BEFISCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 34 filings
Turnover
≈ €62,000
Estimated: probably between €44,000 and €100,000
Total assets
€141,133▲ 2.7%
2024 · €137,410
Net result
€3,759▼ 1.4%
2024 · €3,812
Working capital
€81,960▲ 7.6%
2024 · €76,165
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,372
▲ 1.0%
2025
20182025
Net result
€3,759
▼ 1.4%
2025
lowest quarter of the sector
20182025
Equity
€127,273
▲ 3.0%
2025
middle half of the sector
20182025
Total assets
€141,133
▲ 2.7%
2025
lowest quarter of the sector
20182025
Debt
€13,860
▼ 0.3%
2025
20182025
Working capital
€81,960
▲ 7.6%
2025
middle half of the sector
20182025
Solvency
90.2%
▲ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
6.91
▲ 0.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.7%
▼ 0.1pp
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€8,523-€11,722▲ 37.5%€7,094▼ 39.5%€9,267▲ 30.6%€11,711▲ 26.4%€7,937▼ 32.2%€6,311▼ 20.5%€6,372▲ 1.0%
Net result€3,057-€5,490▲ 79.6%€2,646below the sector's middle half▼ 51.8%€3,723below the sector's middle half▲ 40.7%€7,999within the sector's middle half▲ 115%€5,035below the sector's middle half▼ 37.1%€3,812below the sector's middle half▼ 24.3%€3,759below the sector's middle half▼ 1.4%
Equity€94,810-€100,300▲ 5.8%€102,840within the sector's middle half▲ 2.5%€106,563below the sector's middle half▲ 3.6%€114,562within the sector's middle half▲ 7.5%€119,597below the sector's middle half▲ 4.4%€123,514within the sector's middle half▲ 3.3%€127,273within the sector's middle half▲ 3.0%
Total assets€133,991-€122,180▼ 8.8%€137,027within the sector's middle half▲ 12.2%€143,001below the sector's middle half▲ 4.4%€139,599within the sector's middle half▼ 2.4%€146,260below the sector's middle half▲ 4.8%€137,410below the sector's middle half▼ 6.1%€141,133below the sector's middle half▲ 2.7%
Debt€39,181-€21,880▼ 44.2%€34,187▲ 56.2%€36,438▲ 6.6%€25,037▼ 31.3%€26,663▲ 6.5%€13,896▼ 47.9%€13,860▼ 0.3%
Working capital€48,944-€51,081▲ 4.4%€63,021within the sector's middle half▲ 23.4%€66,744within the sector's middle half▲ 5.9%€67,743within the sector's middle half▲ 1.5%€69,521within the sector's middle half▲ 2.6%€76,165within the sector's middle half▲ 9.6%€81,960within the sector's middle half▲ 7.6%
Solvency70.8%-82.1%▲ 11.3pp75.1%within the sector's middle half▼ 7.0pp74.5%above the sector's middle half▼ 0.5pp82.1%above the sector's middle half▲ 7.5pp81.8%above the sector's middle half▼ 0.3pp89.9%above the sector's middle half▲ 8.1pp90.2%above the sector's middle half▲ 0.3pp
Current ratio2.85-3.33▲ 0.482.84within the sector's middle half▼ 0.492.83within the sector's middle half▼ 0.013.71within the sector's middle half▲ 0.873.61above the sector's middle half▼ 0.106.62above the sector's middle half▲ 3.016.91above the sector's middle half▲ 0.29
Return on assets (ROA)2.3%-4.5%▲ 2.2pp1.9%below the sector's middle half▼ 2.6pp2.6%below the sector's middle half▲ 0.7pp5.7%within the sector's middle half▲ 3.1pp3.4%within the sector's middle half▼ 2.3pp2.8%below the sector's middle half▼ 0.7pp2.7%below the sector's middle half▼ 0.1pp
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 1% higher than in 2024. It is a recovery after the fall 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 €141,133
Fixed assets
€45,313 ▼ 5.0%
Current assets
€95,820 ▲ 6.8%
Equity and liabilities €141,133
Equity
€127,273 ▲ 3.0%
Debt
€13,860 ▼ 0.3%
Debt's share of the balance-sheet total falls from 10.1% to 9.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,753▲
2024 · €8,693
Cash flow
€6,140▼
2024 · €6,194
Debt to equity
0.11▼
2024 · 0.11
ROE
3.0%▼
2024 · 3.1%
Interest coverage
9.60▼
2024 · 11.06
Debt ≤ 1 year
€13,860▲
2024 · €13,551
Income taxes
€1,701▼
2024 · €1,713
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 | - | €7,000 | €4,902 | - | - |
| Depreciation and write-downs of the year | - | - | €1,645 | €2,382 | €2,381 |
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 | €9,400 | €9,400 | €9,400 | - | - | €1,645 | €2,382 | €2,381 | = |
| Other operating charges640/8 | - | - | - | €4,832 | €2,471 | €2,406 | €2,683 | €4,216 | ▲ 57.1% |
| Gross operating margin9900 | €22,228 | €24,481 | €19,831 | €14,099 | €14,182 | €11,988 | €11,376 | €12,969 | ▲ 14.0% |
| Operating profit (loss)9901 | €8,523 | €11,722 | €7,094 | €9,267 | €11,711 | €7,937 | €6,311 | €6,372 | ▲ 1.0% |
| Financial charges65/66B | - | - | - | €1,634 | €1,253 | €351 | €786 | €912 | ▲ 16.0% |
| Recurring financial charges65 | €1,957 | €1,428 | €266 | €1,634 | €1,253 | €351 | €786 | €912 | ▲ 16.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €912 | - |
| Profit (loss) for the period before taxes9903 | €6,566 | €10,294 | €6,828 | €7,633 | €10,458 | €7,586 | €5,525 | €5,460 | ▼ 1.2% |
| Income taxes67/77 | €3,509 | €4,804 | €4,182 | €3,910 | €2,459 | €2,551 | €1,713 | €1,701 | ▼ 0.7% |
| Profit (loss) for the period9904 | €3,057 | €5,490 | €2,646 | €3,723 | €7,999 | €5,035 | €3,812 | €3,759 | ▼ 1.4% |
| Profit (loss) for the period to be appropriated9905 | €3,057 | €5,490 | €2,646 | €3,723 | €7,999 | €5,035 | €3,812 | €3,759 | ▼ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €133,991 | €122,180 | €137,027 | €143,001 | €139,599 | €146,260 | €137,410 | €141,133 | ▲ 2.7% |
| Fixed assets21/28 | €58,619 | €49,219 | €39,819 | €39,819 | €46,819 | €50,076 | €47,694 | €45,313 | ▼ 5.0% |
| Tangible fixed assets22/27 | €58,619 | €49,219 | €39,819 | €39,819 | €46,819 | €50,076 | €47,694 | €45,313 | ▼ 5.0% |
| Land and buildings22 | - | - | - | €39,819 | €39,819 | €39,819 | €39,819 | €39,819 | = |
| Other tangible fixed assets26 | - | - | - | - | €7,000 | €10,257 | €7,875 | €5,494 | ▼ 30.2% |
| Current assets29/58 | €75,372 | €72,961 | €97,208 | €103,182 | €92,780 | €96,184 | €89,716 | €95,820 | ▲ 6.8% |
| Amounts receivable after more than one year29 | - | - | - | €40,000 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €40,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €64,905 | €62,959 | €40,223 | €52,682 | €90,418 | €93,538 | €89,237 | €94,917 | ▲ 6.4% |
| Trade receivables40 | - | - | - | €18,799 | €13,959 | €16,462 | €7,893 | €8,808 | ▲ 11.6% |
| Other amounts receivable41 | - | - | - | €33,883 | €76,459 | €77,076 | €81,344 | €86,109 | ▲ 5.9% |
| Cash at bank and in hand54/58 | €10,331 | €10,002 | €10,797 | €10,472 | €1,953 | €852 | €39 | €59 | ▲ 51.3% |
| Deferred charges and accrued income490/1 | - | - | - | €28 | €409 | €1,794 | €440 | €844 | ▲ 91.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €133,991 | €122,180 | €137,027 | €143,001 | €139,599 | €146,260 | €137,410 | €141,133 | ▲ 2.7% |
| Equity10/15 | €94,810 | €100,300 | €102,840 | €106,563 | €114,562 | €119,597 | €123,514 | €127,273 | ▲ 3.0% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | - | - | €62,000 | - | - |
| Issued capital100 | - | - | - | €62,000 | - | - | €62,000 | - | - |
| Reserves13 | €7,229 | €12,719 | €15,259 | €18,982 | €26,981 | €32,016 | €35,933 | €39,692 | ▲ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €4,173 | €4,173 | €4,173 | €4,173 | €4,172 | = |
| Legal reserve130 | - | - | - | €4,173 | - | - | - | - | - |
| Other1319 | - | - | - | - | €4,173 | €4,173 | €4,173 | €4,172 | = |
| Distributable reserves133 | - | - | - | €14,809 | €22,808 | €27,843 | €31,760 | €35,520 | ▲ 11.8% |
| Profit (loss) carried forward14 | €25,581 | €25,581 | €25,581 | €25,581 | €25,581 | €25,581 | €25,581 | €25,581 | = |
| Amounts payable17/49 | €39,181 | €21,880 | €34,187 | €36,438 | €25,037 | €26,663 | €13,896 | €13,860 | ▼ 0.3% |
| Amounts payable after more than one year17 | €12,753 | - | - | - | - | - | €345 | - | - |
| Financial debts170/4 | - | - | - | - | - | - | €345 | - | - |
| Amounts payable within one year42/48 | €26,428 | €21,880 | €34,187 | €36,438 | €25,037 | €26,663 | €13,551 | €13,860 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €12,394 | €6,140 | - | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €396 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €396 | - |
| Trade debts44 | €13,236 | €452 | €14,151 | €16,245 | €673 | €15,129 | €10,753 | €8,734 | ▼ 18.8% |
| Suppliers440/4 | - | - | - | €16,245 | €673 | €15,129 | €10,753 | €8,734 | ▼ 18.8% |
| Taxes, remuneration and social security45 | - | - | - | €20,193 | €11,970 | €5,394 | €2,798 | €4,730 | ▲ 69.0% |
| Taxes450/3 | - | - | - | €20,193 | €11,970 | €5,394 | €2,798 | €4,730 | ▲ 69.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,057 | €5,490 | €2,646 | €3,723 | €7,999 | €5,035 | €3,812 | €3,759 | ▼ 1.4% |
| + Depreciation and write-downs630 | €9,400 | €9,400 | €9,400 | - | - | €1,645 | €2,382 | €2,381 | = |
| Operating cash flow (approximation) | €12,457 | €14,890 | €12,046 | €3,723 | €7,999 | €6,680 | €6,194 | €6,140 | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€7,000 | -€4,902 | €0 | €0 | - |
| Change in cash | - | -€329 | €795 | -€325 | -€8,519 | -€1,101 | -€813 | €20 | - |
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, 17,041 companies had the same profile as BEFISCO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEFISCO 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 17,041 companies, not a prediction for BEFISCO. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00334802 | |
| 31-12-2024 | abbreviated format | 30-10-2025 | 2025-00554798 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00442722 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00381117 | |
| 31-12-2021 | abbreviated format | 30-09-2022 | 2022-20453256 | |
| 31-12-2020 | micro format | 30-10-2021 | 2021-76500481 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67500442 | |
| 31-12-2018 | micro format | 15-09-2019 | 2019-64900599 | |
| 31-12-2015 | abbreviated format | 01-09-2016 | 2016-58800456 | |
| 31-12-2014 | abbreviated format | 18-08-2016 | 2016-43900559 |