BARVER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 21-07-2026 at the NBB all 25 filings
Turnover
€346,703
EBIT margin
16.8%
Net result
€41,593▲ 78.8%
2024 · €23,262
Working capital
€68,561▲ 250%
2024 · €19,613
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€56,949
▲ 94.4%
2025
20182025
Net result
€41,593
▲ 78.8%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€80,348
▲ 107%
2025
lowest quarter of the sector
20182025
Total assets
€234,465
▲ 73.9%
2025
lowest quarter of the sector
20182025
Debt
€154,117
▲ 60.4%
2025
20182025
Working capital
€68,561
▲ 250%
2025
middle half of the sector
20182025
Solvency
34.3%
▲ 5.5pp
2025
middle half of the sector
20182025
Current ratio
1.44
▲ 0.24
2025
middle half of the sector
20182025
Return on assets (ROA)
17.7%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3.9
▼ 9.3%
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
Turnover€346,703-
Operating result€58,356--€26,602€47,566€33,979▼ 28.6%€60,615▲ 78.4%-€10,594€29,296€56,949▲ 94.4%
Net result€57,295--€26,463€46,603above the sector's middle half€32,857above the sector's middle half▼ 29.5%€52,669above the sector's middle half▲ 60.3%-€11,228below the sector's middle half€23,262within the sector's middle half€41,593within the sector's middle half▲ 78.8%
EBIT margin16.8%-
Equity-€78,943--€105,406▼ 33.5%-€58,803below the sector's middle half▲ 44.2%-€25,946below the sector's middle half▲ 55.9%€26,723within the sector's middle half€15,494within the sector's middle half▼ 42.0%€38,756below the sector's middle half▲ 150%€80,348below the sector's middle half▲ 107%
Total assets€94,606-€58,622▼ 38.0%€102,322below the sector's middle half▲ 74.5%€69,135below the sector's middle half▼ 32.4%€152,008within the sector's middle half▲ 120%€135,156within the sector's middle half▼ 11.1%€134,829below the sector's middle half▼ 0.2%€234,465below the sector's middle half▲ 73.9%
Debt€173,549-€164,028▼ 5.5%€161,125▼ 1.8%€95,080▼ 41.0%€125,285▲ 31.8%€119,662▼ 4.5%€96,074▼ 19.7%€154,117▲ 60.4%
Working capital-€108,817--€129,479▼ 19.0%-€96,490below the sector's middle half▲ 25.5%-€52,169within the sector's middle half▲ 45.9%€6,821within the sector's middle half-€9,798within the sector's middle half€19,613within the sector's middle half€68,561within the sector's middle half▲ 250%
Solvency-83.4%--179.8%▼ 96.4pp-57.5%below the sector's middle half▲ 122.3pp-37.5%below the sector's middle half▲ 19.9pp17.6%within the sector's middle half▲ 55.1pp11.5%within the sector's middle half▼ 6.1pp28.7%within the sector's middle half▲ 17.3pp34.3%within the sector's middle half▲ 5.5pp
Current ratio0.34-0.17▼ 0.160.40below the sector's middle half▲ 0.230.45below the sector's middle half▲ 0.051.05within the sector's middle half▲ 0.600.92within the sector's middle half▼ 0.141.20within the sector's middle half▲ 0.291.44within the sector's middle half▲ 0.24
Return on assets (ROA)60.6%--45.1%▼ 105.7pp45.5%above the sector's middle half▲ 90.7pp47.5%above the sector's middle half▲ 2.0pp34.6%above the sector's middle half▼ 12.9pp-8.3%below the sector's middle half▼ 43.0pp17.3%above the sector's middle half▲ 25.6pp17.7%above the sector's middle half▲ 0.5pp
Staff (FTE)2.5-2.7▲ 8.0%2.7above the sector's middle half=2.4▼ 11.1%2.5▲ 4.2%2.4▼ 4.0%4.3within the sector's middle half▲ 79.2%3.9within the sector's middle half▼ 9.3%
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 94% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €234,465
Fixed assets
€11,788 ▼ 38.4%
Current assets
€222,677 ▲ 92.5%
Equity and liabilities €234,465
Equity
€80,348 ▲ 107%
Debt
€154,117 ▲ 60.4%
Debt's share of the balance-sheet total falls from 71.3% to 65.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€62,075▲
2024 · €37,632
Cash flow
€46,718▲
2024 · €31,598
Debt to equity
1.92▼
2024 · 2.48
ROE
51.8%▼
2024 · 60.0%
Interest coverage
59.91▲
2024 · 27.06
Debt ≤ 1 year
€154,117▲
2024 · €96,074
Income taxes
€14,462▲
2024 · €4,925
Staff costs
€122,721▲
2024 · €90,281
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 | 2 | 2 | 2 | 4 | 2 |
| full-time | 2 | 2 | 2 | 4 | 2 |
| part-time | - | - | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 2 | 4 | 2 |
| Average over the year, in full-time equivalents | 2.4 | 2.5 | 2.4 | 4.3 | 3.9 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 152 | 62 | 56 | 10 | 4 |
| Left | 152 | 62 | 56 | 8 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €750 | €13,910 | €2,186 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,464 | €7,072 | €8,519 | €8,336 | €5,125 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €773 awarded · €773 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €191 | €191 |
| 2024 | 1 | €400 | €400 |
| 2023 | 1 | €182 | €182 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €346,703 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €10,271 | - |
| Remuneration, social security and pensions62 | - | - | - | €79,489 | €68,723 | €88,011 | €90,281 | €122,721 | ▲ 35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,323 | €9,604 | €10,705 | €11,464 | €7,072 | €8,519 | €8,336 | €5,125 | ▼ 38.5% |
| Other operating charges640/8 | - | - | - | €5,787 | €1,640 | €1,151 | €1,206 | €1,019 | ▼ 15.5% |
| Gross operating margin9900 | €155,039 | €71,707 | €148,762 | €130,719 | €138,050 | €87,087 | €129,119 | €185,815 | ▲ 43.9% |
| Operating profit (loss)9901 | €58,356 | -€26,602 | €47,566 | €33,979 | €60,615 | -€10,594 | €29,296 | €56,949 | ▲ 94.4% |
| Financial income75/76B | - | - | - | €1,014 | €167 | €0 | €281 | €142 | ▼ 49.5% |
| Recurring financial income75 | €2,585 | €2,217 | €1,383 | €1,014 | €167 | €0 | €281 | €142 | ▼ 49.5% |
| Financial charges65/66B | - | - | - | €2,136 | €997 | €681 | €1,391 | €1,036 | ▼ 25.5% |
| Recurring financial charges65 | €3,646 | €2,078 | €2,346 | €2,136 | €997 | €681 | €1,391 | €1,036 | ▼ 25.5% |
| Profit (loss) for the period before taxes9903 | €57,295 | -€26,463 | €46,603 | €32,857 | €59,785 | -€11,275 | €28,187 | €56,055 | ▲ 98.9% |
| Income taxes67/77 | €101 | - | - | - | €7,116 | -€47 | €4,925 | €14,462 | ▲ 194% |
| Profit (loss) for the period9904 | €57,295 | -€26,463 | €46,603 | €32,857 | €52,669 | -€11,228 | €23,262 | €41,593 | ▲ 78.8% |
| Profit (loss) for the period to be appropriated9905 | €57,295 | -€26,463 | €46,603 | €32,857 | €52,669 | -€11,228 | €23,262 | €41,593 | ▲ 78.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €94,606 | €58,622 | €102,322 | €69,135 | €152,008 | €135,156 | €134,829 | €234,465 | ▲ 73.9% |
| Fixed assets21/28 | €39,359 | €31,741 | €37,687 | €26,223 | €19,901 | €25,292 | €19,143 | €11,788 | ▼ 38.4% |
| Tangible fixed assets22/27 | €39,224 | €31,606 | €37,552 | €26,088 | €19,766 | €25,157 | €19,008 | €11,653 | ▼ 38.7% |
| Plant, machinery and equipment23 | - | - | - | €13,868 | €10,130 | €19,101 | €16,532 | €11,653 | ▼ 29.5% |
| Furniture and vehicles24 | - | - | - | €12,220 | €9,637 | €6,056 | €2,476 | €0 | ▼ 100% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €55,247 | €26,881 | €64,635 | €42,911 | €132,106 | €109,864 | €115,687 | €222,677 | ▲ 92.5% |
| Stocks and contracts in progress3 | €953 | €706 | €1,086 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €38,409 | €22,264 | €39,156 | €2,699 | €56,269 | €38,017 | €33,235 | €55,603 | ▲ 67.3% |
| Trade receivables40 | - | - | - | €151 | €30,558 | €21,935 | €17,533 | €54,878 | ▲ 213% |
| Other amounts receivable41 | - | - | - | €2,548 | €25,710 | €16,082 | €15,702 | €725 | ▼ 95.4% |
| Cash at bank and in hand54/58 | €13,563 | €692 | €21,367 | €37,464 | €69,137 | €56,132 | €58,481 | €134,167 | ▲ 129% |
| Deferred charges and accrued income490/1 | - | - | - | €2,748 | €6,701 | €15,715 | €23,970 | €32,908 | ▲ 37.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €94,606 | €58,622 | €102,322 | €69,135 | €152,008 | €135,156 | €134,829 | €234,465 | ▲ 73.9% |
| Equity10/15 | -€78,943 | -€105,406 | -€58,803 | -€25,946 | €26,723 | €15,494 | €38,756 | €80,348 | ▲ 107% |
| Contributions10/11 | €6,750 | €6,750 | - | €6,750 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Reserves13 | €40,950 | €40,950 | €40,950 | €40,950 | €39,000 | €39,000 | €39,000 | €71,000 | ▲ 82.1% |
| Distributable reserves133 | - | - | - | €40,950 | €39,000 | €39,000 | €39,000 | €71,000 | ▲ 82.1% |
| Profit (loss) carried forward14 | -€126,643 | -€153,106 | -€106,503 | -€73,646 | -€20,977 | -€32,206 | -€8,944 | €648 | - |
| Amounts payable17/49 | €173,549 | €164,028 | €161,125 | €95,080 | €125,285 | €119,662 | €96,074 | €154,117 | ▲ 60.4% |
| Amounts payable after more than one year17 | €8,192 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €164,065 | €156,361 | €161,125 | €95,080 | €125,285 | €119,662 | €96,074 | €154,117 | ▲ 60.4% |
| Financial debts43 | - | - | - | - | €3 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €3 | €0 | - | - | - |
| Trade debts44 | €16,657 | €5,709 | €19,513 | €3,322 | €69,945 | €60,447 | €21,792 | €75,935 | ▲ 248% |
| Suppliers440/4 | - | - | - | €3,322 | €69,945 | €60,447 | €21,792 | €75,935 | ▲ 248% |
| Taxes, remuneration and social security45 | - | - | - | €6,324 | €5,111 | €7,718 | €11,799 | €14,410 | ▲ 22.1% |
| Taxes450/3 | - | - | - | €283 | €404 | €0 | €4,925 | €3,162 | ▼ 35.8% |
| Remuneration and social security454/9 | - | - | - | €6,041 | €4,707 | €7,718 | €6,874 | €11,247 | ▲ 63.6% |
| Other amounts payable47/48 | - | - | - | €85,435 | €50,226 | €51,497 | €62,483 | €63,772 | ▲ 2.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,295 | -€26,463 | €46,603 | €32,857 | €52,669 | -€11,228 | €23,262 | €41,593 | ▲ 78.8% |
| + Depreciation and write-downs630 | €10,323 | €9,604 | €10,705 | €11,464 | €7,072 | €8,519 | €8,336 | €5,125 | ▼ 38.5% |
| Operating cash flow (approximation) | €67,618 | -€16,859 | €57,308 | €44,321 | €59,740 | -€2,710 | €31,598 | €46,718 | ▲ 47.9% |
| Investment in fixed assets (approximation) | - | -€1,986 | -€16,652 | €0 | -€750 | -€13,910 | -€2,186 | €2,229 | - |
| Change in cash | - | -€12,871 | €20,675 | €16,097 | €31,673 | -€13,005 | €2,350 | €75,685 | ▲ 32× |
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 BARVER 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 BARVER 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 31,368 companies, not a prediction for BARVER. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-07-2026 | 2026-00318904 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00318672 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00282877 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00285880 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20248201 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43800058 | |
| 31-12-2019 | micro format | 26-08-2020 | 2020-45000169 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-21600027 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31500148 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-29200215 |