove the sector's middle half▼ 9.8%€0.01mwithin the sector's middle half▼ 89.6%-€0.01mbelow the sector's middle half
Equity€0.6m-€0.7m▲ 10.0%€0.8mabove the sector's middle half▲ 9.3%€0.8mabove the sector's middle half▲ 7.0%€0.9mabove the sector's middle half▲ 12.4%€1.0mabove the sector's middle half▲ 9.9%€1.0mabove the sector's middle half▲ 0.9%€1.0mabove the sector's middle half▼ 1.0%
Total assets€3.3m-€3.1m▼ 3.9%€3.0mabove the sector's middle half▼ 4.3%€2.9mabove the sector's middle half▼ 2.8%€2.8mabove the sector's middle half▼ 5.7%€2.7mabove the sector's middle half▼ 1.8%€2.6mabove the sector's middle half▼ 2.6%€2.6mabove the sector's middle half▼ 2.7%
Debt€2.6m-€2.4m▼ 7.3%€2.2m▼ 8.3%€2.1m▼ 6.2%€1.8m▼ 12.9%€1.7m▼ 7.8%€1.6m▼ 4.7%€1.5m▼ 3.8%
Working capital-€0.4m--€0.3m▲ 14.6%-€0.4mbelow the sector's middle half▼ 31.1%-€0.4mbelow the sector's middle half▼ 6.8%-€0.4mbelow the sector's middle half▲ 8.4%-€0.4mbelow the sector's middle half▼ 8.3%-€0.3mbelow the sector's middle half▲ 20.4%-€0.3mbelow the sector's middle half▲ 26.4%
Solvency19.7%-22.5%▲ 2.8pp25.7%within the sector's middle half▲ 3.2pp28.3%within the sector's middle half▲ 2.6pp33.8%within the sector's middle half▲ 5.4pp37.8%within the sector's middle half▲ 4.0pp39.2%within the sector's middle half▲ 1.4pp39.9%within the sector's middle half▲ 0.7pp
Current ratio0.10-0.13▲ 0.030.10below the sector's middle half▼ 0.030.27below the sector's middle half▲ 0.170.25below the sector's middle half▼ 0.010.20below the sector's middle half▼ 0.060.37below the sector's middle half▲ 0.180.49below the sector's middle half▲ 0.12
Return on assets (ROA)2.2%-2.0%▼ 0.2pp2.2%within the sector's middle half▲ 0.1pp1.9%within the sector's middle half▼ 0.3pp3.7%within the sector's middle half▲ 1.8pp3.4%within the sector's middle half▼ 0.3pp0.4%within the sector's middle half▼ 3.0pp-0.4%within the sector's middle half▼ 0.8pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 36% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro 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 €2.6m
Fixed assets
€2.3m ▼ 4.4%
Current assets
€241,545 ▲ 18.1%
Equity and liabilities €2.6m
Equity
€1.0m ▼ 1.0%
Debt
€1.5m ▼ 3.8%
Debt's share of the balance-sheet total falls from 60.8% to 60.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€234,357▼
2024 · €266,152
Cash flow
€162,589▼
2024 · €178,974
Quick ratio
0.24▲
2024 · 0.22
Debt to equity
1.51▼
2024 · 1.55
ROE
-1.0%▼
2024 · 0.9%
Interest coverage
3.27▲
2024 · 3.21
Debt ≤ 1 year
€495,397▼
2024 · €549,355
Debt > 1 year
€1.0m=
2024 · €1.0m
Income taxes
€156▼
2024 · €4,297
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 | €160,000 | €2,626 | €133,021 | €1,395 | €65,049 |
| Intangible fixed assets | €20,000 | - | - | - | - |
| Depreciation and write-downs of the year | €136,757 | €145,782 | €152,981 | €169,321 | €172,681 |
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 | €135,040 | €133,024 | €133,024 | €136,757 | €145,782 | €152,981 | €169,321 | €172,681 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €24,273 | €24,613 | €26,524 | €28,139 | €28,609 | ▲ 1.7% |
| Non-recurring operating charges66A | - | - | - | €25,642 | - | - | - | - | - |
| Gross operating margin9900 | €299,963 | €293,375 | €274,785 | €291,495 | €320,383 | €337,910 | €294,290 | €262,967 | ▼ 10.6% |
| Operating profit (loss)9901 | €143,951 | €138,949 | €118,463 | €104,823 | €149,989 | €158,405 | €96,831 | €61,676 | ▼ 36.3% |
| Financial income75/76B | - | - | - | - | €0 | €0 | - | €0 | - |
| Recurring financial income75 | - | - | - | - | €0 | €0 | - | €0 | - |
| Financial charges65/66B | - | - | - | €50,262 | €47,515 | €61,527 | €82,881 | €71,612 | ▼ 13.6% |
| Recurring financial charges65 | €71,742 | €74,505 | €52,571 | €50,262 | €47,515 | €61,527 | €82,881 | €71,612 | ▼ 13.6% |
| Profit (loss) for the period before taxes9903 | €72,209 | €64,444 | €65,892 | €54,562 | €102,474 | €96,879 | €13,950 | -€9,936 | - |
| Income taxes67/77 | - | - | - | - | - | €4,489 | €4,297 | €156 | ▼ 96.4% |
| Profit (loss) for the period9904 | €72,209 | €64,444 | €65,892 | €54,562 | €102,474 | €92,390 | €9,653 | -€10,092 | - |
| Profit (loss) for the period to be appropriated9905 | €72,209 | €64,444 | €65,892 | €54,562 | €102,474 | €92,390 | €9,653 | -€10,092 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €3.1m | €3.0m | €2.9m | €2.8m | €2.7m | €2.6m | €2.6m | ▼ 2.7% |
| Fixed assets21/28 | €3.2m | €3.1m | €3.0m | €2.8m | €2.6m | €2.6m | €2.4m | €2.3m | ▼ 4.4% |
| Intangible fixed assets21 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 15.4% |
| Tangible fixed assets22/27 | €3.2m | €3.1m | €3.0m | €2.7m | €2.6m | €2.6m | €2.4m | €2.3m | ▼ 4.4% |
| Land and buildings22 | - | - | - | €2.6m | €2.5m | €2.4m | €2.2m | €2.1m | ▼ 5.7% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 15.8% |
| Furniture and vehicles24 | - | - | - | - | - | €0.1m | €0.08m | €0.1m | ▲ 46.9% |
| Current assets29/58 | €0.04m | €0.05m | €0.04m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 18.1% |
| Stocks and contracts in progress3 | - | - | - | €0.005m | €0.07m | €0.05m | €0.08m | €0.1m | ▲ 44.5% |
| Stocks30/36 | - | - | - | €0.005m | €0.07m | €0.05m | €0.08m | €0.1m | ▲ 44.5% |
| Amounts receivable within one year40/41 | - | €0.01m | €0.001m | €0.01m | €144 | €0.03m | €0.02m | €0.06m | ▲ 166% |
| Trade receivables40 | - | - | - | - | €144 | €0.009m | €0.004m | €0.005m | ▲ 13.6% |
| Other amounts receivable41 | - | - | - | €0.01m | - | €0.02m | €0.02m | €0.05m | ▲ 200% |
| Cash at bank and in hand54/58 | €0.04m | €0.03m | €0.04m | €0.1m | €0.07m | €0.02m | €0.09m | €0.05m | ▼ 41.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.005m | €0.01m | €0.01m | €0.01m | ▲ 9.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €3.1m | €3.0m | €2.9m | €2.8m | €2.7m | €2.6m | €2.6m | ▼ 2.7% |
| Equity10/15 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▼ 1.0% |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | - | - | - | - | - | €0.02m | €0.03m | €0.02m | ▼ 29.7% |
| Distributable reserves133 | - | - | - | - | - | €0.02m | €0.03m | €0.02m | ▼ 29.7% |
| Profit (loss) carried forward14 | -€0.4m | -€0.3m | -€0.2m | -€0.2m | -€0.07m | - | - | - | - |
| Amounts payable17/49 | €2.6m | €2.4m | €2.2m | €2.1m | €1.8m | €1.7m | €1.6m | €1.5m | ▼ 3.8% |
| Amounts payable after more than one year17 | €2.2m | €2.0m | €1.8m | €1.5m | €1.3m | €1.1m | €1.0m | €1.0m | = |
| Financial debts170/4 | - | - | - | €0.5m | €0.3m | €0.1m | - | - | - |
| Other amounts payable178/9 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 9.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | - | - |
| Trade debts44 | €457 | €78 | €0.002m | €0.001m | - | €84 | €0.003m | €0.001m | ▼ 82.2% |
| Suppliers440/4 | - | - | - | €0.001m | - | €84 | €0.003m | €0.001m | ▼ 82.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 11.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 11.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 13.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.03m | €0.04m | €0.06m | €0.05m | ▼ 11.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,209 | €64,444 | €65,892 | €54,562 | €102,474 | €92,390 | €9,653 | -€10,092 | - |
| + Depreciation and write-downs630 | €135,040 | €133,024 | €133,024 | €136,757 | €145,782 | €152,981 | €169,321 | €172,681 | ▲ 2.0% |
| Operating cash flow (approximation) | €207,249 | €197,468 | €198,916 | €191,319 | €248,256 | €245,371 | €178,974 | €162,589 | ▼ 9.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €65,642 | -€2,626 | -€133,021 | -€1,395 | -€65,049 | ▼ 4,563% |
| Change in cash | - | -€5,020 | €7,470 | €98,864 | -€75,632 | -€48,425 | €72,586 | -€37,448 | - |
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, 2,686 companies had the same profile as FREPAT has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FREPAT itself: 0.1% 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 2,686 companies, not a prediction for FREPAT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00214953 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00203970 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00182379 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00159677 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20105542 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24700341 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-20800318 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22700247 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24100155 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-57500173 |