BOFISS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 7 filings
Turnover
€22,250
EBIT margin
57.9%
Net result
€16,626
2024 · -€6,441
Working capital
€55,443▲ 47.0%
2024 · €37,711
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€24,478
2025
20192025
Net result
€16,626
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€240,906
▲ 7.4%
2025
middle half of the sector
20192025
Total assets
€652,403
▼ 0.2%
2025
middle half of the sector
20192025
Debt
€411,497
▼ 4.2%
2025
20192025
Working capital
€55,443
▲ 47.0%
2025
middle half of the sector
20192025
Solvency
36.9%
▲ 2.6pp
2025
middle half of the sector
20192025
Current ratio
4.12
▲ 0.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.5%
▲ 3.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€22,250-
Operating result€12,878-€13,930▲ 8.2%€14,961▲ 7.4%€20,255▲ 35.4%€21,741▲ 7.3%-€6,498€24,478
Net result€11,346-€12,611within the sector's middle half▲ 11.2%€3,757within the sector's middle half▼ 70.2%€8,938within the sector's middle half▲ 138%€7,236within the sector's middle half▼ 19.0%-€6,441within the sector's middle half€16,626within the sector's middle half
EBIT margin57.9%-
Equity€198,179-€210,790within the sector's middle half▲ 6.4%€214,547within the sector's middle half▲ 1.8%€223,485within the sector's middle half▲ 4.2%€230,721within the sector's middle half▲ 3.2%€224,279within the sector's middle half▼ 2.8%€240,906within the sector's middle half▲ 7.4%
Total assets€580,038-€536,183within the sector's middle half▼ 7.6%€517,263within the sector's middle half▼ 3.5%€503,443within the sector's middle half▼ 2.7%€484,020within the sector's middle half▼ 3.9%€653,632within the sector's middle half▲ 35.0%€652,403within the sector's middle half▼ 0.2%
Debt€381,859-€325,393▼ 14.8%€302,716▼ 7.0%€279,958▼ 7.5%€253,299▼ 9.5%€429,353▲ 69.5%€411,497▼ 4.2%
Working capital€15,539--€1,406within the sector's middle half€4,279within the sector's middle half€8,666within the sector's middle half▲ 103%€14,632within the sector's middle half▲ 68.8%€37,711within the sector's middle half▲ 158%€55,443within the sector's middle half▲ 47.0%
Solvency34.2%-39.3%within the sector's middle half▲ 5.1pp41.5%within the sector's middle half▲ 2.2pp44.4%within the sector's middle half▲ 2.9pp47.7%within the sector's middle half▲ 3.3pp34.3%within the sector's middle half▼ 13.4pp36.9%within the sector's middle half▲ 2.6pp
Current ratio1.25-0.96within the sector's middle half▼ 0.291.12within the sector's middle half▲ 0.161.23within the sector's middle half▲ 0.111.38within the sector's middle half▲ 0.153.68above the sector's middle half▲ 2.304.12above the sector's middle half▲ 0.43
Return on assets (ROA)2.0%-2.4%within the sector's middle half▲ 0.4pp0.7%within the sector's middle half▼ 1.6pp1.8%within the sector's middle half▲ 1.0pp1.5%within the sector's middle half▼ 0.3pp-1.0%within the sector's middle half▼ 2.5pp2.5%within the sector's middle half▲ 3.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a profit of €24,478, after a loss of €6,498 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €652,403
Fixed assets
€579,174 ▼ 3.8%
Current assets
€73,228 ▲ 41.5%
Equity and liabilities €652,403
Equity
€240,906 ▲ 7.4%
Debt
€411,497 ▼ 4.2%
Debt's share of the balance-sheet total falls from 65.7% to 63.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,168▲
2024 · €20,426
Cash flow
€39,316▲
2024 · €20,482
Debt to equity
1.71▼
2024 · 1.91
ROE
6.9%▲
2024 · -2.9%
Interest coverage
12.04▼
2024 · 12.71
Debt ≤ 1 year
€17,785▲
2024 · €14,057
Debt > 1 year
€393,712▼
2024 · €404,896
Income taxes
€5,760▲
2024 · €0
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 | - | €7,026 | - | €198,000 | - |
| Depreciation and write-downs of the year | €26,226 | €26,661 | €26,928 | €26,923 | €22,690 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €22,250 | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €8,885 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51 | €24,655 | €26,226 | €26,661 | €26,928 | €26,923 | €22,690 | ▼ 15.7% |
| Other operating charges640/8 | €436 | - | €7,829 | €8,043 | €8,823 | €33,440 | €9,443 | ▼ 71.8% |
| Gross operating margin9900 | €13,365 | €44,533 | €49,016 | €54,958 | €57,492 | €53,866 | €56,610 | ▲ 5.1% |
| Operating profit (loss)9901 | €12,878 | €13,930 | €14,961 | €20,255 | €21,741 | -€6,498 | €24,478 | - |
| Financial income75/76B | €3 | - | - | €107 | €154 | €1,663 | €1,825 | ▲ 9.8% |
| Recurring financial income75 | €3 | - | - | €107 | €154 | €1,663 | €1,825 | ▲ 9.8% |
| Financial charges65/66B | €280 | - | €9,246 | €10,513 | €11,743 | €1,607 | €3,916 | ▲ 144% |
| Recurring financial charges65 | €280 | €1,319 | €9,246 | €10,513 | €11,743 | €1,607 | €3,916 | ▲ 144% |
| Profit (loss) for the period before taxes9903 | €12,601 | €12,611 | €5,715 | €9,848 | €10,152 | -€6,441 | €22,387 | - |
| Income taxes67/77 | €1,255 | -€0 | €1,958 | €910 | €2,916 | €0 | €5,760 | - |
| Profit (loss) for the period9904 | €11,346 | €12,611 | €3,757 | €8,938 | €7,236 | -€6,441 | €16,626 | - |
| Transfer from tax-exempt reserves789 | - | - | €6,329 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €11,346 | €12,611 | €10,086 | €8,938 | €7,236 | -€6,441 | €16,626 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €580,038 | €536,183 | €517,263 | €503,443 | €484,020 | €653,632 | €652,403 | ▼ 0.2% |
| Fixed assets21/28 | €503,169 | €503,576 | €477,350 | €457,716 | €430,787 | €601,864 | €579,174 | ▼ 3.8% |
| Tangible fixed assets22/27 | €503,169 | €503,576 | €477,350 | €457,716 | €430,787 | €601,864 | €579,174 | ▼ 3.8% |
| Land and buildings22 | €496,717 | - | €473,480 | €455,137 | €429,500 | €601,864 | €579,174 | ▼ 3.8% |
| Plant, machinery and equipment23 | €4,979 | - | €2,986 | €1,990 | €994 | €0 | - | - |
| Furniture and vehicles24 | €1,473 | - | €884 | €589 | €294 | €0 | - | - |
| Current assets29/58 | €76,869 | €32,607 | €39,913 | €45,727 | €53,232 | €51,768 | €73,228 | ▲ 41.5% |
| Amounts receivable after more than one year29 | - | - | €2,537 | €2,856 | €5,101 | €5,204 | €5,308 | ▲ 2.0% |
| Other amounts receivable291 | - | - | €2,537 | €2,856 | €5,101 | €5,204 | €5,308 | ▲ 2.0% |
| Amounts receivable within one year40/41 | €7,001 | €4 | €2,239 | €3,000 | €3,355 | €3,119 | €6,300 | ▲ 102% |
| Trade receivables40 | €3,944 | - | €2,239 | €0 | €2,541 | €0 | €6,300 | - |
| Other amounts receivable41 | €3,057 | - | €0 | €3,000 | €814 | €3,119 | €0 | ▼ 100% |
| Current investments50/53 | - | - | €2,961 | €13,564 | €29,604 | €40,727 | €41,084 | ▲ 0.9% |
| Cash at bank and in hand54/58 | €51,318 | €28,440 | €27,238 | €24,131 | €9,382 | €2,718 | €11,237 | ▲ 314% |
| Deferred charges and accrued income490/1 | €18,550 | - | €4,939 | €2,177 | €5,789 | €0 | €9,300 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €580,038 | €536,183 | €517,263 | €503,443 | €484,020 | €653,632 | €652,403 | ▼ 0.2% |
| Equity10/15 | €198,179 | €210,790 | €214,547 | €223,485 | €230,721 | €224,279 | €240,906 | ▲ 7.4% |
| Contributions10/11 | - | - | €30,076 | €30,076 | €30,076 | €30,076 | €30,076 | = |
| Contributions outside capital11 | €30,076 | - | - | - | - | - | - | - |
| Reserves13 | €168,103 | €180,714 | €184,471 | €193,409 | €200,645 | €194,203 | €210,830 | ▲ 8.6% |
| Non-distributable reserves130/1 | - | - | €3,837 | €3,837 | €3,837 | €3,837 | €3,837 | = |
| Reserves not available under the articles1311 | €3,837 | - | €3,837 | €3,837 | €3,837 | €3,837 | €3,837 | = |
| Tax-exempt reserves132 | €6,329 | - | €0 | - | - | - | - | - |
| Distributable reserves133 | €157,937 | - | €180,634 | €189,572 | €196,808 | €190,367 | €206,993 | ▲ 8.7% |
| Amounts payable17/49 | €381,859 | €325,393 | €302,716 | €279,958 | €253,299 | €429,353 | €411,497 | ▼ 4.2% |
| Amounts payable after more than one year17 | €320,529 | €291,380 | €261,381 | €237,097 | €214,699 | €404,896 | €393,712 | ▼ 2.8% |
| Financial debts170/4 | €120,529 | - | €60,796 | €30,532 | €0 | €113,269 | €102,085 | ▼ 9.9% |
| Other amounts payable178/9 | €200,000 | - | €200,586 | €206,565 | €214,699 | €291,627 | €291,627 | = |
| Amounts payable within one year42/48 | €61,330 | €34,013 | €35,634 | €37,061 | €38,600 | €14,057 | €17,785 | ▲ 26.5% |
| Current portion of amounts payable after more than one year42 | €29,471 | - | €29,998 | €30,264 | €30,532 | €10,838 | €11,184 | ▲ 3.2% |
| Trade debts44 | €30,604 | €4,278 | €154 | €327 | €1,074 | €1,114 | €1,022 | ▼ 8.3% |
| Suppliers440/4 | €30,604 | - | €154 | €327 | €1,074 | €1,114 | €1,022 | ▼ 8.3% |
| Taxes, remuneration and social security45 | €1,255 | - | €5,482 | €6,470 | €6,995 | €2,104 | €5,579 | ▲ 165% |
| Taxes450/3 | €1,255 | - | €5,482 | €6,470 | €6,995 | €2,104 | €5,579 | ▲ 165% |
| Accrued charges and deferred income492/3 | - | - | €5,701 | €5,800 | €0 | €10,400 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,346 | €12,611 | €3,757 | €8,938 | €7,236 | -€6,441 | €16,626 | - |
| + Depreciation and write-downs630 | €51 | €24,655 | €26,226 | €26,661 | €26,928 | €26,923 | €22,690 | ▼ 15.7% |
| Operating cash flow (approximation) | €11,397 | €37,267 | €29,983 | €35,599 | €34,164 | €20,482 | €39,316 | ▲ 92.0% |
| Investment in fixed assets (approximation) | - | -€25,062 | €0 | -€7,026 | €0 | -€198,000 | €0 | - |
| Change in cash | - | -€22,879 | -€1,201 | -€3,108 | -€14,749 | -€6,664 | €8,520 | - |
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, 1,639 companies had the same profile as BOFISS has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
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 BOFISS 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 1,639 companies, not a prediction for BOFISS. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00197131 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00230535 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00175352 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00234715 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20187206 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27800188 | |
| 31-12-2019 | abbreviated format | 15-07-2020 | 2020-30600269 |