BABARIMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 5 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €350,000
Total assets
€788,129▼ 3.5%
2024 · €816,419
Net result
€25,752▼ 28.1%
2024 · €35,817
Working capital
-€8,785▲ 60.3%
2024 · -€22,105
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€47,508
▲ 5.0%
2025
20212025
Net result
€25,752
▼ 28.1%
2025
middle half of the sector
20212025
Equity
€276,827
▲ 10.3%
2025
highest quarter of the sector
20212025
Total assets
€788,129
▼ 3.5%
2025
middle half of the sector
20212025
Debt
€511,303
▼ 9.6%
2025
20212025
Working capital
-€8,785
▲ 60.3%
2025
middle half of the sector
20212025
Solvency
35.1%
▲ 4.4pp
2025
middle half of the sector
20212025
Current ratio
0.86
▲ 0.17
2025
middle half of the sector
20212025
Return on assets (ROA)
3.3%
▼ 1.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€100,959-€51,362€43,011▼ 16.3%€45,265▲ 5.2%€47,508▲ 5.0%
Net result-€108,912below the sector's middle half-€40,962above the sector's middle half€33,208above the sector's middle half▼ 18.9%€35,817above the sector's middle half▲ 7.9%€25,752within the sector's middle half▼ 28.1%
Equity€141,088within the sector's middle half-€182,050within the sector's middle half▲ 29.0%€215,258within the sector's middle half▲ 18.2%€251,075within the sector's middle half▲ 16.6%€276,827above the sector's middle half▲ 10.3%
Total assets€809,374within the sector's middle half-€869,982within the sector's middle half▲ 7.5%€855,650within the sector's middle half▼ 1.6%€816,419within the sector's middle half▼ 4.6%€788,129within the sector's middle half▼ 3.5%
Debt€668,286-€687,932▲ 2.9%€640,392▼ 6.9%€565,344▼ 11.7%€511,303▼ 9.6%
Working capital-€42,192within the sector's middle half--€32,156within the sector's middle half▲ 23.8%-€46,557within the sector's middle half▼ 44.8%-€22,105within the sector's middle half▲ 52.5%-€8,785within the sector's middle half▲ 60.3%
Solvency17.4%within the sector's middle half-20.9%within the sector's middle half▲ 3.5pp25.2%within the sector's middle half▲ 4.2pp30.8%within the sector's middle half▲ 5.6pp35.1%within the sector's middle half▲ 4.4pp
Current ratio0.10below the sector's middle half-0.65within the sector's middle half▲ 0.550.54within the sector's middle half▼ 0.110.69within the sector's middle half▲ 0.150.86within the sector's middle half▲ 0.17
Return on assets (ROA)-13.5%below the sector's middle half-4.7%within the sector's middle half▲ 18.2pp3.9%within the sector's middle half▼ 0.8pp4.4%within the sector's middle half▲ 0.5pp3.3%within the sector's middle half▼ 1.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 5% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
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 €788,129
Fixed assets
€733,984 ▼ 4.3%
Current assets
€54,146 ▲ 10.4%
Equity and liabilities €788,129
Equity
€276,827 ▲ 10.3%
Debt
€511,303 ▼ 9.6%
Debt's share of the balance-sheet total falls from 69.2% to 64.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80,883▲
2024 · €78,639
Cash flow
€59,126▼
2024 · €69,191
Debt to equity
1.85▼
2024 · 2.25
ROE
9.3%▼
2024 · 14.3%
Interest coverage
9.30▲
2024 · 8.74
Debt ≤ 1 year
€62,931▼
2024 · €71,166
Debt > 1 year
€448,372▼
2024 · €492,608
Income taxes
€13,060▲
2024 · €449
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €940,276 | €61,053 | €23,313 | - | - |
| Depreciation and write-downs of the year | €135,824 | €30,839 | €32,571 | €33,375 | €33,375 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,750 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €135,824 | €30,839 | €32,571 | €33,375 | €33,375 | = |
| Other operating charges640/8 | €7,457 | €12,104 | €12,865 | €14,401 | €23,269 | ▲ 61.6% |
| Gross operating margin9900 | €42,322 | €94,306 | €88,446 | €93,040 | €104,152 | ▲ 11.9% |
| Operating profit (loss)9901 | -€100,959 | €51,362 | €43,011 | €45,265 | €47,508 | ▲ 5.0% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | €7,953 | €10,400 | €9,802 | €8,999 | €8,697 | ▼ 3.4% |
| Recurring financial charges65 | €7,953 | €10,400 | €9,802 | €8,999 | €8,697 | ▼ 3.4% |
| Profit (loss) for the period before taxes9903 | -€108,912 | €40,962 | €33,208 | €36,266 | €38,811 | ▲ 7.0% |
| Income taxes67/77 | - | - | - | €449 | €13,060 | ▲ 29× |
| Profit (loss) for the period9904 | -€108,912 | €40,962 | €33,208 | €35,817 | €25,752 | ▼ 28.1% |
| Profit (loss) for the period to be appropriated9905 | -€108,912 | €40,962 | €33,208 | €35,817 | €25,752 | ▼ 28.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €809,374 | €869,982 | €855,650 | €816,419 | €788,129 | ▼ 3.5% |
| Fixed assets21/28 | €804,452 | €809,991 | €800,733 | €767,358 | €733,984 | ▼ 4.3% |
| Tangible fixed assets22/27 | €804,452 | €809,991 | €800,733 | €767,358 | €733,984 | ▼ 4.3% |
| Land and buildings22 | €804,452 | €809,991 | €800,733 | €767,358 | €733,984 | ▼ 4.3% |
| Current assets29/58 | €4,922 | €59,991 | €54,917 | €49,061 | €54,146 | ▲ 10.4% |
| Amounts receivable within one year40/41 | €63 | €41,724 | €40,264 | €25,376 | €10,525 | ▼ 58.5% |
| Trade receivables40 | - | €40,509 | €40,264 | €25,376 | €2,025 | ▼ 92.0% |
| Other amounts receivable41 | €63 | €1,214 | - | - | €8,500 | - |
| Cash at bank and in hand54/58 | €4,859 | €17,636 | €13,673 | €22,934 | €42,828 | ▲ 86.7% |
| Deferred charges and accrued income490/1 | - | €631 | €981 | €752 | €793 | ▲ 5.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €809,374 | €869,982 | €855,650 | €816,419 | €788,129 | ▼ 3.5% |
| Equity10/15 | €141,088 | €182,050 | €215,258 | €251,075 | €276,827 | ▲ 10.3% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | - | - | - | €1,075 | €1,075 | = |
| Distributable reserves133 | - | - | - | €1,075 | €1,075 | = |
| Profit (loss) carried forward14 | -€108,912 | -€67,950 | -€34,742 | - | €25,752 | - |
| Amounts payable17/49 | €668,286 | €687,932 | €640,392 | €565,344 | €511,303 | ▼ 9.6% |
| Amounts payable after more than one year17 | €621,172 | €578,985 | €536,150 | €492,608 | €448,372 | ▼ 9.0% |
| Financial debts170/4 | €621,172 | €578,985 | €536,150 | €492,608 | €448,372 | ▼ 9.0% |
| Amounts payable within one year42/48 | €47,114 | €92,147 | €101,475 | €71,166 | €62,931 | ▼ 11.6% |
| Current portion of amounts payable after more than one year42 | €41,526 | €42,188 | €42,835 | €43,542 | €44,236 | ▲ 1.6% |
| Trade debts44 | €588 | €49,960 | €53,870 | €24,481 | €487 | ▼ 98.0% |
| Suppliers440/4 | €588 | €49,960 | €53,870 | €24,481 | €487 | ▼ 98.0% |
| Advances received on contracts in progress46 | - | - | - | - | €2,450 | - |
| Taxes, remuneration and social security45 | - | - | €4,665 | €2,633 | €14,615 | ▲ 455% |
| Taxes450/3 | - | - | €4,665 | €2,633 | €14,615 | ▲ 455% |
| Other amounts payable47/48 | €5,000 | - | €105 | €510 | €1,144 | ▲ 124% |
| Accrued charges and deferred income492/3 | - | €16,800 | €2,767 | €1,571 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€108,912 | €40,962 | €33,208 | €35,817 | €25,752 | ▼ 28.1% |
| + Depreciation and write-downs630 | €135,824 | €30,839 | €32,571 | €33,375 | €33,375 | = |
| Operating cash flow (approximation) | €26,912 | €71,802 | €65,779 | €69,191 | €59,126 | ▼ 14.5% |
| Investment in fixed assets (approximation) | - | -€36,378 | -€23,313 | €0 | €0 | - |
| Change in cash | - | €12,777 | -€3,964 | €9,261 | €19,895 | ▲ 115% |
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, 1,639 companies had the same profile as BABARIMMO has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BABARIMMO 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 1,639 companies, not a prediction for BABARIMMO. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00170942 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00325165 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00392968 | |
| 31-12-2022 | micro format | 29-12-2023 | 2024-00544092 | |
| 31-12-2021 | micro format | 21-09-2022 | 2022-20437528 |