BARFA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-06-2026 PDF all 27 filings
Turnover
≈ €4,900
Estimated: probably between €2,900 and €10,000
Total assets
€21,103▲ 19.5%
2024 · €17,658
Net result
-€1,221
2024 · €1,680
Working capital
€12,868▼ 21.5%
2024 · €16,399
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,058
2025
20182025
Net result
-€1,221
2025
lowest quarter of the sector
20182025
Equity
€10,540
▼ 10.4%
2025
lowest quarter of the sector
20182025
Total assets
€21,103
▲ 19.5%
2025
lowest quarter of the sector
20182025
Debt
€10,564
▲ 79.1%
2025
20182025
Working capital
€12,868
▼ 21.5%
2025
middle half of the sector
20182025
Solvency
49.9%
▼ 16.7pp
2025
middle half of the sector
20182025
Current ratio
3.62
▼ 10.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-5.8%
▼ 15.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,860--€6,712-€1,186▲ 82.3%€1,443-€13,098€6,144€1,794▼ 70.8%-€1,058
Net result€3,769--€6,713-€1,268below the sector's middle half▲ 81.1%€1,330within the sector's middle half-€13,229below the sector's middle half€5,966within the sector's middle half€1,680within the sector's middle half▼ 71.8%-€1,221below the sector's middle half
Equity€23,995-€17,282▼ 28.0%€16,014below the sector's middle half▼ 7.3%€17,343below the sector's middle half▲ 8.3%€4,115below the sector's middle half▼ 76.3%€10,080below the sector's middle half▲ 145%€11,760below the sector's middle half▲ 16.7%€10,540below the sector's middle half▼ 10.4%
Total assets€52,265-€39,787▼ 23.9%€28,214below the sector's middle half▼ 29.1%€29,767below the sector's middle half▲ 5.5%€11,235below the sector's middle half▼ 62.3%€17,734below the sector's middle half▲ 57.9%€17,658below the sector's middle half▼ 0.4%€21,103below the sector's middle half▲ 19.5%
Debt€28,270-€22,506▼ 20.4%€12,201▼ 45.8%€12,424▲ 1.8%€7,120▼ 42.7%€7,654▲ 7.5%€5,898▼ 22.9%€10,564▲ 79.1%
Working capital€11,629-€9,186▼ 21.0%€7,329within the sector's middle half▼ 20.2%€18,208within the sector's middle half▲ 148%€8,731within the sector's middle half▼ 52.0%€15,494within the sector's middle half▲ 77.5%€16,399within the sector's middle half▲ 5.8%€12,868within the sector's middle half▼ 21.5%
Solvency45.9%-43.4%▼ 2.5pp56.8%within the sector's middle half▲ 13.3pp58.3%within the sector's middle half▲ 1.5pp36.6%within the sector's middle half▼ 21.6pp56.8%within the sector's middle half▲ 20.2pp66.6%within the sector's middle half▲ 9.8pp49.9%within the sector's middle half▼ 16.7pp
Current ratio30.07-19.37▼ 10.7011.09above the sector's middle half▼ 8.2816.57above the sector's middle half▲ 5.478.55above the sector's middle half▼ 8.027.92above the sector's middle half▼ 0.6314.02above the sector's middle half▲ 6.103.62above the sector's middle half▼ 10.40
Return on assets (ROA)7.2%--16.9%▼ 24.1pp-4.5%below the sector's middle half▲ 12.4pp4.5%within the sector's middle half▲ 9.0pp-117.7%below the sector's middle half▼ 122.2pp33.6%above the sector's middle half▲ 151.4pp9.5%within the sector's middle half▼ 24.1pp-5.8%below the sector's middle half▼ 15.3pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 loss of €1,058, after a profit of €1,794 in 2024. It is the lowest result since 2022.
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 €21,103
Fixed assets
€3,326
Current assets
€17,778
Equity and liabilities €21,103
Equity
€10,540 ▼ 10.4%
Debt
€10,564 ▲ 79.1%
Debt's share of the balance-sheet total rises from 33.4% to 50.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,014▼
2024 · €1,794
Cash flow
-€1,177▼
2024 · €1,680
Quick ratio
3.03▼
2024 · 9.10
Debt to equity
1.00▲
2024 · 0.50
ROE
-11.6%▼
2024 · 14.3%
Interest coverage
-5.33▼
2024 · 8.93
Debt ≤ 1 year
€4,909▲
2024 · €1,259
Debt > 1 year
€5,654▲
2024 · €4,639
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 | - | - | - | - | €3,370 |
| Depreciation and write-downs of the year | €9,770 | €9,042 | €1,348 | €0 | €44 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €9,319 | €10,135 | €9,942 | €9,770 | €9,042 | €1,348 | €0 | €44 | - |
| Other operating charges640/8 | - | - | - | €726 | €899 | €1,243 | €1,691 | €1,505 | ▼ 11.0% |
| Non-recurring operating charges66A | - | - | - | €211 | €0 | - | - | - | - |
| Gross operating margin9900 | €15,917 | €4,170 | €9,557 | €12,149 | -€3,158 | €8,734 | €3,485 | €491 | ▼ 85.9% |
| Operating profit (loss)9901 | €4,860 | -€6,712 | -€1,186 | €1,443 | -€13,098 | €6,144 | €1,794 | -€1,058 | - |
| Financial income75/76B | - | - | - | €21 | €44 | €26 | €87 | €27 | ▼ 68.8% |
| Recurring financial income75 | €97 | €87 | €27 | €21 | €44 | €26 | €87 | €27 | ▼ 68.8% |
| Financial charges65/66B | - | - | - | €134 | €174 | €205 | €201 | €190 | ▼ 5.2% |
| Recurring financial charges65 | €89 | €88 | €110 | €134 | €174 | €205 | €201 | €190 | ▼ 5.2% |
| Profit (loss) for the period before taxes9903 | €4,868 | -€6,713 | -€1,268 | €1,330 | -€13,229 | €5,966 | €1,680 | -€1,221 | - |
| Income taxes67/77 | €1,100 | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €3,769 | -€6,713 | -€1,268 | €1,330 | -€13,229 | €5,966 | €1,680 | -€1,221 | - |
| Profit (loss) for the period to be appropriated9905 | €3,769 | -€6,713 | -€1,268 | €1,330 | -€13,229 | €5,966 | €1,680 | -€1,221 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €52,265 | €39,787 | €28,214 | €29,767 | €11,235 | €17,734 | €17,658 | €21,103 | ▲ 19.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €40,236 | €30,101 | €20,159 | €10,389 | €1,348 | €0 | - | €3,326 | - |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €40,236 | €30,101 | €20,159 | €10,389 | €1,348 | €0 | - | €3,326 | - |
| Plant, machinery and equipment23 | - | - | - | €3,121 | €1,021 | €0 | - | €3,326 | - |
| Furniture and vehicles24 | - | - | - | €7,268 | €327 | €0 | - | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €12,029 | €9,686 | €8,055 | €19,378 | €9,887 | €17,734 | €17,658 | €17,778 | ▲ 0.7% |
| Stocks and contracts in progress3 | €1,975 | €1,166 | €793 | €1,233 | €1,568 | €5,934 | €6,195 | €2,890 | ▼ 53.3% |
| Stocks30/36 | - | - | - | €1,233 | €1,568 | €5,934 | €6,195 | €2,890 | ▼ 53.3% |
| Amounts receivable within one year40/41 | €8,225 | €3,946 | €1,570 | €2,983 | €1,386 | €1,178 | €492 | €653 | ▲ 32.9% |
| Trade receivables40 | - | - | - | - | - | - | €492 | €345 | ▼ 30.0% |
| Other amounts receivable41 | - | - | - | €2,983 | €1,386 | €1,178 | €0 | €309 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,070 | €3,887 | €5,061 | €13,962 | €5,943 | €9,537 | €9,541 | €12,782 | ▲ 34.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,200 | €990 | €1,085 | €1,431 | €1,452 | ▲ 1.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €52,265 | €39,787 | €28,214 | €29,767 | €11,235 | €17,734 | €17,658 | €21,103 | ▲ 19.5% |
| Equity10/15 | €23,995 | €17,282 | €16,014 | €17,343 | €4,115 | €10,080 | €11,760 | €10,540 | ▼ 10.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €5,395 | €4,163 | €4,163 | €4,163 | €4,163 | €4,163 | €4,163 | €4,163 | = |
| Non-distributable reserves130/1 | - | - | - | €585 | €585 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €585 | €585 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €3,579 | €3,579 | €4,163 | €4,163 | €4,163 | = |
| Profit (loss) carried forward14 | €0 | -€5,482 | -€6,750 | -€5,420 | -€18,649 | -€12,683 | -€11,003 | -€12,224 | ▼ 11.1% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €28,270 | €22,506 | €12,201 | €12,424 | €7,120 | €7,654 | €5,898 | €10,564 | ▲ 79.1% |
| Amounts payable after more than one year17 | €27,870 | €22,006 | €11,474 | €11,254 | €5,964 | €5,414 | €4,639 | €5,654 | ▲ 21.9% |
| Other amounts payable178/9 | - | - | - | €11,254 | €5,964 | €5,414 | €4,639 | €5,654 | ▲ 21.9% |
| Amounts payable within one year42/48 | €400 | €500 | €726 | €1,170 | €1,156 | €2,240 | €1,259 | €4,909 | ▲ 290% |
| Trade debts44 | €0 | - | €226 | €120 | €104 | €1,190 | €0 | €259 | - |
| Suppliers440/4 | - | - | - | €120 | €104 | €1,190 | €0 | €259 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,050 | €1,052 | €1,050 | €1,259 | €4,650 | ▲ 269% |
| Taxes450/3 | - | - | - | - | €1,052 | €1,050 | €1,259 | €1,050 | ▼ 16.6% |
| Remuneration and social security454/9 | - | - | - | €1,050 | - | - | - | €3,600 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,769 | -€6,713 | -€1,268 | €1,330 | -€13,229 | €5,966 | €1,680 | -€1,221 | - |
| + Depreciation and write-downs630 | €9,319 | €10,135 | €9,942 | €9,770 | €9,042 | €1,348 | €0 | €44 | - |
| Operating cash flow (approximation) | €13,088 | €3,421 | €8,674 | €11,099 | -€4,187 | €7,313 | €1,680 | -€1,177 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | - | - | - |
| Change in cash | - | €2,818 | €1,174 | €8,901 | -€8,018 | €3,594 | €3 | €3,242 | ▲ 982× |
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, 12,322 companies had the same profile as BARFA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BARFA itself: 0.2% 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 12,322 companies, not a prediction for BARFA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-06-2026 | 2026-00150730 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00129074 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00106335 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00230238 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20070225 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20600536 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17400391 | |
| 31-12-2018 | micro format | 04-06-2019 | 2019-15900186 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20600388 | |
| 31-12-2016 | micro format | 16-06-2017 | 2017-18500257 |