BBF
ActiveSummary
The computed 12-month bankruptcy probability of BBF is 1.5% (moderate). The 2026 annual accounts show negative equity (-€11.7m) and a net result of €230,828, of which €3.5m non-recurring income. Equity has been shrinking by about 38% per year since 2018. The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 30-12-2016 Normal situation
- Activity
- Manufacture of beer NACE 11050and 9 others
- Joint committee
- 220 Paritair Comité voor de bedienden uit de voedingsnijverheid · annual accounts 31-03-2026
- Establishment unit
- 2.259.693.687 8501 Kortrijk, since 04-01-2017
- Financial year end
- 31 March
- Peppol
- Reachable since 08-09-2025
Board and ownership
Board
- De Keyser ErwinChair
- AllgraphManaging director · permanent representative Koen Dehandschutter
- Louis BincquetDaily manager
Shareholders
- NexT Invest99.2%· score 952025 annual accounts of NexT Invest
- BK International50%· score 652022 annual accounts of BK International
- SIGNATURE N0.65%· score 502023 annual accounts of SIGNATURE N
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.5%
Annual accounts to 31-03-2026
- Gross margin
- -€596,028
- Profit
- €230,828
- Equity
- -€11.7m
- Total assets
- €5.9m
- Employees on 31-03-2026
- 19
- Negative equity on 31-03-2026
Score breakdownraises riskCapped at 59: negative equityNegative equity -€11.7mLiquidity: current ratio 0.20, cash €98,024Size: 16.7 FTE, total assets €5.9mlowers riskLegal form: public limited companyShow the evidence
Checked score
Score 2026
53
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 7% of small companies in beverages (NACE 11)
Negative equity caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Weak
Solvency
0=
equity -198.8% of total assets
Liquidity
2+1
short-term debt 286.4% · cash 1.7%
Profitability
24+24
return on assets 3.9%
Bankruptcy probability within 12 months
1.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.8%
01-2025: 3.8%● unchanged vs 12-2024
02-2025: 4.0%▲ +0.2 percentage points vs 01-2025
03-2025: 3.9%▼ -0.1 percentage points vs 02-2025
04-2025: 3.9%● unchanged vs 03-2025
05-2025: 4.2%▲ +0.3 percentage points vs 04-2025
06-2025: 4.3%▲ +0.1 percentage points vs 05-2025
07-2025: 4.5%▲ +0.2 percentage points vs 06-2025
08-2025: 3.8%▼ -0.7 percentage points vs 07-2025
09-2025: 3.8%● unchanged vs 08-2025
10-2025: 3.8%● unchanged vs 09-2025
11-2025: 3.8%● unchanged vs 10-2025
12-2025: 3.8%● unchanged vs 11-2025
01-2026: 3.8%● unchanged vs 12-2025
02-2026: 3.9%▲ +0.1 percentage points vs 01-2026
03-2026: 3.8%▼ -0.1 percentage points vs 02-2026
04-2026: 3.8%● unchanged vs 03-2026
05-2026: 3.9%▲ +0.1 percentage points vs 04-2026
06-2026: 4.0%▲ +0.1 percentage points vs 05-2026
07-2026: 4.2%▲ +0.2 percentage points vs 06-2026
08-2026: 4.3%▲ +0.1 percentage points vs 07-2026
09-2026: 4.6%▲ +0.3 percentage points vs 08-2026highest value
10-2026: 1.5%▼ -3.1 percentage points vs 09-2026lowest value
11-2026: 1.5%● unchanged vs 10-2026lowest value
No credit on open account
Liquidity is insufficient, with a current ratio of 0.2 (0.21 in 2024), below 1. Short-term debt is 286.4% and cash 1.7% of total assets. Equity is negative.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 11, small). It does better than 2% of them on solvency, 4% on liquidity and 15% on profitability.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 26-10-2026, 5 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2026
5 days early
2024
14 days early
2023
47 days early
2022
31 days early
2021
4 days early
2020
1 day early
2019
50 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 22 days before the deadline. In the sector (NACE 11), the median for financial year 2024 was 2 days before the deadline, and 43% of those companies filed late.
Searched, nothing found (1)
Financials
Financials · financial year 2026, full format
Annual accounts 2026 filed on 26-10-2026 at the NBB all 9 filings
Turnover
€3.6m
EBIT margin
-69.6%
Net result
€230,828
2024 · -€3.2m
Working capital
-€13.4m▼ 18.6%
2024 · -€11.3m
In the rankings
#8 employer in West Flanders, Beverages sector#9 company by total assets in West Flanders, Beverages sector
Multi-year overview
2018 to 2026, 8 financial yearsTurnover
no figure
2026
20182026
Operating result
-€3.2m
2026
20182026
Net result
€230,828
2026
20182026
EBIT margin
no figure
2026
20182026
Equity
-€11.7m
2026
20182026
Total assets
€5.9m
2026
20182026
Debt
€17.6m
2026
20182026
Working capital
-€13.4m
2026
20182026
Solvency
-198.8%
2026
20182026
Current ratio
0.20
2026
20182026
Return on assets (ROA)
3.9%
2026
20182026
Staff (FTE)
16.7
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242026
Turnover€3.6m
Operating result-€1.0m--€1.2m▼ 16.5%-€1.3m▼ 6.1%-€1.3m▼ 5.0%-€2.3m▼ 77.7%-€3.4m▼ 45.8%-€2.5m▲ 26.8%-€3.2m-
Net result-€1.1m--€1.4m▼ 24.9%-€1.5mbelow the sector's middle half▼ 11.1%-€1.7mbelow the sector's middle half▼ 9.9%-€2.7mbelow the sector's middle half▼ 60.5%-€3.9mbelow the sector's middle half▼ 48.7%-€3.2mbelow the sector's middle half▲ 18.1%€0.2m-
EBIT margin-69.6%
Equity-€0.6m--€1.9m▼ 233%-€3.4mbelow the sector's middle half▼ 77.8%-€2.1mbelow the sector's middle half▲ 39.1%-€4.8mbelow the sector's middle half▼ 127%-€8.7mbelow the sector's middle half▼ 83.1%-€11.9mbelow the sector's middle half▼ 37.2%-€11.7m-
Total assets€3.6m-€4.6m▲ 26.3%€5.3mabove the sector's middle half▲ 14.3%€6.0mabove the sector's middle half▲ 13.2%€6.4mabove the sector's middle half▲ 7.7%€6.6mabove the sector's middle half▲ 3.4%€6.1mwithin the sector's middle half▼ 7.9%€5.9m-
Debt€4.2m-€6.5m▲ 54.7%€8.7m▲ 33.1%€8.1m▼ 7.5%€11.2m▲ 38.7%€15.3m▲ 37.3%€18.0m▲ 17.7%€17.6m-
Working capital-€1.2m--€2.0m▼ 67.3%-€3.5mbelow the sector's middle half▼ 77.8%-€2.2mbelow the sector's middle half▲ 35.9%-€4.9mbelow the sector's middle half▼ 120%-€8.3mbelow the sector's middle half▼ 68.7%-€11.3mbelow the sector's middle half▼ 36.5%-€13.4m-
Solvency-15.9%--42.1%▼ 26.1pp-65.4%below the sector's middle half▼ 23.3pp-35.2%below the sector's middle half▲ 30.2pp-74.1%below the sector's middle half▼ 38.9pp-131.2%below the sector's middle half▼ 57.1pp-195.2%below the sector's middle half▼ 64.1pp-198.8%-
Current ratio0.43-0.34▼ 0.080.32below the sector's middle half▼ 0.020.52below the sector's middle half▲ 0.190.34below the sector's middle half▼ 0.170.26below the sector's middle half▼ 0.080.21below the sector's middle half▼ 0.050.20-
Return on assets (ROA)-29.7%--29.4%▲ 0.3pp-28.6%below the sector's middle half▲ 0.8pp-27.8%below the sector's middle half▲ 0.8pp-41.4%below the sector's middle half▼ 13.6pp-59.5%below the sector's middle half▼ 18.1pp-52.9%below the sector's middle half▲ 6.6pp3.9%-
Staff (FTE)0.7-4▲ 471%7within the sector's middle half▲ 75.0%10.7above the sector's middle half▲ 52.9%16.4above the sector's middle half▲ 53.3%15.9above the sector's middle half▼ 3.0%17.1within the sector's middle half▲ 7.5%16.7-
above
within
below
The sector band is the middle half of the companies in Manufacture of beverages (NACE 11). 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 2026 is a loss of €3.2m, against a loss of €2.5m in 2024. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2026 in colour, 2024 as the grey bar beneath
Assets €5.9m
Fixed assets
€2.4m ▼ 22.6%
Current assets
€3.4m ▲ 16.4%
Equity and liabilities
Equity-€11.7m
Debt€17.6m
Equity is negative. Debt (€17.6m) exceeds the balance-sheet total (€5.9m).
Key figures and ratios
EBITDA
-€2.3m▼
2024 · -€1.8m
Cash flow
€1.1m▲
2024 · -€2.5m
Quick ratio
0.16▲
2024 · 0.13
Interest coverage
-22.02▼
2024 · -2.48
Debt ≤ 1 year
€16.9m▲
2024 · €14.3m
Debt > 1 year
€735,323▼
2024 · €3.2m
Income taxes
€2,849▼
2024 · €14,940
Staff costs
€1.7m▲
2024 · €1.4m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 16 | 17 | 15 | 19 |
| full-time | 12 | 16 | 17 | 15 | 18 |
| part-time | 0 | 0 | 0 | 0 | 1 |
| in full-time equivalents | 12 | 16 | 17 | 15 | 18.5 |
| Average over the year, in full-time equivalents | 10.7 | 16.4 | 15.9 | 17.1 | 16.7 |
| On a permanent contract | 12 | 16 | 17 | 15 | 19 |
| Joined | 33 | 17 | 11 | 6 | 13 |
| Left | 30 | 13 | 10 | 8 | 9 |
| Agency workers, average number | - | - | - | 0.7 | - |
| Training hours | 37 | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2026 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.7m | €1.5m | €1.3m | €1.1m | €804,819 |
| Pledge on the business | €1.0m | €1.0m | €2.0m | €2.0m | €2.0m |
| Mandates to pledge the business | €1.0m | €1.0m | €300,000 | €300,000 | €300,000 |
Source: notes to the 2021 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €808,071 | €1.1m | €732,600 | €252,243 | €175,899 |
| Financial fixed assets | €4,150 | €21,750 | - | - | €10,399 |
| Depreciation and write-downs of the year | €559,243 | €629,601 | €665,093 | €695,438 | €896,041 |
Source: notes to the 2021 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €26,032 awarded · €25,761 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €3,523 | €3,523 |
| 2024 | 2 | €14,027 | €14,172 |
| 2023 | 3 | €7,389 | €6,973 |
| 2022 | 2 | €1,093 | €1,093 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €3.6m | - | - |
| Turnover70 | - | - | - | - | - | - | €3.6m | - | - |
| Other operating income74 | - | - | - | - | - | - | €0.04m | - | - |
| Non-recurring operating income76A | - | - | - | €0.05m | €0.04m | €0 | €0.002m | €0.002m | - |
| Operating charges60/66A | - | - | - | - | - | - | €6.1m | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €1.2m | - | - |
| Purchases600/8 | - | - | - | - | - | - | €1.2m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | €0.03m | - | - |
| Services and other goods61 | - | - | - | - | - | - | €2.8m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €1.0m | €1.2m | €1.4m | €1.7m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.4m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.9m | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.1m | €0.007m | €0.006m | €0.009m | - |
| Non-recurring operating charges66A | - | - | - | €0.1m | €0.1m | €0.3m | €0.05m | €0.006m | - |
| Gross operating margin9900 | -€0.6m | -€0.4m | -€0.2m | €0.1m | -€0.5m | -€1.2m | - | -€0.6m | - |
| Operating profit (loss)9901 | -€1.0m | -€1.2m | -€1.3m | -€1.3m | -€2.3m | -€3.4m | -€2.5m | -€3.2m | - |
| Financial income75/76B | - | - | - | €433 | €0.009m | €0.004m | €0.003m | €3.5m | - |
| Recurring financial income75 | €0.002m | €0.004m | €0.001m | €433 | €0.009m | €0.004m | €0.003m | €0.001m | - |
| Income from current assets751 | - | - | - | - | - | - | €1 | - | - |
| Other financial income752/9 | - | - | - | - | - | - | €0.003m | - | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €3.5m | - |
| Financial charges65/66B | - | - | - | €0.3m | €0.3m | €0.5m | €0.7m | €0.1m | - |
| Recurring financial charges65 | €0.07m | €0.2m | €0.3m | €0.3m | €0.3m | €0.5m | €0.7m | €0.1m | - |
| Debt charges650 | - | - | - | - | - | - | €0.7m | - | - |
| Other financial charges652/9 | - | - | - | - | - | - | €0.006m | - | - |
| Non-recurring financial charges66B | - | - | - | - | €0.02m | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€1.1m | -€1.4m | -€1.5m | -€1.7m | -€2.7m | -€3.9m | -€3.2m | €0.2m | - |
| Income taxes67/77 | -€23 | €0 | €0.001m | €0.001m | €0.001m | -€233 | €0.01m | €0.003m | - |
| Taxes670/3 | - | - | - | - | - | - | €0.01m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period9904 | -€1.1m | -€1.4m | -€1.5m | -€1.7m | -€2.7m | -€3.9m | -€3.2m | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€1.1m | -€1.4m | -€1.5m | -€1.7m | -€2.7m | -€3.9m | -€3.2m | €0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €4.6m | €5.3m | €6.0m | €6.4m | €6.6m | €6.1m | €5.9m | - |
| Fixed assets21/28 | €2.8m | €3.6m | €3.6m | €3.6m | €3.9m | €3.7m | €3.2m | €2.4m | - |
| Tangible fixed assets22/27 | €2.8m | €3.6m | €3.5m | €3.5m | €3.8m | €3.6m | €3.1m | €2.4m | - |
| Land and buildings22 | - | - | - | €0.6m | €0.7m | €0.6m | €0.5m | €0.4m | - |
| Plant, machinery and equipment23 | - | - | - | €2.8m | €2.4m | €1.9m | €1.5m | €1.0m | - |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.06m | €0.1m | €0.2m | €0.2m | - |
| Leasing and similar rights25 | - | - | - | - | €0.7m | €1.1m | €1.0m | €0.8m | - |
| Other tangible fixed assets26 | - | - | - | - | - | €0.007m | €0 | - | - |
| Assets under construction and advance payments27 | - | - | - | €0.07m | €0.06m | €0 | - | - | - |
| Financial fixed assets28 | €0.01m | €0.02m | €0.06m | €0.06m | €0.06m | €0.06m | €0.03m | €0.04m | - |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.03m | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.03m | - | - |
| Current assets29/58 | €0.9m | €1.0m | €1.7m | €2.4m | €2.5m | €2.9m | €3.0m | €3.4m | - |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.7m | €1.2m | €1.3m | €1.1m | €1.1m | €0.8m | - |
| Stocks30/36 | - | - | - | €1.2m | €1.3m | €1.1m | €1.1m | €0.8m | - |
| Raw materials and consumables30/31 | - | - | - | - | - | - | €1.1m | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €0.8m | €1.2m | €1.1m | €1.8m | €1.8m | €2.5m | - |
| Trade receivables40 | - | - | - | €0.8m | €0.6m | €0.8m | €0.7m | €1.4m | - |
| Other amounts receivable41 | - | - | - | €0.4m | €0.5m | €0.9m | €1.1m | €1.1m | - |
| Cash at bank and in hand54/58 | €0.04m | €0.03m | €0.1m | €0.006m | €0.08m | €0.05m | €0.04m | €0.1m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.05m | €0.01m | €0.04m | €0.06m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €4.6m | €5.3m | €6.0m | €6.4m | €6.6m | €6.1m | €5.9m | - |
| Equity10/15 | -€0.6m | -€1.9m | -€3.4m | -€2.1m | -€4.8m | -€8.7m | -€11.9m | -€11.7m | - |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | - |
| Capital10 | - | - | - | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | - |
| Issued capital100 | - | - | - | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | - |
| Profit (loss) carried forward14 | -€1.8m | -€3.2m | -€4.7m | -€6.3m | -€9.0m | -€13.0m | -€16.2m | -€16.0m | - |
| Amounts payable17/49 | €4.2m | €6.5m | €8.7m | €8.1m | €11.2m | €15.3m | €18.0m | €17.6m | - |
| Amounts payable after more than one year17 | €2.1m | €3.4m | €3.3m | €3.1m | €3.4m | €3.5m | €3.2m | €0.7m | - |
| Financial debts170/4 | - | - | - | €3.1m | €3.4m | €3.5m | €3.2m | €0.7m | - |
| Leasing and similar obligations172 | - | - | - | - | - | - | €0.6m | - | - |
| Credit institutions173 | - | - | - | - | - | - | €0.6m | - | - |
| Other loans174 | - | - | - | - | - | - | €2.0m | - | - |
| Amounts payable within one year42/48 | €2.0m | €3.0m | €5.1m | €4.6m | €7.5m | €11.2m | €14.3m | €16.9m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | - |
| Financial debts43 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.8m | - |
| Credit institutions430/8 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | - |
| Other loans439 | - | - | - | - | - | €0.1m | €0.1m | €0.5m | - |
| Trade debts44 | €0.4m | €0.3m | €0.6m | €1.4m | €1.0m | €1.1m | €0.9m | €1.4m | - |
| Suppliers440/4 | - | - | - | €1.4m | €1.0m | €1.1m | €0.9m | €1.4m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | - |
| Taxes450/3 | - | - | - | €0.04m | €0.05m | €0.03m | €0.06m | €0.04m | - |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | - |
| Other amounts payable47/48 | - | - | - | €2.6m | €5.7m | €9.2m | €12.3m | €14.0m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.3m | €0.6m | €0.6m | €0 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.1m | -€1.4m | -€1.5m | -€1.7m | -€2.7m | -€3.9m | -€3.2m | €0.2m | - |
| + Depreciation and write-downs630 | €0.3m | €0.4m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.9m | - |
| Operating cash flow (approximation) | -€0.7m | -€1.0m | -€1.0m | -€1.1m | -€2.0m | -€3.3m | -€2.5m | €1.1m | - |
| Investment in fixed assets (approximation) | - | -€1.2m | -€0.5m | -€0.5m | -€0.9m | -€0.5m | -€0.2m | - | - |
| Change in cash | - | -€0.009m | €0.08m | -€0.1m | €0.07m | -€0.03m | -€0.01m | - | - |
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, 457 companies had the same profile as BBF has now. Two years later, 97.2% were still going and 0.7% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
97.2%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BBF itself is higher: 1.5% within 12 months. It rests on far more data about BBF than the profile alone.
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 457 companies, not a prediction for BBF. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 26-10-2026 | 2026-00568229 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00278188 | |
| 31-12-2023 | abbreviated format | 14-06-2024 | 2024-00131791 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00180748 | |
| 31-12-2021 | abbreviated format | 27-07-2022 | 2022-20227224 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43300239 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-16300345 | |
| 31-12-2018 | abbreviated format | 07-06-2019 | 2019-16900312 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-38900091 |
Board & ownership
Directors
Directors
3 directors, 2 in day-to-day management, last change in 2026
Board 3
De Keyser Erwin
Current
Chair of the board · in office according to the act of 16-05-2024 · Director · in office according to the act of 16-05-2024 · listed in the 2026 annual accounts, filed on 26-10-2026
Allgraph
Current
Director · since 22-04-2026 · 6-year term from 2026 · Private limited company · permanent representative: Koen Dehandschutter · also on the board of 3 other companies · listed in the 2026 annual accounts, filed on 26-10-2026
THINK BIZ CONSULTING
Current
Director · since 22-04-2026 · 6-year term from 2026 · Private limited company · permanent representative: Filip Cloetens · listed in the 2026 annual accounts, filed on 26-10-2026
Day-to-day management 2
Allgraph
Current
Managing director · appointed in the act of 07-05-2026 · term without a fixed end · Private limited company · permanent representative: Koen Dehandschutter
Louis Bincquet
Current
Day-to-day manager · appointed in the act of 07-05-2026 · term without a fixed end
Permanent representatives 2
Filip Cloetens
Current
Permanent representative · appointed in the act of 07-05-2026 · for THINK BIZ CONSULTING
Koen Dehandschutter
Current
Permanent representative · appointed in the act of 07-05-2026 · for Allgraph
Owners and capital
Shareholders
3 ownersChain of control
- NexT Invest
- BBF
Owners 3
- NexT InvestparentEquity €16.6m Profit of €1.3m in 2025 (profit of €2.5m in 2024) Checked score 9599.2%
- Equity €116,066 Loss of €79,689 in 2025 (profit of €33,253 in 2024) Checked score 6550%
- Equity €43,719 Loss of €4,881 in 2024 (profit of €8,620 in 2023) Checked score 500.65%
Capital transactions
Shareholders according to the deeds
After the capital increase
act of 07-04-2026 ↗
- BV NexT Invest 66,954 shares · €1
After the capital increase
act of 07-01-2022 ↗
- NEXT INVEST (BE 0444.892.181) 64,794 shares
Capital over time
- 07-04-2026 Capital increase of €1 · to €4,250,942.60 · 66,954 new shares · in kind
- 07-01-2022 Capital increase of €3,000,000 · to €4,250,941.60 · 64,794 new shares at €46.30 per share · in kind
Mandate history
7 people, 4 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| De Keyser Erwin |
|
| Allgraph |
|
| THINK BIZ CONSULTING |
|
| Louis Bincquet |
|
| BK International |
|
| Kim Olievier |
|
| Van Liefferinge Sonia |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Science of Sour Ale BrewingsubsidiaryEquity -€83,477 Profit of €35,148 in 2025 (profit of €115,513 in 2024) Checked score 5570%
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Linked via shared directors
CHEESE VENTURES
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→
Immo BBF
Shared corporate director
→
Timeline
Acts, filings and financial milestones
2026
26-10
full format · 5 days before the deadline
07-10
Gazette deed
Powers of attorney: BBF and Nathalie Stadsbader4 points ▸
Gazette deed
Powers of attorney: BBF and Nathalie Stadsbader
4 points ▸
- General meeting, 02-10-2026
- Board meeting, “aanstelling bijzondere gevolmachtigden, raad van bestuur” (deed in Dutch)
- Power of attorney, BBF
- Power of attorney, Nathalie Stadsbader
07-05
Gazette deed
4 directors appointed, 3 directors resigningResignations: Kim Olievier (director) and BK International BV (director) · Permanent representatives: Björn Desmadryl, Koen Dehandschutter and Filip Cloetens · Appointments: Allgraph BV, Think Biz Consulting BV and Louis Bincquet15 points ▸
Gazette deed
4 directors appointed, 3 directors resigning
Resignations: Kim Olievier (director) and BK International BV (director) · Permanent representatives: Björn Desmadryl, Koen Dehandschutter and Filip Cloetens · Appointments: Allgraph BV, Think Biz Consulting BV and Louis Bincquet15 points ▸
- General meeting, 22-04-2026
- Director resignation, Kim Olievier (director)
- Director resignation, BK International BV (director)
- Permanent representative, Björn Desmadryl
- Director appointment, Allgraph BV (director)
- Director appointment, Think Biz Consulting BV (director)
- Permanent representative, Koen Dehandschutter
- Permanent representative, Filip Cloetens
- Board composition, Erwin De Keyser (director)
- Board composition, Allgraph BV (director)
- Board composition, Think Biz Consulting BV (director)
- Board meeting, 22-04-2026
- The act holds 3 more points.
07-04
Gazette deed
Capital increase of €1 to €4,250,942.60Auditor report · Amendment of the articles6 points ▸
Gazette deed
Capital increase of €1 to €4,250,942.60
Auditor report · Amendment of the articles6 points ▸
- General meeting, “8501Kortrijk(Heule),Kortrijksestraat103A, buitengewonealgemenevergadering” (deed in Dutch)
- Other provision, “inbrenginnatura,toegepastewaardering,als-tegenprestatieverstrektevergoeding, goedkeuringverslageninbrenginnatura” (deed in Dutch)
- Auditor report, “geenbevindingenmaterieelbelang, bedrijfsrevisor” (deed in Dutch)
- Capital increase, €1
- Other provision, “verklaringcomparantenkapitaalverhoging” (deed in Dutch)
- Amendment of the articles, 5
31-03
Financial
Back to profitnet €230,828
The net result is €230,828, after 7 loss-making years.
02-01
Gazette deed
Amendment of the articlesGeneral meeting2 points ▸
Gazette deed
Amendment of the articles
General meeting2 points ▸
- General meeting, “buitengewone algemene vergadering” (deed in Dutch)
- Other provision, “verlenging lopend boekjaar”, 31-12-2025 (deed in Dutch)
2025
17-07
full format · 14 days before the deadline
2024
14-06
abbreviated format · 47 days before the deadline
16-05
Gazette deed
1 director resigning, 6 reappointedReappointments: BK International BV, Van Liefferinge Sonia and 2 others · Permanent representative: Desmadryl Björn · Resignation: Van Liefferinge Sonia (director)11 points ▸
Gazette deed
1 director resigning, 6 reappointed
Reappointments: BK International BV, Van Liefferinge Sonia and 2 others · Permanent representative: Desmadryl Björn · Resignation: Van Liefferinge Sonia (director)11 points ▸
- General meeting, 30-06-2022
- Board meeting, 30-06-2022
- Director reappointment, BK International BV (director)
- Director reappointment, Van Liefferinge Sonia (director)
- Director reappointment, Olievier Kim (director)
- Director reappointment, De Keyser Erwin (director)
- Director reappointment, De Keyser Erwin (chair of the board)
- Director reappointment, BK International BV (managing director)
- Permanent representative, Desmadryl Björn
- General meeting, 01-06-2023
- Director resignation, Van Liefferinge Sonia (director)
2023
31-12
Financial
Weakest financial yearnet -€3.9m
The net result drops to -€3.9m, the lowest from 2018 to 2026. It recovers the following year.
30-06
abbreviated format · 31 days before the deadline
2022
27-07
abbreviated format · 4 days before the deadline
Show earlier events
07-01
Gazette deed
Capital increase of €3,000,000 to €4,250,941.60Auditor report · Amendment of the articles · Power of attorney11 points ▸
Gazette deed
Capital increase of €3,000,000 to €4,250,941.60
Auditor report · Amendment of the articles · Power of attorney11 points ▸
- General meeting, 28-12-2021
- Other provision, “kennisname alarmbelverslag en termijnverzaking, aanwezige of vertegenwoordigde aandeelhouders” (deed in Dutch)
- Other provision, “vaststelling toepasselijkheid continuïteitsartikelen en voortzetting activiteiten, activiteiten voortzetten” (deed in Dutch)
- Other provision, “kennisname verslagen inbreng in natura, minder dan 15 dagen voor algemene vergadering” (deed in Dutch)
- Auditor report, 27-12-2021
- Capital increase, €3,000,000
- Capital contribution
- Capital, €4,250,941.60
- Amendment of the articles
- Power of attorney
- Registered office clause, “bevestigd, 8501 Heule,Kortrijksestraat 103 A” (deed in Dutch)
2021
30-07
abbreviated format · 1 day before the deadline
2020
11-06
abbreviated format · 50 days before the deadline
2019
07-06
abbreviated format · 54 days before the deadline
2018
27-07
abbreviated format · 4 days before the deadline
2017
03-01
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
BBF in Dutch
Enterprise number
0668.613.080
Legal form
Public limited company
Status
Active, normale toestand
Founded
30-12-2016
Entity type
Legal entity
Registered office and establishments
Registered office
Kortrijksestraat(Heu) 103A, 8501 Kortrijk, Belgium
Establishment unit
Belgium Brew Factory, Kortrijksestraat(Heu) 103A, 8501 Kortrijk since 04-01-2017 · unit number 2.259.693.687
E-mail
filip@thebrewsociety.beKortrijk
Activities
NACEBEL 2025VAT activities
11050
Manufacture of beer main activity
10320
Manufacture of food products
11060
Manufacture of beverages
11070
Manufacture of beverages
46349
Wholesale of beverages, general range
47120
Other non-specialised retail sale
47252
Retail sale of beverages, general range
47715
Retail trade
85599
Other education
93299
Other amusement and recreation activities
Social security (RSZ) activities
11050
Manufacture of beer main activity
Codes under NACEBEL 2008
VAT activities
11050
Manufacture of beer main activity
10320
Manufacture of food products
11060
Manufacture of beverages
11070
Manufacture of beverages
46349
Wholesale of beverages, general range
47252
Retail trade
47715
Retail trade
47910
Retail trade
85599
Other education
93299
Other amusement and recreation activities
Social security (RSZ) activities
11050
Manufacture of beer main activity
Joint committee
220 Paritair Comité voor de bedienden uit de voedingsnijverheid annual accounts 31-03-2026
Invoicing and payment
VAT number
BE 0668.613.080
Financial year and general meeting
Accounts at the NBBFinancial year end
31-03
Financial yearThe company draws up its annual accounts over this twelve-month period.
From 1 January to 31 December
deed of 07-10-2026 (in Dutch)Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Wednesday of May at 10:00
deed of 07-10-2026 (in Dutch)Recognitions · licences · registrations
Food safety, FASFC
1 siteKortrijkunit number 2.259.693.687
Environmental permits
2 applications in Flanders since 2019 · 2 granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the address
Ground area
699 m²
Building footprint
122 m²
Building volume
840 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34016C0292/00K009 | Flanders | 699 m² | 1 · 122 m² | 12.1 m · 2 |