Frey
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-03-2026 PDF all 20 filings
Turnover
≈ €130,000
Estimated: probably between €53,000 and €320,000
Total assets
€16.9m▼ 4.9%
2024 · €17.8m
Net result
€65,800▼ 3.8%
2024 · €68,431
Working capital
€14.5m▼ 5.5%
2024 · €15.4m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€29,096
▲ 1.7%
2025
20182025
Net result
€65,800
▼ 3.8%
2025
20182025
Equity
€4.4m
▲ 1.1%
2025
20182025
Total assets
€16.9m
▼ 4.9%
2025
20182025
Debt
€12.5m
▼ 6.8%
2025
20182025
Working capital
€14.5m
▼ 5.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m--€0.03m▲ 6.4%-€0.03m▼ 2.2%-€0.03m▼ 4.1%-€0.05m▼ 70.9%-€0.03m▲ 37.2%-€0.03m▲ 4.3%-€0.03m▲ 1.7%
Net result€0.07m-€0.07m▲ 5.3%€0.07m▼ 0.1%€0.07m▼ 3.2%€0.03m▼ 52.9%€0.07m▲ 108%€0.07m▼ 1.6%€0.07m▼ 3.8%
Equity€4.1m-€4.1m▲ 1.4%€4.2m▲ 1.4%€4.2m▲ 1.3%€4.2m▲ 0.4%€4.3m▲ 1.3%€4.3m▲ 1.2%€4.4m▲ 1.1%
Total assets€5.1m-€4.9m▼ 3.2%€4.7m▼ 3.5%€4.5m▼ 4.0%€20.8m▲ 357%€18.6m▼ 10.2%€17.8m▼ 4.5%€16.9m▼ 4.9%
Debt€1.0m-€0.8m▼ 21.5%€0.6m▼ 28.7%€0.3m▼ 42.7%€16.5m▲ 51×€14.3m▼ 13.2%€13.4m▼ 6.3%€12.5m▼ 6.8%
Working capital€4.1m-€3.9m▼ 3.0%€3.8m▼ 3.6%€3.6m▼ 4.1%€17.0m▲ 365%€16.2m▼ 4.7%€15.4m▼ 5.1%€14.5m▼ 5.5%
The operating result for 2025 is a loss of €29,096, smaller than the loss of €29,606 in 2024.
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 €16.9m
Fixed assets
€1.5m ▼ 2.9%
Current assets
€15.5m ▼ 5.1%
Equity and liabilities €16.9m
Equity
€4.4m ▲ 1.1%
Debt
€12.5m ▼ 6.8%
Debt's share of the balance-sheet total falls from 75.6% to 74.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,327▲
2024 · €13,817
Cash flow
€109,222▼
2024 · €111,853
Current ratio
16.21▼
2024 · 17.49
Debt to equity
2.85▼
2024 · 3.10
ROE
1.5%▼
2024 · 1.6%
ROA
0.4%▲
2024 · 0.4%
Interest coverage
0.05▲
2024 · 0.04
Debt ≤ 1 year
€953,433▲
2024 · €931,019
Debt > 1 year
€11.6m▼
2024 · €12.5m
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 | - | €16.5m | - | - | - |
| Depreciation and write-downs of the year | €43,422 | €43,422 | €43,422 | €43,422 | €43,422 |
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 | €43,422 | €43,422 | €43,422 | €43,422 | €43,422 | €43,422 | €43,422 | €43,422 | = |
| Other operating charges640/8 | - | - | - | €3,568 | €3,220 | €4,074 | €4,240 | €4,372 | ▲ 3.1% |
| Gross operating margin9900 | €18,721 | €20,620 | €20,227 | €18,165 | -€2,621 | €16,574 | €18,056 | €18,699 | ▲ 3.6% |
| Operating profit (loss)9901 | -€28,928 | -€27,088 | -€27,692 | -€28,825 | -€49,264 | -€30,923 | -€29,606 | -€29,096 | ▲ 1.7% |
| Financial income75/76B | - | - | - | €124,959 | €236,152 | €455,538 | €431,287 | €406,271 | ▼ 5.8% |
| Recurring financial income75 | €159,165 | €146,224 | €135,850 | €124,959 | €236,152 | €455,538 | €431,287 | €406,271 | ▼ 5.8% |
| Financial charges65/66B | - | - | - | €25,291 | €153,491 | €355,106 | €333,250 | €311,376 | ▼ 6.6% |
| Recurring financial charges65 | €60,662 | €45,865 | €34,967 | €25,291 | €153,491 | €355,106 | €333,250 | €311,376 | ▼ 6.6% |
| Profit (loss) for the period before taxes9903 | €69,575 | €73,271 | €73,192 | €70,843 | €33,398 | €69,509 | €68,431 | €65,800 | ▼ 3.8% |
| Profit (loss) for the period9904 | €69,575 | €73,271 | €73,192 | €70,843 | €33,398 | €69,509 | €68,431 | €65,800 | ▼ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €69,575 | €73,271 | €73,192 | €70,843 | €33,398 | €69,509 | €68,431 | €65,800 | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.1m | €4.9m | €4.7m | €4.5m | €20.8m | €18.6m | €17.8m | €16.9m | ▼ 4.9% |
| Fixed assets21/28 | €0.8m | €0.7m | €0.7m | €0.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €0.7m | €0.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Land and buildings22 | - | - | - | €0.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Financial fixed assets28 | €0.005m | - | - | - | - | - | - | - | - |
| Current assets29/58 | €4.3m | €4.2m | €4.1m | €3.9m | €19.2m | €17.1m | €16.3m | €15.5m | ▼ 5.1% |
| Amounts receivable after more than one year29 | - | - | - | €2.1m | €16.4m | €15.4m | €14.4m | €13.4m | ▼ 7.0% |
| Other amounts receivable291 | - | - | - | €2.1m | €16.4m | €15.4m | €14.4m | €13.4m | ▼ 7.0% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.2m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 2.6% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 2.6% |
| Cash at bank and in hand54/58 | €1.3m | €1.4m | €1.5m | €1.6m | €1.9m | €0.7m | €0.9m | €1.0m | ▲ 18.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.1m | €4.9m | €4.7m | €4.5m | €20.8m | €18.6m | €17.8m | €16.9m | ▼ 4.9% |
| Equity10/15 | €4.1m | €4.1m | €4.2m | €4.2m | €4.2m | €4.3m | €4.3m | €4.4m | ▲ 1.1% |
| Contributions10/11 | - | - | - | - | - | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | - | - | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €3.3m | €3.4m | €3.5m | €3.5m | €3.6m | €3.6m | €3.7m | €3.8m | ▲ 1.8% |
| Investment grants15 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.6% |
| Amounts payable17/49 | €1.0m | €0.8m | €0.6m | €0.3m | €16.5m | €14.3m | €13.4m | €12.5m | ▼ 6.8% |
| Amounts payable after more than one year17 | €0.8m | €0.6m | €0.3m | €0.07m | €14.3m | €13.4m | €12.5m | €11.6m | ▼ 7.5% |
| Financial debts170/4 | - | - | - | €0.07m | €14.3m | €13.4m | €12.5m | €11.6m | ▼ 7.5% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.3m | €0.3m | €2.2m | €0.9m | €0.9m | €1.0m | ▲ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 2.4% |
| Trade debts44 | €0.01m | €0.01m | €0.01m | €0.008m | €1.3m | €0.01m | €0.01m | €0.01m | ▲ 1.7% |
| Suppliers440/4 | - | - | - | €0.008m | €1.3m | €0.01m | €0.01m | €0.01m | ▲ 1.7% |
| Taxes, remuneration and social security45 | - | - | - | €424 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €424 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.07m | €0.07m | €0.07m | €0.03m | €0.07m | €0.07m | €0.07m | ▼ 3.8% |
| + Depreciation and write-downs630 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 2.4% |
| Investment in fixed assets (approximation) | - | €0.005m | €0 | €0 | -€1.0m | €0 | €0 | €0 | - |
| Change in cash | - | €0.1m | €0.09m | €0.08m | €0.3m | -€1.1m | €0.2m | €0.2m | ▲ 1.4% |
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, 733 companies had the same profile as Frey has now. Two years later, 97.3% were still going and 1.0% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
97.3%
was still going
1.4%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Frey 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 733 companies, not a prediction for Frey. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-03-2026 | 2026-00069824 | |
| 31-12-2024 | abbreviated format | 22-04-2025 | 2025-00074051 | |
| 31-12-2023 | abbreviated format | 25-04-2024 | 2024-00073065 | |
| 31-12-2022 | abbreviated format | 29-03-2023 | 2023-00049272 | |
| 31-12-2021 | abbreviated format | 02-05-2022 | 2022-20019053 | |
| 31-12-2020 | abbreviated format | 23-04-2021 | 2021-11100539 | |
| 31-12-2019 | abbreviated format | 28-04-2020 | 2020-10500312 | |
| 31-12-2018 | abbreviated format | 11-06-2019 | 2019-17800282 | |
| 31-12-2017 | abbreviated format | 12-04-2018 | 2018-09900168 | |
| 31-12-2016 | abbreviated format | 03-04-2017 | 2017-08800371 |