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FRER

Active
Private limited companyfounded 1987active for 38 yearsLeopold I straat 470, 1090 Jette, BelgiumKBO/BCE: BE 0432.783.910

Financials · financial year 2025, micro format

2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00529256.

Annual accounts 2025 filed on 29-09-2026 at the NBB all 38 filings

Turnover
≈ €670,000
Estimated: probably between €580,000 and €790,000
Total assets
€300,414▲ 39.6%
2024 · €215,195
Net result
€585▼ 34.6%
2024 · €895
Working capital
€34,020▲ 6.7%
2024 · €31,882
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 23% lower than in 2024. It is the second fall in a row.

Operating result€9,786 2025 Net result€585 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€7,750-€1,524▼ 80.3%€6,274▲ 312%€11,776▲ 87.7%€1,297▼ 89.0%€19,252▲ 15×€12,691▼ 34.1%€9,786▼ 22.9%
Net result€645--€4,898€774within the sector's middle half€5,589within the sector's middle half▲ 622%-€5,474within the sector's middle half€7,793within the sector's middle half€895within the sector's middle half▼ 88.5%€585within the sector's middle half▼ 34.6%
Equity€39,734-€34,835▼ 12.3%€35,609within the sector's middle half▲ 2.2%€41,198within the sector's middle half▲ 15.7%€35,724within the sector's middle half▼ 13.3%€43,517within the sector's middle half▲ 21.8%€44,412within the sector's middle half▲ 2.1%€44,997within the sector's middle half▲ 1.3%
Total assets€187,568-€218,692▲ 16.6%€212,553above the sector's middle half▼ 2.8%€217,507within the sector's middle half▲ 2.3%€202,222within the sector's middle half▼ 7.0%€217,008within the sector's middle half▲ 7.3%€215,195within the sector's middle half▼ 0.8%€300,414above the sector's middle half▲ 39.6%
Debt€147,834-€183,857▲ 24.4%€176,944▼ 3.8%€176,309▼ 0.4%€166,498▼ 5.6%€173,491▲ 4.2%€170,783▼ 1.6%€255,417▲ 49.6%
Working capital€36,994-€43,376▲ 17.3%€88,297above the sector's middle half▲ 104%€63,847above the sector's middle half▼ 27.7%€49,066above the sector's middle half▼ 23.2%€34,014within the sector's middle half▼ 30.7%€31,882within the sector's middle half▼ 6.3%€34,020within the sector's middle half▲ 6.7%
Solvency21.2%-15.9%▼ 5.3pp16.8%within the sector's middle half▲ 0.8pp18.9%within the sector's middle half▲ 2.2pp17.7%within the sector's middle half▼ 1.3pp20.1%within the sector's middle half▲ 2.4pp20.6%within the sector's middle half▲ 0.6pp15.0%within the sector's middle half▼ 5.7pp
Current ratio1.35-1.36▲ 0.012.29above the sector's middle half▲ 0.931.64within the sector's middle half▼ 0.651.47within the sector's middle half▼ 0.161.27within the sector's middle half▼ 0.201.24within the sector's middle half▼ 0.031.16within the sector's middle half▼ 0.09
Return on assets (ROA)0.3%--2.2%▼ 2.6pp0.4%within the sector's middle half▲ 2.6pp2.6%within the sector's middle half▲ 2.2pp-2.7%within the sector's middle half▼ 5.3pp3.6%within the sector's middle half▲ 6.3pp0.4%within the sector's middle half▼ 3.2pp0.2%within the sector's middle half▼ 0.2pp
Staff (FTE)6.3-7.6▲ 20.6%5.9above the sector's middle half▼ 22.4%5.9=8.8▲ 49.2%9.5▲ 8.0%12▲ 26.3%11.1▼ 7.5%
above within below The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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.
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 €300,414
Fixed assets €47,977 ▼ 7.6%
Current assets €252,437 ▲ 54.6%
Equity and liabilities €300,414
Equity €44,997 ▲ 1.3%
Debt €255,417 ▲ 49.6%
Debt's share of the balance-sheet total rises from 79.4% to 85.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€24,206▼
2024 · €26,334
Cash flow
€15,005▲
2024 · €14,538
Quick ratio
0.86▲
2024 · 0.71
Debt to equity
5.68▲
2024 · 3.85
ROE
1.3%▼
2024 · 2.0%
Interest coverage
2.56▼
2024 · 2.59
Debt ≤ 1 year
€218,417▲
2024 · €131,369
Debt > 1 year
€37,000▼
2024 · €39,414
Staff costs
€250,033▲
2024 · €241,957
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as FRER: full-service restaurants (NACE 56111). They are comparable in size and age: total assets between €277,000 and €352,000, founded between 1985 and 1993.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
FRER Jette1987€300,414€44,997€279,661-€585-2025
JIMMY R Brussel1990€323,106€215,715€283,301-€65,982-2025
VERROM Brussel1993€320,765-€124,160€295,795-€253-2025
DURMAN Watermaal-Bosvoorde1987€351,551€301,843€243,011-€5,4144.82025
SODIBAR Ittre1985€315,546€174,388€266,578-€162,604-2025
LES SABOTS D'HELENE Liège1986€277,447€150,199€263,652€865,661€8,493-2025
VALSA Sint-Truiden1990€321,093€205,719€261,506--€8,851-2025

They were chosen from the 12,110 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 4,685 companies had the same profile as FRER has now. Two years later, 1.1% had gone bankrupt and 96.9% were still going.

  • Small
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet
1.1% went bankrupt
1.9% stopped otherwise
96.9% was still going

That fits the bankruptcy probability of FRER itself: 1.1% within 12 months.

Test of the method

The method was tested on the 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 4,685 companies, not a prediction for FRER. 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.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines

Source: Annual accounts 2025 at the NBB, filed on 29-09-2026.

Balance sheet Code20242025
Assets
Total assets20/58€215,195€300,414▲
Fixed assets21/28€51,944€47,977▼
Tangible fixed assets22/27€48,634€44,667▼
Land and buildings22€13,386€11,055▼
Plant, machinery and equipment23€21,693€19,427▼
Furniture and vehicles24€13,555€14,185▲
Financial fixed assets28€3,310€3,310=
Current assets29/58€163,251€252,437▲
Stocks and contracts in progress3€69,363€64,839▼
Stocks30/36€69,363€64,839▼
Amounts receivable within one year40/41€47,218€49,372▲
Trade receivables40€16,836€15,178▼
Other amounts receivable41€30,382€34,194▲
Cash at bank and in hand54/58€41,574€35,167▼
Deferred charges and accrued income490/1€5,096€103,059▲
Equity and liabilities
Total equity and liabilities10/49€215,195€300,414▲
Equity10/15€44,412€44,997▲
Contributions10/11€18,592€18,592=
Reserves13€1,859€1,859=
Non-distributable reserves130/1€1,859-
Reserves not available under the articles1311€1,859-
Distributable reserves133-€1,859
Profit (loss) carried forward14€23,961€24,546▲
Amounts payable17/49€170,783€255,417▲
Amounts payable after more than one year17€39,414€37,000▼
Financial debts170/4€39,414€37,000▼
Amounts payable within one year42/48€131,369€218,417▲
Current portion of amounts payable after more than one year42€17,361€7,670▼
Trade debts44€64,981€164,399▲
Suppliers440/4€64,981€164,399▲
Taxes, remuneration and social security45€38,879€17,592▼
Taxes450/3€18,534-
Remuneration and social security454/9€20,345€17,592▼
Other amounts payable47/48€10,148€28,756▲
Income statement Code20242025
Non-recurring operating income76A€5,200-
Remuneration, social security and pensions62€241,957€250,033▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13,643€14,420▲
Other operating charges640/8€6,100€5,422▼
Gross operating margin9900€274,391€279,661▲
Operating profit (loss)9901€12,691€9,786▼
Financial income75/76B€296€252▼
Recurring financial income75€296€252▼
Financial charges65/66B€10,164€9,453▼
Recurring financial charges65€10,164€9,453▼
Profit (loss) for the period before taxes9903€2,823€585▼
Income taxes67/77€1,928-
Profit (loss) for the period9904€895€585▼
Profit (loss) for the period to be appropriated9905€895€585▼
Appropriation of the result
Profit (loss) to be appropriated9906€23,961€24,546▲
Profit (loss) brought forward from the previous period14P€23,066€23,961▲

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line20182019202020212022202320242025Change
Non-recurring operating income76A------€5,200--
Remuneration, social security and pensions62---€127,609€213,970€206,643€241,957€250,033▲ 3.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24,284€22,654€14,834€11,975€12,912€11,830€13,643€14,420▲ 5.7%
Other operating charges640/8---€3,996€4,707€4,888€6,100€5,422▼ 11.1%
Gross operating margin9900€212,833€250,127€181,314€155,356€232,886€242,613€274,391€279,661▲ 1.9%
Operating profit (loss)9901€7,750€1,524€6,274€11,776€1,297€19,252€12,691€9,786▼ 22.9%
Financial income75/76B---€987€517€155€296€252▼ 14.9%
Recurring financial income75€1,181€121€65€987€517€155€296€252▼ 14.9%
Financial charges65/66B---€7,040€7,288€11,614€10,164€9,453▼ 7.0%
Recurring financial charges65€7,540€6,543€5,491€7,040€7,288€11,614€10,164€9,453▼ 7.0%
Profit (loss) for the period before taxes9903€1,391-€4,898€848€5,723-€5,474€7,793€2,823€585▼ 79.3%
Income taxes67/77€746-€74€134--€1,928--
Profit (loss) for the period9904€645-€4,898€774€5,589-€5,474€7,793€895€585▼ 34.6%
Profit (loss) for the period to be appropriated9905€645-€4,898€774€5,589-€5,474€7,793€895€585▼ 34.6%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€187,568€218,692€212,553€217,507€202,222€217,008€215,195€300,414▲ 39.6%
Fixed assets21/28€44,566€55,289€55,646€53,727€49,697€59,206€51,944€47,977▼ 7.6%
Tangible fixed assets22/27€43,756€54,479€54,836€52,917€48,887€58,396€48,634€44,667▼ 8.2%
Land and buildings22-----€13,538€13,386€11,055▼ 17.4%
Plant, machinery and equipment23---€37,827€35,649€28,537€21,693€19,427▼ 10.4%
Furniture and vehicles24---€15,090€13,238€16,321€13,555€14,185▲ 4.6%
Financial fixed assets28€810€810€810€810€810€810€3,310€3,310=
Current assets29/58€143,002€163,403€156,907€163,780€152,525€157,802€163,251€252,437▲ 54.6%
Stocks and contracts in progress3€58,250€58,344€58,908€65,920€69,220€68,645€69,363€64,839▼ 6.5%
Stocks30/36---€65,920€69,220€68,645€69,363€64,839▼ 6.5%
Amounts receivable within one year40/41€38,409€48,505€39,877€36,855€44,162€44,068€47,218€49,372▲ 4.6%
Trade receivables40---€9,487€9,871€13,989€16,836€15,178▼ 9.8%
Other amounts receivable41---€27,368€34,291€30,079€30,382€34,194▲ 12.5%
Cash at bank and in hand54/58€42,141€47,852€52,703€56,361€32,643€40,885€41,574€35,167▼ 15.4%
Deferred charges and accrued income490/1---€4,644€6,500€4,204€5,096€103,059▲ 20×
Equity and liabilities
Total equity and liabilities10/49€187,568€218,692€212,553€217,507€202,222€217,008€215,195€300,414▲ 39.6%
Equity10/15€39,734€34,835€35,609€41,198€35,724€43,517€44,412€44,997▲ 1.3%
Contributions10/11€18,592€18,592-€18,592€18,592€18,592€18,592€18,592=
Reserves13€1,860€1,859€1,859€1,859€1,859€1,859€1,859€1,859=
Non-distributable reserves130/1---€1,859€1,859€1,859€1,859--
Reserves not available under the articles1311---€1,859€1,859€1,859€1,859--
Distributable reserves133-------€1,859-
Profit (loss) carried forward14€19,282€14,384€15,158€20,747€15,273€23,066€23,961€24,546▲ 2.4%
Amounts payable17/49€147,834€183,857€176,944€176,309€166,498€173,491€170,783€255,417▲ 49.6%
Amounts payable after more than one year17€41,826€63,830€108,334€76,376€63,039€49,703€39,414€37,000▼ 6.1%
Financial debts170/4---€76,376€63,039€49,703€39,414€37,000▼ 6.1%
Amounts payable within one year42/48€106,008€120,027€68,610€99,933€103,459€123,788€131,369€218,417▲ 66.3%
Current portion of amounts payable after more than one year42---€14,844€19,597€20,000€17,361€7,670▼ 55.8%
Trade debts44€59,759€63,904€37,701€54,228€46,820€63,014€64,981€164,399▲ 153%
Suppliers440/4---€54,228€46,820€63,014€64,981€164,399▲ 153%
Taxes, remuneration and social security45---€30,861€37,042€40,774€38,879€17,592▼ 54.8%
Taxes450/3---€5,280€19,634€21,354€18,534--
Remuneration and social security454/9---€25,581€17,408€19,420€20,345€17,592▼ 13.5%
Other amounts payable47/48------€10,148€28,756▲ 183%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€645-€4,898€774€5,589-€5,474€7,793€895€585▼ 34.6%
+ Depreciation and write-downs630€24,284€22,654€14,834€11,975€12,912€11,830€13,643€14,420▲ 5.7%
Operating cash flow (approximation)€24,929€17,756€15,608€17,564€7,438€19,623€14,538€15,005▲ 3.2%
Investment in fixed assets (approximation)--€33,377-€15,191-€10,056-€8,882-€21,339-€6,381-€10,453▼ 63.8%
Change in cash-€5,711€4,851€3,658-€23,718€8,242€689-€6,407-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 38 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 29-09-2026 2026-00529256 NBB
31-12-2024 micro format 28-07-2025 2025-00315817 PDF
31-12-2023 micro format 29-08-2024 2024-00389904 PDF
31-12-2022 micro format 31-08-2023 2023-00394760 PDF
31-12-2021 micro format 31-08-2022 2022-20387075 PDF
31-12-2020 micro format 28-08-2021 2021-61400504 PDF
31-12-2019 micro format 30-10-2020 2020-67300120 PDF
31-12-2018 micro format 31-07-2019 2019-41800044 PDF
31-12-2017 micro format 30-08-2018 2018-57800347 PDF
31-12-2016 micro format 31-07-2017 2017-38700317 PDF

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