BOCCA NERA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 5 filings
Turnover
≈ €1.7m
Estimated: probably between €1.5m and €2.3m
Total assets
€311,769▲ 0.4%
2024 · €310,449
Net result
€19,614▲ 22×
2024 · €888
Working capital
-€140,442▲ 23.9%
2024 · -€184,490
In the rankings
#3 company by staff growth in Zonhoven
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€33,408
▲ 431%
2025
20212025
Net result
€19,614
▲ 22×
2025
middle half of the sector
20212025
Equity
€24,581
▲ 395%
2025
middle half of the sector
20212025
Total assets
€311,769
▲ 0.4%
2025
middle half of the sector
20212025
Debt
€287,188
▼ 6.0%
2025
20212025
Working capital
-€140,442
▲ 23.9%
2025
lowest quarter of the sector
20212025
Solvency
7.9%
▲ 6.3pp
2025
middle half of the sector
20212025
Current ratio
0.51
▲ 0.17
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
6.3%
▲ 6.0pp
2025
middle half of the sector
20212025
Staff (FTE)
14
▼ 10.8%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€63,993-€10,450€66,563▲ 537%€6,287▼ 90.6%€33,408▲ 431%
Net result-€67,048below the sector's middle half-€5,682within the sector's middle half€60,945within the sector's middle half▲ 973%€888within the sector's middle half▼ 98.5%€19,614within the sector's middle half▲ 22×
Equity-€62,548below the sector's middle half--€56,866below the sector's middle half▲ 9.1%€4,079below the sector's middle half€4,967within the sector's middle half▲ 21.8%€24,581within the sector's middle half▲ 395%
Total assets€184,725within the sector's middle half-€268,695within the sector's middle half▲ 45.5%€284,682within the sector's middle half▲ 5.9%€310,449above the sector's middle half▲ 9.1%€311,769within the sector's middle half▲ 0.4%
Debt€247,273-€325,561▲ 31.7%€280,603▼ 13.8%€305,482▲ 8.9%€287,188▼ 6.0%
Working capital-€116,066below the sector's middle half--€118,576below the sector's middle half▼ 2.2%-€62,093within the sector's middle half▲ 47.6%-€184,490below the sector's middle half▼ 197%-€140,442below the sector's middle half▲ 23.9%
Solvency-33.9%below the sector's middle half--21.2%below the sector's middle half▲ 12.7pp1.4%below the sector's middle half▲ 22.6pp1.6%within the sector's middle half▲ 0.2pp7.9%within the sector's middle half▲ 6.3pp
Current ratio0.20below the sector's middle half-0.52below the sector's middle half▲ 0.320.73within the sector's middle half▲ 0.210.34below the sector's middle half▼ 0.380.51below the sector's middle half▲ 0.17
Return on assets (ROA)-36.3%below the sector's middle half-2.1%within the sector's middle half▲ 38.4pp21.4%above the sector's middle half▲ 19.3pp0.3%within the sector's middle half▼ 21.1pp6.3%within the sector's middle half▲ 6.0pp
Staff (FTE)0.5-10.8within the sector's middle half▲ 22×9.9within the sector's middle half▼ 8.3%15.7▲ 58.6%14within the sector's middle half▼ 10.8%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 5.3 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Staff (FTE) +59% on 2023. The accounts now follow the micro format, last year the abbreviated format.
- 2022 Staff (FTE) +2,060% on 2021. The accounts now follow the abbreviated format, last year the micro format.
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 €295,636
Fixed assets
€149,790 ▼ 21.8%
Current assets
€145,846 ▲ 51.0%
Equity and liabilities €311,769
Equity
€24,581 ▲ 395%
Debt
€287,188 ▼ 6.0%
Debt's share of the balance-sheet total falls from 98.4% to 92.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€87,527▲
2024 · €49,468
Cash flow
€73,733▲
2024 · €44,069
Quick ratio
0.42▲
2024 · 0.25
Debt to equity
11.68▼
2024 · 61.50
ROE
79.8%▲
2024 · 17.9%
Interest coverage
19.78▲
2024 · 11.98
Debt ≤ 1 year
€286,288▲
2024 · €281,099
Debt > 1 year
€0▼
2024 · €18,638
Income taxes
€9,487▲
2024 · €1,383
Staff costs
€615,120▲
2024 · €403,968
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 11 | 9 |
| full-time | 4 | 8 | 7 |
| part-time | - | 3 | 2 |
| in full-time equivalents | 4 | 9.2 | 7.3 |
| Average over the year, in full-time equivalents | 0.5 | 11 | 14 |
| On a permanent contract | 4 | 7 | 7 |
| Joined | 4 | 162 | 311 |
| Left | 0 | 159 | 313 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €18,638 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €163,966 | €13,138 | €14,570 | €120,228 | €13,709 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,642 | €33,233 | €36,193 | €43,181 | €54,119 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €8,245 | €388,143 | €382,432 | €403,968 | €615,120 | ▲ 52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,642 | €33,233 | €36,193 | €43,181 | €54,119 | ▲ 25.3% |
| Other operating charges640/8 | €837 | €3,003 | €5,024 | €2,395 | €5,568 | ▲ 132% |
| Gross operating margin9900 | -€43,269 | €434,829 | €490,212 | €455,831 | €708,215 | ▲ 55.4% |
| Operating profit (loss)9901 | -€63,993 | €10,450 | €66,563 | €6,287 | €33,408 | ▲ 431% |
| Financial income75/76B | €0 | €119 | €897 | €112 | €118 | ▲ 5.8% |
| Recurring financial income75 | €0 | €119 | €897 | €112 | €118 | ▲ 5.8% |
| Non-recurring financial income76B | - | €119 | €897 | - | - | - |
| Financial charges65/66B | €3,055 | €4,887 | €6,515 | €4,128 | €4,425 | ▲ 7.2% |
| Recurring financial charges65 | €3,055 | €4,651 | €6,515 | €4,128 | €4,425 | ▲ 7.2% |
| Non-recurring financial charges66B | - | €236 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€67,048 | €5,682 | €60,945 | €2,271 | €29,102 | ▲ 13× |
| Income taxes67/77 | - | - | - | €1,383 | €9,487 | ▲ 586% |
| Profit (loss) for the period9904 | -€67,048 | €5,682 | €60,945 | €888 | €19,614 | ▲ 22× |
| Profit (loss) for the period to be appropriated9905 | -€67,048 | €5,682 | €60,945 | €888 | €19,614 | ▲ 22× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €184,725 | €268,695 | €284,682 | €310,449 | €311,769 | ▲ 0.4% |
| Formation expenses20 | €3,244 | €9,831 | €7,271 | €22,317 | €16,133 | ▼ 27.7% |
| Fixed assets21/28 | €152,885 | €130,735 | €111,673 | €191,523 | €149,790 | ▼ 21.8% |
| Tangible fixed assets22/27 | €152,885 | €130,735 | €111,673 | €191,523 | €149,790 | ▼ 21.8% |
| Plant, machinery and equipment23 | €46,226 | €26,591 | €29,561 | €116,352 | €102,064 | ▼ 12.3% |
| Furniture and vehicles24 | €106,658 | €104,144 | €82,112 | €75,171 | €47,726 | ▼ 36.5% |
| Current assets29/58 | €28,597 | €128,129 | €165,739 | €96,609 | €145,846 | ▲ 51.0% |
| Stocks and contracts in progress3 | - | €17,250 | €17,250 | €26,250 | €25,287 | ▼ 3.7% |
| Stocks30/36 | - | €17,250 | €17,250 | €26,250 | €25,287 | ▼ 3.7% |
| Amounts receivable within one year40/41 | €16,171 | €48,460 | €5,545 | €13,557 | €2,682 | ▼ 80.2% |
| Trade receivables40 | - | €47,946 | €5,545 | €13,557 | €2,082 | ▼ 84.6% |
| Other amounts receivable41 | €16,171 | €515 | - | - | €600 | - |
| Cash at bank and in hand54/58 | €12,187 | €59,707 | €142,943 | €56,802 | €108,846 | ▲ 91.6% |
| Deferred charges and accrued income490/1 | €239 | €2,712 | - | €0 | €9,032 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €184,725 | €268,695 | €284,682 | €310,449 | €311,769 | ▲ 0.4% |
| Equity10/15 | -€62,548 | -€56,866 | €4,079 | €4,967 | €24,581 | ▲ 395% |
| Contributions10/11 | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Capital10 | €4,500 | - | - | - | - | - |
| Issued capital100 | €4,500 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€67,048 | -€61,366 | -€421 | €467 | €20,081 | ▲ 43× |
| Amounts payable17/49 | €247,273 | €325,561 | €280,603 | €305,482 | €287,188 | ▼ 6.0% |
| Amounts payable after more than one year17 | €102,611 | €75,658 | €47,367 | €18,638 | €0 | ▼ 100% |
| Financial debts170/4 | €102,611 | €75,658 | €47,367 | €18,638 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €144,662 | €246,705 | €227,832 | €281,099 | €286,288 | ▲ 1.8% |
| Current portion of amounts payable after more than one year42 | €27,517 | €26,953 | €27,985 | €28,230 | €18,638 | ▼ 34.0% |
| Trade debts44 | €43,879 | €60,872 | €53,255 | €104,074 | €73,710 | ▼ 29.2% |
| Suppliers440/4 | €43,879 | €60,872 | €53,255 | €104,074 | €73,710 | ▼ 29.2% |
| Taxes, remuneration and social security45 | €3,266 | €85,220 | €70,722 | €76,695 | €119,740 | ▲ 56.1% |
| Taxes450/3 | €1,653 | €30,372 | €30,067 | €17,564 | €44,894 | ▲ 156% |
| Remuneration and social security454/9 | €1,613 | €54,848 | €40,655 | €59,131 | €74,846 | ▲ 26.6% |
| Other amounts payable47/48 | €70,000 | €73,660 | €75,870 | €72,100 | €74,200 | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | €3,198 | €5,403 | €5,745 | €900 | ▼ 84.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€67,048 | €5,682 | €60,945 | €888 | €19,614 | ▲ 22× |
| + Depreciation and write-downs630 | €11,642 | €33,233 | €36,193 | €43,181 | €54,119 | ▲ 25.3% |
| Operating cash flow (approximation) | -€55,406 | €38,915 | €97,138 | €44,069 | €73,733 | ▲ 67.3% |
| Investment in fixed assets (approximation) | - | -€11,082 | -€17,131 | -€123,031 | -€12,386 | ▲ 89.9% |
| Change in cash | - | €47,520 | €83,236 | -€86,141 | €52,044 | - |
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, 875 companies had the same profile as BOCCA NERA has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BOCCA NERA itself is higher: 2.2% within 12 months. It rests on far more data about BOCCA NERA than the profile alone.
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 875 companies, not a prediction for BOCCA NERA. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00353128 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00315996 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00113395 | |
| 31-12-2022 | abbreviated format | 11-07-2023 | 2023-00230283 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20331080 |