B-FAES
Annual accounts 2025
micro format, filed on 12-06-2026, 49 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €150,000. Estimated: probably between €96,000 and €200,000.
Amounts without an identifiable currency are taken as euros.
Balance sheet
balance sheet total €159,266 on 31-12-2025Change in equityin euro
Change in cashin euro
Position in the sector
Solvency26.9%
Higher than 48% of 17,162 companies in 2025.
Current ratio1.17
Higher than 51% of 16,459 companies in 2025.
Return on assets25.8%
Higher than 89% of 16,839 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
Total assets20/58 |
159,266 | 159,259 | 140,954 | 52,623 | |
Formation expenses20 |
- | - | 0 | 525 | |
Fixed assets21/28 |
44,167 | 57,808 | 73,918 | 17,332 | |
Tangible fixed assets22/27 |
44,167 | 57,808 | 73,918 | 17,332 | |
Land and buildings22 |
2,735 | 3,085 | 3,435 | - | |
Plant, machinery and equipment23 |
- | 2,146 | - | - | |
Furniture and vehicles24 |
41,432 | 52,577 | 70,483 | 17,332 | |
Current assets29/58 |
115,100 | 101,452 | 67,036 | 34,767 | |
Amounts receivable within one year40/41 |
25,195 | 14,593 | 25,694 | 14,818 | |
Trade receivables40 |
17,315 | 14,593 | 23,033 | 14,818 | |
Other amounts receivable41 |
7,881 | 0 | 2,662 | - | |
Cash at bank and in hand54/58 |
82,618 | 68,564 | 18,806 | 19,501 | |
Deferred charges and accrued income490/1 |
7,287 | 18,294 | 22,536 | 447 | |
| Balance sheet: equity and liabilities | |||||
Total equity and liabilities10/49 |
159,266 | 159,259 | 140,954 | 52,623 | |
Equity10/15 |
42,851 | 101,073 | 73,481 | 33,448 | |
Contributions10/11 |
2,500 | 2,500 | 2,500 | 2,500 | |
Reserves13 |
40,351 | 98,573 | 70,981 | 30,948 | |
Distributable reserves133 |
40,351 | 98,573 | 70,981 | 30,948 | |
Amounts payable17/49 |
116,416 | 58,187 | 67,473 | 19,176 | |
Amounts payable after more than one year17 |
18,156 | 27,071 | 35,625 | - | |
Financial debts170/4 |
18,156 | 27,071 | 35,625 | - | |
Amounts payable within one year42/48 |
98,260 | 31,116 | 31,848 | 19,176 | |
Current portion of amounts payable after more than one year42 |
8,915 | 8,554 | 8,207 | - | |
Trade debts44 |
50 | 4,819 | 123 | 95 | |
Suppliers440/4 |
50 | 4,819 | 123 | 95 | |
Taxes, remuneration and social security45 |
6,459 | 17,134 | 13,837 | 14,122 | |
Taxes450/3 |
4,705 | 17,134 | 13,837 | 14,122 | |
Remuneration and social security454/9 |
1,754 | - | - | - | |
Other amounts payable47/48 |
82,836 | 609 | 9,681 | 4,958 | |
Accrued charges and deferred income492/3 |
- | 0 | - | - | |
| Income statement | |||||
Non-recurring operating income76A |
2,384 | - | - | - | |
Gross operating margin9900 |
72,773 | 68,021 | 64,858 | 44,918 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
18,193 | 19,323 | 8,193 | 2,528 | |
Other operating charges640/8 |
756 | 576 | 499 | 348 | |
Operating profit (loss)9901 |
53,825 | 48,122 | 56,165 | 42,042 | |
Financial income75/76B |
- | 0 | 0 | - | |
Recurring financial income75 |
- | 0 | 0 | - | |
Financial charges65/66B |
1,555 | 5,583 | 2,296 | 6 | |
Recurring financial charges65 |
1,555 | 5,583 | 2,296 | 6 | |
Profit (loss) for the period before taxes9903 |
52,270 | 42,539 | 53,870 | 42,036 | |
Income taxes67/77 |
11,119 | 11,797 | 13,836 | 11,088 | |
Profit (loss) for the period9904 |
41,151 | 30,742 | 40,034 | 30,948 | |
Profit (loss) for the period to be appropriated9905 |
41,151 | 30,742 | 40,034 | 30,948 | |
| Appropriation of the result | |||||
Profit (loss) to be appropriated9906 |
41,151 | 30,742 | 40,034 | 30,948 | |
Transfer from equity791/2 |
99,373 | - | - | - | |
Transfer to equity691/2 |
41,151 | 30,742 | 40,034 | 30,948 | |
To other reserves6921 |
41,151 | 30,742 | 40,034 | 30,948 | |
Profit to be distributed694/7 |
99,373 | - | - | - | |
Return on contributions (dividend)694 |
99,373 | - | - | - | |
| Document | |||||
The notes to these accounts have 6 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 12-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| EBITDA | 72,017 | 67,445 | 64,359 | 44,570 | |
| Cash flow | 59,343 | 50,065 | 48,227 | 33,476 | |
| Investment in fixed assets | 4,552 | 3,213 | 64,255 | 19,510 | |
| Change in cash | 14,053 | 49,759 | -696 | - | |
| Working capital | 16,840 | 70,336 | 35,188 | 15,591 | |
| Solvency | 26.9% | 63.5% | 52.1% | 63.6% | |
| Current ratio | 1.17 | 3.26 | 2.10 | 1.81 | |
| Debt to equity | 2.72 | 0.58 | 0.92 | 0.57 | |
| ROE | 96.0% | 30.4% | 54.5% | 92.5% | |
| ROA | 25.8% | 19.3% | 28.4% | 58.8% | |
| Interest coverage | 46.32 | 12.08 | 28.04 | over 100 |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €4,552 | €3,213 | €64,255 | €19,510 |
| Depreciation and write-downs of the year | €18,193 | €19,323 | €8,193 | €2,528 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on B-FAES
The operating result for 2025 is 12% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 36.5% to 73.1%. Equity is lower and debt is higher.