FRITZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 33 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €270,000
Estimated: probably between €200,000 and €350,000
Total assets
€100,502▼ 23.9%
2024 · €132,096
Net result
€2,918▼ 91.8%
2024 · €35,526
Working capital
€54,691▼ 16.5%
2024 · €65,516
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€34,018
▼ 11.3%
2025
20182025
Net result
€2,918
▼ 91.8%
2025
middle half of the sector
20182025
Equity
€89,007
▲ 3.4%
2025
middle half of the sector
20182025
Total assets
€100,502
▼ 23.9%
2025
middle half of the sector
20182025
Debt
€11,495
▼ 75.0%
2025
20182025
Working capital
€54,691
▼ 16.5%
2025
highest quarter of the sector
20182025
Solvency
88.6%
▲ 23.4pp
2025
highest quarter of the sector
20182025
Current ratio
25.06
▲ 18.00
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.9%
▼ 24.0pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,135--€29,516€3,951-€852€29,009€24,644▼ 15.0%€38,372▲ 55.7%€34,018▼ 11.3%
Net result-€2,860--€29,148▼ 919%€4,519within the sector's middle half€8within the sector's middle half▼ 99.8%€29,682within the sector's middle half▲ 3,916×€24,989above the sector's middle half▼ 15.8%€35,526above the sector's middle half▲ 42.2%€2,918within the sector's middle half▼ 91.8%
Equity€20,515--€8,634-€4,115within the sector's middle half▲ 52.3%-€4,107below the sector's middle half▲ 0.2%€25,574within the sector's middle half€50,563within the sector's middle half▲ 97.7%€86,089above the sector's middle half▲ 70.3%€89,007within the sector's middle half▲ 3.4%
Total assets€63,228-€164,676▲ 160%€150,844within the sector's middle half▼ 8.4%€144,174within the sector's middle half▼ 4.4%€143,719below the sector's middle half▼ 0.3%€145,941within the sector's middle half▲ 1.5%€132,096within the sector's middle half▼ 9.5%€100,502within the sector's middle half▼ 23.9%
Debt€42,714-€173,309▲ 306%€154,959▼ 10.6%€148,281▼ 4.3%€118,145▼ 20.3%€95,378▼ 19.3%€46,007▼ 51.8%€11,495▼ 75.0%
Working capital€5,639-€34,473▲ 511%€42,557above the sector's middle half▲ 23.5%€49,581above the sector's middle half▲ 16.5%€64,799within the sector's middle half▲ 30.7%€69,749above the sector's middle half▲ 7.6%€65,516above the sector's middle half▼ 6.1%€54,691above the sector's middle half▼ 16.5%
Solvency32.4%--5.2%▼ 37.7pp-2.7%within the sector's middle half▲ 2.5pp-2.8%below the sector's middle half▼ 0.1pp17.8%within the sector's middle half▲ 20.6pp34.6%within the sector's middle half▲ 16.9pp65.2%above the sector's middle half▲ 30.5pp88.6%above the sector's middle half▲ 23.4pp
Current ratio1.13-2.79▲ 1.655.27above the sector's middle half▲ 2.496.99above the sector's middle half▲ 1.7116.63above the sector's middle half▲ 9.658.06above the sector's middle half▼ 8.577.06above the sector's middle half▼ 1.0025.06above the sector's middle half▲ 18.00
Return on assets (ROA)-4.5%--17.7%▼ 13.2pp3.0%within the sector's middle half▲ 20.7pp0.0%within the sector's middle half▼ 3.0pp20.7%above the sector's middle half▲ 20.6pp17.1%above the sector's middle half▼ 3.5pp26.9%above the sector's middle half▲ 9.8pp2.9%within the sector's middle half▼ 24.0pp
Staff (FTE)0.5below the sector's middle half
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 11% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €100,502
Fixed assets
€43,537 ▼ 21.9%
Current assets
€56,964 ▼ 25.4%
Equity and liabilities €100,502
Equity
€89,007 ▲ 3.4%
Debt
€11,495 ▼ 75.0%
Debt's share of the balance-sheet total falls from 34.8% to 11.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,528▼
2024 · €51,964
Cash flow
€16,428▼
2024 · €49,117
Quick ratio
24.46▲
2024 · 6.97
Debt to equity
0.13▼
2024 · 0.53
ROE
3.3%▼
2024 · 41.3%
Interest coverage
1.53▼
2024 · 17.91
Debt ≤ 1 year
€2,273▼
2024 · €10,808
Debt > 1 year
€8,590▼
2024 · €33,200
Staff costs
€180▲
2024 · €165
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 | - | €552 | €4,291 | €6,490 | €1,276 |
| Depreciation and write-downs of the year | €12,016 | €12,089 | €12,752 | €13,591 | €13,510 |
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 | - | - | - | €1,140 | - | €39 | €165 | €180 | ▲ 9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €12,223 | €11,522 | €12,016 | €12,089 | €12,752 | €13,591 | €13,510 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €523 | €526 | €1,572 | €2,072 | €610 | ▼ 70.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €962 | - | - |
| Gross operating margin9900 | €2,053 | -€15,494 | €23,468 | €12,827 | €41,625 | €39,007 | €55,163 | €48,318 | ▼ 12.4% |
| Operating profit (loss)9901 | €1,135 | -€29,516 | €3,951 | -€852 | €29,009 | €24,644 | €38,372 | €34,018 | ▼ 11.3% |
| Financial income75/76B | - | - | - | €981 | €1,058 | €441 | €55 | €47 | ▼ 14.7% |
| Recurring financial income75 | €0 | €754 | €877 | €981 | €1,058 | €441 | €55 | €47 | ▼ 14.7% |
| Financial charges65/66B | - | - | - | €122 | €385 | €97 | €2,901 | €31,146 | ▲ 974% |
| Recurring financial charges65 | €1,280 | €43 | €32 | €122 | €385 | €97 | €2,901 | €31,146 | ▲ 974% |
| Profit (loss) for the period before taxes9903 | -€2,737 | -€28,804 | €4,796 | €8 | €29,682 | €24,989 | €35,526 | €2,918 | ▼ 91.8% |
| Income taxes67/77 | €123 | €344 | €277 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€2,860 | -€29,148 | €4,519 | €8 | €29,682 | €24,989 | €35,526 | €2,918 | ▼ 91.8% |
| Profit (loss) for the period to be appropriated9905 | -€2,860 | -€29,148 | €4,519 | €8 | €29,682 | €24,989 | €35,526 | €2,918 | ▼ 91.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €63,228 | €164,676 | €150,844 | €144,174 | €143,719 | €145,941 | €132,096 | €100,502 | ▼ 23.9% |
| Fixed assets21/28 | €14,876 | €110,894 | €98,328 | €86,312 | €74,775 | €66,314 | €55,772 | €43,537 | ▼ 21.9% |
| Tangible fixed assets22/27 | €14,876 | €110,894 | €98,328 | €86,312 | €74,775 | €66,314 | €55,772 | €43,537 | ▼ 21.9% |
| Land and buildings22 | - | - | - | €26,442 | €23,387 | €20,332 | €17,365 | €14,486 | ▼ 16.6% |
| Plant, machinery and equipment23 | - | - | - | €59,461 | €51,168 | €45,952 | €36,174 | €27,835 | ▼ 23.1% |
| Furniture and vehicles24 | - | - | - | €409 | €219 | €30 | €2,233 | €1,217 | ▼ 45.5% |
| Current assets29/58 | €48,352 | €53,782 | €52,516 | €57,862 | €68,944 | €79,627 | €76,325 | €56,964 | ▼ 25.4% |
| Stocks and contracts in progress3 | - | €1,822 | €2,950 | €3,192 | €1,549 | €1,549 | €994 | €1,364 | ▲ 37.2% |
| Stocks30/36 | - | - | - | €3,192 | €1,549 | €1,549 | €994 | €1,364 | ▲ 37.2% |
| Amounts receivable within one year40/41 | €45,207 | €47,666 | €46,633 | €42,871 | €41,963 | €44,956 | €43,981 | €41,740 | ▼ 5.1% |
| Trade receivables40 | - | - | - | €41,369 | €41,369 | €41,369 | €41,469 | €41,369 | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | €1,502 | €594 | €3,587 | €2,512 | €370 | ▼ 85.3% |
| Cash at bank and in hand54/58 | €3,145 | €3,370 | €1,291 | €10,976 | €24,675 | €32,195 | €29,291 | €11,724 | ▼ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | €822 | €756 | €926 | €2,059 | €2,136 | ▲ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €63,228 | €164,676 | €150,844 | €144,174 | €143,719 | €145,941 | €132,096 | €100,502 | ▼ 23.9% |
| Equity10/15 | €20,515 | -€8,634 | -€4,115 | -€4,107 | €25,574 | €50,563 | €86,089 | €89,007 | ▲ 3.4% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €1,859 | €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 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€1,344 | -€30,493 | -€25,974 | -€25,966 | €3,715 | €28,704 | €64,230 | €67,148 | ▲ 4.5% |
| Amounts payable17/49 | €42,714 | €173,309 | €154,959 | €148,281 | €118,145 | €95,378 | €46,007 | €11,495 | ▼ 75.0% |
| Amounts payable after more than one year17 | - | €154,000 | €145,000 | €140,000 | €114,000 | €85,500 | €33,200 | €8,590 | ▼ 74.1% |
| Other amounts payable178/9 | - | - | - | €140,000 | €114,000 | €85,500 | €33,200 | €8,590 | ▼ 74.1% |
| Amounts payable within one year42/48 | €42,714 | €19,309 | €9,959 | €8,281 | €4,145 | €9,878 | €10,808 | €2,273 | ▼ 79.0% |
| Trade debts44 | €52 | €12,430 | €7,943 | €4,657 | €2,191 | €8,693 | €7,142 | €590 | ▼ 91.7% |
| Suppliers440/4 | - | - | - | €4,657 | €2,191 | €8,693 | €7,142 | €590 | ▼ 91.7% |
| Taxes, remuneration and social security45 | - | - | - | €1,532 | €1,071 | €643 | €3,583 | €1,684 | ▼ 53.0% |
| Taxes450/3 | - | - | - | €1,532 | €1,071 | €643 | €3,583 | €1,684 | ▼ 53.0% |
| Other amounts payable47/48 | - | - | - | €2,093 | €882 | €541 | €83 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,999 | €631 | ▼ 68.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,860 | -€29,148 | €4,519 | €8 | €29,682 | €24,989 | €35,526 | €2,918 | ▼ 91.8% |
| + Depreciation and write-downs630 | - | €12,223 | €11,522 | €12,016 | €12,089 | €12,752 | €13,591 | €13,510 | ▼ 0.6% |
| Operating cash flow (approximation) | -€2,860 | -€16,925 | €16,041 | €12,024 | €41,771 | €37,741 | €49,117 | €16,428 | ▼ 66.6% |
| Investment in fixed assets (approximation) | - | -€108,241 | €1,044 | €0 | -€552 | -€4,291 | -€3,049 | -€1,276 | ▲ 58.1% |
| Change in cash | - | €225 | -€2,079 | €9,685 | €13,699 | €7,520 | -€2,904 | -€17,566 | ▼ 505% |
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, 17,041 companies had the same profile as FRITZ has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FRITZ 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 17,041 companies, not a prediction for FRITZ. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00386929 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00389339 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00455845 | |
| 31-12-2022 | abbreviated format | 25-08-2023 | 2023-00431902 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20330078 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53000572 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57000306 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-58200016 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-32500571 | |
| 31-12-2016 | micro format | 21-09-2017 | 2017-61900084 |