ACTIVE

F.R.A.

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Financial year 2025 · closed on 31/12/2025

Net result

40,9 k €

+13.3% YoY

Gross margin

72,5 k €

+50.2% YoY

Equity

637,1 k €

+6.9% YoY

What does F.R.A. do?

F.R.A. is a Public limited company incorporated in 1991. Its main activity is: Management consultancy activities. Its registered office is in Halle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0444.803.990

Incorporation

17/07/1991

Legal form

Public limited company

Registered office

Trompstraat 26
1502 Halle · FlandreSee on map

Contributed capital

1 020 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	72,5 k €	+50.2%	48,3 k €	-14.9%	56,7 k €	-64.6%	160,1 k €	+2.9%	155,6 k €	-4.6%	163 k €	+44.6%	112,7 k €	-15.8%	134 k €	+56.3%	85,7 k €	-8.9%	94,1 k €	+895%	9,5 k €	-88.1%	79,2 k €	-3.3%	81,9 k €	-36.5%	129 k €	-11.0%	145 k €	+103%	71,4 k €	+409%	14 k €	-76.8%	60,5 k €	-71.7%	213,4 k €	+46.0%	146,2 k €
EBITDA	71,5 k €	+78.5%	40,1 k €	-25.2%	53,6 k €	-66.3%	158,9 k €	+2.4%	155,1 k €	-4.3%	162,1 k €	+46.8%	110,4 k €	-15.1%	129,9 k €	+56.8%	82,9 k €	-9.7%	91,8 k €	+1225%	6,9 k €	-91.0%	77,1 k €	-2.2%	78,8 k €	-37.8%	126,8 k €	-11.4%	143,1 k €	+115%	66,4 k €	+501%	11,1 k €	-80.9%	58 k €	+195%	-61,2 k €	+54.0%	-133,2 k €
Operating result	26,6 k €	+285%	-14,4 k €	-735%	2,3 k €	-98.3%	133,8 k €	+3.8%	128,9 k €	+3.7%	124,4 k €	+56.0%	79,7 k €	-23.4%	104,1 k €	+107%	50,3 k €	-16.3%	60,1 k €	+847%	-8 k €	-116%	51,6 k €	-3.2%	53,3 k €	-50.4%	107,4 k €	-14.0%	124,9 k €	+172%	46 k €	+165%	-70,7 k €	-185%	-24,8 k €	+83.9%	-154,4 k €	+35.6%	-239,7 k €
Net result	40,9 k €	+13.3%	36,1 k €	+130%	15,7 k €	-88.2%	133,3 k €	+3.7%	128,5 k €	+3.5%	124,2 k €	+33.1%	93,3 k €	-10.3%	104,1 k €	+109%	49,9 k €	-26.2%	67,6 k €	+888%	6,8 k €	-86.5%	50,7 k €	-8.0%	55,1 k €	-48.0%	106 k €	-11.3%	119,4 k €	+144%	49 k €	+169%	-71,3 k €	-242%	-20,9 k €	+88.9%	-188,6 k €	+26.3%	-255,9 k €
Balance sheet
Equity	637,1 k €	+6.9%	596,2 k €	+6.4%	560,1 k €	+2.9%	544,4 k €	+32.4%	411,1 k €	+45.5%	282,6 k €	+78.4%	158,4 k €	-70.9%	545,1 k €	+23.6%	441 k €	+12.7%	391,2 k €	+20.9%	323,6 k €	+2.2%	316,8 k €	+19.1%	266,1 k €	+26.1%	211 k €	+101%	105 k €	+830%	-14,4 k €	+77.3%	-63,4 k €	-894%	8 k €	-72.3%	28,8 k €	-86.7%	217,5 k €
Total assets	646,3 k €	+6.4%	607,5 k €	+4.1%	583,7 k €	-2.7%	599,9 k €	+26.9%	472,7 k €	+13.1%	417,9 k €	+81.9%	229,7 k €	-58.7%	556,2 k €	+23.2%	451,4 k €	+13.2%	398,9 k €	+19.2%	334,7 k €	+2.4%	326,7 k €	+15.4%	283,2 k €	+19.2%	237,6 k €	+31.4%	180,8 k €	+56.6%	115,4 k €	+97.1%	58,5 k €	-61.5%	151,9 k €	-48.2%	293,3 k €	-36.7%	463,5 k €
Cash	77,3 k €	-38.4%	125,5 k €	+120%	57 k €	-66.4%	169,7 k €	-35.3%	262,5 k €	+37.9%	190,4 k €	+173%	69,8 k €	-40.4%	117,2 k €	+31.1%	89,4 k €	-42.1%	154,5 k €	+1.2%	152,6 k €	-23.4%	199,2 k €	+29.8%	153,4 k €	+4.2%	147,3 k €	+59.6%	92,3 k €	+1182%	7,2 k €	+5249%	134,5 €	-99.3%	19,1 k €	+1542%	1,2 k €	-98.3%	68,1 k €
Debts	9,2 k €	-19.0%	11,3 k €	-52.0%	23,7 k €	-57.4%	55,5 k €	-9.9%	61,6 k €	-54.5%	135,3 k €	+89.7%	71,3 k €	+712%	8,8 k €	-15.6%	10,4 k €	+35.3%	7,7 k €	-30.8%	11,1 k €	+11.5%	10 k €	-38.0%	16,1 k €	-38.9%	26,3 k €	-65.3%	75,8 k €	-41.6%	129,8 k €	+6.5%	121,9 k €	-15.3%	144 k €	-41.3%	245,2 k €	+0.1%	245,1 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		2,3 ETP	-23.3%	3,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 25 ended

Active mandates

Andy Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Dirk Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Gori Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Ended mandates

Andy Nieubourg Andy

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

Dirk Nieubourg

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

Gori Nieubourg Gori

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

ANDY NIEUBOURG

Director · since 14 juin 2019 · until 14 juin 2025

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/07/2026	08/08/2025	29/07/2024	18/07/2023	22/07/2022	28/07/2021
General meeting	30/06/2026	30/06/2025	29/06/2024	30/06/2023	30/06/2022	30/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	30/06/2026	31/07/2026	Dutch	PDF
Micro model	31/12/2024	30/06/2025	08/08/2025	Dutch	PDF
Micro model	31/12/2023	29/06/2024	29/07/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	18/07/2023	Dutch	PDF
Micro model	31/12/2021	30/06/2022	22/07/2022	Dutch	PDF
Micro model	31/12/2020	30/06/2021	28/07/2021	Dutch	PDF
Micro model	31/12/2019	30/06/2020	28/07/2020	Dutch	PDF
Micro model	31/12/2018	30/06/2019	16/07/2019	Dutch	PDF
Micro model	31/12/2017	30/06/2018	25/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	26/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	28/07/2016	Dutch	PDF
Abridged model	31/12/2014	30/06/2015	30/07/2015	Dutch	PDF
Abridged model	31/12/2013	30/06/2014	31/07/2014	Dutch	PDF
Abridged model	31/12/2012	14/06/2013	12/07/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	27/07/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	27/07/2011	Dutch	PDF
Abridged model	31/12/2009	30/06/2010	05/07/2010	Dutch	PDF
Abridged model	31/12/2008	30/06/2009	17/07/2009	Dutch	PDF
Abridged model	31/12/2007	30/06/2008	30/07/2008	Dutch	PDF
Abridged model	31/12/2006	31/05/2007	25/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 25 ended

Active mandates

Andy Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Dirk Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Gori Nieubourg

Director · since 27 novembre 2023 · until 27 novembre 2029

Active

Ended mandates

Andy Nieubourg Andy

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

Dirk Nieubourg

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

Gori Nieubourg Gori

Director · since 28 novembre 2023 · until 28 novembre 2029

Ended

ANDY NIEUBOURG

Director · since 14 juin 2019 · until 14 juin 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/08/2019
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares29/03/2019
KAPITAAL - AANDELEN
PDF
Mandates14/08/2013
ONTSLAGEN - BENOEMINGEN
PDF
Registered office28/01/2013
MAATSCHAPPELIJKE ZETEL
PDF
Registered office05/08/2009
MAATSCHAPPELIJKE ZETEL
PDF
Mandates23/08/2007
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/02/2005
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202540,9 k €↑
2024
Annual accounts 202436,1 k €↑
2023
Annual accounts 202315,7 k €↓
2022
Annual accounts 2022133,3 k €↑
2021
Annual accounts 2021128,5 k €↑
2020
Annual accounts 2020124,2 k €↑
2019
Annual accounts 201993,3 k €↓
2018
Annual accounts 2018104,1 k €↑
2017
Annual accounts 201749,9 k €↓
2016
Annual accounts 201667,6 k €↑
2015
Annual accounts 20156,8 k €↓
2014
Annual accounts 201450,7 k €↓
2013
Annual accounts 201355,1 k €↓
2012
Annual accounts 2012106 k €↓
2011
Annual accounts 2011119,4 k €↑
2010
Annual accounts 201049 k €↑
2009
Annual accounts 2009-71,3 k €↓
2008
Annual accounts 2008-20,9 k €↑
2007
Annual accounts 2007-188,6 k €↑
2006
Annual accounts 2006-255,9 k €
17/07/1991
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

F.R.A.

Overview

What does F.R.A. do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline