Summary
FRO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €21.98M and a net result of €13.97M. Equity is growing by ~26.3% per year across the filed fiscal years. Its solvency ranks better than 37% of 2399 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
28 d early
2023
20 d early
2022
14 d early
2021
17 d early
2020
19 d early
2019
30 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Equity
€21.98M▲ 34.6%
2024 · €16.33M
2018: €2.07M
2019: €2.45M▲ +18.9% vs 2018
2020: €1.33M▼ -46.0% vs 2019lowest in 8 years
2021: €8.98M▲ +577% vs 2020
2022: €14.67M▲ +63.4% vs 2021
2023: €15.10M▲ +2.9% vs 2022
2024: €16.33M▲ +8.2% vs 2023
2025: €21.98M▲ +34.6% vs 2024highest in 8 years
2018 → 2025
Net result
€13.97M▲ 43.0%
2024 · €9.77M
2018: €486k
2019: €390k▼ -19.8% vs 2018lowest in 8 years
2020: €772k▲ +98.0% vs 2019
2021: €6.16M▲ +698% vs 2020
2022: €10.74M▲ +74.3% vs 2021
2023: €5.93M▼ -44.8% vs 2022
2024: €9.77M▲ +64.7% vs 2023
2025: €13.97M▲ +43.0% vs 2024highest in 8 years
2018 → 2025
Total assets
€48.52M▲ 8.8%
2024 · €44.59M
2018: €2.24Mlowest in 8 years
2019: €3.63M▲ +62.0% vs 2018
2020: €2.60M▼ -28.3% vs 2019
2021: €31.97M▲ +1128% vs 2020
2022: €44.27M▲ +38.5% vs 2021
2023: €41.31M▼ -6.7% vs 2022
2024: €44.59M▲ +7.9% vs 2023
2025: €48.52M▲ +8.8% vs 2024highest in 8 years
2018 → 2025
Solvency
45.3%▲ 8.7pp
2024 · 36.6%
2018: 92.2%highest in 8 years
2019: 67.6%▼ -26.6% vs 2018
2020: 51.0%▼ -24.6% vs 2019
2021: 28.1%▼ -44.9% vs 2020lowest in 8 years
2022: 33.1%▲ +18.0% vs 2021
2023: 36.5%▲ +10.3% vs 2022
2024: 36.6%▲ +0.2% vs 2023
2025: 45.3%▲ +23.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€4.40M€5.08M▲ 15.3%€5.62M▲ 10.7%€6.32M▲ 12.5%
2022: €4.40Mlowest in 4 years
2023: €5.08M▲ +15.3% vs 2022
2024: €5.62M▲ +10.7% vs 2023
2025: €6.32M▲ +12.5% vs 2024highest in 4 years
Equity€8.98M-€14.67M▲ 63.4%€15.10M▲ 2.9%€16.33M▲ 8.2%€21.98M▲ 34.6%
2021: €8.98Mlowest in 5 years
2022: €14.67M▲ +63.4% vs 2021
2023: €15.10M▲ +2.9% vs 2022
2024: €16.33M▲ +8.2% vs 2023
2025: €21.98M▲ +34.6% vs 2024highest in 5 years
Operating result€693k-€3.42M▲ 394%€1.10M▼ 68.0%€1.60M▲ 46.1%€2.30M▲ 43.8%
2021: €693klowest in 5 years
2022: €3.42M▲ +394% vs 2021highest in 5 years
2023: €1.10M▼ -68.0% vs 2022
2024: €1.60M▲ +46.1% vs 2023
2025: €2.30M▲ +43.8% vs 2024
Net result€6.16M-€10.74M▲ 74.3%€5.93M▼ 44.8%€9.77M▲ 64.7%€13.97M▲ 43.0%
2021: €6.16M
2022: €10.74M▲ +74.3% vs 2021
2023: €5.93M▼ -44.8% vs 2022lowest in 5 years
2024: €9.77M▲ +64.7% vs 2023
2025: €13.97M▲ +43.0% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 44% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48.52M
Fixed assets
€39.12M ▲ 9.3%
Current assets
€9.40M ▲ 6.8%
Equity and liabilities €48.52M
Equity
€21.98M ▲ 34.6%
Debt
€26.54M ▼ 6.1%
Debt's share of the balance-sheet total falls from 63.4% to 54.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
63.5%▲
2024 · 59.8%
ROA
28.8%▲
2024 · 21.9%
Debt ≤ 1 year
€23.44M▼
2024 · €25.18M
Debt > 1 year
€3.00M=
2024 · €3.00M
Income taxes
€269k▲
2024 · €231k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 59 lines
Balance sheet
Code20242025
Assets
Total assets20/58€44.59M€48.52M▲
Fixed assets21/28€35.79M€39.12M▲
Financial fixed assets28€35.79M€39.12M▲
Affiliated companies280/1€35.79M€39.12M▲
Participating interests280€35.79M€39.12M▲
Current assets29/58€8.80M€9.40M▲
Amounts receivable within one year40/41€8.46M€5.08M▼
Trade receivables40€3.84M€123k▼
Other amounts receivable41€4.62M€4.96M▲
Cash at bank and in hand54/58€302k€4.28M▲
Deferred charges and accrued income490/1€40k€39k▼
Equity and liabilities
Total equity and liabilities10/49€44.59M€48.52M▲
Equity10/15€16.33M€21.98M▲
Contributions10/11€131k€131k=
Capital10€131k€131k=
Issued capital100€131k€131k=
Reserves13€16.20M€21.85M▲
Non-distributable reserves130/1€13k€13k=
Legal reserve130€13k€13k=
Distributable reserves133€16.19M€21.83M▲
Amounts payable17/49€28.26M€26.54M▼
Amounts payable after more than one year17€3.00M€3.00M=
Financial debts170/4€3.00M€3.00M=
Subordinated loans170€3.00M€3.00M=
Amounts payable within one year42/48€25.18M€23.44M▼
Trade debts44€1.33M€166k▼
Suppliers440/4€1.33M€166k▼
Taxes, remuneration and social security45€219k€357k▲
Taxes450/3€219k€357k▲
Other amounts payable47/48€23.63M€22.92M▼
Accrued charges and deferred income492/3€79k€98k▲
Income statement
Code20242025
Operating income70/76A€5.69M€6.43M▲
Turnover70€5.62M€6.32M▲
Other operating income74€67k€113k▲
Operating charges60/66A€4.08M€4.13M▲
Services and other goods61€4.08M€4.12M▲
Other operating charges640/8€1k€17k▲
Operating profit (loss)9901€1.60M€2.30M▲
Financial income75/76B€8.71M€12.23M▲
Recurring financial income75€8.71M€8.91M▲
Income from financial fixed assets750€8.64M€8.81M▲
Income from current assets751€22k€78k▲
Other financial income752/9€43k€16k▼
Non-recurring financial income76B-€3.33M
Financial charges65/66B€313k€302k▼
Recurring financial charges65€313k€302k▼
Debt charges650€312k€299k▼
Other financial charges652/9€1k€3k▲
Profit (loss) for the period before taxes9903€10.00M€14.23M▲
Income taxes67/77€231k€269k▲
Taxes670/3€231k€269k▲
Profit (loss) for the period9904€9.77M€13.97M▲
Profit (loss) for the period to be appropriated9905€9.77M€13.97M▲
Appropriation of the result
Profit (loss) to be appropriated9906€9.77M€13.97M▲
Transfer to equity691/2€1.24M€5.64M▲
To other reserves6921€1.24M€5.64M▲
Profit to be distributed694/7€8.53M€8.32M▼
Return on contributions (dividend)694€8.08M€7.07M▼
Directors or managers695€450k€1.25M▲
The notes to these accounts (24 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €7.21M | €5.09M | €5.69M | €6.43M | ▲ 13.2% |
| Turnover70 | - | €4.40M | €5.08M | €5.62M | €6.32M | ▲ 12.5% |
| Other operating income74 | - | - | €19k | €67k | €113k | ▲ 69.2% |
| Non-recurring operating income76A | - | €2.81M | - | - | - | - |
| Operating charges60/66A | - | €3.79M | €4.00M | €4.08M | €4.13M | ▲ 1.2% |
| Services and other goods61 | - | €3.52M | €4.00M | €4.08M | €4.12M | ▲ 0.8% |
| Other operating charges640/8 | €979 | €1k | €1k | €1k | €17k | ▲ 1,480% |
| Non-recurring operating charges66A | - | €265k | - | - | - | - |
| Gross operating margin9900 | €694k | - | - | - | - | - |
| Operating profit (loss)9901 | €693k | €3.42M | €1.10M | €1.60M | €2.30M | ▲ 43.8% |
| Financial income75/76B | €5.98M | €7.95M | €5.52M | €8.71M | €12.23M | ▲ 40.5% |
| Recurring financial income75 | €5.98M | €7.95M | €5.52M | €8.71M | €8.91M | ▲ 2.3% |
| Income from financial fixed assets750 | - | €7.84M | €5.40M | €8.64M | €8.81M | ▲ 2.0% |
| Income from current assets751 | - | €110k | €72k | €22k | €78k | ▲ 252% |
| Other financial income752/9 | - | €290 | €47k | €43k | €16k | ▼ 63.0% |
| Non-recurring financial income76B | - | - | - | - | €3.33M | - |
| Financial charges65/66B | €432k | €509k | €661k | €313k | €302k | ▼ 3.6% |
| Recurring financial charges65 | €432k | €509k | €661k | €313k | €302k | ▼ 3.6% |
| Debt charges650 | - | €508k | €661k | €312k | €299k | ▼ 4.3% |
| Other financial charges652/9 | - | €696 | €366 | €1k | €3k | ▲ 171% |
| Profit (loss) for the period before taxes9903 | €6.24M | €10.86M | €5.95M | €10.00M | €14.23M | ▲ 42.4% |
| Income taxes67/77 | €77k | €124k | €26k | €231k | €269k | ▲ 16.7% |
| Taxes670/3 | - | €124k | €26k | €231k | €269k | ▲ 16.7% |
| Tax adjustments and reversals of tax provisions77 | - | €750 | - | - | - | - |
| Profit (loss) for the period9904 | €6.16M | €10.74M | €5.93M | €9.77M | €13.97M | ▲ 43.0% |
| Transfer from tax-exempt reserves789 | €13k | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6.17M | €10.74M | €5.93M | €9.77M | €13.97M | ▲ 43.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €31.97M | €44.27M | €41.31M | €44.59M | €48.52M | ▲ 8.8% |
| Fixed assets21/28 | €27.99M | €36.73M | €36.91M | €35.79M | €39.12M | ▲ 9.3% |
| Financial fixed assets28 | €27.99M | €36.73M | €36.91M | €35.79M | €39.12M | ▲ 9.3% |
| Affiliated companies280/1 | - | €36.73M | €36.91M | €35.79M | €39.12M | ▲ 9.3% |
| Participating interests280 | - | €36.73M | €36.91M | €35.79M | €39.12M | ▲ 9.3% |
| Current assets29/58 | €3.98M | €7.55M | €4.40M | €8.80M | €9.40M | ▲ 6.8% |
| Amounts receivable after more than one year29 | €420k | €1.80M | - | - | - | - |
| Trade receivables290 | €420k | €1.80M | - | - | - | - |
| Amounts receivable within one year40/41 | €1.11M | €5.57M | €4.20M | €8.46M | €5.08M | ▼ 39.9% |
| Trade receivables40 | - | - | €3.75M | €3.84M | €123k | ▼ 96.8% |
| Other amounts receivable41 | €1.11M | €5.57M | €450k | €4.62M | €4.96M | ▲ 7.4% |
| Cash at bank and in hand54/58 | €2.44M | €176k | €161k | €302k | €4.28M | ▲ 1,315% |
| Deferred charges and accrued income490/1 | €16k | - | €42k | €40k | €39k | ▼ 3.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €31.97M | €44.27M | €41.31M | €44.59M | €48.52M | ▲ 8.8% |
| Equity10/15 | €8.98M | €14.67M | €15.10M | €16.33M | €21.98M | ▲ 34.6% |
| Contributions10/11 | €131k | €131k | €131k | €131k | €131k | = |
| Capital10 | €131k | €131k | €131k | €131k | €131k | = |
| Issued capital100 | €131k | €131k | €131k | €131k | €131k | = |
| Reserves13 | €8.85M | €14.54M | €14.96M | €16.20M | €21.85M | ▲ 34.8% |
| Non-distributable reserves130/1 | €13k | €13k | €13k | €13k | €13k | = |
| Legal reserve130 | €13k | €13k | €13k | €13k | €13k | = |
| Distributable reserves133 | €8.83M | €14.52M | €14.95M | €16.19M | €21.83M | ▲ 34.9% |
| Amounts payable17/49 | €22.99M | €29.61M | €26.22M | €28.26M | €26.54M | ▼ 6.1% |
| Amounts payable after more than one year17 | €12.00M | €21.12M | €15.12M | €3.00M | €3.00M | = |
| Financial debts170/4 | €12.00M | €9.00M | €3.00M | €3.00M | €3.00M | = |
| Subordinated loans170 | - | €3.00M | €3.00M | €3.00M | €3.00M | = |
| Credit institutions173 | - | €6.00M | - | - | - | - |
| Other amounts payable178/9 | - | €12.12M | €12.12M | - | - | - |
| Amounts payable within one year42/48 | €10.88M | €8.37M | €11.02M | €25.18M | €23.44M | ▼ 6.9% |
| Financial debts43 | €4.50M | €3.00M | €2.00M | - | - | - |
| Credit institutions430/8 | €4.50M | €3.00M | €2.00M | - | - | - |
| Trade debts44 | €116k | €95k | €1.40M | €1.33M | €166k | ▼ 87.6% |
| Suppliers440/4 | €116k | €95k | €1.40M | €1.33M | €166k | ▼ 87.6% |
| Taxes, remuneration and social security45 | €150k | €209k | €127k | €219k | €357k | ▲ 63.3% |
| Taxes450/3 | €150k | €209k | €127k | €219k | €357k | ▲ 63.3% |
| Other amounts payable47/48 | €6.12M | €5.07M | €7.49M | €23.63M | €22.92M | ▼ 3.0% |
| Accrued charges and deferred income492/3 | €110k | €115k | €85k | €79k | €98k | ▲ 23.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.16M | €10.74M | €5.93M | €9.77M | €13.97M | ▲ 43.0% |
| Operating cash flow (approximation) | €6.16M | €10.74M | €5.93M | €9.77M | €13.97M | ▲ 43.0% |
| Investment in fixed assets (approximation) | - | €-8.73M | €-184k | €1.12M | €-3.33M | ▼ 397% |
| Change in cash | - | €-2.26M | €-15k | €142k | €3.98M | ▲ 2,703% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €13.97M ▲43%
Net result €13.97M, the highest in the series.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €10MEq €14.67M ▲63.4%
5 profitable years in a row build equity to €14.67M.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €5MEq €8.98M ▲577%
4 profitable years in a row build equity to €8.98M.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet €390k ▼19.8%
Net result drops to €390k, the lowest in the series; recovery starts the following year.
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
01-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts
We know of 17 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
17 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Jabbeke · 2 establishment units since 2005
Ground area
3.2 ha
Building footprint
5,238 m²
Volume, LiDAR
24,094 m³
2 parcels, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
FRO
since 20052.150.253.735
FRO
since 20262.388.826.225
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33021E0136/00B000 | Flanders | 2.5 ha | 1 · 5,238 m² | 8.7 m · 2 fl. |
| 31031A0239/00A000 | Flanders | 7,003 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
875500NFZ577AX5CAQ66
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Of 24,727 companies in sector 64210 we hold annual accounts for 19,768. 4,106 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-06-2005
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70100Activities of head offices
Scores and ratios are computed by Checked and are not a credit decision.