BEFINA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 44 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€57,210▲ 59.7%
2024 · -€142,035
Working capital
€1.1m▼ 11.6%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€65,106
2025
20182025
Net result
-€57,210
▲ 59.7%
2025
lowest quarter of the sector
20182025
Equity
€2.6m
▼ 2.2%
2025
middle half of the sector
20182025
Total assets
€2.7m
▼ 6.3%
2025
middle half of the sector
20182025
Debt
€109,339
▼ 52.1%
2025
20182025
Working capital
€1.1m
▼ 11.6%
2025
highest quarter of the sector
20182025
Solvency
95.1%
▲ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
10.96
▼ 1.45
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.1%
▲ 2.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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€0.1m--€0.04m€1.1m-€0.09m-€0.05m▲ 40.2%-€0.07m▼ 38.9%€0.09m-€0.07m
Net result€0.1m--€0.05m€0.6mabove the sector's middle half-€0.09mbelow the sector's middle half-€0.08mbelow the sector's middle half▲ 15.3%-€0.1mbelow the sector's middle half▼ 73.8%-€0.1mbelow the sector's middle half▼ 8.9%-€0.06mbelow the sector's middle half▲ 59.7%
Equity€2.5m-€2.5m▼ 1.5%€3.0mabove the sector's middle half▲ 23.4%€3.0mabove the sector's middle half▼ 2.9%€2.9mabove the sector's middle half▼ 2.1%€2.8mabove the sector's middle half▼ 4.5%€2.6mabove the sector's middle half▼ 5.1%€2.6mwithin the sector's middle half▼ 2.2%
Total assets€3.7m-€3.5m▼ 6.9%€3.3mabove the sector's middle half▼ 3.9%€3.1mabove the sector's middle half▼ 7.0%€4.3mabove the sector's middle half▲ 39.4%€3.8mabove the sector's middle half▼ 11.9%€2.9mwithin the sector's middle half▼ 24.8%€2.7mwithin the sector's middle half▼ 6.3%
Debt€1.2m-€1.0m▼ 17.6%€0.2m▼ 74.1%€0.1m▼ 56.2%€1.4m▲ 13×€1.0m▼ 27.0%€0.2m▼ 77.8%€0.1m▼ 52.1%
Working capital€0.7m-€0.8m▲ 18.3%€1.7mabove the sector's middle half▲ 102%€1.6mabove the sector's middle half▼ 1.6%€1.5mabove the sector's middle half▼ 8.0%€1.4mabove the sector's middle half▼ 2.9%€1.2mabove the sector's middle half▼ 16.0%€1.1mabove the sector's middle half▼ 11.6%
Solvency67.0%-70.9%▲ 3.8pp91.0%above the sector's middle half▲ 20.1pp94.9%above the sector's middle half▲ 4.0pp66.7%within the sector's middle half▼ 28.2pp72.3%within the sector's middle half▲ 5.6pp91.1%above the sector's middle half▲ 18.9pp95.1%above the sector's middle half▲ 4.0pp
Current ratio1.60-1.86▲ 0.267.85above the sector's middle half▲ 5.9918.75above the sector's middle half▲ 10.902.09within the sector's middle half▼ 16.662.53within the sector's middle half▲ 0.4412.41above the sector's middle half▲ 9.8910.96above the sector's middle half▼ 1.45
Return on assets (ROA)3.3%--1.4%▼ 4.7pp17.2%above the sector's middle half▲ 18.6pp-2.8%below the sector's middle half▼ 20.1pp-1.7%below the sector's middle half▲ 1.1pp-3.4%below the sector's middle half▼ 1.7pp-4.9%below the sector's middle half▼ 1.5pp-2.1%below the sector's middle half▲ 2.8pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €65,106, after a profit of €86,907 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€1.5m ▼ 2.7%
Current assets
€1.2m ▼ 10.5%
Equity and liabilities €2.7m
Equity
€2.6m ▼ 2.2%
Provisions
€23,343 ▼ 16.7%
Debt
€109,339 ▼ 52.1%
Debt's share of the balance-sheet total falls from 7.9% to 4.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€23,755▼
2024 · €133,753
Cash flow
-€15,860▲
2024 · -€95,189
Quick ratio
5.34▼
2024 · 6.97
Debt to equity
0.04▼
2024 · 0.09
ROE
-2.2%▲
2024 · -5.4%
Interest coverage
-6.65▼
2024 · 2.75
Debt ≤ 1 year
€108,098▲
2024 · €106,651
Income taxes
€493▲
2024 · €471
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 | €5,772 | €201,463 | €0 | €172,511 | - |
| Depreciation and write-downs of the year | €62,933 | €47,373 | €47,373 | €46,846 | €41,350 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €0.03m | €0.009m | €0.02m | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.04m | ▼ 11.7% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.01m | €0.04m | €0.01m | ▼ 66.6% |
| Gross operating margin9900 | €0.3m | €0.04m | €1.2m | -€0.01m | €0.01m | -€0.01m | €0.2m | -€0.009m | - |
| Operating profit (loss)9901 | €0.1m | -€0.04m | €1.1m | -€0.09m | -€0.05m | -€0.07m | €0.09m | -€0.07m | - |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.006m | €0.001m | €0.007m | ▲ 644% |
| Recurring financial income75 | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | €0.006m | €0.001m | €0.007m | ▲ 644% |
| Financial charges65/66B | - | - | - | €0.02m | €0.04m | €0.07m | €0.2m | €0.004m | ▼ 98.5% |
| Recurring financial charges65 | €0.05m | €0.03m | €0.3m | €0.01m | €0.04m | €0.06m | €0.05m | €0.004m | ▼ 92.6% |
| Non-recurring financial charges66B | - | - | - | €0.009m | €0.003m | €0.001m | €0.2m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €0.1m | -€0.05m | €0.8m | -€0.09m | -€0.07m | -€0.1m | -€0.1m | -€0.06m | ▲ 58.0% |
| Transfer from deferred taxes780 | - | - | - | €0.006m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Income taxes67/77 | €0.001m | €0.001m | €0.2m | €453 | €0.005m | €492 | €471 | €493 | ▲ 4.7% |
| Profit (loss) for the period9904 | €0.1m | -€0.05m | €0.6m | -€0.09m | -€0.08m | -€0.1m | -€0.1m | -€0.06m | ▲ 59.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) for the period to be appropriated9905 | €0.1m | -€0.04m | €0.6m | -€0.08m | -€0.06m | -€0.1m | -€0.1m | -€0.04m | ▲ 66.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.7m | €3.5m | €3.3m | €3.1m | €4.3m | €3.8m | €2.9m | €2.7m | ▼ 6.3% |
| Fixed assets21/28 | €1.9m | €1.7m | €1.5m | €1.4m | €1.5m | €1.4m | €1.6m | €1.5m | ▼ 2.7% |
| Intangible fixed assets21 | €241 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.9m | €1.7m | €1.5m | €1.4m | €1.5m | €1.4m | €1.6m | €1.5m | ▼ 2.7% |
| Land and buildings22 | - | - | - | €1.4m | €1.5m | €1.4m | €1.6m | €1.5m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | €430 | €215 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €312 | €0 | - | - | - |
| Financial fixed assets28 | €0.05m | €0.05m | - | - | - | - | - | - | - |
| Current assets29/58 | €1.8m | €1.8m | €1.9m | €1.7m | €2.9m | €2.4m | €1.3m | €1.2m | ▼ 10.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.3m | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €1.0m | €0.7m | €0.7m | €0.7m | €2.4m | €2.4m | €0.6m | €0.6m | ▲ 4.5% |
| Stocks30/36 | - | - | - | €0.7m | €2.4m | €2.4m | €0.6m | €0.6m | ▲ 4.5% |
| Amounts receivable within one year40/41 | €0.8m | €0.8m | €0.5m | €0.4m | €0.4m | €0.006m | €0.05m | €0.01m | ▼ 76.3% |
| Trade receivables40 | - | - | - | €0.004m | €142 | €0 | - | €0.009m | - |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.006m | €0.05m | €0.002m | ▼ 96.5% |
| Cash at bank and in hand54/58 | €0.005m | €0.2m | €0.3m | €0.3m | €0.1m | €0.03m | €0.7m | €0.6m | ▼ 18.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.01m | €0.004m | €0.003m | €0.002m | ▼ 7.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.7m | €3.5m | €3.3m | €3.1m | €4.3m | €3.8m | €2.9m | €2.7m | ▼ 6.3% |
| Equity10/15 | €2.5m | €2.5m | €3.0m | €3.0m | €2.9m | €2.8m | €2.6m | €2.6m | ▼ 2.2% |
| Contributions10/11 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Capital10 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Issued capital100 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Revaluation surpluses12 | - | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €1.7m | €1.6m | €2.2m | €2.1m | €2.1m | €1.9m | €1.8m | €1.7m | ▼ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 15.9% |
| Distributable reserves133 | - | - | - | €1.9m | €1.9m | €1.7m | €1.6m | €1.6m | ▼ 2.7% |
| Provisions and deferred taxes16 | €0.08m | €0.06m | €0.06m | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 16.7% |
| Deferred taxes168 | - | - | - | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 16.7% |
| Amounts payable17/49 | €1.2m | €1.0m | €0.2m | €0.1m | €1.4m | €1.0m | €0.2m | €0.1m | ▼ 52.1% |
| Amounts payable within one year42/48 | €1.2m | €0.9m | €0.2m | €0.09m | €1.4m | €0.9m | €0.1m | €0.1m | ▲ 1.4% |
| Financial debts43 | - | - | - | - | €0.6m | €0.2m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €0.6m | €0.2m | €0 | - | - |
| Trade debts44 | €0.02m | €0.02m | €0.01m | €0.008m | €0.009m | €0.006m | €0.004m | €0.01m | ▲ 184% |
| Suppliers440/4 | - | - | - | €0.008m | €0.009m | €0.006m | €0.004m | €0.01m | ▲ 184% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.02m | €0.004m | €0.007m | €0.006m | ▼ 15.9% |
| Taxes450/3 | - | - | - | €0.009m | €0.02m | €0.004m | €0.007m | €0.006m | ▼ 15.9% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.7m | €0.8m | €0.1m | €0.09m | ▼ 5.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.04m | €0.08m | €0.1m | €0.001m | ▼ 99.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124,470 | -€48,594 | €577,459 | -€88,602 | -€75,013 | -€130,395 | -€142,035 | -€57,210 | ▲ 59.7% |
| + Depreciation and write-downs630 | €61,476 | €61,735 | €62,239 | €62,933 | €47,373 | €47,373 | €46,846 | €41,350 | ▼ 11.7% |
| Operating cash flow (approximation) | €185,947 | €13,141 | €639,698 | -€25,669 | -€27,640 | -€83,022 | -€95,189 | -€15,860 | ▲ 83.3% |
| Investment in fixed assets (approximation) | - | €117,697 | €198,535 | -€5,772 | -€127,520 | €2,417 | -€172,511 | €0 | - |
| Change in cash | - | €189,106 | €104,348 | €30,707 | -€225,023 | -€75,534 | €664,738 | -€129,422 | - |
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, 8,617 companies had the same profile as BEFINA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEFINA 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 8,617 companies, not a prediction for BEFINA. 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 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00240054 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00194100 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00298816 | |
| 31-12-2022 | abbreviated format | 26-07-2023 | 2023-00271431 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20203747 | |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-53400189 | |
| 31-12-2019 | abbreviated format | 18-08-2020 | 2020-42400427 | |
| 31-12-2018 | abbreviated format | 13-09-2019 | 2019-64300211 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-48800238 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54900237 |