BARA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 23 filings
Turnover
≈ €120,000
Estimated: probably between €54,000 and €280,000
Total assets
€55,266▲ 11.7%
2024 · €49,484
Net result
€7,891▲ 28.1%
2024 · €6,158
Working capital
-€8,380▲ 42.6%
2024 · -€14,611
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,888
▲ 27.1%
2025
20182025
Net result
€7,891
▲ 28.1%
2025
20182025
Equity
€34,943
▲ 5.7%
2025
20182025
Total assets
€55,266
▲ 11.7%
2025
20182025
Debt
€20,323
▲ 23.7%
2025
20182025
Working capital
-€8,380
▲ 42.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,548-€4,531▼ 0.4%€4,367▼ 3.6%€7,209▲ 65.1%€7,204▼ 0.1%-€8,513€6,994€8,888▲ 27.1%
Net result€4,237-€4,409▲ 4.1%€4,299▼ 2.5%€5,061▲ 17.7%€3,900▼ 22.9%-€9,571€6,158€7,891▲ 28.1%
Equity€18,798-€23,206▲ 23.4%€27,505▲ 18.5%€32,566▲ 18.4%€36,466▲ 12.0%€26,894▼ 26.2%€33,052▲ 22.9%€34,943▲ 5.7%
Total assets€80,600-€74,695▼ 7.3%€71,711▼ 4.0%€64,294▼ 10.3%€59,456▼ 7.5%€55,637▼ 6.4%€49,484▼ 11.1%€55,266▲ 11.7%
Debt€61,802-€51,489▼ 16.7%€44,206▼ 14.1%€31,728▼ 28.2%€22,990▼ 27.5%€28,743▲ 25.0%€16,432▼ 42.8%€20,323▲ 23.7%
Working capital-€59,079--€49,735▲ 15.8%-€40,500▲ 18.6%-€29,383▲ 27.4%-€20,249▲ 31.1%-€25,517▼ 26.0%-€14,611▲ 42.7%-€8,380▲ 42.6%
The operating result for 2025 is 27% higher than in 2024 and the highest since 2021. 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 €55,266
Fixed assets
€43,323 ▼ 10.2%
Current assets
€11,943 ▲ 875%
Equity and liabilities €55,266
Equity
€34,943 ▲ 5.7%
Debt
€20,323 ▲ 23.7%
Debt's share of the balance-sheet total rises from 33.2% to 36.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€13,824▲
2024 · €11,931
Cash flow
€12,827▲
2024 · €11,095
Current ratio
0.59▲
2024 · 0.08
Debt to equity
0.58▲
2024 · 0.50
ROE
22.6%▲
2024 · 18.6%
ROA
14.3%▲
2024 · 12.4%
Interest coverage
57.36▲
2024 · 14.27
Debt ≤ 1 year
€20,323▲
2024 · €15,836
Income taxes
€940
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,936 | €4,936 | €4,936 | €4,937 | €4,936 | €4,936 | €4,937 | €4,936 | = |
| Other operating charges640/8 | - | - | - | €1,349 | €1,366 | €1,840 | €1,530 | €1,637 | ▲ 7.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €13,255 | - | - | - |
| Gross operating margin9900 | €10,742 | €10,741 | €10,641 | €13,495 | €13,506 | €11,518 | €13,461 | €15,461 | ▲ 14.9% |
| Operating profit (loss)9901 | €4,548 | €4,531 | €4,367 | €7,209 | €7,204 | -€8,513 | €6,994 | €8,888 | ▲ 27.1% |
| Financial income75/76B | - | - | - | - | - | - | - | €184 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €184 | - |
| Financial charges65/66B | - | - | - | €1,220 | €1,678 | €1,058 | €836 | €241 | ▼ 71.2% |
| Recurring financial charges65 | €311 | €122 | €68 | €1,220 | €1,678 | €1,058 | €836 | €241 | ▼ 71.2% |
| Profit (loss) for the period before taxes9903 | €4,237 | €4,409 | €4,299 | €5,989 | €5,526 | -€9,571 | €6,158 | €8,831 | ▲ 43.4% |
| Income taxes67/77 | - | - | - | €928 | €1,626 | - | - | €940 | - |
| Profit (loss) for the period9904 | €4,237 | €4,409 | €4,299 | €5,061 | €3,900 | -€9,571 | €6,158 | €7,891 | ▲ 28.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €3,900 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4,237 | €4,409 | €4,299 | €8,961 | €3,900 | -€9,571 | €6,158 | €7,891 | ▲ 28.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €80,600 | €74,695 | €71,711 | €64,294 | €59,456 | €55,637 | €49,484 | €55,266 | ▲ 11.7% |
| Fixed assets21/28 | €77,877 | €72,941 | €68,005 | €63,068 | €58,132 | €53,196 | €48,259 | €43,323 | ▼ 10.2% |
| Tangible fixed assets22/27 | €77,877 | €72,941 | €68,005 | €63,068 | €58,132 | €53,196 | €48,259 | €43,323 | ▼ 10.2% |
| Land and buildings22 | - | - | - | €63,068 | €58,132 | €53,196 | €48,259 | €43,323 | ▼ 10.2% |
| Current assets29/58 | €2,723 | €1,754 | €3,706 | €1,226 | €1,324 | €2,441 | €1,225 | €11,943 | ▲ 875% |
| Amounts receivable within one year40/41 | €960 | €960 | €2,880 | €1,200 | €1,324 | €1,200 | €1,200 | €10,758 | ▲ 797% |
| Trade receivables40 | - | - | - | €1,200 | €1,200 | €1,200 | €1,200 | €3,516 | ▲ 193% |
| Other amounts receivable41 | - | - | - | - | €124 | - | - | €7,242 | - |
| Cash at bank and in hand54/58 | €1,763 | €794 | €826 | €26 | - | €1,241 | €25 | €1,185 | ▲ 47× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €80,600 | €74,695 | €71,711 | €64,294 | €59,456 | €55,637 | €49,484 | €55,266 | ▲ 11.7% |
| Equity10/15 | €18,798 | €23,206 | €27,505 | €32,566 | €36,466 | €26,894 | €33,052 | €34,943 | ▲ 5.7% |
| Contributions10/11 | €37,500 | €37,500 | - | €37,500 | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Reserves13 | €7,650 | €7,650 | €7,650 | €3,750 | €3,750 | €3,750 | €3,750 | €3,750 | = |
| Non-distributable reserves130/1 | - | - | - | €3,750 | €3,750 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,750 | €3,750 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €3,750 | €3,750 | €3,750 | = |
| Profit (loss) carried forward14 | -€26,352 | -€21,944 | -€17,645 | -€8,684 | -€4,784 | -€14,356 | -€8,198 | -€6,307 | ▲ 23.1% |
| Amounts payable17/49 | €61,802 | €51,489 | €44,206 | €31,728 | €22,990 | €28,743 | €16,432 | €20,323 | ▲ 23.7% |
| Amounts payable within one year42/48 | €61,802 | €51,489 | €44,206 | €30,609 | €21,573 | €27,958 | €15,836 | €20,323 | ▲ 28.3% |
| Financial debts43 | - | - | - | - | €1,185 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €1,185 | - | - | - | - |
| Trade debts44 | - | - | - | €111 | €1,040 | €14,099 | €13,381 | €13,383 | = |
| Suppliers440/4 | - | - | - | €111 | €1,040 | €14,099 | €13,381 | €13,383 | = |
| Taxes, remuneration and social security45 | - | - | - | €928 | - | - | - | €940 | - |
| Taxes450/3 | - | - | - | €928 | - | - | - | €940 | - |
| Other amounts payable47/48 | - | - | - | €29,570 | €19,348 | €13,859 | €2,455 | €6,000 | ▲ 144% |
| Accrued charges and deferred income492/3 | - | - | - | €1,119 | €1,417 | €785 | €596 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,237 | €4,409 | €4,299 | €5,061 | €3,900 | -€9,571 | €6,158 | €7,891 | ▲ 28.1% |
| + Depreciation and write-downs630 | €4,936 | €4,936 | €4,936 | €4,937 | €4,936 | €4,936 | €4,937 | €4,936 | = |
| Operating cash flow (approximation) | €9,173 | €9,345 | €9,235 | €9,998 | €8,836 | -€4,635 | €11,095 | €12,827 | ▲ 15.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€969 | €32 | -€800 | - | - | -€1,216 | €1,160 | - |
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, 31,368 companies had the same profile as BARA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BARA itself: 0.3% 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 31,368 companies, not a prediction for BARA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00389315 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00313714 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00140004 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00113536 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20105037 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-40100270 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27600225 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-38900511 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-40100136 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-36000212 |