FROVAS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 30 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €60,667, smaller than the loss of €76,397 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €220,200 | €108,125 | €12,281 | €15,621 | €0 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €37,710 | €44,660 | €72,658 | €65,055 | €65,768 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,274 | €48,274 | €43,440 | €37,710 | €44,660 | €72,658 | €65,055 | €65,768 | ▲ 1.1% |
| Other operating charges640/8 | - | - | - | €2,946 | €10,934 | €7,421 | €14,185 | €6,784 | ▼ 52.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €248 | €0 | - | - |
| Gross operating margin9900 | €207,582 | €141,596 | €155,404 | €74,073 | €114,854 | €153,343 | €2,843 | €11,885 | ▲ 318% |
| Operating profit (loss)9901 | €150,075 | €89,131 | €105,827 | €33,417 | €59,259 | €73,016 | -€76,397 | -€60,667 | ▲ 20.6% |
| Financial income75/76B | - | - | - | - | €88 | €1,818 | €7,974 | €1,465 | ▼ 81.6% |
| Recurring financial income75 | €5,070 | - | - | - | €88 | €1,818 | €7,974 | €1,465 | ▼ 81.6% |
| Financial charges65/66B | - | - | - | €13,102 | €11,694 | €10,750 | €21,046 | €19,089 | ▼ 9.3% |
| Recurring financial charges65 | €16,004 | €11,595 | €12,543 | €13,102 | €11,694 | €10,750 | €21,046 | €19,089 | ▼ 9.3% |
| Profit (loss) for the period before taxes9903 | €139,142 | €77,536 | €93,284 | €20,315 | €47,653 | €64,085 | -€89,469 | -€78,290 | ▲ 12.5% |
| Income taxes67/77 | €40,183 | €24,710 | €26,997 | €5,265 | €14,564 | €19,067 | €410 | €1,120 | ▲ 173% |
| Profit (loss) for the period9904 | €98,958 | €52,826 | €66,287 | €15,051 | €33,090 | €45,018 | -€89,879 | -€79,411 | ▲ 11.6% |
| Profit (loss) for the period to be appropriated9905 | €98,958 | €52,826 | €66,287 | €15,051 | €33,090 | €45,018 | -€89,879 | -€79,411 | ▲ 11.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 8.2% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.7m | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 7.8% |
| Intangible fixed assets21 | €248 | €248 | €248 | €248 | €248 | - | - | - | - |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.7m | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 7.7% |
| Land and buildings22 | - | - | - | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 5.0% |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | €0.008m | €0.007m | €0.005m | ▼ 30.7% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.1m | €0.1m | €0.07m | €0.05m | ▼ 35.0% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 9.6% |
| Amounts receivable within one year40/41 | €0.1m | €0.07m | €0.1m | €0.03m | €0.03m | €0.03m | €0.002m | €0.002m | ▼ 3.3% |
| Trade receivables40 | - | - | - | - | €0.01m | €0.02m | €0.001m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.02m | €0.006m | €442 | €0.002m | ▲ 254% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 9.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.006m | €0.001m | €0.001m | ▲ 56.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 8.2% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.8m | €0.7m | ▼ 10.0% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.7m | ▼ 19.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.8m | €0.9m | €0.9m | €0.7m | ▼ 19.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.09m | - | - |
| Amounts payable17/49 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.8% |
| Amounts payable after more than one year17 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable178/9 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.8% |
| Trade debts44 | €0.01m | €0.01m | €0.01m | €0.005m | €0.001m | €0.002m | €0 | €0.005m | - |
| Suppliers440/4 | - | - | - | €0.005m | €0.001m | €0.002m | €0 | €0.005m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.02m | €0.05m | €0.03m | €0.006m | ▼ 77.6% |
| Taxes450/3 | - | - | - | €0.006m | €0.02m | €0.05m | €0.03m | €0.006m | ▼ 77.6% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €98,958 | €52,826 | €66,287 | €15,051 | €33,090 | €45,018 | -€89,879 | -€79,411 | ▲ 11.6% |
| + Depreciation and write-downs630 | €53,274 | €48,274 | €43,440 | €37,710 | €44,660 | €72,658 | €65,055 | €65,768 | ▲ 1.1% |
| Operating cash flow (approximation) | €152,232 | €101,100 | €109,727 | €52,760 | €77,750 | €117,676 | -€24,825 | -€13,642 | ▲ 45.0% |
| Investment in fixed assets (approximation) | - | -€4,404 | -€3,650 | -€223,716 | -€108,125 | -€12,033 | -€15,621 | €678 | - |
| Change in cash | - | €74,267 | €41,910 | -€88,770 | -€769 | €100,694 | -€3,498 | -€24,541 | ▼ 601% |
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, 8,617 companies had the same profile as FROVAS has now. Two years later, 0.4% had gone bankrupt and 94.1% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FROVAS itself: 0.1% 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 8,617 companies, not a prediction for FROVAS. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261076 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00346899 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00173029 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00338003 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315281 | |
| 31-12-2020 | micro format | 23-10-2021 | 2021-73000582 | |
| 31-12-2019 | abbreviated format | 11-09-2020 | 2020-52500201 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54700070 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24800398 | |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-25800494 |