FREPON
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00508906.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 9 filings
Turnover
≈ €280,000
Estimated: probably between €180,000 and €480,000
Total assets
€522,134▼ 8.9%
2024 · €573,303
Net result
€38,384▲ 0.6%
2024 · €38,156
Working capital
-€324,113▲ 6.6%
2024 · -€347,050
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,980
▼ 3.4%
2025
20182025
Net result
€38,384
▲ 0.6%
2025
20182025
Equity
€178,637
▲ 27.4%
2025
20182025
Total assets
€522,134
▼ 8.9%
2025
20182025
Debt
€343,497
▼ 20.7%
2025
20182025
Working capital
-€324,113
▲ 6.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€27,218-€15,303▼ 43.8%€17,280▲ 12.9%€23,044▲ 33.4%€38,813▲ 68.4%€37,465▼ 3.5%€56,901▲ 51.9%€54,980▼ 3.4%
Net result€15,996-€6,566▼ 59.0%€9,786▲ 49.0%€14,090▲ 44.0%€25,115▲ 78.2%€22,835▼ 9.1%€38,156▲ 67.1%€38,384▲ 0.6%
Equity€23,705-€30,271▲ 27.7%€40,057▲ 32.3%€54,147▲ 35.2%€79,262▲ 46.4%€102,097▲ 28.8%€140,253▲ 37.4%€178,637▲ 27.4%
Total assets€812,728-€748,585▼ 7.9%€676,753▼ 9.6%€636,824▼ 5.9%€608,625▼ 4.4%€573,670▼ 5.7%€573,303▼ 0.1%€522,134▼ 8.9%
Debt€789,022-€718,314▼ 9.0%€636,696▼ 11.4%€582,677▼ 8.5%€529,363▼ 9.1%€471,573▼ 10.9%€433,050▼ 8.2%€343,497▼ 20.7%
Working capital-€314,036--€316,447▼ 0.8%-€329,576▼ 4.1%-€331,166▼ 0.5%-€338,970▼ 2.4%-€349,063▼ 3.0%-€347,050▲ 0.6%-€324,113▲ 6.6%
The operating result for 2025 is 3% lower than in 2024.
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 €522,134
Fixed assets
€502,749 ▼ 5.5%
Current assets
€19,384 ▼ 53.1%
Equity and liabilities €522,134
Equity
€178,637 ▲ 27.4%
Debt
€343,497 ▼ 20.7%
Debt's share of the balance-sheet total falls from 75.5% to 65.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€84,207▼
2024 · €86,128
Cash flow
€67,611▲
2024 · €67,383
Current ratio
0.06▼
2024 · 0.11
Debt to equity
1.92▼
2024 · 3.09
ROE
21.5%▼
2024 · 27.2%
ROA
7.4%▲
2024 · 6.7%
Interest coverage
31.42▲
2024 · 19.34
Debt ≤ 1 year
€343,497▼
2024 · €388,376
Income taxes
€13,973▼
2024 · €14,292
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | €86,005 | €72,915 | €59,551 | €46,672 | €29,227 | €29,227 | €29,227 | €29,227 | = |
| Other operating charges640/8 | - | - | - | €10,011 | €5,270 | €7,002 | €5,930 | €7,666 | ▲ 29.3% |
| Gross operating margin9900 | €117,713 | €97,554 | €76,893 | €79,726 | €73,310 | €73,695 | €92,059 | €91,873 | ▼ 0.2% |
| Operating profit (loss)9901 | €27,218 | €15,303 | €17,280 | €23,044 | €38,813 | €37,465 | €56,901 | €54,980 | ▼ 3.4% |
| Financial income75/76B | - | - | - | - | - | - | - | €57 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €57 | - |
| Financial charges65/66B | - | - | - | €3,825 | €4,555 | €6,318 | €4,453 | €2,680 | ▼ 39.8% |
| Recurring financial charges65 | €8,826 | €7,055 | €4,838 | €3,825 | €4,555 | €6,318 | €4,453 | €2,680 | ▼ 39.8% |
| Profit (loss) for the period before taxes9903 | €18,392 | €8,248 | €12,443 | €19,219 | €34,258 | €31,148 | €52,447 | €52,357 | ▼ 0.2% |
| Income taxes67/77 | €2,397 | €1,683 | €2,656 | €5,129 | €9,142 | €8,313 | €14,292 | €13,973 | ▼ 2.2% |
| Profit (loss) for the period9904 | €15,996 | €6,566 | €9,786 | €14,090 | €25,115 | €22,835 | €38,156 | €38,384 | ▲ 0.6% |
| Profit (loss) for the period to be appropriated9905 | €15,996 | €6,566 | €9,786 | €14,090 | €25,115 | €22,835 | €38,156 | €38,384 | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €812,728 | €748,585 | €676,753 | €636,824 | €608,625 | €573,670 | €573,303 | €522,134 | ▼ 8.9% |
| Fixed assets21/28 | €798,603 | €725,881 | €666,331 | €619,659 | €590,432 | €561,204 | €531,977 | €502,749 | ▼ 5.5% |
| Tangible fixed assets22/27 | €798,603 | €725,881 | €666,331 | €619,659 | €590,432 | €561,204 | €531,977 | €502,749 | ▼ 5.5% |
| Land and buildings22 | - | - | - | €619,659 | €590,432 | €561,204 | €531,977 | €502,749 | ▼ 5.5% |
| Current assets29/58 | €14,125 | €22,704 | €10,423 | €17,165 | €18,194 | €12,466 | €41,326 | €19,384 | ▼ 53.1% |
| Cash at bank and in hand54/58 | €14,125 | €22,704 | €10,423 | €17,165 | €18,194 | €12,466 | €41,326 | €19,384 | ▼ 53.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €812,728 | €748,585 | €676,753 | €636,824 | €608,625 | €573,670 | €573,303 | €522,134 | ▼ 8.9% |
| Equity10/15 | €23,705 | €30,271 | €40,057 | €54,147 | €79,262 | €102,097 | €140,253 | €178,637 | ▲ 27.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €255 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €4,850 | €9,811 | €19,597 | €33,687 | €58,802 | €81,637 | €119,793 | €158,177 | ▲ 32.0% |
| Amounts payable17/49 | €789,022 | €718,314 | €636,696 | €582,677 | €529,363 | €471,573 | €433,050 | €343,497 | ▼ 20.7% |
| Amounts payable after more than one year17 | €460,862 | €379,164 | €296,698 | €234,346 | €171,332 | €110,044 | €44,673 | - | - |
| Financial debts170/4 | - | - | - | €234,346 | €171,332 | €110,044 | €44,673 | - | - |
| Amounts payable within one year42/48 | €328,161 | €339,150 | €339,998 | €348,330 | €357,163 | €361,529 | €388,376 | €343,497 | ▼ 11.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €62,351 | €63,749 | €63,441 | €65,370 | €44,673 | ▼ 31.7% |
| Trade debts44 | - | €5,433 | - | - | - | €1,490 | €1,259 | €1,416 | ▲ 12.5% |
| Suppliers440/4 | - | - | - | - | - | €1,490 | €1,259 | €1,416 | ▲ 12.5% |
| Taxes, remuneration and social security45 | - | - | - | €7,786 | €14,272 | €17,455 | €22,605 | €28,265 | ▲ 25.0% |
| Taxes450/3 | - | - | - | €7,786 | €14,272 | €17,455 | €22,605 | €28,265 | ▲ 25.0% |
| Other amounts payable47/48 | - | - | - | €278,193 | €279,143 | €279,143 | €299,143 | €269,143 | ▼ 10.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €868 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,996 | €6,566 | €9,786 | €14,090 | €25,115 | €22,835 | €38,156 | €38,384 | ▲ 0.6% |
| + Depreciation and write-downs630 | €86,005 | €72,915 | €59,551 | €46,672 | €29,227 | €29,227 | €29,227 | €29,227 | = |
| Operating cash flow (approximation) | €102,001 | €79,481 | €69,337 | €60,762 | €54,342 | €52,063 | €67,383 | €67,611 | ▲ 0.3% |
| Investment in fixed assets (approximation) | - | -€194 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €8,579 | -€12,281 | €6,742 | €1,029 | -€5,728 | €28,860 | -€21,941 | - |
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, 17,811 companies had the same profile as FREPON has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of FREPON 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 17,811 companies, not a prediction for FREPON. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-09-2026 | 2026-00508906 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00432770 | |
| 31-12-2023 | micro format | 12-08-2024 | 2024-00339506 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00275984 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20444817 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42300074 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-35400165 | |
| 31-12-2018 | micro format | 13-09-2019 | 2019-64500190 | |
| 31-12-2017 | micro format | 15-11-2018 | 2018-72200438 |