FRP

Active

Private limited companyfounded 20206 yrs activeIndustriepark "De Bruwaan" 27, 9700 Oudenaarde, BelgiumKBO/BCE: BE 0747.700.546

Summary

FRP has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €461,510 and a net result of €30,405. Equity is growing by ~38.9% per year across the filed fiscal years. Its solvency ranks better than 25% of 8161 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).

Risk analysis Watch Report Compare

FRPActiveChecked score 50/100

Risk analysis Report Compare

Checked score

Score 2025

50 / 100

Fair

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability69▼-4

Solvency45▲+5

Growth52=

Track record100

Bankruptcy probability, 12 months

1.2% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €23,000 at 30 days acceptable

Liquidity short (current ratio 0.91 against 0.85 in 2024; short-term debt: 77.9% and cash: 2.6% of total assets), and 80.3% of the assets are financed with debt.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Four signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

19.7%

Return on assets

1.3%

Age of the figures

9 mo

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 46

Relative position

BE, all sectors

reference

Wholesale trade (NACE 46)

about 21% more bankruptcies

← fewer bankruptcies more bankruptcies →

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 5 filings

Deviation from the deadline

2025

31 d late

2024

4 d late

2023

5 d early

2022

21 d early

2021

16 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 5 accounts on average 1 day before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 27 July (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

29-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

On 28 May 2020, FRP was incorporated as a Private limited company.¹ Of the 2 current board members, V-MAT has served longest, since 2026.² Total assets went from EUR 904,229 in 2021 to EUR 2.3 million in 2025 and headcount from 4.6 to 14.1 full-time equivalents.³

Go further with this company

How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money

Is this your company? See how customers and banks see it.

Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, abbreviated schema

Equity

€461,510▲ 7.1%

2024 · €431,105

Total assets

€2.3m▼ 16.0%

2024 · €2.8m

Net result

€30,405▼ 74.2%

2024 · €117,718

Working capital

-€171,411▲ 48.3%

2024 · -€331,685

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Operating result€327,264-€1.1m▲ 223%€550,096▼ 48.0%€245,346▼ 55.4%€112,711▼ 54.1%

Net result€267,559-€841,073▲ 214%€444,755▼ 47.1%€117,718▼ 73.5%€30,405▼ 74.2%

Equity€127,559-€168,632▲ 32.2%€313,387▲ 85.8%€431,105▲ 37.6%€461,510▲ 7.1%

Total assets€904,229-€2.7m▲ 194%€4.2m▲ 57.2%€2.8m▼ 33.3%€2.3m▼ 16.0%

Debt€776,670-€2.5m▲ 221%€3.9m▲ 55.3%€2.4m▼ 39.0%€1.9m▼ 20.2%

Working capital€98,134-€566▼ 99.4%-€66,617-€331,685▼ 398%-€171,411▲ 48.3%

Solvency14.1%-6.3%▼ 7.8pp7.5%▲ 1.2pp15.4%▲ 8.0pp19.7%▲ 4.2pp

Current ratio1.13-1.00▼ 0.130.98▼ 0.020.85▼ 0.130.91▲ 0.05

Return on assets (ROA)29.6%-31.6%▲ 2.0pp10.6%▼ 21.0pp4.2%▼ 6.4pp1.3%▼ 2.9pp

Staff (FTE)4.6-4.5▼ 2.2%7▲ 55.6%15▲ 114%14.1▼ 6.0%

above within below the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result has fallen three years in a row; 2025 is 54% below 2024 and is the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €2.3m

29.4%

70.6%

Fixed assets €690,612 ▼ 18.6%

Current assets €1.7m ▼ 14.8%

Equity and liabilities €2.3m

19.7%

80.3%

Equity €461,510 ▲ 7.1%

Debt €1.9m ▼ 20.2%

Debt's share of the balance-sheet total falls from 84.6% to 80.3%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€312,377▼

2024 · €377,689

Cash flow

€230,071▼

2024 · €250,061

Quick ratio

0.90▲

2024 · 0.85

Debt to equity

4.08▼

2024 · 5.48

ROE

6.6%▼

2024 · 27.3%

Interest coverage

5.81▼

2024 · 5.92

Debt ≤ 1 year

€1.8m▼

2024 · €2.3m

Debt > 1 year

€34,142▼

2024 · €79,467

Income taxes

€32,179▼

2024 · €64,001

Staff costs

€1.1m▲

2024 · €1.0m

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 2,372 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 97% are still going.

Small
5 to 10 years old
solvency 10 to 30%
a profit under 5% of the balance sheet

1.9% went bankrupt

1.4% stopped otherwise

97% still going

A further 0.2% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 1.2% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
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%	1.0%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.9%
9	3.0%	3.1%
10	5.6%	6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 2,372 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines

Balance sheet Code20242025

Assets

Total assets20/58€2.8m€2.3m▼

Fixed assets21/28€848,521€690,612▼

Intangible fixed assets21€221,063€176,800▼

Tangible fixed assets22/27€610,694€497,048▼

Plant, machinery and equipment23€30,443€25,175▼

Furniture and vehicles24€451,126€353,596▼

Other tangible fixed assets26€129,125€118,277▼

Financial fixed assets28€16,764€16,764=

Current assets29/58€1.9m€1.7m▼

Stocks and contracts in progress3€4,132€4,132=

Stocks30/36€4,132€4,132=

Amounts receivable within one year40/41€1.9m€1.6m▼

Trade receivables40€1.7m€1.5m▼

Other amounts receivable41€134,342€38,686▼

Cash at bank and in hand54/58€57,347€61,659▲

Deferred charges and accrued income490/1€458€790▲

Equity and liabilities

Total equity and liabilities10/49€2.8m€2.3m▼

Equity10/15€431,105€461,510▲

Contributions10/11€10,000€10,000=

Profit (loss) carried forward14€421,105€451,510▲

Amounts payable17/49€2.4m€1.9m▼

Amounts payable after more than one year17€79,467€34,142▼

Financial debts170/4€79,467€34,142▼

Amounts payable within one year42/48€2.3m€1.8m▼

Current portion of amounts payable after more than one year42€852,335€446,075▼

Trade debts44€728,760€670,715▼

Suppliers440/4€728,760€670,715▼

Taxes, remuneration and social security45€226,547€233,941▲

Taxes450/3€49,625€60,994▲

Remuneration and social security454/9€176,922€172,948▼

Other amounts payable47/48€466,939€475,400▲

Accrued charges and deferred income492/3€6,265€23,549▲

Income statement Code20242025

Remuneration, social security and pensions62€1.0m€1.1m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€132,343€199,666▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€57,511€36▼

Other operating charges640/8€16,480€26,978▲

Gross operating margin9900€1.5m€1.4m▼

Operating profit (loss)9901€245,346€112,711▼

Financial income75/76B€212€3,611▲

Recurring financial income75€212€3,611▲

Financial charges65/66B€63,839€53,739▼

Recurring financial charges65€63,839€53,739▼

Profit (loss) for the period before taxes9903€181,719€62,584▼

Income taxes67/77€64,001€32,179▼

Profit (loss) for the period9904€117,718€30,405▼

Profit (loss) for the period to be appropriated9905€117,718€30,405▼

Appropriation of the result

Profit (loss) to be appropriated9906€421,105€451,510▲

Profit (loss) brought forward from the previous period14P€303,387€421,105▲

Social balance

Average headcount (FTE)908715.014.1▼

The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Non-recurring operating income76A	-	€209	€464	-	-	-
Remuneration, social security and pensions62	€237,794	€261,995	€516,431	€1.0m	€1.1m	▲ 5.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€14,501	€30,558	€70,095	€132,343	€199,666	▲ 50.9%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	€10,314	€25,543	€57,511	€36	▼ 99.9%
Other operating charges640/8	€7,602	€7,212	€78,725	€16,480	€26,978	▲ 63.7%
Non-recurring operating charges66A	-	-	€4,145	-	-	-
Gross operating margin9900	€587,161	€1.4m	€1.2m	€1.5m	€1.4m	▼ 4.0%
Operating profit (loss)9901	€327,264	€1.1m	€550,096	€245,346	€112,711	▼ 54.1%
Financial income75/76B	€5,346	€6,657	€13,036	€212	€3,611	▲ 1,601%
Recurring financial income75	€5,346	€6,657	€13,036	€212	€3,611	▲ 1,601%
Financial charges65/66B	€22,998	€48,986	€61,419	€63,839	€53,739	▼ 15.8%
Recurring financial charges65	€22,998	€48,986	€61,419	€63,839	€53,739	▼ 15.8%
Profit (loss) for the period before taxes9903	€309,612	€1.0m	€501,713	€181,719	€62,584	▼ 65.6%
Income taxes67/77	€42,053	€175,280	€56,958	€64,001	€32,179	▼ 49.7%
Profit (loss) for the period9904	€267,559	€841,073	€444,755	€117,718	€30,405	▼ 74.2%
Profit (loss) for the period to be appropriated9905	€267,559	€841,073	€444,755	€117,718	€30,405	▼ 74.2%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€904,229	€2.7m	€4.2m	€2.8m	€2.3m	▼ 16.0%
Fixed assets21/28	€54,302	€264,302	€433,355	€848,521	€690,612	▼ 18.6%
Intangible fixed assets21	-	-	€726	€221,063	€176,800	▼ 20.0%
Tangible fixed assets22/27	€54,183	€264,183	€432,510	€610,694	€497,048	▼ 18.6%
Plant, machinery and equipment23	-	€30,611	€36,266	€30,443	€25,175	▼ 17.3%
Furniture and vehicles24	€54,183	€233,572	€253,946	€451,126	€353,596	▼ 21.6%
Other tangible fixed assets26	-	-	€142,299	€129,125	€118,277	▼ 8.4%
Financial fixed assets28	€119	€119	€119	€16,764	€16,764	=
Current assets29/58	€849,927	€2.4m	€3.8m	€1.9m	€1.7m	▼ 14.8%
Stocks and contracts in progress3	€46,615	€22,770	€4,132	€4,132	€4,132	=
Stocks30/36	€46,615	€22,770	€4,132	€4,132	€4,132	=
Amounts receivable within one year40/41	€398,134	€1.1m	€3.1m	€1.9m	€1.6m	▼ 15.6%
Trade receivables40	€394,901	€857,988	€2.4m	€1.7m	€1.5m	▼ 11.3%
Other amounts receivable41	€3,233	€253,632	€675,629	€134,342	€38,686	▼ 71.2%
Current investments50/53	€310,000	-	-	-	-	-
Cash at bank and in hand54/58	€95,054	€1.3m	€667,845	€57,347	€61,659	▲ 7.5%
Deferred charges and accrued income490/1	€125	€5,739	€12,154	€458	€790	▲ 72.6%
Equity and liabilities
Total equity and liabilities10/49	€904,229	€2.7m	€4.2m	€2.8m	€2.3m	▼ 16.0%
Equity10/15	€127,559	€168,632	€313,387	€431,105	€461,510	▲ 7.1%
Contributions10/11	€10,000	€10,000	€10,000	€10,000	€10,000	=
Profit (loss) carried forward14	€117,559	€158,632	€303,387	€421,105	€451,510	▲ 7.2%
Amounts payable17/49	€776,670	€2.5m	€3.9m	€2.4m	€1.9m	▼ 20.2%
Amounts payable after more than one year17	€24,877	€96,236	€53,351	€79,467	€34,142	▼ 57.0%
Financial debts170/4	€24,877	€96,236	€53,351	€79,467	€34,142	▼ 57.0%
Amounts payable within one year42/48	€751,793	€2.4m	€3.8m	€2.3m	€1.8m	▼ 19.7%
Current portion of amounts payable after more than one year42	€21,799	€566,215	€809,551	€852,335	€446,075	▼ 47.7%
Trade debts44	€499,704	€926,936	€2.0m	€728,760	€670,715	▼ 8.0%
Suppliers440/4	€499,704	€926,936	€2.0m	€728,760	€670,715	▼ 8.0%
Taxes, remuneration and social security45	€80,290	€103,615	€153,981	€226,547	€233,941	▲ 3.3%
Taxes450/3	€38,234	€67,922	€76,940	€49,625	€60,994	▲ 22.9%
Remuneration and social security454/9	€42,056	€35,694	€77,041	€176,922	€172,948	▼ 2.2%
Other amounts payable47/48	€150,000	€800,000	€877,144	€466,939	€475,400	▲ 1.8%
Accrued charges and deferred income492/3	-	-	-	€6,265	€23,549	▲ 276%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€267,559	€841,073	€444,755	€117,718	€30,405	▼ 74.2%
+ Depreciation and write-downs630	€14,501	€30,558	€70,095	€132,343	€199,666	▲ 50.9%
Operating cash flow (approximation)	€282,060	€871,631	€514,850	€250,061	€230,071	▼ 8.0%
Investment in fixed assets (approximation)	-	-€240,559	-€239,148	-€547,509	-€41,756	▲ 92.4%
Change in cash	-	€1.2m	-€589,359	-€610,499	€4,313	▲ 101%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Timeline · acts, filings and financial milestones

All 10Financial 4Gazette 1Filings 5

Next filing, fiscal year 2026, expected by 31-07-2027

2026

31-08

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema · 31 days late

24-07

State Gazette act Resignation: TT-Invest BV (sole director)

Appointments: VEMOD BV (director) and V-MAT BV (director) · Declaration · Power of attorney8 facts ▸

Director resignation, TT-Invest BV (sole director)
Declaration, bekendmaking ontslag in bijlagen bij het Belgisch Staatsblad
Director appointment, VEMOD BV (director)
Director appointment, V-MAT BV (director)
Power of attorney, Philippe Mulliez
Power of attorney, Miel Dhuyvetter
Power of attorney, Silke De Greef
Power of attorney

2025

31-12

Financial Weakest financial yearnet €30,405 ▼74.2%

Net result drops to €30,405, the lowest in the series.

04-08

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema · 4 days late

2024

26-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

31-12

Financial Equity above €200,000Eq €313,387 ▲85.8%

3 profitable years in a row build equity to €313,387.

10-07

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

31-12

Financial Highest result since 2021net €841,073 ▲214%

Operating result €1.1m, net result €841,073, both a record.

31-12

Financial Equity above €150,000Eq €168,632 ▲32.2%

2 profitable years in a row build equity to €168,632.

15-07

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

1 of 4 acts read

About the unread acts

Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors

2 directors, last change in 2026

Board 2

V-MAT

Director · since 07-07-2026 · Private limited company · perm. rep.: Wouter Veys

Current

VEMOD

Director · since 07-07-2026 · Private limited company · perm. rep.: Lien Veys

Current

Permanent representatives 2

Lien Veys

Permanent representative · since 07-07-2026 · for VEMOD

Current

Wouter Veys

Permanent representative · since 07-07-2026 · for V-MAT

Current

Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →

Not every act has been read: a resignation may be missing here

3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.

Location & real-estate footprint

Registered office, Oudenaarde · 1 establishment unit since 2020

seat establishment The establishment unit on the map

Ground area

4.6 ha

Building footprint

1.8 ha

Volume, LiDAR

152,746 m³

2 parcels, Flanders · tallest building 25.8 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

FRP

Industriepark "De Bruwaan" 27D, 9700 OudenaardeAgents in the wholesale of timber and building materials

since 20202.304.338.631

2 parcels

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
45508A0120/00A011	Flanders	3.1 ha	1 · 2,298 m²	0.0 m
45508A0120/00A012	Flanders	1.6 ha	1 · 1.6 ha	25.8 m · 3 fl.

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.

Mandate history

3 people since 2026, 2 in office

All 3 In office 2 Ended 1

Board
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
V-MAT	Director, from 07-07-2026 to date
VEMOD	Director, from 07-07-2026 to date
TT-Invest	Sole director, until 07-07-2026

See the board, name and seat on a given date →

Structure & network

Owners and holdings

1 owner

Chain of control

TT-Invest 100%
FRP

Highest known parent: TT-Invest. The sources do not say who stands above it.

Owners 1

TT-Investparent

Sourceaccounts TT-Invest 2025

100%

Holdings 0

No holding stated in the accounts, acts or LEI register we read.

According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

3 connected companies

Depth

Shared directors

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.

Linked via shared directors

FRP EUROPE

Shared corporate director

→

FRP LOGISTICS

Shared corporate director

→

ZELFDAKSTORE

Shared corporate director

→

Public money · subsidies and aid

Flemish government

2024 · 1 entry · 7,460 EUR awarded · 7,460 EUR paid

Year	Entries	awarded	paid
2024	1	7,460 EUR	7,460 EUR

Schemes

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

1 entry · 7,460 EUR · 7,460 EUR paid · Fonds voor Innoveren en Ondernemen

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Identification & contact

Identification

Legal formPrivate limited company

Founded28-05-2020

Fiscal year end31-12

Activities, NACEBEL 2025

46831Wholesale of construction materials, general range

E-invoicing

Reachable via Peppol

Peppol ID 0208:0747700546

Also 9925:BE0747700546

Registered 12-01-2026

If you follow this company, Checked tells you the day it leaves the Peppol register.

Scores and ratios are computed by Checked and are not a credit decision.