FRITSTOP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €220,000
Total assets
€220,133▼ 0.1%
2024 · €220,254
Net result
€22,352▲ 2.1%
2024 · €21,883
Working capital
-€26,946▲ 18.6%
2024 · -€33,094
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,069
▲ 10.4%
2025
20182025
Net result
€22,352
▲ 2.1%
2025
middle half of the sector
20182025
Equity
€110,279
▲ 19.3%
2025
highest quarter of the sector
20182025
Total assets
€220,133
▼ 0.1%
2025
middle half of the sector
20182025
Debt
€109,853
▼ 14.1%
2025
20182025
Working capital
-€26,946
▲ 18.6%
2025
middle half of the sector
20182025
Solvency
50.1%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
0.60
▲ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
10.2%
▲ 0.2pp
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€13,751-€5,487▼ 60.1%€28,765▲ 424%€19,930▼ 30.7%€16,469▼ 17.4%€25,496▲ 54.8%€27,242▲ 6.8%€30,069▲ 10.4%
Net result€8,413--€1,055€26,278above the sector's middle half€14,518within the sector's middle half▼ 44.8%€11,965within the sector's middle half▼ 17.6%€19,401within the sector's middle half▲ 62.1%€21,883within the sector's middle half▲ 12.8%€22,352within the sector's middle half▲ 2.1%
Equity€7,636-€6,582▼ 13.8%€32,860within the sector's middle half▲ 399%€47,378within the sector's middle half▲ 44.2%€59,343within the sector's middle half▲ 25.3%€76,244within the sector's middle half▲ 28.5%€92,427above the sector's middle half▲ 21.2%€110,279above the sector's middle half▲ 19.3%
Total assets€211,156-€201,067▼ 4.8%€207,790above the sector's middle half▲ 3.3%€218,517within the sector's middle half▲ 5.2%€240,065above the sector's middle half▲ 9.9%€244,397above the sector's middle half▲ 1.8%€220,254within the sector's middle half▼ 9.9%€220,133within the sector's middle half▼ 0.1%
Debt€203,520-€194,485▼ 4.4%€174,931▼ 10.1%€171,139▼ 2.2%€180,722▲ 5.6%€168,153▼ 7.0%€127,827▼ 24.0%€109,853▼ 14.1%
Working capital-€75,279--€82,233▼ 9.2%-€62,342below the sector's middle half▲ 24.2%-€50,893below the sector's middle half▲ 18.4%-€48,331below the sector's middle half▲ 5.0%-€39,338below the sector's middle half▲ 18.6%-€33,094below the sector's middle half▲ 15.9%-€26,946within the sector's middle half▲ 18.6%
Solvency3.6%-3.3%▼ 0.3pp15.8%within the sector's middle half▲ 12.5pp21.7%within the sector's middle half▲ 5.9pp24.7%within the sector's middle half▲ 3.0pp31.2%within the sector's middle half▲ 6.5pp42.0%within the sector's middle half▲ 10.8pp50.1%within the sector's middle half▲ 8.1pp
Current ratio0.08-0.10▲ 0.020.26below the sector's middle half▲ 0.160.44below the sector's middle half▲ 0.170.45below the sector's middle half▲ 0.020.57within the sector's middle half▲ 0.120.51below the sector's middle half▼ 0.060.60within the sector's middle half▲ 0.09
Return on assets (ROA)4.0%--0.5%▼ 4.5pp12.6%within the sector's middle half▲ 13.2pp6.6%within the sector's middle half▼ 6.0pp5.0%within the sector's middle half▼ 1.7pp7.9%within the sector's middle half▲ 3.0pp9.9%within the sector's middle half▲ 2.0pp10.2%within the sector's middle half▲ 0.2pp
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.
The operating result for 2025 is 10% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €220,133
Fixed assets
€179,686 ▼ 3.0%
Current assets
€40,446 ▲ 15.7%
Equity and liabilities €220,133
Equity
€110,279 ▲ 19.3%
Debt
€109,853 ▼ 14.1%
Debt's share of the balance-sheet total falls from 58.0% to 49.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,004▲
2024 · €35,830
Cash flow
€31,288▲
2024 · €30,472
Quick ratio
0.54▲
2024 · 0.46
Debt to equity
1.00▼
2024 · 1.38
ROE
20.3%▼
2024 · 23.7%
Interest coverage
23.64▲
2024 · 19.05
Debt ≤ 1 year
€67,393▼
2024 · €68,044
Debt > 1 year
€42,179▼
2024 · €59,249
Income taxes
€6,785▲
2024 · €4,236
Staff costs
€9,677▲
2024 · €6,649
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 | €395 | €27,787 | - | €2,327 | €3,318 |
| Depreciation and write-downs of the year | €6,489 | €7,011 | €8,501 | €8,588 | €8,936 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €2,295 | €1,874 | €3,928 | €6,649 | €9,677 | ▲ 45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,524 | €12,420 | €7,533 | €6,489 | €7,011 | €8,501 | €8,588 | €8,936 | ▲ 4.0% |
| Other operating charges640/8 | - | - | - | €803 | €1,029 | €1,276 | €1,331 | €1,372 | ▲ 3.1% |
| Gross operating margin9900 | €27,973 | €20,143 | €39,582 | €29,517 | €26,384 | €39,201 | €43,810 | €50,054 | ▲ 14.3% |
| Operating profit (loss)9901 | €13,751 | €5,487 | €28,765 | €19,930 | €16,469 | €25,496 | €27,242 | €30,069 | ▲ 10.4% |
| Financial income75/76B | - | - | - | €477 | €822 | €949 | €758 | €719 | ▼ 5.2% |
| Recurring financial income75 | €654 | €903 | €582 | €477 | €822 | €949 | €758 | €719 | ▼ 5.2% |
| Financial charges65/66B | - | - | - | €2,139 | €2,481 | €2,249 | €1,881 | €1,650 | ▼ 12.3% |
| Recurring financial charges65 | €5,991 | €7,444 | €2,814 | €2,139 | €2,481 | €2,249 | €1,881 | €1,650 | ▼ 12.3% |
| Profit (loss) for the period before taxes9903 | €8,413 | -€1,055 | €26,532 | €18,268 | €14,810 | €24,196 | €26,119 | €29,138 | ▲ 11.6% |
| Income taxes67/77 | - | - | €254 | €3,750 | €2,845 | €4,795 | €4,236 | €6,785 | ▲ 60.2% |
| Profit (loss) for the period9904 | €8,413 | -€1,055 | €26,278 | €14,518 | €11,965 | €19,401 | €21,883 | €22,352 | ▲ 2.1% |
| Profit (loss) for the period to be appropriated9905 | €8,413 | -€1,055 | €26,278 | €14,518 | €11,965 | €19,401 | €21,883 | €22,352 | ▲ 2.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €211,156 | €201,067 | €207,790 | €218,517 | €240,065 | €244,397 | €220,254 | €220,133 | ▼ 0.1% |
| Fixed assets21/28 | €204,346 | €191,927 | €185,385 | €179,291 | €200,067 | €191,566 | €185,304 | €179,686 | ▼ 3.0% |
| Tangible fixed assets22/27 | €204,346 | €191,927 | €185,385 | €179,291 | €200,067 | €191,566 | €185,304 | €179,686 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €178,565 | €199,077 | €190,917 | €184,996 | €179,607 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €395 | €990 | €649 | €308 | €79 | ▼ 74.4% |
| Furniture and vehicles24 | - | - | - | €330 | - | - | - | - | - |
| Current assets29/58 | €6,810 | €9,140 | €22,405 | €39,226 | €39,998 | €52,831 | €34,949 | €40,446 | ▲ 15.7% |
| Stocks and contracts in progress3 | €1,791 | €2,480 | €2,117 | €2,072 | €2,654 | €3,113 | €3,432 | €3,721 | ▲ 8.4% |
| Stocks30/36 | - | - | - | €2,072 | €2,654 | €3,113 | €3,432 | €3,721 | ▲ 8.4% |
| Amounts receivable within one year40/41 | €763 | €978 | €600 | €5,397 | €8,605 | €2,913 | €2,764 | €4,863 | ▲ 75.9% |
| Trade receivables40 | - | - | - | - | - | €98 | - | €151 | - |
| Other amounts receivable41 | - | - | - | €5,397 | €8,605 | €2,815 | €2,764 | €4,712 | ▲ 70.5% |
| Cash at bank and in hand54/58 | €4,256 | €5,682 | €18,233 | €30,185 | €26,984 | €45,002 | €28,412 | €31,329 | ▲ 10.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,572 | €1,755 | €1,803 | €340 | €534 | ▲ 56.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €211,156 | €201,067 | €207,790 | €218,517 | €240,065 | €244,397 | €220,254 | €220,133 | ▼ 0.1% |
| Equity10/15 | €7,636 | €6,582 | €32,860 | €47,378 | €59,343 | €76,244 | €92,427 | €110,279 | ▲ 19.3% |
| Contributions10/11 | €21,800 | €21,800 | - | €21,800 | €21,800 | €21,800 | €21,800 | €21,800 | = |
| Reserves13 | - | - | - | - | - | €16,500 | €16,500 | €34,000 | ▲ 106% |
| Distributable reserves133 | - | - | - | - | - | €16,500 | €16,500 | €34,000 | ▲ 106% |
| Profit (loss) carried forward14 | -€14,164 | -€15,218 | €11,060 | €25,578 | €37,543 | €37,944 | €54,127 | €54,479 | ▲ 0.7% |
| Amounts payable17/49 | €203,520 | €194,485 | €174,931 | €171,139 | €180,722 | €168,153 | €127,827 | €109,853 | ▼ 14.1% |
| Amounts payable after more than one year17 | €121,431 | €103,112 | €90,184 | €80,979 | €92,392 | €75,984 | €59,249 | €42,179 | ▼ 28.8% |
| Financial debts170/4 | - | - | - | €80,979 | €92,392 | €75,984 | €59,249 | €42,179 | ▼ 28.8% |
| Amounts payable within one year42/48 | €82,089 | €91,373 | €84,747 | €90,119 | €88,330 | €92,169 | €68,044 | €67,393 | ▼ 1.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,204 | €16,087 | €16,433 | €16,711 | €17,069 | ▲ 2.1% |
| Trade debts44 | €1,124 | €58 | - | €804 | €68 | €1,818 | €558 | €912 | ▲ 63.5% |
| Suppliers440/4 | - | - | - | €804 | €68 | €1,818 | €558 | €912 | ▲ 63.5% |
| Taxes, remuneration and social security45 | - | - | - | - | €324 | €394 | €2,091 | €2,151 | ▲ 2.9% |
| Taxes450/3 | - | - | - | - | €324 | €394 | €431 | €483 | ▲ 12.2% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,660 | €1,668 | ▲ 0.5% |
| Other amounts payable47/48 | - | - | - | €80,111 | €71,850 | €73,524 | €48,683 | €47,260 | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €40 | - | - | €534 | €281 | ▼ 47.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,413 | -€1,055 | €26,278 | €14,518 | €11,965 | €19,401 | €21,883 | €22,352 | ▲ 2.1% |
| + Depreciation and write-downs630 | €12,524 | €12,420 | €7,533 | €6,489 | €7,011 | €8,501 | €8,588 | €8,936 | ▲ 4.0% |
| Operating cash flow (approximation) | €20,936 | €11,365 | €33,811 | €21,007 | €18,976 | €27,901 | €30,472 | €31,288 | ▲ 2.7% |
| Investment in fixed assets (approximation) | - | €0 | -€991 | -€395 | -€27,787 | €0 | -€2,327 | -€3,318 | ▼ 42.6% |
| Change in cash | - | €1,426 | €12,551 | €11,951 | -€3,201 | €18,018 | -€16,589 | €2,916 | - |
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, 34,693 companies had the same profile as FRITSTOP has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FRITSTOP itself: 0.3% 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 34,693 companies, not a prediction for FRITSTOP. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00219535 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00193281 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00205762 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00179396 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20131807 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25400222 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22200029 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34200598 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29000564 | |
| 31-12-2016 | micro format | 14-07-2017 | 2017-30800367 |