Bartofisc
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 12 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €520,000
Estimated: probably between €450,000 and €610,000
Total assets
€433,816▼ 13.3%
2024 · €500,612
Net result
€28,299▼ 14.5%
2024 · €33,105
Working capital
€88,740▲ 86.3%
2024 · €47,626
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,333
▼ 16.0%
2025
20182025
Net result
€28,299
▼ 14.5%
2025
middle half of the sector
20182025
Equity
€191,549
▲ 12.0%
2025
middle half of the sector
20182025
Total assets
€433,816
▼ 13.3%
2025
middle half of the sector
20182025
Debt
€242,267
▼ 26.5%
2025
20182025
Working capital
€88,740
▲ 86.3%
2025
middle half of the sector
20182025
Solvency
44.2%
▲ 10.0pp
2025
middle half of the sector
20182025
Current ratio
1.37
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
6.5%
▼ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3.9
▼ 7.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€29,708-€26,568▼ 10.6%€39,214▲ 47.6%€52,747▲ 34.5%€48,354▼ 8.3%€44,386▼ 8.2%€53,994▲ 21.6%€45,333▼ 16.0%
Net result€20,433-€17,512▼ 14.3%€25,306within the sector's middle half▲ 44.5%€36,935within the sector's middle half▲ 46.0%€30,216within the sector's middle half▼ 18.2%€24,513below the sector's middle half▼ 18.9%€33,105within the sector's middle half▲ 35.1%€28,299within the sector's middle half▼ 14.5%
Equity€40,523-€55,066▲ 35.9%€75,919within the sector's middle half▲ 37.9%€103,949below the sector's middle half▲ 36.9%€128,227within the sector's middle half▲ 23.4%€145,318within the sector's middle half▲ 13.3%€171,002within the sector's middle half▲ 17.7%€191,549within the sector's middle half▲ 12.0%
Total assets€288,060-€856,595▲ 197%€866,481above the sector's middle half▲ 1.2%€695,310within the sector's middle half▼ 19.8%€615,809within the sector's middle half▼ 11.4%€602,745within the sector's middle half▼ 2.1%€500,612below the sector's middle half▼ 16.9%€433,816within the sector's middle half▼ 13.3%
Debt€247,537-€801,528▲ 224%€790,562▼ 1.4%€591,362▼ 25.2%€487,582▼ 17.5%€457,426▼ 6.2%€329,610▼ 27.9%€242,267▼ 26.5%
Working capital-€29,274--€24,604▲ 16.0%-€6,994below the sector's middle half▲ 71.6%-€1,835below the sector's middle half▲ 73.8%€19,980within the sector's middle half€8,547below the sector's middle half▼ 57.2%€47,626within the sector's middle half▲ 457%€88,740within the sector's middle half▲ 86.3%
Solvency14.1%-6.4%▼ 7.6pp8.8%below the sector's middle half▲ 2.3pp14.9%within the sector's middle half▲ 6.2pp20.8%within the sector's middle half▲ 5.9pp24.1%within the sector's middle half▲ 3.3pp34.2%within the sector's middle half▲ 10.0pp44.2%within the sector's middle half▲ 10.0pp
Current ratio0.72-0.92▲ 0.190.98below the sector's middle half▲ 0.071.00below the sector's middle half▲ 0.011.06within the sector's middle half▲ 0.061.02below the sector's middle half▼ 0.041.15within the sector's middle half▲ 0.131.37within the sector's middle half▲ 0.22
Return on assets (ROA)7.1%-2.0%▼ 5.0pp2.9%below the sector's middle half▲ 0.9pp5.3%within the sector's middle half▲ 2.4pp4.9%within the sector's middle half▼ 0.4pp4.1%within the sector's middle half▼ 0.8pp6.6%within the sector's middle half▲ 2.5pp6.5%within the sector's middle half▼ 0.1pp
Staff (FTE)0.3-3▲ 900%3.2above the sector's middle half▲ 6.7%3.5within the sector's middle half▲ 9.4%4.2within the sector's middle half▲ 20.0%3.9within the sector's middle half▼ 7.1%4.2within the sector's middle half▲ 7.7%3.9within the sector's middle half▼ 7.1%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 16% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €433,816
Fixed assets
€102,809 ▼ 18.3%
Current assets
€331,007 ▼ 11.7%
Equity and liabilities €433,816
Equity
€191,549 ▲ 12.0%
Debt
€242,267 ▼ 26.5%
Debt's share of the balance-sheet total falls from 65.8% to 55.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€83,996▼
2024 · €98,834
Cash flow
€66,962▼
2024 · €77,945
Debt to equity
1.26▼
2024 · 1.93
ROE
14.8%▼
2024 · 19.4%
Interest coverage
over 100▲
2024 · 39.89
Debt ≤ 1 year
€242,267▼
2024 · €327,149
Income taxes
€18,417▼
2024 · €19,850
Staff costs
€207,613▲
2024 · €197,593
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 | 4 |
| full-time | 4 | 3 | 3 | 3 | 3 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 4 | 3.9 | 3.9 | 3.9 | 3.9 |
| Average over the year, in full-time equivalents | 3.5 | 4.2 | 3.9 | 4.2 | 3.9 |
| On a permanent contract | 3 | 4 | 4 | 4 | 4 |
| Joined | 4 | 2 | - | 1 | 2 |
| Left | 3 | 2 | - | 1 | 2 |
| Training hours | 30 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,587 | €105,298 | €53,875 | €16,808 | €15,635 |
| Depreciation and write-downs of the year | €169,112 | €182,398 | €147,016 | €44,840 | €38,663 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,961 awarded · €1,854 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €59 | €0 |
| 2024 | 1 | €207 | €263 |
| 2023 | 1 | €670 | €742 |
| 2022 | 1 | €1,025 | €849 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €3,500 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €125,129 | €161,281 | €201,552 | €197,593 | €207,613 | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,615 | €167,823 | €165,636 | €169,112 | €182,398 | €147,016 | €44,840 | €38,663 | ▼ 13.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €19,132 | -€19,132 | - | - |
| Other operating charges640/8 | - | - | - | €1,029 | €5,583 | €5,497 | €4,566 | €5,370 | ▲ 17.6% |
| Gross operating margin9900 | €98,530 | €288,561 | €305,698 | €348,016 | €397,616 | €417,584 | €281,862 | €296,979 | ▲ 5.4% |
| Operating profit (loss)9901 | €29,708 | €26,568 | €39,214 | €52,747 | €48,354 | €44,386 | €53,994 | €45,333 | ▼ 16.0% |
| Financial income75/76B | - | - | - | €118 | €78 | €1,113 | €1,439 | €1,904 | ▲ 32.3% |
| Recurring financial income75 | €1,248 | €356 | €1,100 | €118 | €78 | €1,113 | €1,439 | €1,904 | ▲ 32.3% |
| Financial charges65/66B | - | - | - | €4,477 | €4,140 | €3,229 | €2,478 | €521 | ▼ 79.0% |
| Recurring financial charges65 | €3,592 | €2,479 | €6,547 | €4,477 | €4,140 | €3,229 | €2,478 | €521 | ▼ 79.0% |
| Profit (loss) for the period before taxes9903 | €27,365 | €24,444 | €33,767 | €48,387 | €44,293 | €42,271 | €52,955 | €46,716 | ▼ 11.8% |
| Income taxes67/77 | €6,932 | €6,933 | €8,460 | €11,452 | €14,077 | €17,758 | €19,850 | €18,417 | ▼ 7.2% |
| Profit (loss) for the period9904 | €20,433 | €17,512 | €25,306 | €36,935 | €30,216 | €24,513 | €33,105 | €28,299 | ▼ 14.5% |
| Profit (loss) for the period to be appropriated9905 | €20,433 | €17,512 | €25,306 | €36,935 | €30,216 | €24,513 | €33,105 | €28,299 | ▼ 14.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €288,060 | €856,595 | €866,481 | €695,310 | €615,809 | €602,745 | €500,612 | €433,816 | ▼ 13.3% |
| Fixed assets21/28 | €211,016 | €590,894 | €455,635 | €324,110 | €247,010 | €153,869 | €125,837 | €102,809 | ▼ 18.3% |
| Intangible fixed assets21 | €140,000 | €522,600 | €383,200 | €243,800 | €104,400 | - | - | - | - |
| Tangible fixed assets22/27 | €70,826 | €68,104 | €72,245 | €80,120 | €142,420 | €153,679 | €125,647 | €102,619 | ▼ 18.3% |
| Land and buildings22 | - | - | - | €21,436 | €38,968 | €41,624 | €45,821 | €46,411 | ▲ 1.3% |
| Plant, machinery and equipment23 | - | - | - | €17,594 | €18,748 | €25,165 | €20,350 | €14,357 | ▼ 29.4% |
| Furniture and vehicles24 | - | - | - | €41,090 | €36,938 | €50,603 | €34,666 | €28,518 | ▼ 17.7% |
| Leasing and similar rights25 | - | - | - | - | €47,766 | €36,288 | €24,811 | €13,333 | ▼ 46.3% |
| Financial fixed assets28 | €190 | €190 | €190 | €190 | €190 | €190 | €190 | €190 | = |
| Current assets29/58 | €77,045 | €265,700 | €410,846 | €371,200 | €368,798 | €448,876 | €374,775 | €331,007 | ▼ 11.7% |
| Amounts receivable within one year40/41 | €71,391 | €157,514 | €137,401 | €184,521 | €180,451 | €332,029 | €270,500 | €238,558 | ▼ 11.8% |
| Trade receivables40 | - | - | - | €172,515 | €161,077 | €301,354 | €226,067 | €203,509 | ▼ 10.0% |
| Other amounts receivable41 | - | - | - | €12,006 | €19,373 | €30,675 | €44,433 | €35,049 | ▼ 21.1% |
| Cash at bank and in hand54/58 | €5,654 | €108,187 | €273,445 | €186,679 | €188,348 | €105,604 | €92,942 | €77,380 | ▼ 16.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €11,243 | €11,333 | €15,069 | ▲ 33.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €288,060 | €856,595 | €866,481 | €695,310 | €615,809 | €602,745 | €500,612 | €433,816 | ▼ 13.3% |
| Equity10/15 | €40,523 | €55,066 | €75,919 | €103,949 | €128,227 | €145,318 | €171,002 | €191,549 | ▲ 12.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,310 | €1,860 | €51,860 | €81,860 | €108,860 | €126,090 | €151,770 | €172,315 | ▲ 13.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €28,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Other1319 | - | - | - | - | €27,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €80,000 | €80,000 | €126,090 | €151,770 | €172,315 | ▲ 13.5% |
| Profit (loss) carried forward14 | €20,613 | €34,606 | €5,459 | €3,489 | €767 | €628 | €632 | €634 | ▲ 0.4% |
| Amounts payable17/49 | €247,537 | €801,528 | €790,562 | €591,362 | €487,582 | €457,426 | €329,610 | €242,267 | ▼ 26.5% |
| Amounts payable after more than one year17 | €141,219 | €511,224 | €372,722 | €218,326 | €138,763 | €17,098 | €2,461 | - | - |
| Financial debts170/4 | - | - | - | €218,326 | €138,763 | €17,098 | €2,461 | - | - |
| Amounts payable within one year42/48 | €106,318 | €290,304 | €417,840 | €373,035 | €348,819 | €440,328 | €327,149 | €242,267 | ▼ 25.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €154,396 | €125,280 | €120,473 | €14,637 | €2,461 | ▼ 83.2% |
| Trade debts44 | €55,307 | €119,993 | €256,295 | €207,914 | €201,726 | €283,801 | €270,668 | €207,714 | ▼ 23.3% |
| Suppliers440/4 | - | - | - | €207,914 | €201,726 | €283,801 | €270,668 | €207,714 | ▼ 23.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,775 | €15,836 | €28,633 | €34,387 | €24,296 | ▼ 29.3% |
| Taxes450/3 | - | - | - | €1,775 | €4,032 | €6,465 | €11,315 | €1,030 | ▼ 90.9% |
| Remuneration and social security454/9 | - | - | - | - | €11,803 | €22,168 | €23,072 | €23,266 | ▲ 0.8% |
| Other amounts payable47/48 | - | - | - | €8,950 | €5,977 | €7,422 | €7,457 | €7,795 | ▲ 4.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,433 | €17,512 | €25,306 | €36,935 | €30,216 | €24,513 | €33,105 | €28,299 | ▼ 14.5% |
| + Depreciation and write-downs630 | €58,615 | €167,823 | €165,636 | €169,112 | €182,398 | €147,016 | €44,840 | €38,663 | ▼ 13.8% |
| Operating cash flow (approximation) | €79,048 | €185,335 | €190,943 | €206,047 | €212,614 | €171,529 | €77,945 | €66,962 | ▼ 14.1% |
| Investment in fixed assets (approximation) | - | -€547,702 | -€30,377 | -€37,587 | -€105,298 | -€53,875 | -€16,808 | -€15,635 | ▲ 7.0% |
| Change in cash | - | €102,533 | €165,259 | -€86,766 | €1,669 | -€82,744 | -€12,661 | -€15,563 | ▼ 22.9% |
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, 34,693 companies had the same profile as Bartofisc has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Bartofisc 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 34,693 companies, not a prediction for Bartofisc. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-06-2026 | 2026-00176828 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00232601 | |
| 31-12-2023 | abbreviated format | 23-07-2024 | 2024-00274570 | |
| 31-12-2022 | abbreviated format | 20-06-2023 | 2023-00140013 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20113725 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22600321 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24300049 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-22100093 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-27100045 | |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19700186 |