BAGRIX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 24 filings
Turnover
€35,762▲ 8.0%
2022 · €33,101
EBIT margin
28.5%▼ 28.7pp
2022 · 57.2%
Net result
€568
2024 · -€38,235
Working capital
€24,241▼ 84.2%
2024 · €153,359
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€35,724
2025
20192025
Net result
€568
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€90,313
▲ 0.6%
2025
middle half of the sector
20192025
Total assets
€1.1m
▼ 2.4%
2025
highest quarter of the sector
20192025
Debt
€1.0m
▼ 2.7%
2025
20192025
Working capital
€24,241
▼ 84.2%
2025
middle half of the sector
20192025
Solvency
8.0%
▲ 0.2pp
2025
lowest quarter of the sector
20192025
Current ratio
1.11
▼ 1.09
2025
middle half of the sector
20192025
Return on assets (ROA)
0.1%
▲ 3.4pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.08m-€0.09m▲ 15.2%€0.1m▲ 40.3%€0.03m▼ 72.7%€0.04m▲ 8.0%
Operating result€0.001m--€0.01m€0.01m€0.02m▲ 47.6%€0.01m▼ 46.2%-€0.02m€0.04m
Net result-€483--€0.01mbelow the sector's middle half▼ 2,540%€0.01mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 14.8%€0.006mwithin the sector's middle half▼ 54.6%-€0.04mbelow the sector's middle half€0.001mwithin the sector's middle half
EBIT margin1.4%--13.4%▼ 14.8pp10.6%▲ 23.9pp57.2%▲ 46.7pp28.5%▼ 28.7pp
Equity€0.1m-€0.1mwithin the sector's middle half▼ 11.5%€0.1mwithin the sector's middle half▲ 11.4%€0.1mwithin the sector's middle half▲ 11.7%€0.1mwithin the sector's middle half▲ 4.8%€0.09mwithin the sector's middle half▼ 29.9%€0.09mwithin the sector's middle half▲ 0.6%
Total assets€0.3m-€0.2mwithin the sector's middle half▼ 40.7%€0.3mwithin the sector's middle half▲ 32.9%€0.3mwithin the sector's middle half▲ 5.0%€0.4mwithin the sector's middle half▲ 37.3%€1.2mabove the sector's middle half▲ 219%€1.1mabove the sector's middle half▼ 2.4%
Debt€0.2m-€0.09m▼ 56.4%€0.1m▲ 56.3%€0.1m▼ 0.2%€0.2m▲ 65.5%€1.1m▲ 355%€1.0m▼ 2.7%
Working capital€0.2m-€0.09mabove the sector's middle half▼ 49.0%€0.1mabove the sector's middle half▲ 12.5%€0.2mabove the sector's middle half▲ 100%€0.1mabove the sector's middle half▼ 35.4%€0.2mabove the sector's middle half▲ 15.1%€0.02mwithin the sector's middle half▼ 84.2%
Solvency34.9%-52.1%within the sector's middle half▲ 17.2pp43.6%within the sector's middle half▼ 8.4pp46.4%within the sector's middle half▲ 2.8pp35.4%within the sector's middle half▼ 11.0pp7.8%below the sector's middle half▼ 27.6pp8.0%below the sector's middle half▲ 0.2pp
Current ratio2.55-2.18within the sector's middle half▼ 0.371.76within the sector's middle half▼ 0.425.05above the sector's middle half▲ 3.291.90within the sector's middle half▼ 3.162.19within the sector's middle half▲ 0.301.11within the sector's middle half▼ 1.09
Return on assets (ROA)-0.2%--6.8%below the sector's middle half▼ 6.6pp4.5%within the sector's middle half▲ 11.2pp4.9%within the sector's middle half▲ 0.4pp1.6%within the sector's middle half▼ 3.3pp-3.3%below the sector's middle half▼ 4.9pp0.1%within the sector's middle half▲ 3.4pp
Staff (FTE)0.9-2.7above the sector's middle half▲ 200%1▼ 63.0%
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 profit of €35,724, after a loss of €22,850 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€873,198 ▲ 0.3%
Current assets
€251,026 ▼ 10.9%
Equity and liabilities €1.1m
Equity
€90,313 ▲ 0.6%
Debt
€1.0m ▼ 2.7%
Debt's share of the balance-sheet total falls from 92.2% to 92.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,983▲
2024 · -€18,710
Cash flow
€4,827▲
2024 · -€34,095
Quick ratio
0.79▼
2024 · 1.83
Debt to equity
11.45▼
2024 · 11.84
ROE
0.6%▲
2024 · -42.6%
Interest coverage
1.14▲
2024 · -1.22
Debt ≤ 1 year
€226,785▲
2024 · €128,369
Debt > 1 year
€807,126▼
2024 · €933,916
Staff costs
€570
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 | - | €76,080 | €794,967 | €7,155 |
| Depreciation and write-downs of the year | €6,671 | €2,555 | €4,140 | €4,259 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €75,135 | €86,541 | €121,454 | €33,101 | €35,762 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €1,800 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €57,441 | €82,303 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | -€5 | - | - | €570 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,335 | €6,419 | €6,671 | €6,671 | €2,555 | €4,140 | €4,259 | ▲ 2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €105,189 | - | - |
| Other operating charges640/8 | - | - | - | €1,125 | €1,036 | €4,017 | €856 | ▼ 78.7% |
| Gross operating margin9900 | €36,442 | €104,776 | €22,316 | €26,736 | €13,784 | €90,496 | €41,410 | ▼ 54.2% |
| Operating profit (loss)9901 | €1,054 | -€11,555 | €12,836 | €18,946 | €10,193 | -€22,850 | €35,724 | - |
| Financial charges65/66B | - | - | - | €1,298 | €1,928 | €15,385 | €35,156 | ▲ 129% |
| Recurring financial charges65 | €1,528 | €1,202 | €1,241 | €1,298 | €1,928 | €15,385 | €35,156 | ▲ 129% |
| Profit (loss) for the period before taxes9903 | -€475 | -€12,757 | €11,595 | €17,648 | €8,265 | -€38,235 | €568 | - |
| Income taxes67/77 | €9 | - | €436 | €4,832 | €2,440 | - | - | - |
| Profit (loss) for the period9904 | -€483 | -€12,757 | €11,159 | €12,816 | €5,825 | -€38,235 | €568 | - |
| Profit (loss) for the period to be appropriated9905 | -€483 | -€12,757 | €11,159 | €12,816 | €5,825 | -€38,235 | €568 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €1.2m | €1.1m | ▼ 2.4% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.01m | €0.006m | €0.08m | €0.9m | €0.9m | ▲ 0.3% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.009m | €0.003m | €0.08m | €0.9m | €0.9m | ▲ 0.3% |
| Land and buildings22 | - | - | - | - | €0.07m | €0.9m | €0.9m | ▲ 0.4% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.002m | €0.002m | ▼ 17.4% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 10.9% |
| Stocks and contracts in progress3 | - | - | - | €0.01m | €0.03m | €0.05m | €0.07m | ▲ 54.8% |
| Stocks30/36 | - | - | - | €0.01m | €0.03m | €0.05m | €0.07m | ▲ 54.8% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 22.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.06m | €0.07m | ▲ 27.9% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 39.2% |
| Cash at bank and in hand54/58 | - | €205 | €143 | €27 | €0.002m | €0.006m | €280 | ▼ 95.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €1.2m | €1.1m | ▼ 2.4% |
| Equity10/15 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▲ 0.6% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | - | - | - |
| Issued capital100 | - | - | - | €0.05m | €0.05m | - | - | - |
| Uncalled capital101 | - | - | - | €0.03m | €0.03m | - | - | - |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | - | - | - |
| Legal reserve130 | - | - | - | €0.005m | €0.005m | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €0.09m | €0.08m | €0.09m | €0.1m | €0.1m | €0.07m | €0.07m | ▲ 0.8% |
| Amounts payable17/49 | €0.2m | €0.09m | €0.1m | €0.1m | €0.2m | €1.1m | €1.0m | ▼ 2.7% |
| Amounts payable after more than one year17 | €0.09m | €0.01m | €0.006m | €0.09m | €0.08m | €0.9m | €0.8m | ▼ 13.6% |
| Financial debts170/4 | - | - | - | - | - | €0.8m | €0.8m | ▼ 2.5% |
| Other amounts payable178/9 | - | - | - | €0.09m | €0.08m | €0.2m | €0.05m | ▼ 67.9% |
| Amounts payable within one year42/48 | €0.1m | €0.08m | €0.1m | €0.05m | €0.1m | €0.1m | €0.2m | ▲ 76.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.006m | €0.05m | €0.07m | €0.07m | = |
| Trade debts44 | €0.1m | €0.02m | €0.06m | €0.04m | €0.1m | €0.06m | €0.2m | ▲ 167% |
| Suppliers440/4 | - | - | - | €0.04m | €0.1m | €0.06m | €0.2m | ▲ 167% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.002m | - | - | - |
| Taxes450/3 | - | - | - | €0.005m | €0.002m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€483 | -€12,757 | €11,159 | €12,816 | €5,825 | -€38,235 | €568 | - |
| + Depreciation and write-downs630 | €6,335 | €6,419 | €6,671 | €6,671 | €2,555 | €4,140 | €4,259 | ▲ 2.9% |
| Operating cash flow (approximation) | €5,852 | -€6,338 | €17,830 | €19,487 | €8,380 | -€34,095 | €4,827 | - |
| Investment in fixed assets (approximation) | - | -€3,361 | €0 | €0 | -€76,080 | -€794,967 | -€7,155 | ▲ 99.1% |
| Change in cash | - | - | -€62 | -€116 | €1,815 | €4,105 | -€5,667 | - |
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, 1,217 companies had the same profile as BAGRIX has now. Two years later, 95.9% were still going and 1.5% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
2.5%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BAGRIX itself: 0.5% 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 1,217 companies, not a prediction for BAGRIX. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00030706 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00024707 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00023740 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00017891 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-03000512 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-04400124 | |
| 30-06-2019 | full format | 31-01-2020 | 2020-03900075 | |
| 30-06-2018 | full format | 31-01-2019 | 2019-04100283 | |
| 30-06-2017 | full format | 31-01-2018 | 2018-04400241 | |
| 30-06-2016 | full format | 07-01-2017 | 2017-00700207 |