Bitforge
Annual accounts 2025
micro format, filed on 30-06-2026, 31 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €140,000. Estimated: probably between €120,000 and €200,000.
Balance sheet
balance sheet total €113,233 on 31-12-2025in euro
in euro
Position in the sector
42.6%
Higher than 36% of 21,208 companies in 2025.
1.45
Higher than 32% of 20,571 companies in 2025.
26.2%
Higher than 62% of 20,746 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
113,233 | 84,172 | 68,051 | 94,988 | 87,787 | 71,928 | 69,871 | 45,177 | 20,428 | |
21/28 |
19,672 | 11,977 | 6,809 | 10,372 | 11,870 | 7,182 | 7,397 | 3,292 | - | |
22/27 |
19,672 | 11,977 | 6,809 | 10,372 | 11,870 | 7,182 | 7,397 | 3,292 | - | |
23 |
7,373 | 8,584 | 1,593 | 1,993 | - | - | - | - | - | |
24 |
633 | 2,142 | 3,652 | 5,768 | 8,213 | 2,478 | 1,646 | 3,292 | - | |
26 |
11,666 | 1,251 | 1,564 | 2,611 | 3,658 | 4,704 | 5,751 | - | - | |
29/58 |
93,561 | 72,195 | 61,242 | 84,616 | 75,916 | 64,746 | 62,474 | 41,885 | 20,428 | |
40/41 |
1,261 | 20,670 | 14,211 | 25,622 | 12,390 | 10,493 | 10,015 | 11,181 | 10,454 | |
40 |
400 | 19,360 | 12,318 | 25,622 | 12,390 | 9,148 | 9,801 | 11,178 | 10,454 | |
41 |
861 | 1,310 | 1,894 | - | - | 1,345 | 214 | 3 | - | |
54/58 |
85,718 | 47,486 | 43,127 | 54,161 | 60,919 | 51,959 | 45,329 | 28,835 | 8,721 | |
490/1 |
6,582 | 4,038 | 3,904 | 4,834 | 2,607 | 2,295 | 7,130 | 1,870 | 1,253 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
113,233 | 84,172 | 68,051 | 94,988 | 87,787 | 71,928 | 69,871 | 45,177 | 20,428 | |
10/15 |
48,249 | 18,600 | 59,206 | 41,219 | 41,219 | 45,450 | 50,499 | 32,289 | 13,503 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | |
13 |
- | - | 40,606 | 22,619 | 22,619 | 26,850 | 38,099 | 19,889 | 1,103 | |
130/1 |
- | - | - | - | 1,860 | 1,860 | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,103 | |
1311 |
- | - | - | - | 1,860 | 1,860 | - | - | - | |
133 |
- | - | 40,606 | 22,619 | 20,759 | 24,990 | 36,239 | 18,028 | - | |
14 |
29,649 | - | - | - | - | - | - | - | - | |
17/49 |
64,984 | 65,572 | 8,845 | 53,769 | 46,568 | 26,478 | 19,372 | 12,889 | 6,925 | |
42/48 |
64,635 | 65,360 | 8,845 | 53,769 | 46,568 | 26,478 | 19,372 | 12,889 | 6,925 | |
43 |
5 | 5 | 5 | 5 | - | - | - | - | - | |
430/8 |
5 | 5 | 5 | 5 | - | - | - | - | - | |
44 |
4,261 | 1,244 | 1,480 | 1,696 | 1,029 | 935 | 9,241 | 5,247 | 3,590 | |
440/4 |
4,261 | 1,244 | 1,480 | 1,696 | 1,029 | 935 | 9,241 | 5,247 | 3,590 | |
45 |
1,976 | 1,718 | 2,601 | 5,010 | 2,758 | 1,829 | 5,726 | 1,469 | 2,174 | |
450/3 |
1,976 | 1,718 | 2,601 | 5,010 | 2,758 | 1,829 | 5,726 | 1,469 | 2,174 | |
47/48 |
58,392 | 62,392 | 4,759 | 47,057 | 42,780 | 23,715 | 4,405 | 6,173 | 1,162 | |
492/3 |
349 | 212 | - | - | - | - | - | - | - | |
| Income statement | ||||||||||
76A |
- | - | - | 7,385 | - | - | - | - | - | |
9900 |
42,936 | 28,465 | 46,597 | 53,305 | 49,765 | 46,871 | 27,786 | 27,414 | 3,572 | |
630 |
3,665 | 2,940 | 3,563 | 3,498 | 2,859 | 3,021 | 2,693 | 1,646 | - | |
640/8 |
192 | 187 | 37 | 398 | 570 | 477 | 310 | 304 | 462 | |
9901 |
39,080 | 25,338 | 42,996 | 49,409 | 46,336 | 43,373 | 24,784 | 25,464 | 3,110 | |
75/76B |
- | 9 | 0 | - | 0 | - | 0 | 0 | - | |
75 |
- | 9 | 0 | - | 0 | - | 0 | 0 | - | |
65/66B |
1,291 | 1,357 | 1,515 | 666 | 670 | 582 | 909 | 820 | 426 | |
65 |
1,291 | 1,357 | 1,515 | 666 | 670 | 582 | 909 | 820 | 426 | |
9903 |
37,789 | 23,991 | 41,481 | 48,744 | 45,666 | 42,791 | 23,875 | 24,643 | 2,684 | |
67/77 |
8,139 | 5,213 | 5,477 | 6,796 | 6,442 | 5,896 | 5,664 | 5,858 | 1,581 | |
9904 |
29,649 | 18,778 | 36,004 | 41,948 | 39,224 | 36,895 | 18,210 | 18,785 | 1,103 | |
9905 |
29,649 | 18,778 | 36,004 | 41,948 | 39,224 | 36,895 | 18,210 | 18,785 | 1,103 | |
| Appropriation of the result | ||||||||||
9906 |
29,649 | 18,778 | 36,004 | 41,948 | 39,224 | 36,895 | 18,210 | 18,785 | 1,103 | |
791/2 |
- | 40,606 | - | - | 24,990 | 30,000 | - | - | - | |
691/2 |
- | - | 17,987 | - | 20,759 | 18,751 | 18,210 | 18,785 | 1,103 | |
6920 |
- | - | - | - | - | - | - | 757 | 1,103 | |
6921 |
- | - | 17,987 | - | 20,759 | 18,751 | 18,210 | 18,028 | - | |
694/7 |
- | 59,384 | 18,017 | 41,948 | 43,455 | 48,144 | - | - | - | |
694 |
- | 59,384 | 1,600 | 23,255 | 24,990 | 30,000 | - | - | - | |
697 |
- | - | 16,417 | 18,693 | 18,465 | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00220354 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00162884 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00210780 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00127132 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20072401 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23200166 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34100049 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34600335 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-37700549 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 42,744 | 28,277 | 46,559 | 52,907 | 49,195 | 46,394 | 27,476 | 27,110 | - | ||
| 33,314 | 21,717 | 39,568 | 45,446 | 42,083 | 39,916 | 20,903 | 20,432 | - | ||
| 11,359 | 8,108 | 0 | 9,614 | 7,547 | 2,806 | 6,798 | 4,938 | - | ||
| 38,232 | 4,359 | -11,034 | -6,758 | 8,960 | 6,630 | 16,494 | 20,114 | - | ||
| 28,927 | 6,835 | 52,398 | 30,847 | 29,349 | 38,268 | 43,102 | 28,997 | 13,503 | ||
| 42.6% | 22.1% | 87.0% | 43.4% | 47.0% | 63.2% | 72.3% | 71.5% | 66.1% | ||
| 1.45 | 1.10 | 6.92 | 1.57 | 1.63 | 2.45 | 3.22 | 3.25 | 2.95 | ||
| 1.35 | 3.53 | 0.15 | 1.30 | 1.13 | 0.58 | 0.38 | 0.40 | 0.51 | ||
| 61.5% | 101.0% | 60.8% | 101.8% | 95.2% | 81.2% | 36.1% | 58.2% | 8.2% | ||
| 26.2% | 22.3% | 52.9% | 44.2% | 44.7% | 51.3% | 26.1% | 41.6% | 5.4% | ||
| 33.11 | 20.84 | 30.74 | 79.50 | 73.38 | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,359 | €8,108 | - | €9,614 | €7,547 |
| €3,665 | €2,940 | €3,563 | €3,498 | €2,859 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Bitforge
The operating result for 2025 is 54% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 77.9% to 57.4%. Equity is higher and debt is lower.