BIERERFGOED
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 9 filings
Turnover
€423,000=
2024 · €423,000
EBIT margin
12.2%▲ 12.0pp
2024 · 0.2%
Net result
€123,826▲ 17.4%
2024 · €105,473
Working capital
€189,033▼ 24.5%
2024 · €250,264
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€423,000
=
2025
20182025
Operating result
€51,747
▲ 59×
2025
20182025
Net result
€123,826
▲ 17.4%
2025
highest quarter of the sector
20182025
EBIT margin
12.2%
▲ 12.0pp
2025
20182025
Equity
-€286,340
▲ 2.4%
2025
lowest quarter of the sector
20182025
Total assets
€749,812
▼ 31.7%
2025
middle half of the sector
20182025
Debt
€1.0m
▼ 25.5%
2025
20182025
Working capital
€189,033
▼ 24.5%
2025
middle half of the sector
20182025
Solvency
-38.2%
▼ 11.5pp
2025
lowest quarter of the sector
20182025
Current ratio
6.23
▲ 2.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.5%
▲ 6.9pp
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€0.4m-€0.4m▲ 0.1%€0.4m=€0.4m=€0.4m▲ 0.2%€0.4m=€0.4m=€0.4m=
Operating result-€0.4m-€0.02m€0.03m▲ 26.1%€0.03m▲ 3.1%€0.03m▲ 1.2%€0.005m▼ 83.4%€0.001m▼ 81.6%€0.05m▲ 59×
Net result€0.07m-€0.08m▲ 17.5%€0.09mabove the sector's middle half▲ 15.9%€0.1mabove the sector's middle half▲ 21.2%€0.1mabove the sector's middle half▲ 11.0%€0.1mabove the sector's middle half▼ 12.1%€0.1mwithin the sector's middle half▲ 0.5%€0.1mabove the sector's middle half▲ 17.4%
EBIT margin-85.5%-5.2%▲ 90.7pp6.5%▲ 1.3pp6.7%▲ 0.2pp6.8%▲ 0.1pp1.1%▼ 5.6pp0.2%▼ 0.9pp12.2%▲ 12.0pp
Equity€0.04m--€0.04m-€0.1mbelow the sector's middle half▼ 169%-€0.2mbelow the sector's middle half▼ 45.3%-€0.2mbelow the sector's middle half▼ 23.5%-€0.2mbelow the sector's middle half▼ 26.6%-€0.3mbelow the sector's middle half▼ 20.7%-€0.3mbelow the sector's middle half▲ 2.4%
Total assets€2.7m-€2.4m▼ 11.1%€1.9mabove the sector's middle half▼ 18.8%€1.7mwithin the sector's middle half▼ 14.0%€1.4mwithin the sector's middle half▼ 14.5%€1.1mwithin the sector's middle half▼ 23.8%€1.1mwithin the sector's middle half▲ 1.9%€0.7mwithin the sector's middle half▼ 31.7%
Debt€2.6m-€2.4m▼ 8.2%€2.0m▼ 15.7%€1.8m▼ 10.9%€1.6m▼ 11.2%€1.3m▼ 17.8%€1.4m▲ 5.4%€1.0m▼ 25.5%
Working capital€0.2m-€0.3m▲ 37.4%€0.1mwithin the sector's middle half▼ 42.8%€0.2mwithin the sector's middle half▲ 39.6%€0.2mwithin the sector's middle half▼ 6.7%€0.1mwithin the sector's middle half▼ 30.3%€0.3mwithin the sector's middle half▲ 90.2%€0.2mwithin the sector's middle half▼ 24.5%
Solvency1.5%--1.7%▼ 3.2pp-5.6%below the sector's middle half▼ 3.9pp-9.4%below the sector's middle half▼ 3.8pp-13.6%below the sector's middle half▼ 4.2pp-22.5%below the sector's middle half▼ 9.0pp-26.7%below the sector's middle half▼ 4.2pp-38.2%below the sector's middle half▼ 11.5pp
Current ratio8.79-31.87▲ 23.096.00above the sector's middle half▼ 25.884.45above the sector's middle half▼ 1.542.78within the sector's middle half▼ 1.687.30above the sector's middle half▲ 4.523.73within the sector's middle half▼ 3.576.23above the sector's middle half▲ 2.50
Return on assets (ROA)2.4%-3.2%▲ 0.8pp4.6%within the sector's middle half▲ 1.4pp6.5%within the sector's middle half▲ 1.9pp8.4%within the sector's middle half▲ 1.9pp9.7%within the sector's middle half▲ 1.3pp9.6%within the sector's middle half▼ 0.1pp16.5%above the sector's middle half▲ 6.9pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 59 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €749,812
Fixed assets
€524,627 ▼ 30.6%
Current assets
€225,185 ▼ 34.2%
Equity and liabilities
Equity-€286,340
Debt€1.0m
Equity is negative. Debt (€1.0m) exceeds the balance-sheet total (€749,812).
Key figures and ratios
EBITDA
€371,943▼
2024 · €383,812
Cash flow
€444,022▼
2024 · €488,410
Interest coverage
7.92▲
2024 · 7.25
Debt ≤ 1 year
€36,152▼
2024 · €91,703
Debt > 1 year
€1.0m▼
2024 · €1.3m
Customer credit
119 days▼
2024 · 127 days
Supplier credit
150 days▼
2024 · 831 days
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,000 | €88,841 | €178,020 | €213,830 | €88,351 |
| Depreciation and write-downs of the year | €358,764 | €361,843 | €371,772 | €382,937 | €320,196 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €421,500 | €422,000 | €422,000 | €422,000 | €423,000 | €423,000 | €423,000 | €423,000 | = |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €31,807 | €29,217 | €44,286 | €35,996 | €36,519 | ▲ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €355,589 | €358,555 | €358,688 | €358,764 | €361,843 | €371,772 | €382,937 | €320,196 | ▼ 16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €12,100 | - |
| Other operating charges640/8 | - | - | - | €3,165 | €3,323 | €2,184 | €3,192 | €2,438 | ▼ 23.6% |
| Gross operating margin9900 | - | €384,700 | €389,857 | €390,193 | €393,783 | €378,714 | €387,004 | €386,481 | ▼ 0.1% |
| Operating profit (loss)9901 | -€360,478 | €21,735 | €27,414 | €28,264 | €28,617 | €4,758 | €875 | €51,747 | ▲ 59× |
| Financial income75/76B | - | - | - | €155,864 | €155,864 | €158,185 | €157,561 | €119,034 | ▼ 24.5% |
| Recurring financial income75 | €155,866 | €155,865 | €155,865 | €155,864 | €155,864 | €158,185 | €157,561 | €119,034 | ▼ 24.5% |
| Financial charges65/66B | - | - | - | €76,683 | €65,185 | €58,039 | €52,963 | €46,955 | ▼ 11.3% |
| Recurring financial charges65 | €115,945 | €101,110 | €94,604 | €76,683 | €65,185 | €58,039 | €52,963 | €46,955 | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | -€320,557 | €76,490 | €88,675 | €107,445 | €119,296 | €104,904 | €105,473 | €123,826 | ▲ 17.4% |
| Profit (loss) for the period9904 | €65,085 | €76,490 | €88,675 | €107,445 | €119,296 | €104,904 | €105,473 | €123,826 | ▲ 17.4% |
| Profit (loss) for the period to be appropriated9905 | €65,085 | €76,490 | €88,675 | €107,445 | €119,296 | €104,904 | €105,473 | €123,826 | ▲ 17.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.7m | €2.4m | €1.9m | €1.7m | €1.4m | €1.1m | €1.1m | €0.7m | ▼ 31.7% |
| Fixed assets21/28 | €2.5m | €2.1m | €1.7m | €1.4m | €1.1m | €0.9m | €0.8m | €0.5m | ▼ 30.6% |
| Tangible fixed assets22/27 | €2.5m | €2.1m | €1.7m | €1.4m | €1.1m | €0.9m | €0.8m | €0.5m | ▼ 30.6% |
| Plant, machinery and equipment23 | - | - | - | €1.4m | €1.1m | €0.9m | €0.8m | €0.5m | ▼ 30.6% |
| Current assets29/58 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 34.2% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 34.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 6.6% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | - | €0.2m | €0.09m | ▼ 55.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | - | €285 | €0.001m | €434 | ▼ 42.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.7m | €2.4m | €1.9m | €1.7m | €1.4m | €1.1m | €1.1m | €0.7m | ▼ 31.7% |
| Equity10/15 | €0.04m | -€0.04m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | -€0.3m | ▲ 2.4% |
| Profit (loss) carried forward14 | -€1.0m | -€0.9m | -€0.8m | -€0.7m | -€0.6m | -€0.5m | -€0.4m | -€0.3m | ▲ 30.2% |
| Investment grants15 | - | - | - | €0.6m | €0.4m | €0.3m | €0.1m | - | - |
| Amounts payable17/49 | €2.6m | €2.4m | €2.0m | €1.8m | €1.6m | €1.3m | €1.4m | €1.0m | ▼ 25.5% |
| Amounts payable after more than one year17 | €2.6m | €2.4m | €2.0m | €1.8m | €1.5m | €1.3m | €1.3m | €1.0m | ▼ 23.1% |
| Financial debts170/4 | - | - | - | €1.8m | €1.5m | €1.3m | €1.3m | €1.0m | ▼ 23.1% |
| Amounts payable within one year42/48 | €0.02m | €0.008m | €0.03m | €0.06m | €0.1m | €0.02m | €0.09m | €0.04m | ▼ 60.6% |
| Trade debts44 | €0.02m | €0.007m | €0.008m | €0.02m | €0.09m | €0.008m | €0.08m | €0.02m | ▼ 81.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.09m | €0.008m | €0.08m | €0.02m | ▼ 81.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.002m | €0.01m | €0.02m | ▲ 117% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.002m | €0.01m | €0.02m | ▲ 117% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €65,085 | €76,490 | €88,675 | €107,445 | €119,296 | €104,904 | €105,473 | €123,826 | ▲ 17.4% |
| + Depreciation and write-downs630 | €355,589 | €358,555 | €358,688 | €358,764 | €361,843 | €371,772 | €382,937 | €320,196 | ▼ 16.4% |
| Operating cash flow (approximation) | €420,674 | €435,045 | €447,363 | €466,209 | €481,139 | €476,676 | €488,410 | €444,022 | ▼ 9.1% |
| Investment in fixed assets (approximation) | - | -€10,128 | €0 | -€3,000 | -€88,841 | -€178,020 | -€213,830 | -€88,351 | ▲ 58.7% |
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, 265 companies had the same profile as BIERERFGOED has now. Two years later, 94.3% were still going and 1.1% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
94.3%
was still going
3.4%
stopped otherwise
1.1%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BIERERFGOED 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 265 companies, not a prediction for BIERERFGOED. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-06-2026 | 2026-00191847 | |
| 31-12-2024 | abbreviated format | 01-08-2025 | 2025-00347560 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00152805 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00167473 | |
| 31-12-2021 | abbreviated format | 16-06-2022 | 2022-20066345 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-26900520 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-20200284 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-19900206 | |
| 31-12-2017 | abbreviated format | 13-09-2018 | 2018-63000124 |