BELFRESCA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 26 filings
Turnover
€14.8m▲ 11.2%
2024 · €13.3m
EBIT margin
10.1%▲ 8.0pp
2024 · 2.1%
Net result
€901,007▲ 457%
2024 · €161,701
Working capital
-€562,216▲ 55.9%
2024 · -€1.3m
In the rankings
#1 company by staff growth in Sint-Katelijne-Waver#5 company by total assets in Sint-Katelijne-Waver, Administrative and support services sector#8 company by equity in Sint-Katelijne-Waver, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€14.8m
▲ 11.2%
2025
20182025
Operating result
€1.5m
▲ 427%
2025
20182025
Net result
€901,007
▲ 457%
2025
highest quarter of the sector
20182025
EBIT margin
10.1%
▲ 8.0pp
2025
20182025
Equity
€1.6m
▲ 129%
2025
middle half of the sector
20182025
Total assets
€7.3m
▲ 20.7%
2025
middle half of the sector
20182025
Debt
€5.7m
▲ 6.4%
2025
20182025
Working capital
-€562,216
▲ 55.9%
2025
lowest quarter of the sector
20182025
Solvency
22.0%
▲ 10.4pp
2025
middle half of the sector
20182025
Current ratio
0.90
▲ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
12.4%
▲ 9.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
35.8
▲ 10.8%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€6.4m€13.3m€14.8m▲ 11.2%
Operating result€1.1m-€2.0m▲ 80.6%€1.2m▼ 40.2%€0.9m▼ 23.2%€1.2m▲ 28.4%€1.9m▲ 63.0%€0.3m▼ 85.1%€1.5m▲ 427%
Net result€3.9m-€1.4m▼ 64.5%€0.9mabove the sector's middle half▼ 32.5%€0.7mabove the sector's middle half▼ 26.0%€0.9mabove the sector's middle half▲ 30.1%€1.4mabove the sector's middle half▲ 57.1%€0.2mwithin the sector's middle half▼ 88.5%€0.9mabove the sector's middle half▲ 457%
EBIT margin18.4%2.1%10.1%▲ 8.0pp
Equity€1.4m-€2.8m▲ 98.9%€1.5mwithin the sector's middle half▼ 44.7%€2.2mabove the sector's middle half▲ 44.9%€1.3mabove the sector's middle half▼ 40.5%€2.7mabove the sector's middle half▲ 106%€0.7mwithin the sector's middle half▼ 74.5%€1.6mwithin the sector's middle half▲ 129%
Total assets€5.4m-€4.3m▼ 20.5%€3.4mwithin the sector's middle half▼ 21.8%€2.8mabove the sector's middle half▼ 15.1%€4.2mabove the sector's middle half▲ 46.8%€4.3mabove the sector's middle half▲ 3.9%€6.0mwithin the sector's middle half▲ 38.7%€7.3mwithin the sector's middle half▲ 20.7%
Debt€4.0m-€1.5m▼ 62.2%€1.8m▲ 20.2%€0.6m▼ 65.9%€2.9m▲ 361%€1.6m▼ 43.7%€5.3m▲ 231%€5.7m▲ 6.4%
Working capital€1.2m-€2.5m▲ 111%€0.8mabove the sector's middle half▼ 66.9%€1.4mabove the sector's middle half▲ 71.8%-€0.5mbelow the sector's middle half€1.0mabove the sector's middle half-€1.3mbelow the sector's middle half-€0.6mbelow the sector's middle half▲ 55.9%
Solvency25.9%-64.8%▲ 38.9pp45.9%within the sector's middle half▼ 18.9pp78.2%above the sector's middle half▲ 32.4pp31.7%within the sector's middle half▼ 46.5pp63.0%within the sector's middle half▲ 31.3pp11.6%below the sector's middle half▼ 51.4pp22.0%within the sector's middle half▲ 10.4pp
Current ratio1.29-2.64▲ 1.351.45within the sector's middle half▼ 1.193.29within the sector's middle half▲ 1.840.82within the sector's middle half▼ 2.471.62within the sector's middle half▲ 0.800.76within the sector's middle half▼ 0.860.90within the sector's middle half▲ 0.14
Return on assets (ROA)72.2%-32.2%▼ 40.0pp27.8%above the sector's middle half▼ 4.4pp24.2%above the sector's middle half▼ 3.6pp21.5%above the sector's middle half▼ 2.8pp32.5%above the sector's middle half▲ 11.0pp2.7%within the sector's middle half▼ 29.8pp12.4%above the sector's middle half▲ 9.7pp
Staff (FTE)23.9-21.8▼ 8.8%18.2within the sector's middle half▼ 16.5%19.8above the sector's middle half▲ 8.8%21.2above the sector's middle half▲ 7.1%23.6above the sector's middle half▲ 11.3%32.3above the sector's middle half▲ 36.9%35.8above the sector's middle half▲ 10.8%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 nearly 5.3 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Net result -89% on 2023. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.3m
Fixed assets
€2.2m ▲ 9.7%
Current assets
€5.0m ▲ 26.2%
Equity and liabilities €7.3m
Equity
€1.6m ▲ 129%
Debt
€5.7m ▲ 6.4%
Debt's share of the balance-sheet total falls from 88.4% to 78.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.1m▲
2024 · €852,580
Cash flow
€1.5m▲
2024 · €731,746
Quick ratio
0.79▲
2024 · 0.54
Debt to equity
3.54▼
2024 · 7.62
ROE
56.3%▲
2024 · 23.1%
Interest coverage
11.64▼
2024 · 14.50
Debt ≤ 1 year
€5.6m▲
2024 · €5.3m
Income taxes
€404,418▲
2024 · €61,163
Customer credit
108 days▲
2024 · 67 days
Supplier credit
82 days▼
2024 · 92 days
Staff costs
€1.5m▲
2024 · €1.2m
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 | 21 | 24 | 27 | 33 | 38 |
| full-time | 21 | 24 | 27 | 32 | 37 |
| part-time | - | 0 | 0 | 1 | 1 |
| in full-time equivalents | 21 | 24 | 27 | 32.5 | 37.5 |
| Average over the year, in full-time equivalents | 19.8 | 21.2 | 23.6 | 32.3 | 35.8 |
| On a permanent contract | 21 | 24 | 27 | 33 | 38 |
| Joined | 7 | 10 | 8 | 12 | 5 |
| Left | 4 | 7 | 5 | 6 | 0 |
| Agency workers, average number | - | - | - | 27.5 | 24.3 |
| Training hours | - | - | - | - | 64 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €337,879 | €1.4m | €485,633 | €854,336 | €837,176 |
| Intangible fixed assets | - | €6,800 | - | - | - |
| Depreciation and write-downs of the year | €236,008 | €375,517 | €419,179 | €570,045 | €639,768 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Auditas Assurance Partners.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €3,750 | €5,205 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €13.3m | €14.8m | ▲ 11.3% |
| Turnover70 | - | - | €6.4m | - | - | - | €13.3m | €14.8m | ▲ 11.2% |
| Other operating income74 | - | - | - | - | - | - | €0.04m | €0.05m | ▲ 24.7% |
| Non-recurring operating income76A | - | - | - | - | €0.004m | €0.04m | €0 | - | - |
| Operating charges60/66A | - | - | - | - | - | - | €13.0m | €13.3m | ▲ 2.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €6.6m | €7.2m | ▲ 9.6% |
| Purchases600/8 | - | - | - | - | - | - | €7.0m | €6.8m | ▼ 3.0% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | -€0.4m | €0.5m | - |
| Services and other goods61 | - | - | - | - | - | - | €4.2m | €3.8m | ▼ 7.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.7m | €0.9m | €1.2m | €1.5m | ▲ 22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.04m | €0.001m | €0.06m | -€0.1m | €0.06m | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 28.1% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.03m | €0 | €0.5m | €0 | ▼ 100% |
| Gross operating margin9900 | €1.9m | €2.8m | - | €1.9m | €2.3m | €3.3m | - | - | - |
| Operating profit (loss)9901 | €1.1m | €2.0m | €1.2m | €0.9m | €1.2m | €1.9m | €0.3m | €1.5m | ▲ 427% |
| Financial income75/76B | - | - | - | €0.02m | €0.006m | €0.001m | €212 | €181 | ▼ 14.7% |
| Recurring financial income75 | €2.0m | €0.01m | €0.02m | €0.02m | €0.006m | €0.001m | €212 | €181 | ▼ 14.7% |
| Income from current assets751 | - | - | - | - | - | - | €2 | €0 | ▼ 100% |
| Other financial income752/9 | - | - | - | - | - | - | €210 | €181 | ▼ 14.0% |
| Financial charges65/66B | - | - | - | €0.003m | €0.001m | €0.008m | €0.06m | €0.2m | ▲ 206% |
| Recurring financial charges65 | €0.09m | €377 | €445 | €0.003m | €0.001m | €0.008m | €0.06m | €0.2m | ▲ 206% |
| Debt charges650 | - | - | - | - | - | - | €0.06m | €0.2m | ▲ 211% |
| Other financial charges652/9 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 51.4% |
| Profit (loss) for the period before taxes9903 | €4.2m | €2.0m | €1.2m | €0.9m | €1.2m | €1.9m | €0.2m | €1.3m | ▲ 486% |
| Income taxes67/77 | €0.3m | €0.6m | €0.3m | €0.2m | €0.3m | €0.5m | €0.06m | €0.4m | ▲ 561% |
| Taxes670/3 | - | - | - | - | - | - | €0.06m | €0.4m | ▲ 561% |
| Profit (loss) for the period9904 | €3.9m | €1.4m | €0.9m | €0.7m | €0.9m | €1.4m | €0.2m | €0.9m | ▲ 457% |
| Profit (loss) for the period to be appropriated9905 | €3.9m | €1.4m | €0.9m | €0.7m | €0.9m | €1.4m | €0.2m | €0.9m | ▲ 457% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.4m | €4.3m | €3.4m | €2.8m | €4.2m | €4.3m | €6.0m | €7.3m | ▲ 20.7% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.7m | €0.8m | €1.9m | €1.8m | €2.0m | €2.2m | ▲ 9.7% |
| Intangible fixed assets21 | - | - | - | - | €0.007m | €0.005m | €0.004m | €0.003m | ▼ 33.9% |
| Tangible fixed assets22/27 | €0.2m | €0.3m | €0.7m | €0.8m | €1.8m | €1.7m | €2.0m | €2.2m | ▲ 9.8% |
| Plant, machinery and equipment23 | - | - | - | €0.8m | €1.2m | €1.1m | €1.4m | €1.6m | ▲ 17.2% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 27.0% |
| Other tangible fixed assets26 | - | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 5.8% |
| Current assets29/58 | €5.2m | €4.0m | €2.6m | €2.0m | €2.3m | €2.6m | €4.0m | €5.0m | ▲ 26.2% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | €1.1m | €0.6m | ▼ 45.6% |
| Stocks30/36 | - | - | - | €0.4m | €0.5m | €0.6m | €1.1m | €0.6m | ▼ 45.6% |
| Goods purchased for resale34 | - | - | - | - | - | - | €1.1m | €0.6m | ▼ 45.6% |
| Amounts receivable within one year40/41 | €3.9m | €3.0m | €2.0m | €1.6m | €0.9m | €1.6m | €2.9m | €4.4m | ▲ 54.5% |
| Trade receivables40 | - | - | - | €1.2m | €0.7m | €1.5m | €2.4m | €4.4m | ▲ 80.5% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.2m | €0.08m | €0.4m | €0.04m | ▼ 90.5% |
| Cash at bank and in hand54/58 | €1.1m | €0.8m | €0.3m | €0.02m | €0.9m | €0.3m | €174 | €307 | ▲ 76.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.005m | €0.008m | €0.007m | €0.008m | ▲ 17.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.4m | €4.3m | €3.4m | €2.8m | €4.2m | €4.3m | €6.0m | €7.3m | ▲ 20.7% |
| Equity10/15 | €1.4m | €2.8m | €1.5m | €2.2m | €1.3m | €2.7m | €0.7m | €1.6m | ▲ 129% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.4m | €2.8m | €1.5m | €2.2m | €1.3m | €2.7m | €0.7m | €1.6m | ▲ 132% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €2.2m | €1.3m | €2.7m | €0.7m | €1.6m | ▲ 133% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | - | - | - |
| Amounts payable17/49 | €4.0m | €1.5m | €1.8m | €0.6m | €2.9m | €1.6m | €5.3m | €5.7m | ▲ 6.4% |
| Amounts payable within one year42/48 | €4.0m | €1.5m | €1.8m | €0.6m | €2.9m | €1.6m | €5.3m | €5.6m | ▲ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €3.0m | €3.7m | ▲ 21.5% |
| Other loans439 | - | - | - | - | - | - | €3.0m | €3.7m | ▲ 21.5% |
| Trade debts44 | €0.3m | €1.1m | €0.6m | €0.5m | €1.9m | €1.5m | €1.7m | €1.6m | ▼ 2.7% |
| Suppliers440/4 | - | - | - | €0.5m | €1.9m | €1.5m | €1.7m | €1.6m | ▼ 2.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 147% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.03m | €0.003m | €0.1m | ▲ 46× |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.09m | €0.08m | €0.1m | €0.2m | ▲ 42.7% |
| Other amounts payable47/48 | - | - | - | - | €0.8m | €0 | €0.4m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.003m | €0.005m | €0.06m | €0.07m | ▲ 16.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.9m | €1.4m | €0.9m | €0.7m | €0.9m | €1.4m | €0.2m | €0.9m | ▲ 457% |
| + Depreciation and write-downs630 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 12.2% |
| Operating cash flow (approximation) | €4.0m | €1.5m | €1.1m | €0.9m | €1.3m | €1.8m | €0.7m | €1.5m | ▲ 111% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.6m | -€0.3m | -€1.4m | -€0.3m | -€0.9m | -€0.8m | ▲ 2.0% |
| Change in cash | - | -€0.3m | -€0.5m | -€0.3m | €0.9m | -€0.6m | -€0.3m | €133 | - |
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, 2,613 companies had the same profile as BELFRESCA has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BELFRESCA itself: 0.4% 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 2,613 companies, not a prediction for BELFRESCA. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00245563 | |
| 31-12-2024 | full format | 13-06-2025 | 2025-00141808 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00181388 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00256350 | |
| 31-12-2021 | abbreviated format | 30-07-2022 | 2022-20271236 | |
| 31-12-2020 | full format | 23-07-2021 | 2021-39100025 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-73700042 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-38000521 | |
| 31-12-2017 | abbreviated format | 28-07-2018 | 2018-39200119 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-36800092 |