BEFRED
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 34 filings
Turnover
≈ €29,000
Estimated: probably between €19,000 and €46,000
Total assets
€1.8m▼ 4.1%
2024 · €1.9m
Net result
-€45,692▼ 1.9%
2024 · -€44,831
Working capital
-€41,138▼ 18.0%
2024 · -€34,875
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€57,508
▼ 6.4%
2025
20182025
Net result
-€45,692
▼ 1.9%
2025
lowest quarter of the sector
20182025
Equity
€1.4m
▼ 3.2%
2025
highest quarter of the sector
20182025
Total assets
€1.8m
▼ 4.1%
2025
highest quarter of the sector
20182025
Debt
€410,314
▼ 6.8%
2025
20182025
Working capital
-€41,138
▼ 18.0%
2025
middle half of the sector
20182025
Solvency
75.2%
▲ 0.7pp
2025
highest quarter of the sector
20182025
Current ratio
0.90
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.5%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m--€0.02m▲ 45.8%€0.1m-€0.03m-€0.06m▼ 86.2%€0.2m-€0.05m-€0.06m▼ 6.4%
Net result-€0.03m--€0.02m▲ 45.6%€0.07mabove the sector's middle half-€0.03mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 89.2%€0.2mabove the sector's middle half-€0.04mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 1.9%
Equity€1.3m-€1.3m▼ 1.2%€1.4mabove the sector's middle half▲ 5.1%€1.3mabove the sector's middle half▼ 2.2%€1.3mabove the sector's middle half▼ 4.3%€1.5mabove the sector's middle half▲ 14.1%€1.4mabove the sector's middle half▼ 3.1%€1.4mabove the sector's middle half▼ 3.2%
Total assets€1.3m-€1.3m▼ 1.4%€1.4mabove the sector's middle half▲ 8.7%€1.4mabove the sector's middle half▼ 2.3%€1.6mabove the sector's middle half▲ 17.1%€1.9mabove the sector's middle half▲ 20.7%€1.9mabove the sector's middle half▼ 2.8%€1.8mabove the sector's middle half▼ 4.1%
Debt€0.002m-€0▼ 100%€0.004m€0.002m▼ 60.8%€0.3m▲ 170×€0.4m▲ 52.7%€0.4m▼ 1.8%€0.4m▼ 6.8%
Working capital€0.1m-€0.2m▲ 11.8%€0.4mabove the sector's middle half▲ 152%€0.4mabove the sector's middle half▼ 1.9%€0.009mwithin the sector's middle half▼ 97.6%€0.04mwithin the sector's middle half▲ 289%-€0.03mwithin the sector's middle half-€0.04mwithin the sector's middle half▼ 18.0%
Solvency99.8%-100.0%▲ 0.2pp96.7%above the sector's middle half▼ 3.3pp96.8%above the sector's middle half▲ 0.1pp79.1%above the sector's middle half▼ 17.7pp74.8%above the sector's middle half▼ 4.4pp74.5%above the sector's middle half▼ 0.3pp75.2%above the sector's middle half▲ 0.7pp
Current ratio66.78-89.47above the sector's middle half1.03within the sector's middle half1.08within the sector's middle half▲ 0.050.92within the sector's middle half▼ 0.160.90within the sector's middle half▼ 0.02
Return on assets (ROA)-2.3%--1.3%▲ 1.0pp4.7%within the sector's middle half▲ 6.0pp-2.2%below the sector's middle half▼ 6.9pp-3.5%below the sector's middle half▼ 1.3pp9.2%above the sector's middle half▲ 12.8pp-2.4%within the sector's middle half▼ 11.6pp-2.5%below the sector's middle half▼ 0.1pp
Staff (FTE)11=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €57,508, larger than the loss of €54,055 in 2024.
Turnover and EBIT margin are not published. The 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 €1.8m
Fixed assets
€1.4m ▼ 3.3%
Current assets
€369,049 ▼ 7.2%
Equity and liabilities €1.8m
Equity
€1.4m ▼ 3.2%
Provisions
€38,736 ▼ 5.1%
Debt
€410,314 ▼ 6.8%
Debt's share of the balance-sheet total falls from 23.3% to 22.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€8,304▲
2024 · -€15,723
Cash flow
€3,511▲
2024 · -€6,499
Debt to equity
0.30▼
2024 · 0.31
ROE
-3.4%▼
2024 · -3.2%
Interest coverage
-1.04▲
2024 · -1.99
Debt ≤ 1 year
€410,187▼
2024 · €432,517
Income taxes
-€107▼
2024 · €30
Staff costs
€13,160▼
2024 · €18,445
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 0 | 0 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.4 | 0.4 |
| Average over the year, in full-time equivalents | 0.4 | 0.4 |
| On a permanent contract | 1 | 1 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,375 | €340,733 | €465,606 | €68,010 | €3,549 |
| Financial fixed assets | - | - | - | €3,709 | €0 |
| Depreciation and write-downs of the year | €26,503 | €25,045 | €69,244 | €38,332 | €49,203 |
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 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €8,612 | €18,445 | €13,160 | ▼ 28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,993 | €32,563 | €27,565 | €26,503 | €25,045 | €69,244 | €38,332 | €49,203 | ▲ 28.4% |
| Other operating charges640/8 | - | - | - | €6,919 | €5,724 | €8,726 | €5,112 | €5,766 | ▲ 12.8% |
| Gross operating margin9900 | €8,459 | €22,692 | €141,741 | €1,431 | -€28,805 | €264,105 | €7,833 | €10,621 | ▲ 35.6% |
| Operating profit (loss)9901 | -€29,664 | -€16,089 | €108,312 | -€31,991 | -€59,574 | €177,523 | -€54,055 | -€57,508 | ▼ 6.4% |
| Financial income75/76B | - | - | - | €2,299 | €2,867 | €5,405 | €16,470 | €17,602 | ▲ 6.9% |
| Recurring financial income75 | €4 | €0 | - | €2,299 | €2,867 | €5,405 | €16,470 | €17,602 | ▲ 6.9% |
| Financial charges65/66B | - | - | - | €218 | -€129 | €4,030 | €7,918 | €7,986 | ▲ 0.9% |
| Recurring financial charges65 | €146 | €127 | €154 | €218 | -€129 | €4,030 | €7,918 | €7,986 | ▲ 0.9% |
| Profit (loss) for the period before taxes9903 | -€29,805 | -€16,216 | €108,158 | -€29,910 | -€56,578 | €178,898 | -€45,503 | -€47,891 | ▼ 5.2% |
| Transfer from deferred taxes780 | - | - | - | - | - | €607 | €701 | €2,092 | ▲ 198% |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €1 | €0 | - | - | - | €107 | €30 | -€107 | - |
| Profit (loss) for the period9904 | -€29,806 | -€16,216 | €66,021 | -€29,910 | -€56,578 | €179,398 | -€44,831 | -€45,692 | ▼ 1.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €1,821 | €2,104 | €6,277 | ▲ 198% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€29,806 | -€16,216 | -€60,390 | -€29,910 | -€56,578 | €181,219 | -€42,727 | -€39,415 | ▲ 7.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.4m | €1.4m | €1.6m | €1.9m | €1.9m | €1.8m | ▼ 4.1% |
| Fixed assets21/28 | €1.2m | €1.1m | €1.0m | €1.0m | €1.3m | €1.5m | €1.5m | €1.4m | ▼ 3.3% |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €1.0m | €1.0m | €1.3m | €1.5m | €1.5m | €1.4m | ▼ 3.1% |
| Land and buildings22 | - | - | - | €1.0m | €1.3m | €1.5m | €1.5m | €1.4m | ▼ 3.1% |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | €248 | €0.004m | €248 | ▼ 93.7% |
| Current assets29/58 | €0.1m | €0.2m | €0.4m | €0.4m | €0.3m | €0.5m | €0.4m | €0.4m | ▼ 7.2% |
| Amounts receivable within one year40/41 | €0.04m | €0.06m | €0.09m | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 19.2% |
| Trade receivables40 | - | - | - | €0.002m | €0.004m | €0.009m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.09m | €0.3m | €0.3m | €0.3m | ▲ 19.2% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.3m | €0.3m | €0.2m | €0.2m | €0.09m | €0.03m | ▼ 71.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €0.002m | €0.02m | €0.002m | ▼ 89.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.4m | €1.4m | €1.6m | €1.9m | €1.9m | €1.8m | ▼ 4.1% |
| Equity10/15 | €1.3m | €1.3m | €1.4m | €1.3m | €1.3m | €1.5m | €1.4m | €1.4m | ▼ 3.2% |
| Contributions10/11 | €1.1m | €1.1m | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Revaluation surpluses12 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.03m | €0.03m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 4.2% |
| Non-distributable reserves130/1 | - | - | - | €109 | €0 | - | - | - | - |
| Own shares acquired1312 | - | - | - | €109 | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.1% |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.3m | -€0.4m | -€0.4m | -€0.5m | -€0.3m | -€0.3m | -€0.4m | ▼ 11.8% |
| Provisions and deferred taxes16 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 5.1% |
| Deferred taxes168 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 5.1% |
| Amounts payable17/49 | €0.002m | €0 | €0.004m | €0.002m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 6.8% |
| Amounts payable within one year42/48 | €0.002m | €0 | €0.004m | €0.002m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 5.2% |
| Trade debts44 | €0.002m | €0 | €0.004m | €0.002m | €0.001m | €0.04m | €0.04m | €0.003m | ▼ 91.7% |
| Suppliers440/4 | - | - | - | €0.002m | €0.001m | €0.04m | €0.04m | €0.003m | ▼ 91.7% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.02m | €0.005m | €0.004m | ▼ 24.7% |
| Taxes450/3 | - | - | - | - | - | €0.01m | €239 | €0.001m | ▲ 413% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.002m | €0.005m | €0.003m | ▼ 46.0% |
| Other amounts payable47/48 | - | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €106 | €0.008m | €127 | ▼ 98.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,806 | -€16,216 | €66,021 | -€29,910 | -€56,578 | €179,398 | -€44,831 | -€45,692 | ▼ 1.9% |
| + Depreciation and write-downs630 | €31,993 | €32,563 | €27,565 | €26,503 | €25,045 | €69,244 | €38,332 | €49,203 | ▲ 28.4% |
| Operating cash flow (approximation) | €2,186 | €16,347 | €93,586 | -€3,407 | -€31,532 | €248,642 | -€6,499 | €3,511 | - |
| Investment in fixed assets (approximation) | - | €0 | €98,923 | -€4,099 | -€340,733 | -€221,256 | -€71,718 | €160 | - |
| Change in cash | - | -€5,712 | €205,918 | -€21,632 | -€78,418 | €13,844 | -€121,815 | -€67,209 | ▲ 44.8% |
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, 12,322 companies had the same profile as BEFRED has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEFRED 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 12,322 companies, not a prediction for BEFRED. 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 | micro format | 19-06-2026 | 2026-00176077 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00205147 | |
| 31-12-2023 | micro format | 26-09-2024 | 2024-00472727 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00373548 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20366415 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56100394 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-17700083 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55500288 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-54900589 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-50600362 |