BOFAPI CHAUFFAGE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 25 filings
Turnover
≈ €610,000
Estimated: probably between €490,000 and €890,000
EBIT margin
Not included in this filing
Net result
€12,433▼ 16.1%
2024 · €14,824
Working capital
€47,440▼ 52.3%
2024 · €99,422
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€25,825
▼ 6.2%
2025
20182025
Net result
€12,433
▼ 16.1%
2025
middle half of the sector
20182025
Equity
€136,714
▼ 22.1%
2025
middle half of the sector
20182025
Total assets
€421,526
▼ 15.9%
2025
middle half of the sector
20182025
Debt
€284,812
▼ 10.7%
2025
20182025
Working capital
€47,440
▼ 52.3%
2025
middle half of the sector
20182025
Solvency
32.4%
▼ 2.6pp
2025
middle half of the sector
20182025
Current ratio
1.19
▼ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
2.9%
=
2025
middle half of the sector
20182025
Staff (FTE)
3.3
▲ 50.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€37,803-€33,926▼ 10.3%€13,976▼ 58.8%€5,997▼ 57.1%€40,500▲ 575%€33,804▼ 16.5%€27,541▼ 18.5%€25,825▼ 6.2%
Net result€21,003-€16,303▼ 22.4%€3,393within the sector's middle half▼ 79.2%€4,617within the sector's middle half▲ 36.1%€21,787within the sector's middle half▲ 372%€15,110within the sector's middle half▼ 30.6%€14,824within the sector's middle half▼ 1.9%€12,433within the sector's middle half▼ 16.1%
Equity€160,702-€167,005▲ 3.9%€170,399above the sector's middle half▲ 2.0%€160,016within the sector's middle half▼ 6.1%€151,803within the sector's middle half▼ 5.1%€166,913within the sector's middle half▲ 10.0%€175,433within the sector's middle half▲ 5.1%€136,714within the sector's middle half▼ 22.1%
Total assets€438,053-€440,572▲ 0.6%€431,489above the sector's middle half▼ 2.1%€540,922within the sector's middle half▲ 25.4%€489,607within the sector's middle half▼ 9.5%€413,655within the sector's middle half▼ 15.5%€501,144within the sector's middle half▲ 21.2%€421,526within the sector's middle half▼ 15.9%
Debt€256,246-€266,897▲ 4.2%€254,420▼ 4.7%€374,236▲ 47.1%€331,134▼ 11.5%€240,071▼ 27.5%€319,040▲ 32.9%€284,812▼ 10.7%
Working capital€51,028-€57,140▲ 12.0%€30,572within the sector's middle half▼ 46.5%€73,841within the sector's middle half▲ 142%€78,478within the sector's middle half▲ 6.3%€102,702within the sector's middle half▲ 30.9%€99,422within the sector's middle half▼ 3.2%€47,440within the sector's middle half▼ 52.3%
Solvency36.7%-37.9%▲ 1.2pp39.5%within the sector's middle half▲ 1.6pp29.6%within the sector's middle half▼ 9.9pp31.0%within the sector's middle half▲ 1.4pp40.4%within the sector's middle half▲ 9.3pp35.0%within the sector's middle half▼ 5.3pp32.4%within the sector's middle half▼ 2.6pp
Current ratio1.26-1.27▲ 0.011.12within the sector's middle half▼ 0.151.25within the sector's middle half▲ 0.131.30within the sector's middle half▲ 0.051.58within the sector's middle half▲ 0.281.38within the sector's middle half▼ 0.201.19within the sector's middle half▼ 0.18
Return on assets (ROA)4.8%-3.7%▼ 1.1pp0.8%within the sector's middle half▼ 2.9pp0.9%within the sector's middle half▲ 0.1pp4.4%within the sector's middle half▲ 3.6pp3.7%within the sector's middle half▼ 0.8pp3.0%within the sector's middle half▼ 0.7pp2.9%within the sector's middle half=
Staff (FTE)3.3-2.8▼ 15.2%4above the sector's middle half▲ 42.9%5.4within the sector's middle half▲ 35.0%3.5below the sector's middle half▼ 35.2%3.4below the sector's middle half▼ 2.9%2.2below the sector's middle half▼ 35.3%3.3within the sector's middle half▲ 50.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 6% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €421,526
Fixed assets
€130,787 ▼ 5.6%
Current assets
€290,740 ▼ 19.8%
Equity and liabilities €421,526
Equity
€136,714 ▼ 22.1%
Provisions
€0 ▼ 100%
Debt
€284,812 ▼ 10.7%
Debt's share of the balance-sheet total rises from 63.7% to 67.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€38,984▼
2024 · €45,577
Cash flow
€25,591▼
2024 · €32,859
Quick ratio
1.00▼
2024 · 1.34
Debt to equity
2.08▲
2024 · 1.82
ROE
9.1%▲
2024 · 8.4%
Interest coverage
4.04▼
2024 · 6.91
Debt ≤ 1 year
€243,300▼
2024 · €263,199
Debt > 1 year
€41,512▼
2024 · €50,841
Income taxes
€8,407▲
2024 · €6,866
Staff costs
€145,219▲
2024 · €139,172
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 | 4 | 4 | 3 | 3 | 4 |
| full-time | 4 | 4 | 3 | 3 | 4 |
| in full-time equivalents | 4 | 4 | 3 | 3 | 4 |
| Average over the year, in full-time equivalents | 5.4 | 3.5 | 3.4 | 2.2 | 3.3 |
| On a permanent contract | 3 | 3 | 2 | 2 | 2 |
| Joined | 2 | 4 | 1 | 1 | 1 |
| Left | 3 | 4 | 2 | 1 | 0 |
| Training hours | - | - | 1,013 | - | 2,336 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €18,342 | €28,723 | €8,917 |
| Overdue social security (RSZ) debts | - | - | €20,099 | €58,171 | €12,944 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,886 | - | €826 | €22,967 | €5,421 |
| Depreciation and write-downs of the year | €23,882 | €20,536 | €18,766 | €18,036 | €13,158 |
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 | - | - | - | €500 | €6,594 | €1,944 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €212,487 | €159,338 | €157,210 | €139,172 | €145,219 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,251 | €23,884 | €23,498 | €23,882 | €20,536 | €18,766 | €18,036 | €13,158 | ▼ 27.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | -€6,670 | - |
| Other operating charges640/8 | - | - | - | €3,993 | €11,518 | €2,320 | €5,815 | €13,549 | ▲ 133% |
| Non-recurring operating charges66A | - | - | - | - | €839 | - | - | - | - |
| Gross operating margin9900 | €175,092 | €151,867 | €201,334 | €246,359 | €232,730 | €212,100 | €190,564 | €191,081 | ▲ 0.3% |
| Operating profit (loss)9901 | €37,803 | €33,926 | €13,976 | €5,997 | €40,500 | €33,804 | €27,541 | €25,825 | ▼ 6.2% |
| Financial income75/76B | - | - | - | €9,328 | €2,599 | €4,328 | €5,996 | €6,884 | ▲ 14.8% |
| Recurring financial income75 | €3,263 | €3,479 | €4,097 | €9,328 | €2,599 | €4,328 | €5,996 | €6,884 | ▲ 14.8% |
| Financial charges65/66B | - | - | - | €7,638 | €11,939 | €16,825 | €11,848 | €11,869 | ▲ 0.2% |
| Recurring financial charges65 | €8,046 | €5,973 | €5,600 | €6,462 | €10,359 | €7,844 | €6,598 | €9,648 | ▲ 46.2% |
| Non-recurring financial charges66B | - | - | - | €1,176 | €1,580 | €8,982 | €5,250 | €2,221 | ▼ 57.7% |
| Profit (loss) for the period before taxes9903 | €27,746 | €24,748 | €12,283 | €7,687 | €31,160 | €21,306 | €21,689 | €20,840 | ▼ 3.9% |
| Income taxes67/77 | €6,743 | €8,444 | €8,890 | €3,070 | €9,373 | €6,196 | €6,866 | €8,407 | ▲ 22.5% |
| Profit (loss) for the period9904 | €21,003 | €16,303 | €3,393 | €4,617 | €21,787 | €15,110 | €14,824 | €12,433 | ▼ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €21,003 | €16,303 | €24,748 | €4,617 | €21,787 | €15,110 | €14,824 | €12,433 | ▼ 16.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €438,053 | €440,572 | €431,489 | €540,922 | €489,607 | €413,655 | €501,144 | €421,526 | ▼ 15.9% |
| Fixed assets21/28 | €193,302 | €172,050 | €153,063 | €172,067 | €151,531 | €133,592 | €138,523 | €130,787 | ▼ 5.6% |
| Tangible fixed assets22/27 | €193,032 | €171,780 | €152,793 | €171,797 | €151,261 | €133,322 | €138,253 | €130,517 | ▼ 5.6% |
| Land and buildings22 | - | - | - | €104,125 | €99,400 | €94,675 | €89,963 | €85,238 | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | - | €64,230 | €49,254 | €36,743 | €47,057 | €44,274 | ▼ 5.9% |
| Furniture and vehicles24 | - | - | - | €3,442 | €2,607 | €1,904 | €1,234 | €1,005 | ▼ 18.5% |
| Financial fixed assets28 | €270 | €270 | €270 | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €244,751 | €268,522 | €278,426 | €368,855 | €338,076 | €280,063 | €362,621 | €290,740 | ▼ 19.8% |
| Stocks and contracts in progress3 | €4,244 | €3,930 | €10,024 | €35,326 | €49,831 | €25,785 | €9,000 | €47,487 | ▲ 428% |
| Stocks30/36 | - | - | - | €15,326 | €9,831 | €5,785 | €9,000 | €17,487 | ▲ 94.3% |
| Contracts in progress37 | - | - | - | €20,000 | €40,000 | €20,000 | - | €30,000 | - |
| Amounts receivable within one year40/41 | €178,316 | €224,615 | €228,351 | €313,072 | €254,534 | €195,652 | €319,132 | €200,016 | ▼ 37.3% |
| Trade receivables40 | - | - | - | €245,997 | €203,248 | €146,884 | €231,737 | €100,391 | ▼ 56.7% |
| Other amounts receivable41 | - | - | - | €67,076 | €51,286 | €48,768 | €87,394 | €99,625 | ▲ 14.0% |
| Cash at bank and in hand54/58 | €47,097 | €34,958 | €36,172 | €10,414 | €23,450 | €53,487 | €32,724 | €31,455 | ▼ 3.9% |
| Deferred charges and accrued income490/1 | - | - | - | €10,043 | €10,262 | €5,139 | €1,766 | €11,782 | ▲ 567% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €438,053 | €440,572 | €431,489 | €540,922 | €489,607 | €413,655 | €501,144 | €421,526 | ▼ 15.9% |
| Equity10/15 | €160,702 | €167,005 | €170,399 | €160,016 | €151,803 | €166,913 | €175,433 | €136,714 | ▼ 22.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €142,102 | €148,405 | €151,799 | €141,416 | €133,203 | €148,313 | €156,833 | €118,114 | ▼ 24.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €139,556 | €131,343 | €146,453 | €154,973 | €118,114 | ▼ 23.8% |
| Provisions and deferred taxes16 | €21,105 | €6,670 | €6,670 | €6,670 | €6,670 | €6,670 | €6,670 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €6,670 | €6,670 | €6,670 | €6,670 | - | - |
| Other liabilities and charges164/5 | - | - | - | €6,670 | €6,670 | €6,670 | €6,670 | - | - |
| Amounts payable17/49 | €256,246 | €266,897 | €254,420 | €374,236 | €331,134 | €240,071 | €319,040 | €284,812 | ▼ 10.7% |
| Amounts payable after more than one year17 | €62,523 | €34,839 | €6,566 | €79,222 | €70,368 | €61,359 | €50,841 | €41,512 | ▼ 18.3% |
| Financial debts170/4 | - | - | - | €77,872 | €69,018 | €60,009 | €50,841 | €41,512 | ▼ 18.3% |
| Other amounts payable178/9 | - | - | - | €1,350 | €1,350 | €1,350 | - | - | - |
| Amounts payable within one year42/48 | €193,723 | €211,382 | €247,854 | €295,014 | €259,598 | €177,361 | €263,199 | €243,300 | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,095 | €8,854 | €9,009 | €9,168 | €9,329 | ▲ 1.8% |
| Financial debts43 | - | - | - | €60,000 | €60,000 | €50,675 | €59,999 | €59,999 | = |
| Credit institutions430/8 | - | - | - | €60,000 | €60,000 | €50,675 | €59,999 | €59,999 | = |
| Trade debts44 | €53,337 | €72,347 | €98,037 | €149,226 | €80,761 | €55,452 | €73,564 | €69,397 | ▼ 5.7% |
| Suppliers440/4 | - | - | - | €149,226 | €80,761 | €55,452 | €73,564 | €69,397 | ▼ 5.7% |
| Taxes, remuneration and social security45 | - | - | - | €63,192 | €88,983 | €62,225 | €114,165 | €49,771 | ▼ 56.4% |
| Taxes450/3 | - | - | - | €24,340 | €25,771 | €24,367 | €36,412 | €20,821 | ▼ 42.8% |
| Remuneration and social security454/9 | - | - | - | €38,853 | €63,212 | €37,858 | €77,753 | €28,950 | ▼ 62.8% |
| Other amounts payable47/48 | - | - | - | €10,500 | €21,000 | - | €6,303 | €54,804 | ▲ 769% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,168 | €1,351 | €5,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,003 | €16,303 | €3,393 | €4,617 | €21,787 | €15,110 | €14,824 | €12,433 | ▼ 16.1% |
| + Depreciation and write-downs630 | €23,251 | €23,884 | €23,498 | €23,882 | €20,536 | €18,766 | €18,036 | €13,158 | ▼ 27.0% |
| Operating cash flow (approximation) | €44,254 | €40,187 | €26,891 | €28,499 | €42,323 | €33,876 | €32,859 | €25,591 | ▼ 22.1% |
| Investment in fixed assets (approximation) | - | -€2,631 | -€4,511 | -€42,886 | €0 | -€826 | -€22,967 | -€5,421 | ▲ 76.4% |
| Change in cash | - | -€12,140 | €1,214 | -€25,758 | €13,036 | €30,037 | -€20,763 | -€1,269 | ▲ 93.9% |
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, 17,041 companies had the same profile as BOFAPI CHAUFFAGE has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOFAPI CHAUFFAGE itself: 0.8% 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 17,041 companies, not a prediction for BOFAPI CHAUFFAGE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00280640 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00350785 | |
| 31-12-2023 | full format | 31-08-2024 | 2024-00442304 | |
| 31-12-2022 | full format | 31-07-2023 | 2023-00297070 | |
| 31-12-2021 | full format | 31-07-2022 | 2022-20269654 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69900458 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-48000124 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-41200173 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-42500532 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39200192 |