Friction Circle
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 5 filings
Equity
-€111,830▼ 34.3%
2024 · -€83,293
Total assets
€322,454▼ 1.4%
2024 · €326,931
Net result
-€28,537▼ 49.2%
2024 · -€19,125
Working capital
-€111,830▼ 34.3%
2024 · -€83,293
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€28,452
▼ 49.5%
2025
20212025
Net result
-€28,537
▼ 49.2%
2025
lowest quarter of the sector
20212025
Equity
-€111,830
▼ 34.3%
2025
lowest quarter of the sector
20212025
Total assets
€322,454
▼ 1.4%
2025
middle half of the sector
20212025
Debt
€434,284
▲ 5.9%
2025
20212025
Working capital
-€111,830
▼ 34.3%
2025
lowest quarter of the sector
20212025
Solvency
-34.7%
▼ 9.2pp
2025
lowest quarter of the sector
20212025
Current ratio
0.74
▼ 0.05
2025
middle half of the sector
20212025
Return on assets (ROA)
-8.9%
▼ 3.0pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€20,300--€50,163▼ 147%€4,368-€19,037-€28,452▼ 49.5%
Net result-€20,320below the sector's middle half--€50,175below the sector's middle half▼ 147%€4,328within the sector's middle half-€19,125below the sector's middle half-€28,537below the sector's middle half▼ 49.2%
Equity-€18,320below the sector's middle half--€68,496below the sector's middle half▼ 274%-€64,168below the sector's middle half▲ 6.3%-€83,293below the sector's middle half▼ 29.8%-€111,830below the sector's middle half▼ 34.3%
Total assets€255,992within the sector's middle half-€207,115within the sector's middle half▼ 19.1%€246,873within the sector's middle half▲ 19.2%€326,931within the sector's middle half▲ 32.4%€322,454within the sector's middle half▼ 1.4%
Debt€274,312-€275,610▲ 0.5%€311,041▲ 12.9%€410,225▲ 31.9%€434,284▲ 5.9%
Working capital-€216,141below the sector's middle half--€258,446below the sector's middle half▼ 19.6%-€64,266below the sector's middle half▲ 75.1%-€83,293below the sector's middle half▼ 29.6%-€111,830below the sector's middle half▼ 34.3%
Solvency-7.2%below the sector's middle half--33.1%below the sector's middle half▼ 25.9pp-26.0%below the sector's middle half▲ 7.1pp-25.5%below the sector's middle half▲ 0.5pp-34.7%below the sector's middle half▼ 9.2pp
Current ratio0.21below the sector's middle half-0.06below the sector's middle half▼ 0.150.79within the sector's middle half▲ 0.730.80within the sector's middle half=0.74within the sector's middle half▼ 0.05
Return on assets (ROA)-7.9%below the sector's middle half--24.2%below the sector's middle half▼ 16.3pp1.8%within the sector's middle half▲ 26.0pp-5.8%below the sector's middle half▼ 7.6pp-8.9%below the sector's middle half▼ 3.0pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 €28,452, larger than the loss of €19,037 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Quick ratio
0.03▼
2024 · 0.04
Debt ≤ 1 year
€434,284▲
2024 · €410,225
Staff costs
€35
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €201,175 | - | - | - | - |
| Depreciation and write-downs of the year | €3,354 | €7,871 | €231 | €98 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €9,379 | - | - | - |
| Remuneration, social security and pensions62 | €120 | - | €30 | - | €35 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,354 | €7,871 | €231 | €98 | - | - |
| Other operating charges640/8 | €101 | €13,286 | €1,422 | €1,591 | €998 | ▼ 37.2% |
| Gross operating margin9900 | -€16,726 | -€29,005 | €6,051 | -€17,348 | -€27,418 | ▼ 58.0% |
| Operating profit (loss)9901 | -€20,300 | -€50,163 | €4,368 | -€19,037 | -€28,452 | ▼ 49.5% |
| Financial income75/76B | €0 | - | - | €0 | €0 | = |
| Recurring financial income75 | €0 | - | - | €0 | €0 | = |
| Financial charges65/66B | €20 | €12 | €40 | €88 | €85 | ▼ 3.4% |
| Recurring financial charges65 | €20 | €12 | €40 | €88 | €85 | ▼ 3.4% |
| Profit (loss) for the period before taxes9903 | -€20,320 | -€50,175 | €4,328 | -€19,125 | -€28,537 | ▼ 49.2% |
| Profit (loss) for the period9904 | -€20,320 | -€50,175 | €4,328 | -€19,125 | -€28,537 | ▼ 49.2% |
| Profit (loss) for the period to be appropriated9905 | -€20,320 | -€50,175 | €4,328 | -€19,125 | -€28,537 | ▼ 49.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €255,992 | €207,115 | €246,873 | €326,931 | €322,454 | ▼ 1.4% |
| Fixed assets21/28 | €197,821 | €189,950 | €98 | - | - | - |
| Tangible fixed assets22/27 | €197,821 | €189,950 | €98 | - | - | - |
| Plant, machinery and equipment23 | €560 | €329 | €98 | - | - | - |
| Furniture and vehicles24 | €197,261 | €189,621 | - | - | - | - |
| Current assets29/58 | €58,171 | €17,165 | €246,775 | €326,931 | €322,454 | ▼ 1.4% |
| Stocks and contracts in progress3 | - | - | - | €309,376 | €309,376 | = |
| Stocks30/36 | - | - | - | €309,376 | €309,376 | = |
| Amounts receivable within one year40/41 | €3,176 | €8,539 | - | €1,964 | €5,957 | ▲ 203% |
| Trade receivables40 | - | - | - | €94 | - | - |
| Other amounts receivable41 | €3,176 | €8,539 | - | €1,870 | €5,957 | ▲ 218% |
| Cash at bank and in hand54/58 | €53,619 | €6,364 | €246,775 | €13,694 | €5,331 | ▼ 61.1% |
| Deferred charges and accrued income490/1 | €1,375 | €2,262 | - | €1,897 | €1,791 | ▼ 5.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €255,992 | €207,115 | €246,873 | €326,931 | €322,454 | ▼ 1.4% |
| Equity10/15 | -€18,320 | -€68,496 | -€64,168 | -€83,293 | -€111,830 | ▼ 34.3% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€20,320 | -€70,496 | -€66,168 | -€85,293 | -€113,830 | ▼ 33.5% |
| Amounts payable17/49 | €274,312 | €275,610 | €311,041 | €410,225 | €434,284 | ▲ 5.9% |
| Amounts payable within one year42/48 | €274,312 | €275,610 | €311,041 | €410,225 | €434,284 | ▲ 5.9% |
| Trade debts44 | €928 | €1,200 | €670 | €3,665 | €2,057 | ▼ 43.9% |
| Suppliers440/4 | €928 | €1,200 | €670 | €3,665 | €2,057 | ▼ 43.9% |
| Taxes, remuneration and social security45 | - | - | €34,632 | - | - | - |
| Taxes450/3 | - | - | €34,632 | - | - | - |
| Other amounts payable47/48 | €273,384 | €274,410 | €275,739 | €406,560 | €432,227 | ▲ 6.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,320 | -€50,175 | €4,328 | -€19,125 | -€28,537 | ▼ 49.2% |
| + Depreciation and write-downs630 | €3,354 | €7,871 | €231 | €98 | - | - |
| Operating cash flow (approximation) | -€16,967 | -€42,304 | €4,559 | -€19,027 | -€28,537 | ▼ 50.0% |
| Investment in fixed assets (approximation) | - | €0 | €189,621 | - | - | - |
| Change in cash | - | -€47,256 | €240,412 | -€233,081 | -€8,364 | ▲ 96.4% |
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, 1,564 companies had the same profile as Friction Circle has now. Two years later, 88.9% were still going and 5.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
88.9%
was still going
5.4%
stopped otherwise
5.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Friction Circle itself: 1.4% 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 1,564 companies, not a prediction for Friction Circle. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00228319 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00146335 | |
| 31-12-2023 | micro format | 06-06-2024 | 2024-00113061 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00152453 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20150799 |