FUGREX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-12-2025 PDF all 35 filings
Turnover
≈ €79,000
Estimated: probably between €46,000 and €110,000
Total assets
€328,804▼ 9.2%
2024 · €362,262
Net result
-€15,522▲ 10.1%
2024 · -€17,271
Working capital
-€3,641
2024 · €7,018
In the rankings
#10 oldest company in Trois-Ponts
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€13,515
▲ 14.1%
2025
20192025
Net result
-€15,522
▲ 10.1%
2025
lowest quarter of the sector
20192025
Equity
€216,379
▼ 6.7%
2025
middle half of the sector
20192025
Total assets
€328,804
▼ 9.2%
2025
middle half of the sector
20192025
Debt
€112,425
▼ 13.8%
2025
20192025
Working capital
-€3,641
2025
lowest quarter of the sector
20192025
Solvency
65.8%
▲ 1.8pp
2025
middle half of the sector
20192025
Current ratio
0.18
▼ 3.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.7%
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€13,963--€15,738▼ 12.7%-€18,622▼ 18.3%-€18,030▲ 3.2%-€20,283▼ 12.5%-€15,728▲ 22.5%-€13,515▲ 14.1%
Net result-€15,179--€17,293below the sector's middle half▼ 13.9%-€20,209below the sector's middle half▼ 16.9%-€18,589below the sector's middle half▲ 8.0%-€20,523below the sector's middle half▼ 10.4%-€17,271below the sector's middle half▲ 15.8%-€15,522below the sector's middle half▲ 10.1%
Equity€325,786-€308,494above the sector's middle half▼ 5.3%€288,284above the sector's middle half▼ 6.6%€269,696above the sector's middle half▼ 6.4%€249,173above the sector's middle half▼ 7.6%€231,901within the sector's middle half▼ 6.9%€216,379within the sector's middle half▼ 6.7%
Total assets€520,830-€492,853within the sector's middle half▼ 5.4%€462,990within the sector's middle half▼ 6.1%€426,665within the sector's middle half▼ 7.8%€395,818within the sector's middle half▼ 7.2%€362,262within the sector's middle half▼ 8.5%€328,804within the sector's middle half▼ 9.2%
Debt€195,043-€184,359▼ 5.5%€174,706▼ 5.2%€156,969▼ 10.2%€146,646▼ 6.6%€130,361▼ 11.1%€112,425▼ 13.8%
Working capital-€13,188--€7,876below the sector's middle half▲ 40.3%-€5,459below the sector's middle half▲ 30.7%€747below the sector's middle half€5,020within the sector's middle half▲ 572%€7,018within the sector's middle half▲ 39.8%-€3,641below the sector's middle half
Solvency62.6%-62.6%within the sector's middle half=62.3%within the sector's middle half▼ 0.3pp63.2%within the sector's middle half▲ 0.9pp63.0%within the sector's middle half▼ 0.3pp64.0%within the sector's middle half▲ 1.1pp65.8%within the sector's middle half▲ 1.8pp
Current ratio0.12-0.14below the sector's middle half▲ 0.020.19below the sector's middle half▲ 0.051.77within the sector's middle half▲ 1.592.90within the sector's middle half▲ 1.133.22within the sector's middle half▲ 0.320.18below the sector's middle half▼ 3.04
Return on assets (ROA)-2.9%--3.5%below the sector's middle half▼ 0.6pp-4.4%below the sector's middle half▼ 0.9pp-4.4%below the sector's middle half=-5.2%below the sector's middle half▼ 0.8pp-4.8%below the sector's middle half▲ 0.4pp-4.7%below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €13,515, smaller than the loss of €15,728 in 2024.
Turnover and EBIT margin are not published. The 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 €328,804
Fixed assets
€328,020 ▼ 6.8%
Current assets
€784 ▼ 92.3%
Equity and liabilities €328,804
Equity
€216,379 ▼ 6.7%
Debt
€112,425 ▼ 13.8%
Debt's share of the balance-sheet total falls from 36.0% to 34.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€21,996▲
2024 · €20,341
Cash flow
€19,989▲
2024 · €18,798
Debt to equity
0.52▼
2024 · 0.56
ROE
-7.2%▲
2024 · -7.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€4,425▲
2024 · €3,161
Debt > 1 year
€108,000▼
2024 · €127,200
Income taxes
€1,960▲
2024 · €1,501
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €11,447 |
| Depreciation and write-downs of the year | €36,795 | €36,795 | €36,069 | €35,511 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,282 | €35,564 | €36,163 | €36,795 | €36,795 | €36,069 | €35,511 | ▼ 1.5% |
| Other operating charges640/8 | - | - | - | €4,641 | €4,731 | €5,165 | €5,254 | ▲ 1.7% |
| Gross operating margin9900 | €26,311 | €24,900 | €22,182 | €23,406 | €21,243 | €25,506 | €27,250 | ▲ 6.8% |
| Operating profit (loss)9901 | -€13,963 | -€15,738 | -€18,622 | -€18,030 | -€20,283 | -€15,728 | -€13,515 | ▲ 14.1% |
| Financial income75/76B | - | - | - | €1 | €11 | - | - | - |
| Recurring financial income75 | - | - | - | €1 | €11 | - | - | - |
| Financial charges65/66B | - | - | - | €45 | €46 | €42 | €47 | ▲ 11.0% |
| Recurring financial charges65 | €49 | €54 | €70 | €45 | €46 | €42 | €47 | ▲ 11.0% |
| Profit (loss) for the period before taxes9903 | -€14,012 | -€15,792 | -€18,692 | -€18,074 | -€20,318 | -€15,770 | -€13,562 | ▲ 14.0% |
| Income taxes67/77 | €1,167 | €1,501 | €1,518 | €514 | €205 | €1,501 | €1,960 | ▲ 30.6% |
| Profit (loss) for the period9904 | -€15,179 | -€17,293 | -€20,209 | -€18,589 | -€20,523 | -€17,271 | -€15,522 | ▲ 10.1% |
| Profit (loss) for the period to be appropriated9905 | -€15,179 | -€17,293 | -€20,209 | -€18,589 | -€20,523 | -€17,271 | -€15,522 | ▲ 10.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €520,830 | €492,853 | €462,990 | €426,665 | €395,818 | €362,262 | €328,804 | ▼ 9.2% |
| Fixed assets21/28 | €518,975 | €491,569 | €461,744 | €424,948 | €388,153 | €352,083 | €328,020 | ▼ 6.8% |
| Intangible fixed assets21 | €100,171 | €87,246 | €74,320 | €61,395 | €48,470 | €35,545 | €22,619 | ▼ 36.4% |
| Tangible fixed assets22/27 | €418,804 | €404,323 | €387,423 | €363,553 | €339,683 | €316,539 | €305,401 | ▼ 3.5% |
| Land and buildings22 | - | - | - | €362,827 | €339,683 | €316,539 | €305,401 | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €726 | - | - | - | - |
| Current assets29/58 | €1,855 | €1,284 | €1,247 | €1,716 | €7,665 | €10,179 | €784 | ▼ 92.3% |
| Amounts receivable within one year40/41 | - | - | - | - | €147 | - | - | - |
| Trade receivables40 | - | - | - | - | €147 | - | - | - |
| Cash at bank and in hand54/58 | €1,235 | €28 | €590 | €585 | €5,317 | €9,442 | €18 | ▼ 99.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,131 | €2,202 | €737 | €766 | ▲ 3.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €520,830 | €492,853 | €462,990 | €426,665 | €395,818 | €362,262 | €328,804 | ▼ 9.2% |
| Equity10/15 | €325,786 | €308,494 | €288,284 | €269,696 | €249,173 | €231,901 | €216,379 | ▼ 6.7% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,143 | €20,143 | €20,143 | €20,143 | = |
| Contributions outside capital11 | - | - | - | €20,143 | €20,143 | €20,143 | €20,143 | = |
| Share premium1100/10 | - | - | - | €143 | €143 | €143 | €143 | = |
| Other1109/19 | - | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Revaluation surpluses12 | - | - | - | €150,000 | €142,000 | €134,000 | €126,000 | ▼ 6.0% |
| Reserves13 | €131,644 | €122,351 | €110,142 | €99,553 | €87,030 | €77,759 | €70,237 | ▼ 9.7% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €97,553 | €85,030 | €75,759 | €68,237 | ▼ 9.9% |
| Amounts payable17/49 | €195,043 | €184,359 | €174,706 | €156,969 | €146,646 | €130,361 | €112,425 | ▼ 13.8% |
| Amounts payable after more than one year17 | €180,000 | €175,200 | €168,000 | €156,000 | €144,000 | €127,200 | €108,000 | ▼ 15.1% |
| Other amounts payable178/9 | - | - | - | €156,000 | €144,000 | €127,200 | €108,000 | ▼ 15.1% |
| Amounts payable within one year42/48 | €15,043 | €9,159 | €6,706 | €969 | €2,646 | €3,161 | €4,425 | ▲ 40.0% |
| Trade debts44 | €3 | €751 | €6,588 | €641 | - | - | €285 | - |
| Suppliers440/4 | - | - | - | €641 | - | - | €285 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €325 | €1,500 | €2,000 | ▲ 33.3% |
| Taxes450/3 | - | - | - | - | €325 | €1,500 | €2,000 | ▲ 33.3% |
| Other amounts payable47/48 | - | - | - | €328 | €2,321 | €1,661 | €2,140 | ▲ 28.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,179 | -€17,293 | -€20,209 | -€18,589 | -€20,523 | -€17,271 | -€15,522 | ▲ 10.1% |
| + Depreciation and write-downs630 | €35,282 | €35,564 | €36,163 | €36,795 | €36,795 | €36,069 | €35,511 | ▼ 1.5% |
| Operating cash flow (approximation) | €20,103 | €18,272 | €15,954 | €18,207 | €16,272 | €18,798 | €19,989 | ▲ 6.3% |
| Investment in fixed assets (approximation) | - | -€8,159 | -€6,338 | €0 | €0 | €0 | -€11,447 | - |
| Change in cash | - | -€1,207 | €561 | -€5 | €4,732 | €4,125 | -€9,424 | - |
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, 12,322 companies had the same profile as FUGREX has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FUGREX itself: 0.2% 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 12,322 companies, not a prediction for FUGREX. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 08-12-2025 | 2025-00577578 | |
| 30-06-2024 | micro format | 09-12-2024 | 2024-00612155 | |
| 30-06-2023 | micro format | 05-12-2023 | 2023-00521955 | |
| 30-06-2022 | micro format | 05-12-2022 | 2022-20531491 | |
| 30-06-2021 | micro format | 06-12-2021 | 2021-79600338 | |
| 30-06-2020 | micro format | 08-12-2020 | 2020-75000083 | |
| 30-06-2019 | micro format | 09-12-2019 | 2019-75600143 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-75000051 | |
| 30-06-2017 | micro format | 26-12-2017 | 2017-73400073 | |
| 30-06-2016 | full format | 19-12-2016 | 2016-70900255 |