FRO

Active Risk: not assessed Public limited companyfounded 2005active for 21 yearsGistelsteenweg 321, 8490 JabbekeKBO/BCE: BE 0874.186.269 subsidiary of DE ACTO#1 company by total assets in Jabbeke, Finance and insurance sector

Part of the group MASC-INVEST 75 companies in 6 countries

See the group

FRO

Financial year 2025

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Annual accounts 2025

full format, filed on 02-07-2026, 29 days before the deadline

€22.0m

▲ 34.6%

€48.5m

▲ 8.8%

€14.0m

▲ 43.0%

45.3%

▲ 8.7 percentage points

63.5%

▲ 3.7 percentage points

28.8%

▲ 6.9 percentage points

In the rankings #1 company by total assets in Jabbeke, Finance and insurance sector #1 company by equity in Jabbeke, Finance and insurance sector

Money flows

turnover is 33.9% of income in 2025

Balance sheet

balance sheet total €48.5m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

45.3%

Higher than 37% of 3,035 companies in 2025.

28.8%

Higher than 95% of 3,027 companies in 2025.

FRO Middle half of the sector 80% of the sector Full accounts in financial services (NACE 64)

Net result: top quarter · Equity: middle half · Balance sheet total: top quarter

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	48.5m	44.6m	41.3m	44.3m	32.0m	2.6m	3.6m	2.2m	2.3m	349,166	349,267	352,013	353,020	352,802	351,373	352,571	444,176	5.4m	4.9m
`20`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`21/28`	39.1m	35.8m	36.9m	36.7m	28.0m	-	-	-	-	-	-	-	0	0	0	0	0	4.8m	4.5m
`21`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`22/27`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`22`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`23`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`24`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`26`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`27`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`28`	39.1m	35.8m	36.9m	36.7m	28.0m	-	-	-	-	-	-	-	0	0	0	0	0	4.8m	4.5m
`280/1`	39.1m	35.8m	36.9m	36.7m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`280`	39.1m	35.8m	36.9m	36.7m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	9.4m	8.8m	4.4m	7.5m	4.0m	2.6m	3.6m	2.2m	2.3m	349,166	349,267	352,013	353,020	352,802	351,373	352,571	444,176	616,109	408,570
`29`	-	-	-	1.8m	420,000	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`290`	-	-	-	1.8m	420,000	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`291`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`3`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`30/36`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`37`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`40/41`	5.1m	8.5m	4.2m	5.6m	1.1m	2.6m	1.1m	67,508	2.3m	28	63	35	146	804	916	501	14,700	174,072	71,314
`40`	122,895	3.8m	3.8m	-	-	-	-	-	-	-	-	-	0	0	154	0	14,700	160,750	45,375
`41`	5.0m	4.6m	450,000	5.6m	1.1m	2.6m	1.1m	67,508	2.3m	28	63	35	146	804	762	501	0	13,322	25,939
`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`54/58`	4.3m	302,470	160,580	175,741	2.4m	1,662	2.6m	2.2m	51,120	349,138	349,201	351,953	352,874	351,997	350,458	352,070	429,476	350,208	334,733
`490/1`	38,530	39,911	42,018	-	16,057	-	-	-	-	-	2	25	0	0	0	0	0	91,828	2,523
Balance sheet: equity and liabilities
`10/49`	48.5m	44.6m	41.3m	44.3m	32.0m	2.6m	3.6m	2.2m	2.3m	349,166	349,267	352,013	353,020	352,802	351,373	352,571	444,176	5.4m	4.9m
`10/15`	22.0m	16.3m	15.1m	14.7m	9.0m	1.3m	2.5m	2.1m	1.6m	343,327	346,617	350,414	352,803	352,557	351,168	351,685	345,920	3.5m	3.5m
`10/11`	130,588	130,588	130,588	130,588	130,588	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	3.5m	3.5m
`10`	130,588	130,588	130,588	130,588	130,588	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`100`	130,588	130,588	130,588	130,588	130,588	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	3.5m	3.5m
`101`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`11`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`1100/10`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`12`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`13`	21.8m	16.2m	15.0m	14.5m	8.8m	1.2m	2.4m	2.0m	1.5m	243,327	246,617	250,414	252,803	252,557	251,168	251,685	245,920	9,764	391
`130/1`	13,059	13,059	13,059	13,059	13,059	10,000	-	-	-	-	-	-	0	0	0	0	0	0	-
`130`	13,059	13,059	13,059	13,059	13,059	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	489	391
`1312`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`1319`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`132`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`133`	21.8m	16.2m	15.0m	14.5m	8.8m	1.2m	2.3m	2.0m	1.5m	233,327	236,617	240,414	242,803	242,557	241,168	241,685	235,920	9,275	-
`14`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	7,414
`15`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`19`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`16`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`160/5`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`168`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`17/49`	26.5m	28.3m	26.2m	29.6m	23.0m	1.3m	1.2m	175,375	769,771	5,839	2,649	1,600	217	244	206	886	98,256	1.9m	1.4m
`17`	3.0m	3.0m	15.1m	21.1m	12.0m	-	-	-	-	-	-	-	0	0	0	0	0	1.8m	1.3m
`170/4`	3.0m	3.0m	3.0m	9.0m	12.0m	-	-	-	-	-	-	-	0	0	0	0	0	1.3m	1.3m
`170`	3.0m	3.0m	3.0m	3.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`173`	-	-	-	6.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`175`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`176`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`178/9`	-	-	12.1m	12.1m	-	-	-	-	-	-	-	-	0	0	0	0	0	500,000	-
`42/48`	23.4m	25.2m	11.0m	8.4m	10.9m	1.3m	1.2m	175,375	769,771	5,836	2,643	1,591	206	241	206	886	98,256	142,929	119,893
`42`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`43`	-	-	2.0m	3.0m	4.5m	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`430/8`	-	-	2.0m	3.0m	4.5m	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`439`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`44`	165,670	1.3m	1.4m	95,322	116,344	1.2m	1.2m	75,261	181,886	-	-	796	0	35	0	680	0	50,858	94,494
`440/4`	165,670	1.3m	1.4m	95,322	116,344	1.2m	1.2m	75,261	181,886	-	-	796	0	35	0	680	0	50,858	94,494
`441`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`46`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	70,000	-
`45`	357,198	218,788	127,293	208,874	149,805	99,037	-	-	587,771	-	-	-	0	0	0	0	97,435	22,071	25,399
`450/3`	357,198	218,788	127,293	208,874	149,805	99,037	-	-	587,771	-	-	-	0	0	0	0	89,175	2,824	3,200
`454/9`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	8,260	19,247	22,199
`47/48`	22.9m	23.6m	7.5m	5.1m	6.1m	115	115	100,115	115	5,836	2,643	795	206	206	206	206	821	0	-
`492/3`	97,500	78,750	85,109	115,175	109,908	-	-	-	-	2	6	9	11	4	0	0	0	20,993	8,872
Income statement
`70/76A`	6.4m	5.7m	5.1m	7.2m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`70`	6.3m	5.6m	5.1m	4.4m	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`74`	112,500	66,500	18,969	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	-	-	-	2.8m	-	-	-	-	-	-	-	-	0	0	0	0	6.2m	0	2
`9900`	-	-	-	-	694,042	1.1m	553,543	734,496	2.2m	-2,918	-3,770	-3,065	-1,402	-1,686	-1,707	-2,439	100,215	269,623	284,863
`60/66A`	4.1m	4.1m	4.0m	3.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`61`	4.1m	4.1m	4.0m	3.5m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`62`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-5,981	37,071	98,122	122,619
`630`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`631/4`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`635/8`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`640/8`	17,272	1,094	1,075	1,055	979	977	975	453	901	102	101	98	443	441	441	992	940	433	1,078
`649`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`66A`	-	-	-	265,000	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`9901`	2.3m	1.6m	1.1m	3.4m	693,063	1.1m	552,568	734,043	2.2m	-3,020	-3,871	-3,163	-1,844	-2,127	-2,147	2,551	62,204	171,069	161,166
`75/76B`	12.2m	8.7m	5.5m	7.9m	6.0m	-	-	-	-	1	236	891	2,196	3,621	1,741	3,338	4.0m	10,728	9,777
`75`	8.9m	8.7m	5.5m	7.9m	6.0m	-	-	-	-	1	236	891	2,196	3,621	1,741	3,338	4.0m	10,728	9,777
`750`	8.8m	8.6m	5.4m	7.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`751`	77,821	22,099	72,307	110,385	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`752/9`	15,985	43,214	47,022	290	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76B`	3.3m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	302,096	313,371	661,288	508,803	431,822	271	194	191	403	270	161	117	106	104	111	124	65,887	178,722	159,108
`65`	302,096	313,371	661,288	508,803	431,822	271	194	191	403	270	161	117	106	104	111	124	65,887	178,722	159,108
`650`	298,752	312,138	660,922	508,107	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`652/9`	3,344	1,233	366	696	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9903`	14.2m	10.0m	6.0m	10.9m	6.2m	1.1m	552,374	733,852	2.2m	-3,290	-3,796	-2,389	246	1,389	-518	5,765	10.2m	3,076	11,837
`67/77`	269,254	230,653	25,992	123,569	77,209	299,037	162,634	248,164	731,843	0	-	-	0	0	0	0	77,424	1,117	4,033
`670/3`	269,254	230,653	25,992	124,319	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`77`	-	-	-	750	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9904`	14.0m	9.8m	5.9m	10.7m	6.2m	771,782	389,740	485,688	1.5m	-3,290	-3,796	-2,389	246	1,389	-518	5,765	10.1m	1,959	7,804
`789`	-	-	-	-	13,483	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`689`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`9905`	14.0m	9.8m	5.9m	10.7m	6.2m	771,782	389,740	485,688	1.5m	-3,290	-3,796	-2,389	246	1,389	-518	5,765	10.1m	1,959	7,804
Appropriation of the result
`9906`	14.0m	9.8m	5.9m	10.7m	6.2m	771,782	389,740	485,688	1.5m	-3,290	-3,796	-2,389	246	1,389	-518	5,765	10.1m	9,373	7,804
`791/2`	-	-	-	-	-	1.9m	-	-	233,327	3,290	3,796	2,389	0	0	518	0	0	0	-
`691/2`	5.6m	1.2m	427,870	5.7m	1.1m	771,782	389,740	485,688	1.5m	-	-	-	246	1,389	0	5,765	236,157	9,373	390
`691`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
`6920`	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	9,511	99	390
`6921`	5.6m	1.2m	427,870	5.7m	1.1m	771,782	389,740	485,688	1.5m	-	-	-	246	1,389	0	5,765	226,646	9,275	-
`694/7`	8.3m	8.5m	5.5m	5.1m	5.1m	1.9m	-	-	233,327	-	-	-	0	0	0	0	9.9m	0	-
`694`	7.1m	8.1m	5.1m	5.1m	5.1m	1.9m	-	-	233,327	-	-	-	0	0	0	0	9.9m	0	-
`695`	1.3m	450,000	450,000	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-
Social balance sheet
`9087`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0.5	1.7	1.6
Hours worked`1013`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	894	2,953	4,131
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The notes to these accounts have 24 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 02-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	02-07-2026	2026-00248989	PDF
31-12-2024	full format	03-07-2025	2025-00240546	PDF
31-12-2023	full format	11-07-2024	2024-00246156	PDF
31-12-2022	full format	17-07-2023	2023-00247593	PDF
31-12-2021	abbreviated format	14-07-2022	2022-20192683	PDF
31-12-2020	abbreviated format	12-07-2021	2021-34900268	PDF
30-09-2019	abbreviated format	31-03-2020	2020-08000502	PDF
30-09-2018	abbreviated format	29-03-2019	2019-08400501	PDF
30-09-2017	abbreviated format	30-03-2018	2018-08700493	PDF
31-12-2015	abbreviated format	01-07-2016	2016-26600103	PDF
31-12-2014	abbreviated format	23-07-2015	2015-33800291	PDF
31-12-2013	abbreviated format	01-07-2014	2014-25400047	PDF
31-12-2012	abbreviated format	13-06-2013	2013-16900513	PDF
31-12-2011	abbreviated format	05-06-2012	2012-14300273	PDF
31-12-2010	abbreviated format	12-08-2011	2011-39400066	PDF
31-12-2009	abbreviated format	30-08-2010	2010-46300598	PDF
31-12-2008	abbreviated format	01-07-2009	2009-32400158	PDF
31-12-2007	abbreviated format	24-07-2008	2008-44600397	PDF
31-12-2006	abbreviated format	27-07-2007	2007-47500294	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
-	-	184,000	8.7m	28.0m	-	-	-	-	-	-	-	0	0	0	0	821	0	5.0m
4.0m	141,890	-15,162	-2.3m	2.4m	-2.6m	395,999	2.1m	-	-64	-2,751	-921	876	1,540	-1,613	-77,405	79,268	15,475	-
36.4%	28.5%	21.6%	77.8%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
45.3%	36.6%	36.5%	33.1%	28.1%	51.0%	67.6%	92.2%	67.2%	98.3%	99.2%	99.5%	99.9%	99.9%	99.9%	99.7%	77.9%	64.7%	71.8%
63.5%	59.8%	39.3%	73.2%	68.6%	58.2%	15.9%	23.5%	93.0%	-1.0%	-1.1%	-0.7%	0.1%	0.4%	-0.1%	1.6%	-	0.1%	0.2%
28.8%	21.9%	14.3%	24.3%	19.3%	29.7%	10.7%	21.7%	62.5%	-0.9%	-1.1%	-0.7%	0.1%	0.4%	-0.1%	1.6%	-	0.0%	0.2%

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Carrying value of the other pledged assets	€39.1m	€35.8m	€36.9m	€36.7m	€28.0m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Financial fixed assets	-	-	€184,000	€8.7m	€28.0m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on FRO

The operating result for 2025 is 44% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.

Debt's share of the balance-sheet total falls from 63.4% to 54.7%. Equity is higher and debt is lower.

Large changes and their cause

2022 Net result +74% on 2021. Part of ARTIMMO INVEST received in a demerger, Official Gazette 07-07-2021, in the previous financial year. That operation now counts for a full year for the first time. The accounts now follow the full format, last year the abbreviated format.
2021 Net result +698% on 2020. Part of ARTIMMO INVEST received in a demerger, Official Gazette 07-07-2021. The previous financial year ran 15 months, this one 12.
2021 Equity +577%, Total assets +1,128% on 2020. Part of ARTIMMO INVEST received in a demerger, Official Gazette 07-07-2021.

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Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency45.3%

Return on assets28.8%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Securities and guarantees

Investments

Insights on FRO

Next steps

in €m

in €m

45.3%

28.8%