BOFAR
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 41 filings
Turnover
€23.9m▲ 9.3%
2024 · €21.9m
EBIT margin
10.7%▼ 3.7pp
2024 · 14.4%
Net result
€2.1m▼ 20.0%
2024 · €2.6m
Working capital
€7.8m▲ 261%
2024 · €2.2m
In the rankings
#9 company by total assets in Wingene, Wholesale and retail trade sector#10 company by equity in Wingene, Wholesale and retail trade sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 19% lower than in 2024.
Turnover€23.9m
2025
Operating result€2.6m
2025
Net result€2.1m
2025
Total assets€12.2m
2025
Equity€4.2m
2025
Debt€7.9m
2025
Working capital€7.8m
2025
EBIT margin10.7%
2025
Return on assets (ROA)17.3%
2025
Solvency34.8%
2025
Current ratio2.99
2025
Staff (FTE)6.3
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€21.9m€23.9m▲ 9.3%
Operating result€0.4m-€0.8m▲ 90.4%€1.2m▲ 44.1%€1.4m▲ 17.6%€1.2m▼ 15.6%€1.2m▲ 6.5%€3.2m▲ 156%€2.6m▼ 19.0%
Net result€0.3m-€0.6m▲ 100%€0.9mabove the sector's middle half▲ 38.7%€1.0mabove the sector's middle half▲ 16.1%€0.9mabove the sector's middle half▼ 8.8%€1.0mabove the sector's middle half▲ 6.6%€2.6mabove the sector's middle half▲ 162%€2.1mabove the sector's middle half▼ 20.0%
EBIT margin14.4%10.7%▼ 3.7pp
Equity€0.7m-€1.3m▲ 97.0%€2.2mabove the sector's middle half▲ 68.3%€3.2mabove the sector's middle half▲ 47.1%€4.2mabove the sector's middle half▲ 29.2%€1.2mwithin the sector's middle half▼ 72.3%€1.8mwithin the sector's middle half▲ 53.8%€4.2mwithin the sector's middle half▲ 139%
Total assets€2.9m-€4.1m▲ 42.5%€5.5mabove the sector's middle half▲ 32.7%€8.7mabove the sector's middle half▲ 58.9%€8.7mabove the sector's middle half▲ 0.5%€8.0mabove the sector's middle half▼ 8.1%€6.8mwithin the sector's middle half▼ 15.6%€12.2mwithin the sector's middle half▲ 78.9%
Debt€2.2m-€2.8m▲ 26.5%€3.3m▲ 16.4%€5.5m▲ 66.7%€4.6m▼ 16.3%€6.9m▲ 49.9%€5.0m▼ 27.2%€7.9m▲ 57.9%
Working capital€0.9m-€1.2m▲ 33.5%€2.1mabove the sector's middle half▲ 73.4%€3.0mabove the sector's middle half▲ 45.0%€4.0mabove the sector's middle half▲ 31.5%€1.0mabove the sector's middle half▼ 74.2%€2.2mwithin the sector's middle half▲ 108%€7.8mabove the sector's middle half▲ 261%
Solvency22.7%-31.4%▲ 8.7pp39.8%within the sector's middle half▲ 8.4pp36.9%within the sector's middle half▼ 2.9pp47.4%within the sector's middle half▲ 10.6pp14.3%below the sector's middle half▼ 33.1pp26.1%within the sector's middle half▲ 11.8pp34.8%within the sector's middle half▲ 8.7pp
Current ratio1.65-1.52▼ 0.131.74within the sector's middle half▲ 0.221.60within the sector's middle half▼ 0.141.95within the sector's middle half▲ 0.351.16below the sector's middle half▼ 0.791.51within the sector's middle half▲ 0.352.99within the sector's middle half▲ 1.48
Return on assets (ROA)11.0%-15.5%▲ 4.5pp16.2%above the sector's middle half▲ 0.7pp11.8%within the sector's middle half▼ 4.3pp10.7%within the sector's middle half▼ 1.1pp12.4%above the sector's middle half▲ 1.7pp38.6%above the sector's middle half▲ 26.1pp17.3%above the sector's middle half▼ 21.3pp
Staff (FTE)4.3-4.5▲ 4.7%6.7within the sector's middle half▲ 48.9%6.8within the sector's middle half▲ 1.5%8.6above the sector's middle half▲ 26.5%7.6above the sector's middle half▼ 11.6%7.6within the sector's middle half=6.3within the sector's middle half▼ 17.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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.
Large changes and their cause
- 2025 Equity +139%, Total assets +79% on 2024. Merger with BMEDI, effective 31-12-2025.
- 2024 Net result +162% 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 €12.2m
Fixed assets
€440,264 ▲ 18.0%
Current assets
€11.7m ▲ 82.5%
Equity and liabilities €12.2m
Equity
€4.2m ▲ 139%
Debt
€7.9m ▲ 57.9%
Debt's share of the balance-sheet total falls from 73.9% to 65.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.6m▼
2024 · €3.2m
Cash flow
€2.2m▼
2024 · €2.7m
Quick ratio
2.26▲
2024 · 1.25
Debt to equity
1.88▼
2024 · 2.84
ROE
49.6%▼
2024 · 148.0%
Interest coverage
47.12▼
2024 · over 100
Debt ≤ 1 year
€3.9m▼
2024 · €4.3m
Debt > 1 year
€688,352▼
2024 · €759,564
Income taxes
€706,899▲
2024 · €685,163
Customer credit
60 days▲
2024 · 55 days
Supplier credit
52 days▼
2024 · 68 days
Staff costs
€691,493▼
2024 · €715,861
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Comparable companies
These companies have the same main activity as BOFAR: wholesale of pharmaceutical and medical goods (NACE 46460). They are comparable in size and age: total assets between €5.2m and €14m, founded between 1968 and 1992.
| Company | Founded | Total assets | Equity | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| BOFAR Wingene | 1984 | €12.2m | €4.2m | €23.9m | €2.1m | 6.3 | 2025 |
| ORMCO BELGIQUE Mechelen | 1989 | €11.5m | €3.6m | €20.5m | €0.7m | 5.7 | 2025 |
| MEDISALE Gent | 1987 | €7.7m | €1.9m | €32.9m | €0.2m | 8.3 | 2025 |
| VETRIA Beernem | 1989 | €5.2m | €2.3m | €16.1m | -€0.2m | 4.7 | 2025 |
| Lundbeck Elsene | 1968 | €13.7m | €9.0m | €23.4m | €0.7m | 10.7 | 2025 |
| IBIS PHARMA Schaarbeek | 1992 | €5.9m | €4.0m | €16.9m | €0.6m | 5.8 | 2025 |
| BAUSCH & LOMB PHARMA Wavre | 1989 | €9.2m | €0.8m | €37.4m | €0.9m | 11.6 | 2025 |
They were chosen from the 1,134 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 31,368 companies had the same profile as BOFAR has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93.5%
was still going
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOFAR itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 31,368 companies, not a prediction for BOFAR. 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.
Subsidies and aid
Flemish government
2023 to 2025 · 5 entries · €5,448 awarded · €5,449 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €285 | €285 |
| 2024 | 2 | €2,049 | €2,695 |
| 2023 | 2 | €3,114 | €2,469 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €22.3m | €24.1m | ▲ 8.0% |
| Turnover70 | - | - | - | - | - | - | €21.9m | €23.9m | ▲ 9.3% |
| Own construction capitalised72 | - | - | - | - | - | - | - | €0.1m | - |
| Other operating income74 | - | - | - | - | - | - | €0.01m | €0.02m | ▲ 102% |
| Non-recurring operating income76A | - | - | - | - | €0.009m | €0.009m | €0.4m | €0.007m | ▼ 98.1% |
| Operating charges60/66A | - | - | - | - | - | - | €19.1m | €21.5m | ▲ 12.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €15.6m | €18.8m | ▲ 20.8% |
| Purchases600/8 | - | - | - | - | - | - | €16.4m | €20.3m | ▲ 24.2% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | -€0.8m | -€1.5m | ▼ 94.1% |
| Services and other goods61 | - | - | - | - | - | - | €2.2m | €1.8m | ▼ 18.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.07m | €0.08m | €0.09m | €0.08m | €0.07m | €0.06m | ▼ 5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.009m | -€0.02m | €0 | €0.5m | €0.1m | ▼ 79.0% |
| Other operating charges640/8 | - | - | - | €0.009m | €0.05m | €0.07m | €0.05m | €0.005m | ▼ 89.0% |
| Gross operating margin9900 | €0.8m | €1.2m | €1.7m | €1.9m | €1.9m | €2.0m | - | - | - |
| Operating profit (loss)9901 | €0.4m | €0.8m | €1.2m | €1.4m | €1.2m | €1.2m | €3.2m | €2.6m | ▼ 19.0% |
| Financial income75/76B | - | - | - | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 71.6% |
| Recurring financial income75 | €0.05m | €0.06m | €0.07m | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 71.6% |
| Income from financial fixed assets750 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | - | - | - | €0.005m | €0.2m | ▲ 35× |
| Other financial income752/9 | - | - | - | - | - | - | €0.2m | €0.2m | ▼ 14.3% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.07m | ▲ 93.9% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.07m | ▲ 93.9% |
| Debt charges650 | - | - | - | - | - | - | €0.02m | €0.06m | ▲ 232% |
| Other financial charges652/9 | - | - | - | - | - | - | €0.02m | €0.01m | ▼ 38.7% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.8m | €1.2m | €1.4m | €1.3m | €1.4m | €3.3m | €2.8m | ▼ 15.2% |
| Income taxes67/77 | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | €0.7m | €0.7m | ▲ 3.2% |
| Taxes670/3 | - | - | - | - | - | - | €0.9m | €0.7m | ▼ 18.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.2m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.3m | €0.6m | €0.9m | €1.0m | €0.9m | €1.0m | €2.6m | €2.1m | ▼ 20.0% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.6m | €0.9m | €1.0m | €0.9m | €1.0m | €2.6m | €2.1m | ▼ 20.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.9m | €4.1m | €5.5m | €8.7m | €8.7m | €8.0m | €6.8m | €12.2m | ▲ 78.9% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 18.0% |
| Intangible fixed assets21 | €0.001m | €300 | - | - | - | - | - | €0.1m | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 11.1% |
| Land and buildings22 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 9.6% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.01m | €0.008m | €0.01m | ▲ 33.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.09m | €0.07m | €0.03m | €0.02m | ▼ 39.5% |
| Financial fixed assets28 | €0.005m | €351 | €351 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.002m | €0.002m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.002m | €0.002m | = |
| Current assets29/58 | €2.3m | €3.5m | €4.9m | €8.1m | €8.2m | €7.6m | €6.4m | €11.7m | ▲ 82.5% |
| Stocks and contracts in progress3 | €0.2m | €0.3m | €0.3m | €0.7m | €0.8m | €0.9m | €1.1m | €2.9m | ▲ 157% |
| Stocks30/36 | - | - | - | €0.7m | €0.8m | €0.9m | €1.1m | €2.9m | ▲ 157% |
| Goods purchased for resale34 | - | - | - | - | - | - | €1.1m | €2.9m | ▲ 157% |
| Amounts receivable within one year40/41 | €1.4m | €1.5m | €2.7m | €5.2m | €3.4m | €4.6m | €5.0m | €8.0m | ▲ 62.2% |
| Trade receivables40 | - | - | - | €5.0m | €2.9m | €2.2m | €3.3m | €3.9m | ▲ 19.1% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.5m | €2.4m | €1.6m | €4.1m | ▲ 149% |
| Current investments50/53 | - | - | - | - | €2.1m | €0.9m | €0 | - | - |
| Other investments51/53 | - | - | - | - | - | - | €0 | - | - |
| Cash at bank and in hand54/58 | €0.6m | €1.8m | €1.9m | €2.2m | €1.9m | €1.3m | €0.3m | €0.7m | ▲ 91.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.1m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.9m | €4.1m | €5.5m | €8.7m | €8.7m | €8.0m | €6.8m | €12.2m | ▲ 78.9% |
| Equity10/15 | €0.7m | €1.3m | €2.2m | €3.2m | €4.2m | €1.2m | €1.8m | €4.2m | ▲ 139% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.08m | ▲ 22.6% |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.08m | ▲ 22.6% |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.08m | ▲ 22.6% |
| Reserves13 | €0.02m | €0.02m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.4m | ▲ 57× |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €0.3m | - |
| Profit (loss) carried forward14 | €0.6m | €1.2m | €2.1m | €3.1m | €4.1m | €1.1m | €1.7m | €3.8m | ▲ 123% |
| Amounts payable17/49 | €2.2m | €2.8m | €3.3m | €5.5m | €4.6m | €6.9m | €5.0m | €7.9m | ▲ 57.9% |
| Amounts payable after more than one year17 | €0.8m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.8m | €0.7m | ▼ 9.4% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.8m | €0.7m | ▼ 9.4% |
| Credit institutions173 | - | - | - | - | - | - | €0.8m | €0.7m | ▼ 9.4% |
| Amounts payable within one year42/48 | €1.4m | €2.3m | €2.8m | €5.1m | €4.2m | €6.6m | €4.3m | €3.9m | ▼ 8.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.05m | €0.05m | €0.3m | €0.3m | ▼ 7.2% |
| Financial debts43 | - | - | - | - | - | - | - | €0.3m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.3m | - |
| Trade debts44 | €0.9m | €1.6m | €2.1m | €4.4m | €3.6m | €5.9m | €2.9m | €2.7m | ▼ 7.4% |
| Suppliers440/4 | - | - | - | €4.4m | €3.6m | €5.9m | €2.9m | €2.7m | ▼ 7.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.6m | €0.6m | €0.8m | €0.6m | ▼ 22.8% |
| Taxes450/3 | - | - | - | €0.6m | €0.5m | €0.5m | €0.8m | €0.5m | ▼ 29.3% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 42.4% |
| Other amounts payable47/48 | - | - | - | €190 | - | - | €0.2m | €0.02m | ▼ 89.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €3.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.6m | €0.9m | €1.0m | €0.9m | €1.0m | €2.6m | €2.1m | ▼ 20.0% |
| + Depreciation and write-downs630 | €0.08m | €0.08m | €0.07m | €0.08m | €0.09m | €0.08m | €0.07m | €0.06m | ▼ 5.9% |
| Operating cash flow (approximation) | €0.4m | €0.7m | €1.0m | €1.1m | €1.0m | €1.1m | €2.7m | €2.2m | ▼ 19.6% |
| Investment in fixed assets (approximation) | - | -€0.09m | -€0.03m | -€0.1m | -€0.02m | -€0.006m | €0.01m | -€0.1m | - |
| Change in cash | - | €1.1m | €0.2m | €0.2m | -€0.3m | -€0.6m | -€1.0m | €0.3m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 41 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 20-07-2026 | 2026-00324273 | NBB |
| 31-12-2024 | full format | 10-07-2025 | 2025-00275496 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00418431 | |
| 31-12-2022 | abbreviated format | 07-10-2023 | 2023-00477200 | |
| 31-12-2021 | abbreviated format | 28-08-2022 | 2022-20329531 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-58400183 | |
| 31-12-2019 | abbreviated format | 11-11-2020 | 2020-69800029 | |
| 31-12-2018 | abbreviated format | 27-09-2019 | 2019-66000565 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-54800600 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-47900089 |